MIRA
INFORM REPORT
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Report Date : |
06.12.2011 |
IDENTIFICATION DETAILS
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Name : |
MARKSANS PHARMA LIMITED (w.e.f. 08.11.2005) |
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Formerly Known As : |
TASC PHARMACEUTICALS LIMITED |
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Registered Office : |
11th Floor, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
16.04.1992 |
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Com. Reg. No.: |
11-66364 |
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Capital
Investment / Paid-up Capital : |
Rs. 502.807 Millions |
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CIN No.: [Company
Identification No.] |
L24110MH1992PLC066364 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT09972E |
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PAN No.: [Permanent
Account No.] |
AAACT3153G |
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Legal Form : |
Subject is a Public Limited Liability Company. The company's shares are listed on the stock exchanges. |
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Line of Business : |
Manufacturer of Marketing Formulations |
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No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (17) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge losses incurred by the company in the current year due to loss on the
sale of active pharmaceutical ingredient (API) division, provision of
redemption premium of FCCBS and provision of foreign exchange loss. However,
business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Jitendra |
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Designation : |
Manager |
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Contact No.: |
91-22-40012000 |
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Date : |
29.11.2011 |
LOCATIONS
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Registered Office: |
11th Floor, Lotus Business Park, Off New Link Road, Andheri
(West), Mumbai – 400053, Maharashtra, India |
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Tel No.: |
91-22-4001-20-00 (30 lines) |
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Fax No.: |
91-22-40012099, 40012011 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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API Division
Tel : 91-22-4001-20-00 (30 lines) Fax : 91-22-40012099, 40012011 Email : info@marksanspharma.com Formulations –
Domestic
Tel : 91-22-4001-20-00 (30 lines) Fax : 91-22-40012099, 40012011 Email : info@marksanspharma.com Formulations –
International
Tel : 91-22-4001-20-00 (30 lines) Fax : 91-22-40012099, 40012011 Email : info@marksanspharma.com |
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Branch Office : |
F-89/13, 2nd
Floor, Okhla Industrial Area, Phase 1, |
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Tel No.: |
91-11-5271-060 / 61 / 62 |
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Factory : |
Ř
L – 82 and 83, Verna Industrial Estate, Verna,
Goa , 403722, Tel : 91-832-2782017,
2782512, 2782678 Fax : 91-832-2782071 Location : Owned Ř
D-10, Kurkumbh M.I.D.C., Tal. Daund, District
Pune – 413105, Tel : 91-2117-235266, 235267 Fax : 91-2117-235264 Ř
A-88, Kurkumbh M.I.D.C., Tal. Daund, District
Pune – 413105, Tel : 91-2117-235338 Fax : 91-2117-235339 Ř
Bell, Sons and Company (Druggists) Limited,
Gifford House, |
DIRECTORS
As on : 31.03.2011
|
Name : |
Mr. Mark Saldanha |
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Designation : |
Chairman and Managing Director |
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Qualification : |
B.S.C. |
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Name : |
Mr. V. Nagaraj |
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Designation : |
Whole Time Director |
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Qualification : |
B.S.C |
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Name : |
Mr. Mahesh B Parikh |
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Designation : |
Director |
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Name : |
Mr. Kumar Nair |
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Designation : |
Director |
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Name : |
Mr. Ajoy S. Joshi |
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Designation : |
Director |
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Name : |
Mr. B.S. Desai |
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Designation : |
Director |
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Qualification : |
P.H.D. |
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Name : |
Mr. B.S. Raju |
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Designation : |
Director |
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Qualification : |
B.Com |
KEY EXECUTIVES
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Name : |
Mr. Harshavardhan Panigrahi |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2011
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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177,983,510 |
48.39 |
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177,983,510 |
48.39 |
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Total shareholding of Promoter and Promoter Group (A) |
177,983,510 |
48.39 |
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(B) Public Shareholding |
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10,000 |
- |
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1,210,507 |
0.33 |
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1,220,507 |
0.33 |
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36,114,656 |
9.82 |
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116,165,530 |
31.58 |
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21,319,514 |
5.80 |
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15,003,487 |
4.08 |
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250,619 |
0.07 |
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2,967,767 |
0.81 |
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11,765,101 |
3.20 |
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20,000 |
0.01 |
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188,603,187 |
51.28 |
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Total Public shareholding (B) |
189,823,694 |
51.61 |
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Total (A)+(B) |
367,807,204 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 MillionBUSINESS DETAILS
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Line of Business : |
Manufacturer of Bulk Drugs |
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Products : |
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Export |
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Country : |
-
- US -
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
PRODUCTION STATUS (AS ON : 31.03.2011)
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Particulars |
31.03.2011 |
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Installed Capacity |
1140.00 TPA |
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Actual Production |
74.059 TPA |
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Particulars |
Installed
Capacity |
Actual
Production |
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Tablets / Hard Gel |
25200 |
16952 |
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Soft Gel Capsules |
6000 |
443 |
NOTE: Licensed capacity is not mentioned since
the same is not applicable.
GENERAL INFORMATION
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Customers : |
-
Wholesalers -
Companies / Manufacturer |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
v
State Bank of v
Bank of v
Corporation Bank, v
IDBI Bank, v
Lakshmi Vilas Bank Limited, |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N.K. Mittal and Associates Chartered Accountants |
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Legal Advisors : |
Crawford Bayley and Company |
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Subsidiaries : |
-
Nova Pharmaceuticals Australia Pty Limited -
Marksans Pharma ( |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
550000000 |
Equity Shares |
Rs.1/- Each |
Rs.550.000 Millions |
|
1400000 |
Preference Shares |
Rs. 100/- Each |
Rs. 140.000 Millions |
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TOTAL |
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Rs. 690.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
367807204 |
Equity Shares |
Rs.1/- Each |
Rs.367.807
Millions |
|
1350000 |
Preference Shares |
Rs. 100/- Each |
Rs. 135.000
Millions |
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TOTAL |
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Rs. 502.807 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
502.807 |
502.805 |
502.806 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
603.122 |
1253.652 |
1088.163 |
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4] (Accumulated Losses) |
(1527.318) |
0.000 |
0.000 |
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NETWORTH |
(421.389) |
1756.457 |
1590.969 |
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LOAN FUNDS |
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1] Secured Loans |
1117.567 |
1759.367 |
1178.722 |
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2] Unsecured Loans |
2900.868 |
1769.596 |
2011.888 |
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TOTAL BORROWING |
4018.435 |
3528.963 |
3190.610 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3597.046 |
5285.420 |
4781.579 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1849.006 |
2941.424 |
2789.556 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
676.164 |
776.164 |
675.583 |
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DEFERREX TAX ASSETS/ LIABILITIES (NET) |
(149.614) |
(115.000) |
(112.481) |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
400.124
|
830.601 |
983.318
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Sundry Debtors |
721.745
|
672.016 |
508.162
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Cash & Bank Balances |
157.850
|
206.302 |
130.096
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
262.378
|
325.126 |
171.171
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Total
Current Assets |
1542.097
|
2034.045 |
1792.747 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities and Provisions |
320.737
|
353.264 |
368.621 |
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Total
Current Liabilities |
320.737
|
353.264 |
368.621
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Net Current Assets |
1221.360
|
1680.781 |
1424.126
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MISCELLANEOUS EXPENSES |
0.130 |
2.051 |
4.795 |
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TOTAL |
3597.046 |
5085.420 |
4781.579 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Sales |
1554.376 |
1995.621 |
2035.610 |
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Other Income |
16.863 |
16.037 |
73.504 |
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TOTAL (A) |
1571.239 |
2011.658 |
2109.114 |
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Less |
EXPENSES |
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Cost of Sales |
1182.050 |
1595.499 |
1524.401 |
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Administration, Selling and Distribution Expenses |
292.444 |
159.352 |
242.659 |
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Exchange loss / Gain |
217.979 |
0.502 |
59.514 |
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Loss on sale of Business and Fixed Assets |
802.168 |
1.118 |
2.009 |
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Miscellaneous Expenditure Written off |
1.922 |
2.743 |
6.042 |
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TOTAL (B) |
2496.563 |
1759.217 |
1834.625 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(925.324) |
252.441 |
274.489 |
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Less |
FINANCIAL
EXPENSES (D) |
1057.666 |
147.783 |
153.286 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(1982.990) |
104.658 |
121.203 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
146.438 |
98.391 |
97.296 |
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PROFIT BEFORE
TAX (E-F) (G) |
(2129.428) |
6.267 |
23.907 |
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Less |
TAX (H) |
11.537 |
3.369 |
18.959 |
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PROFIT AFTER TAX
(G-H) (I) |
(2117.891) |
2.898 |
4.948 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
650.573 |
647.674 |
642.726 |
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BALANCE CARRIED
TO THE B/S |
(1527.318) |
650.573 |
647.674 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
843.828 |
719.066 |
530.869 |
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TOTAL EARNINGS |
843.828 |
719.066 |
530.869 |
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IMPORTS |
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Raw Materials |
89.196 |
152.189 |
206.522 |
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Capital Goods |
Nil |
Nil |
0.516 |
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TOTAL IMPORTS |
89.196 |
152.189 |
207.038 |
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Earnings Per
Share (Rs.) |
0.01 |
0.01 |
(5.92) |
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Expected Sales (2011-2012) : Rs. 1500.000 millions
The above information has been parted by Mr. Jitendra
QUARTERLY / SUMMARISED
RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
505.240 |
330.180 |
|
Total Expenditure |
357.400 |
276.480 |
|
PBIDT (Excl OI) |
147.840 |
53.700 |
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Other Income |
0.000 |
0.000 |
|
Operating Profit |
147.840 |
53.700 |
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Interest |
28.640 |
25.320 |
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Exceptional Items |
0.000 |
0.000 |
|
PBDT |
119.200 |
28.380 |
|
Depreciation |
141.000 |
31.390 |
|
Profit Before Tax |
(21.800) |
(3.010) |
|
Tax |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
(21.800) |
(3.010) |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
(21.800) |
(3.010) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(134.79) |
0.14 |
0.23
|
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Net Profit Margin (PBT/Sales) |
(%) |
(136.99) |
0.31 |
1.17
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
(62.79) |
0.12 |
0.52
|
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Return on Investment (ROI) (PBT/Networth) |
|
(5.05) |
0.00 |
0.02
|
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Debt Equity Ratio (Total Liability/Networth) |
|
(10.29) |
0.20 |
2.24
|
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Current Ratio (Current Asset/Current Liability) |
|
4.80 |
5.75 |
4.86
|
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
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1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
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3. Constructions of the firm |
Yes |
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4. Premises details |
Yes |
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5. Type of Business |
Yes |
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6. Line of Business |
Yes |
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7. Promoter’s background |
----------- |
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8. No. of Employees |
Yes |
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9. Name of person contacted |
Yes |
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10. Designation of contact person |
Yes |
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11. Turnover of firm for last three years |
Yes |
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12. Profitability for last three years |
Yes |
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13. Reasons for variation <> 20% |
------ |
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14. Estimation for coming financial year |
Yes |
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15. Capital in the business |
Yes |
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16. Details of sister concerns |
----- |
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17. Major suppliers |
No |
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18. Major customers |
Yes |
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19. Payments terms |
Yes |
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20. Export / Import details |
Yes |
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21. Market information |
------- |
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22. Litigations that the firm / promoter involved |
------ |
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23. Banking Details |
Yes |
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24. Banking facility details |
Yes |
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25. Conduct of the banking account |
------ |
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26. Buyer visit details |
------ |
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27. Financials, if provided |
No |
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28. Incorporation details, if applicable |
------ |
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29. Last accounts filed at ROC |
------ |
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30. Major Shareholders, if available |
------ |
BACKGROUND
The Company together with its subsidiaries and associates, operate as an integrated international pharmaceutical organization with business encompassing the entire value change in the marketing, production and distribution of pharmaceutical products.
The company’s shares are listed for trading on the National
Stock Exchange and the Bombay Stock Exchange in
OPERATIONS:
During the year ended 31St March,
2011, total turnover achieved by the Company was Rs. 1554.376 millions as
compared to previous year of Rs. 1995.621 Millions, i.e., a decrease of Rs.
441.245 Millions mainly due to sale of
the API business. The year under review
has registered a net loss of Rs. 2177.891 Millions as compared to net profit
Rs. 28.98 Millions in the previous year.
This is mainly due to loss on the sale of API Business of Rs. 866.388 Millions,
provision of redemption premium of FCCBs
of Rs. 901.733 Millions and provision
of foreign exchange loss on FCCBs of Rs.
236.345 Millions. Baring the aforesaid
constraints, operational performance of the Company mainly international
formulation business is improving gradually.
RESEARCH AND DEVELOPMENT:
The global challenges for the Indian pharma industry
at large have increased several folds in the face of the transition from process to product patent regime in
India from 2005 and to face the
challenge, the company has continuously
sharpened its focus on R and D, which is the need of the hour and will continue to commit funds to
strengthen R and D capabilities. In
fact, one of the Company’s biggest strength
lies in vibrant and productive R and D function that has continuously placed Marksans Pharma Limited.
ahead through consistent development of
niche technology, processes and
products. The company will continue to invest in R and D to keep pace with the changing
domestic and global scenario. During the
year, the company continued product development and dossier filing in US,
DISPOSAL OF API PLANTS
Due to severe pricing pressure, foreign
exchange fluctuations and rising raw material prices, Active Pharmaceutical
Ingredient (API) division of the company located at Kurkumbh, Pune was not performing well. As a
measure of restructuring business model,
the Company has, with the approval of
the shareholders, hived off this API division and a Business Transfer Agreement signed in this
regard with Kores (India) Limited on 28th
July, 2010. Consequently, the Company has sold the API business to Kores (
MANAGEMENT’S DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENT
Global Pharmaceutical Market
Market challenges of global pharmaceuticals
• Recent structural changes in the global
pharmaceutical industry has led to outsourcing being a key strategy for
improving profitability for innovator companies. These include a) declining
productivity, b) rising costs of R and D,
c) looming patent cliff, d) increasing generalization of products
coupled with weaker pipelines of innovator companies, e) fewer blockbuster
launches, and f) delays in new product approvals.
• Major decisive factors for pharmaceutical companies
to adopt outsourcing include flexibility, quicker time to-market and lower
scale-up costs in order to meet increasing demand for new drugs and focus on
core competencies. Outsourcing also helps in the reduction of excess capacity
in their manufacturing networks and restructure supply chains.
Global outsourcing market:
• Global outsourcing market reported a
slowdown in growth driven by factors such as inventory rationalization by
global innovators, reduced R and D spending etc., triggered by the recent
economic crisis.
• However, over the medium to long-term, this
market is likely to grow at a CAGR of about 20-25 percent, backed by strong
fundamental drivers such as a) increased outsourcing by big pharmaceutical
companies; and b) increased traction in the new and high-end services
contracts.
• The nucleus of outsourcing is fast shifting
from western territories of North America and Europe towards
• Asian countries provide significant cost
advantage as compared to the western region.
• Pharmaceutical companies have already realized
the potential offered by these markets with about 32 percent of them preferring
US Generic Market:
• There is continued penetration of generics
in the
• The
- Approval from US FDA can open up a large USD
35bn market;
- The market is easier to penetrate as it is
dominated by ‘generic generics’ compared to branded-generic markets in the
emerging world;
- Distribution chain already in place and
hence large upfront investments in sales and marketing infrastructure are not
required; and
- The gestation period is shorter, as there is
no need to build relationships with physicians.
• The
Impending ‘Patent Cliff’
• Approximately USD 150bn worth of drugs are
expected to go off-patent by 2015. The value of these drugs going off-patent is
expected to peak in 2012.
• The sale value of drugs going off-patent
over the next five years in the us market is approximately double the sale
value of drugs that went off- patent in the last five years.
• New generics sales are expected to be the
key growth drivers in the regulated markets of the
• The new generics sales are expected to grow
at a CAGR of 22 to 23 percent in the
• This provides a considerable opportunity for
generic manufacturers to capture greater generics’ share of the US Parma
market.
• Additionally, generic companies will also
benefit by the
• The absorption rate for generics in the
Indian Pharmaceutical Market Indian Pharmaceuticals market is likely to
triple over next decade
• Growth of Indian pharmaceuticals market is
expected to be influenced by:
- Doubling of disposable incomes and number of
middle class households. If the real GDP grows at a CAGR of 7.3 percent, then
per capita disposable income is expected to rise from INR 20,835 in 2005 to INR
34,42511 by 2015. Approximately 27mn households currently in lower income
category are expected to move up.
- Expansion of medical infrastructure largely
through private investments. Number of hospital beds and physicians in the
country are expected to double by 2015 (i.e. additional 2 mn beds and 0.4mn
physicians).
- Greater penetration of health insurance.
Currently just about 1 percent of the population is covered by health
insurance. Approximately 220mn people are expected to come under heath
insurance coverage by 2015.
- Rising prevalence of chronic disease.
Increased urbanization and rapidly changing lifestyles in urban and semi-urban
areas are expected to see increased incidences of chronic diseases which are
expected to provide thrust to specialty and super specialty therapies.
- Adoption of product patents as patent
infrastructure scales up to enable up to 30 approvals annually and an average
approval timeframe of two years.
- Aggressive market penetration as several
smaller players have surfaced across the country who are catering to mass
therapies.
Mass therapies will remain critical despite shift towards specialty
therapies:
• Increasing urbanization and changing work
patterns expected to continue leading to rise in stress levels and growing
consumption of unhealthy food. As a result there will be significant rise in
the number of anti- infective, gastrointestinal, cardiovascular and many other
related lifestyle ailments. The growing prevalence of lifestyle disorders will
spur growth in specialty and super-specialty therapies.
• Despite the shift in disease profile, the
growth opportunity in mass therapies are expected to remain significant for two
reasons:
- The gap between prevalence and treatment
remains wide in a range of disease spanning anti-infective, gastrointestinal,
respiratory and pain management therapies.
- Nearly 140mn people are estimated to move
above poverty line which should increase the spending on basic healthcare and
consumption of mass therapy drugs for acute treatment.
Generics to dominate despite increase in share of patent products
• If patent related infrastructure is in place
and related regulatory issues finalised, then patent-protected products are
expected to constitute about 10 percent of the total markets by 2015.
• However, currently Indian Patent Act has
relatively narrow definition of patentability. Therefore, it is likely that a
proportion of post-1997 molecules may not get full patent protection.
• Besides strong pipeline of recently launched
generic products and products that are undergoing new process developments, companies have an option of
developing new combinations and formulations from a range of approximately 200
products that are pre-1995.
Growth prospects of Nuero / CNS therapeutic category
• Neurological disorders are age-related. An
increasing aging population will drive the growth of the market and hence the R
and D.
• Further, there are large number of unmet
needs which will result in demand for neurological and CNS drugs in future.
These include:
- Worldwide Alzheimers disease, which affects
approximately 24 mn worldwide and expected to reach 40 mn by 2020. Further,
current therapy has a modest symptomatic effect and does not significantly
modify the course of this progressive neuro-degenerative disorder.
- Significant need for an Multiple Sclerosis
(MS) treatment with superior efficacy to current therapies with a less invasive
and less time consuming route of administration.
- An unmet need for primary progressive and
secondary-progressive MS indication.
-
Need for a reduced dosing
frequency or a less invasive therapy with good patient compliance.
Oncology market overview
• Estimated market size of the oncology
segment is expected to grow at a CAGR of 25 percent by 2014.
• Segment level projections are as follows:
- Cytotoxics: This segment is estimated to
grow at a compounded annual growth rate of 16 percent p.a. from INR 8,350mn
(USD 167mn) to INR 17,340mn (USD 347mn) by FY 2014.
- Hormones: This segment is estimated to grow
at a compounded annual growth rate of 19 percent p.a. from INR 1,200mn (USD 24mn) to INR 2,860mn
(USD 57mn) by FY 2014.
- Novels and GFs: This segment is estimated to
grow at a compounded annual growth rate of 40 percent p.a. from INR 3,800mn
(USD 76mn) to INR 20,550mn (USD 411mn)
by FY 2014.
• The growth in the oncology market in
Indian CRAMS Market
• Indian CRAMS industry (both contract
manufacturing and contract research together) accounted just about 4 percent of
global CRAMS opportunity in 2009.
• It is estimated to be about 12 percent of
the global CRAMs market in 2012. - Growth in the CRO sector is expected to be
greater than the growth in the CMO sector.
Indian CMO Market
• The CMO market in
• Formulations outsourcing forms a small part
of the Indian CMO sector. However, formulation outsourcing is expected to
capture greater market share in the next few years.
• Indian CRAMs players have diversified in
terms of their product offerings and are building competencies to match the
global players such as Lonza, Catalent and DSM Pharma. A few major Indian
players include Dishman Pharma, Divi’s Laboratories, Jubilant Qrganosys and
Piramal Life sciences.
- The players are investing in MNC
relationship and have also made some overseas acquisitions to gain access to
customers and critical technologies/ capabilities.
DIVISION WISE PERFORMANCE
The Company is actively engaged in R and D and
offering CRAMS to global pharmaceutical companies. The R and D capability of
the Company includes Dossier Development Service, Chemical Synthesis and
Process Optimization, Formulation Development and Specified Drug Delivery System.
The Company’s state-of-the-art manufacturing
facilities in
(1)
Active Pharmaceuticals Ingredients (API) Division
Due to severe pricing pressure, foreign
exchange fluctuations and rising raw material prices, this division was not performing
well. As a measure of restructuring business model, the Company has hived off
this division on 28th July, 2010.
(2) Domestic Formulation Business
(i)
Criticare Division : It
is the specialty division which mainly focuses on Oncology and Critical care
therapy. The major brands of this division are MARKPARIN and EPIGROF. Marksans
Pharma Limited is in exclusive rate contract with Indian Army to supply
MARKPARIN. EPIGROF is also being supplied to major hospitals and other major
burns and trauma care institutes. This division has created a niche for itself
in the Oncology segments with its anti cancer products.
(ii)
Cerebella Division : It
is the specialty division marketing drugs meant for lifestyle diseases,
Neuro-Psychiatrist and Psychiatric therapy. The major brands of this division
are BAZZY, CITOFAST, GABELLA, GABELLA M, XENOTRIL which are the main
contributors of sales. Our future course of action in this division is going to
be more focused in segments like Epilepsey, Alzimerhs and Depression as these
segments are the growth drivers for CNS market. Their presence is good in these
segments with latest and accepted products like Bazzy, Donaz Citofast. They are
planning to launch newer Anti Epileptical products like Levitricetam,
Zonasimide, etc.
(3) International Formulation
Main focus market for the Company is US,
The Company has now started its next phase of
development of molecules with high potential in the
The Company currently has number of EU CTD
files for solid dosage forms across various therapeutic segments at various
stages of development, registration or approval. For contract manufacturing
opportunities, the Company has tied up with major Generic players across
The Company is aggressively spreading its
wings in the semi regulated markets. Till now it has filed 361 registrations
across all semi regulated markets and 35 products are in the process of filing.
It has already got 201 products registered in countries like
OUTLOOK
Despite the aforesaid threats, risks and
concerns, the Management looks forward to a satisfactory performance in the
coming years in the light of the opportunities available with more focus on the
formulation business which are expected to grow in the years to come. The
following key factors will drive the Company forward :
1. Global presence – Export Oriented Unit
2. Low cost manufacturing base
3. World class manufacturing facilities with
huge capacities approved by major global
health authorities
4. Own front ends into UK/Europe and
5. Tie up with big pharmaceutical companies
6. Strong R and D, Dossier development
capabilities
7. Preferred outsourcing partner
8. The Company has more than 100 product IP
for regulated markets
9. More than 350 product IP for semi regulated
markets
10. Wider product basket from OTC to
Prescription drugs
11.
12. Very few companies in
PROVISIONS,CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions are recognized for liabilities that
can be measured only by using a substantial degree of estimation, if
a. the Company has a present obligation as a
result of past event,
b. a probable outflow of resources is expected
to settle the obligation; and
c. the amount of the obligation can be
reliably estimated.
AS PER WEBSITE DETAILS
BUSINESS DESCRIPTION
Marksans Pharma Limited
(Marksans) is a holding company. The Company is primarily engaged in the
business of manufacturing and marketing of pharmaceutical formulations. It is
also engaged in research and development (R and D) and offering contract
research and manufacturing services (CRAMS) to global pharmaceutical companies.
The R and D capabilities include dossier development service, chemical
synthesis and process optimization, formulation development and specified drug
delivery system. Its domestic formulation business includes Criticare division,
Cerebella division, and Zenmark and Mark Remedies divisions. Criticare division
is engaged in oncology and critical care therapy. Its brands are MARKPARIN and
EPIGROF. Cerebella division is the specialty division marketing drugs meant for
lifestyle diseases, neuro-psychiatrist and psychiatric therapy. Its brands
include BAZZY, CITOFAST, GABELLA M, XENOTRIL. On July 28, 2010, it disposed its
active pharmaceuticals ingredients (API) division. For the nine months ended 31
December 2010, Marksans Pharma Limited's revenues decreased 15% to RS2.29B. Net
loss decreased 98% to RS1.7M. Revenues reflect a decrease in income from
operations and lower other operating income. Net loss was offset by a decrease
in consumption of materials and purchases, lower employee cost, decreased
depreciation charges, lower other expenditure and decreased interest expense
MARK B SALDANHA - BOARD MEMBER, MANAGING
DIRECTOR AND CHIEF EXECUTIVE OFFICER - DIRECTOR/BOARD MEMBER
Mr. Mark B. Saldanha is an
Executive Non-Independent Chairman of the Board, Managing Director of Marksans
Pharma Limited. He is a true visionary having hardcore experience on pharma
industry who has not only envisioned the formation of a totally integrated
company but also has taken the company on the path of success. The glory was
further enhanced by obtaining Australian TGA, UK MHRA and Brazil ANVISA
approvals within 2 years. His shear zeal and enthusiasm has seen company
spreading its wings accross the globe. Mr. Mark Saldanha is well versed with
overall management of the company and possesses hands on experience in
marketing, production and finance. His business acumen, entrepreneurial zeal,
organizational skills and managerial abilities has enabled company to grow
leaps and bounds
MARK B SALDANHA - BOARD MEMBER, MANAGING DIRECTOR
AND CHIEF EXECUTIVE OFFICER - CHIEF EXECUTIVE
OFFICER
Mr. Mark B. Saldanha is an
Executive Non-Independent Chairman of the Board, Managing Director of Marksans
Pharma Ltd. He is a true visionary having hardcore experience on pharma
industry who has not only envisioned the formation of a totally integrated company
but also has taken the company on the path of success. The glory was further
enhanced by obtaining Australian TGA, UK MHRA and Brazil ANVISA approvals
within 2 years. His shear zeal and enthusiasm has seen company spreading its
wings accross the globe. Mr. Mark Saldanha is well versed with overall
management of the company and possesses hands on experience in marketing,
production and finance. His business acumen, entrepreneurial zeal,
organizational skills and managerial abilities has enabled company to grow
leaps and bounds
ACCORD FINTECH (
25 OCTOBER 2011
India, Oct. 25 -- Marksans
Pharma Limited has informed BSE that pursuant to the Special Resolution passed
by the shareholders of the Company at the 19th Annual General Meeting held on
September 29, 2011 and in-principle approval received from the Stock Exchange,
the Board of Directors of the Company has, at its meeting held on October 25,
2011, issued and allotted 1,75,00,000 Warrants (convertible into equal number
of equity shares of Re. 1/- each) to Mr. Mark Saldanha (Promoter Group) on
preferential allotment basis in accordance with Chapter VII of the SEBI (Issue
of Capital and Disclosure Requirement) Regulations, 2009. Brief particulars of
the warrants are given below:1. Name of Allottee: Mr. Mark Saldanha (Promoter
Group)2. Securities allotted: Warrants3. Number of Warrants: 1,75,00,0004.
Price of Warrants: Rs. 2.56/- per warrant determined in accordance with
Regulation 76(1) of Chapter VII of SEBI (ICDR) Regulations, 2009.5. Conversion:
The allottee will be entitled to apply for and obtain allotment of one Equity
Share of face value of Re. 1/- each against each Warrant at any time after the
date of allotment but on or before the expiry of 18 months from the date of
allotment, in one or more tranches.6. Lock-in: The Warrants and the Equity
Shares to be allotted on conversion of the Warrants shall be subject to lock-in
period as specified under Regulation 78(1) of Chapter VII of SEBI (ICDR)
Regulations, 2009. Published by HT Syndication with permission from ACCORD
FINTECH BSE.
Accord Fintech (
26 August 2011
India, Aug. 26 -- Marksans
Pharma Limited has informed the Exchange that in order to strengthen the
capital base of the Company, the Board of Directors of the Company at its meeting
held August 26, 2011, has proposed to issue, subject to the approval of the
shareholders and the regulatory authority as applicable 1,75,00,000 (One crore
seventy five lacs only) warrants convertible into equal numbers of equity
shares of Re. 1/- each to the Promoters of the Company under private placement
basis at such price and under the terms and conditions in accordance with
Chapter VII of the SEBI (ICDR) Regulations, 2009 as in force.
WEBSITE DETAILS
PROFILE
Marksans
Pharma, Headquartered in Mumbai (
The
specialty focus of Marksans Pharma traverses through a wide array of
prescription drugs. These drugs have markets spanning the medical fields of
Oncology, Gastroenterology, Antidiabetic, Cardiovascular, Pain Management,
Gynaecology and others. Furthermore, Marksans also inroads into complex and
intricate markets dealing with Biotechnology and Neuro-psychiatry.
The
R and D capabilities of the Company include chemical synthesis and process
optimization, formulation development and specialized drug delivery systems.
We
have put in place world-class facilities by leveraging state-of-the-art
manufacturing technology, incorporating best practices and adhering to
stringent regulatory compliances, to ensure that the customer receives products
of the highest quality. Plants are built as per US FDA guidelines and approved
by venerated UK MHRA, Australia TGA and Brazilian ANVISA health authorities.
Marksans Pharma has successfully established itself as a trustworthy name when
it comes to customers as well as the pharmaceutical world per se. Needless to
mention that it has thus attained global recognition within a very short span
of time. The Company straddles across key therapy areas and markets its
products in both evolving and developed markets.
Thus, Marksans is aspiring to be a Multinational Company in
a true sense.
FIXED ASSETS
- Land
- Building
- Plant and Machinery
- Computer and Software
- Office Equipments
- Furniture and Fixtures
- Vehicles
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 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. 51.39 |
|
|
1 |
Rs. 80.20 |
|
Euro |
1 |
Rs. 68.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
17 |
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.