MIRA
INFORM REPORT
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Report Date : |
08.01.2011 |
Note: Given
address could not be confirmed.
IDENTIFICATION DETAILS
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Name : |
JUBILANT LIFE SCIENCES LIMITED |
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Formerly Known as : |
JUBILANT ORGANOSYS LIMITED |
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Registered Office : |
Bhartiagram, Gajraula, District Jyotiba Phoolay Nagar – 244 223, Uttar
Pradesh |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
21.06.1978 |
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Com. Reg. No.: |
20-4624 |
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CIN No.: [Company
Identification No.] |
L24116UP1978PLC004624 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTJ00275C |
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PAN No.: [Permanent
Account No.] |
AABCV0200H |
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Legal Form : |
A Public Limited Liability company. The company’s shares are listed on
the Stock Exchanges. |
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Line of Business : |
Manufacturing of basic and speciality chemicals such as acetaldehyde, acetic
acid, acetic anhydride, vinyl acetate monomer and pyridine bases and their
derivatives. |
RATING & COMMENTS
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MIRA’s Rating : |
A (58) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 86910000 |
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Status : |
Very Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established and reputed company having fine track. Financial position
of the company appears to be sound. Fundamental are strong and healthy. Trade
relations are reported as fair. Business is active. Payments are reported to
be regular and as per commitments. 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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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 DECLINED BY
Management Non Cp-Operative.
LOCATIONS
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Registered Office : |
Bhartiagram, Gajraula, District Jyotiba Phoolay Nagar – 244 223, |
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Tel. No.: |
91-5924-252351/ 252353-60 |
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Fax No.: |
91-5924-252352 |
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E-Mail : |
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Website : |
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Corporate Office : |
Plot No.1A, Sector – 16-A, Noida – 201 301, |
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Tel. No.: |
+91 120 2516601-11 |
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Fax No.: |
+91 120 2516629-30 |
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E-Mail : |
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Website : |
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Mumbai Office: |
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Factory 1 : |
Bhartiagram,
District Jyotiba Phuley Nagar – 201 304, |
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Tel. No.: |
91-5924-252351
/ 252353-360 |
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Fax No.: |
91-5924-252352 |
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Factory 2 : |
Village
Nimbut, Near Nira Railway Station, District Pune, |
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Tel. No.: |
91-2112-269155-57 |
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Fax No.: |
91-2112-269154 |
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Factory 3 : |
56 Industrial Area, Nanjangud, Distt. |
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Tel. No.: |
91 8221 228402-08 |
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Fax No.: |
91 8221 228410-11 |
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Factory 4 : |
Block
No. 133, P. O. Samlaya, Savli Jarod Road, Taluka Savli, Vadodara – 391 520,
Gujarat, India |
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Tel. No.: |
91-2667-251306
/ 251281 / 251326 / 251361-63 |
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Fax No.: |
91-2667-251305 |
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Factory 5 : |
Sikanderpur
Bhainswal Bhagwanpur, Roorkee, District Haridwar, |
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Division : |
Agro Business
Division
4th Floor, Sheetla House, 74, Tel. 91-11-26465772 / 26435922 Fax. 91-11-26469088 E-Mail. rkapoor@vamorganic.com Contact Person : Mr. Raju
Kapoor Feed Additives
Division 16A, Dutt Vihar Society, Behind ABB House, Tel. 91-265-2339411 / 2336640 Fax. 91-265-2339466 E-Mail. anichembaroda@yahoo.com
Contact Person : Mr. Subodh
Mishra International
Division 5th Floor, Mansarovar, 90, Tel. 91-11-26292582 / 26211129 Fax. 91-11-26292420 / 26239337 E-Mail. vamintl@vamorganic.com Contact Person : Mr. L. R.
Tandon Organic
Intermediates Division 4th Floor, 'Skyline House', 85, Nehru Place, New Delhi-110 019, Tel. 91-11-26465772 / 26435922 Fax. 91-11-26469088 E-Mail. ddua@vamorganic.com Contact Person : Mr. Dinesh Dua Performance
Chemicals Division 2nd Floor, Skyline House, 85, Tel. 91-11-26435922 / 26465772 Fax. 91-11-26469088 E-Mail. msharan@vamorganic.com
Contact Person : Mr. Madhav
Sharan Speciality
Products Division 3rd Floor, Hemkunt Chambers, 89, Tel. 91-11-26428869 / 0347 Fax. 91-11-26465810 E-Mail. vkaushik@vamorganic.com Vinyl Pyridine
Latex Division 16A, Dutt Vihar Society, Behind ABB House, Tel. 91-265-2339411 / 2336640 Fax. 91-265-2339466 E-Mail. monojit@gnahd.global.net.in / monojit@vamorganic.com Contact Person : Mr. Monojit
Mukherjee |
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Marketing
offices: |
Located at:
·
Ahmedabad
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·
Kolkata
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Chennai
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Mumbai
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Vadodara
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Overseas
Office : |
16751,
Tel. :
+514 630 7030 Fax :
+514 694 9295
Add :
Hollister-Stier Laboratories, LLC. 3525,
N. Regal, Tel. :
+1 509 489 5656 Fax : +1
509 484 4320 Add : Cadista Pharmaceuticals Inc. Tel. : +1 410 860 8500 Fax : +1 410 860 8719 |
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Branches: |
Located At:
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Add: DRAXIS Specialty Pharmaceuticals, Inc.
DIRECTORS
AS ON 28.08.2009
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Name : |
Mr. Shyam S Bhartia |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Hari S Bhartia |
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Designation : |
Co-Chairman and Managing Director |
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Name : |
Dr. J M Khanna |
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Designation : |
Executive Director and President (Life Sciences) |
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Qualification : |
M.S. (Organic Chemistry), Ph.D. |
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Date of Appointment : |
16.08.2002 |
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Name : |
Mr. S N Singh |
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Designation : |
Executive Director and President (Chemicals) |
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Qualification : |
B. E. (Chemical Engineering) |
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Experience : |
44 years |
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Date of Appointment : |
14.12.1981 |
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Name : |
Mr. Shymsundar Bang |
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Designation : |
Executive Director (Manufacturing and Supply Chain Operations) |
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Qualification : |
M.Tech (Chem Engg.) |
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Date of Appointment : |
02.06.2003 |
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Name : |
Mr. Arabinda Ray |
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Designation : |
Director |
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Name : |
Mr. Surendra Singh |
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Designation : |
Director |
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Name : |
Mr. H K Khan |
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Designation : |
Director |
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Name : |
Dr. Naresh Trehan |
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Designation : |
Director |
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Name : |
Mr. Abhay Havaldar |
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Designation : |
Director |
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Name : |
Mr. Rahul Yadav |
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Designation : |
Director |
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Name : |
Mr. Vishal Marwaha |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. R Sankaraiah |
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Designation : |
Executive Directors – Finance |
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Date of Birth/Age : |
47 Years |
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Qualification : |
B.sci., FCA |
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Experience : |
22 Years |
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Date of Appointment : |
09.09.2002 |
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Name : |
Mrs. Lalita Jain |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Category of Shareholder |
Total No. of
Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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1,903,435 |
1.20 |
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67,678,144 |
42.62 |
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69,581,579 |
43.82 |
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5,570,445 |
3.51 |
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5,570,445 |
3.51 |
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Total shareholding of Promoter and Promoter Group (A) |
75,152,024 |
47.33 |
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(B) Public Shareholding |
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9,299,699 |
5.86 |
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1,145,547 |
0.72 |
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1,669,726 |
1.05 |
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28,711,308 |
18.08 |
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11,707,200 |
7.37 |
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11,707,200 |
7.37 |
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52,533,480 |
33.09 |
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12,247,459 |
7.71 |
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13,889,080 |
8.75 |
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259,200 |
0.16 |
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4,698,532 |
2.96 |
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57,000 |
0.04 |
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692,250 |
0.44 |
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3,949,282 |
2.49 |
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31,094,271 |
19.58 |
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Total Public shareholding (B) |
83,627,751 |
52.67 |
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Total (A)+(B) |
158,779,775 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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Total (A)+(B)+(C) |
158,779,775 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Foreign Financial Institutions
BUSINESS DETAILS
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Line of Business : |
Manufacturing of basic and speciality chemicals such as acetaldehyde,
acetic acid, acetic anhydride, vinyl acetate monomer and pyridine bases and
their derivatives. |
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Products : |
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PRODUCTION STATUS( As on 31.03.2010)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Alcohol |
KBL |
161000 |
88091 |
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Organic including Speciality Chemicals and its
Intermediates |
MT |
601738 |
361707 |
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Polymers including Co-polymers and VP Latex/SBR latex |
MT |
37560 |
27132 |
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Single Superphosphate |
MT |
425700 |
220338 |
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Sulphuric Acid |
MT |
68835 |
64538 |
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Dry and Acqueous Choline
Chloride and Ethyoxylates |
MT |
22000 |
8146 |
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Feed Premixes |
MT |
3500 |
3208 |
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Agri Chemicals |
KL |
-- |
1162 |
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Active Pharmaceuticals Ingredients [API] |
MT |
419 |
347 |
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Tablets and Capsules |
No. in Millions |
891 |
41 |
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IMFL |
KBL |
10800 |
117 |
GENERAL INFORMATION
|
Suppliers : |
Ø
Vel
make Seals Ø
D.
R. Scientific Works Ø
Manik
Engineers Ø
Span
Engineers Ø
Virava
Chemicals Ø
Millenium
Chemi Pharma Ø
Mander
Engineering Ø
Sunil
Kumar and Bros Ø
Premium
Energy Transmission Limited Ø
Arihant
Gujrat Plastic Industries Ø
Century
Thread Works Ø
Pious
Printers Ø
Enkay
Containers Ø
Makewell
Plasticizers Private Limited Ø
Parth
Chemical and Metals Enterprises Ø
Metro
Polyprints Ø
K L
J Organic Limited Ø
Polybond
Pharmaceuticals Ø
Dhruv
Packaging Ø
Silver
Tone Gravu-Flex Private. Limited Ø
Rodricon
Industries Ø
S M
Engineering Ø
Micro
Engineers Ø
Dhatukarm
Engineers Ø
Vimal
Hi-Tech Private. Limited Ø
A K
Sales Corporation Ø
Polybond
Pharmaceuticals Ø
Niranjan
Containers Private Limited Ø
Parkaire
Engineering Ø
Multi
-Max Engineering. Works Ø
Chhaya
Packers and Printers Private. Limited Ø
Basant
Plastics Ø
Pahwa
Plastics Private Limited Ø
Bloom
Packaging Private. Limited Ø
K
and S Packaging Dynamics Ø
Sun
Synthetics Ø
CMC Enterprises Ø
Purex Laboratories Ø
Alchem Laboratories Ø
Kakkar and Company Ø
Ø
Jain Mill Store Private
Limited |
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No. of Employees : |
710 (Approximately) |
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Bankers : |
Ø
ICICI Bank Limited Ø
State Bank of Ø Export
- Import Bank of Ø Punjab
National Bank Ø Corporation
Bank Ø Canara
Bank Ø The Ø ABN AMRO
Bank N. V. Ø Standard
Chartered Bank Ø ING
Vysya Bank Limited |
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Facilities : |
Notes:
a. Mortgage of the immovable fixed assets
situated at Bhartiagram, District Jyotiba Phoolay Nagar, Uttar Pradesh and
immovable fixed assets situated at Village Samlaya, Taluka Savli, District
Vadodara, Gujarat and b. Hypothecation on the entire movable
fixed assets, both present and future pertaining to all manufacturing
facilities of the Company.
4. Secured Loans (excluding working
capital loans) include loans of 224.50 million (Previous Year 1,545.16
million) repayable within one year. |
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Banking
Relations : |
--- |
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Auditors : |
Statutory Auditors K N Gutgutia And Company, 11K IFRS Auditors KPMG, Building No. 10, 8th Floor, Tower B, Cost Auditors J K Kabra And Company, 552/1B, Internal Auditors Ernst And Young Private Limited, Hindustan Times Building, 6th
Floor, 18-20, Kasturba Gandhi Marg, New Delhi – 110 001, India. |
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Associates : |
Ø Air Travels
Bureau (Private) Limited Ø Cable Compound
Limited Ø Dominos Pizzas Ø Enpro Services
Limited Ø Ø Ø Insilco Limited Ø Intelcom Limited Ø Jubilant Biosys
(Private) Limited Ø Jubilant Enpro Ø Vam Employees
Provident Fund Trust Ø Ogan Ø Ramganga
Fertilizers Limited (Sick Unit) Ø Vam Petro
Products Private Limited Ø Vam Leasing
Limited Ø Vam Investments
Limited Ø Vam Organic
Chemicals, Ø Jubilant Enpro
Private limited Ø Jubilant Oil and
Gas Private limited Ø Enpro Oil
Private limited |
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Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
550000000 |
Equity Shares |
Rs. 1.00 each |
Rs.550.000 millions |
Issued, Subscribed :
|
No. of Shares |
Type |
Value |
Amount |
|
158811775 |
Equity Shares |
Re. 1.00/- each |
Rs.158.810 millions |
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
158779775 |
Equity Shares |
Re. 1.00/- each |
Rs.158.780 Millions |
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|
Add. Equity shares forfeited |
|
Rs. 0.020 Millions |
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Total |
|
Rs.158.800 Millions |
Notes:
1. The Company issued Zero Coupon Foreign Currency Convertible Bonds due 2011 (FCCB 2011) for an aggregate value of USD 200 million, convertible at any time between 30th June, 2006 to 10th May, 2011 by holders into fully paid equity shares of 1 each of the Company or Global Depositary Shares (GDS) each representing one equity share at an initial conversion price of 413.4498 per share with a fixed rate of exchange of 45.05 = USD 1. The conversion price is subject to adjustment in certain circumstances. The Bonds may also be redeemed, in whole but not in part, at the option of the Company at any time on or after 19th May, 2009, subject to satisfaction of certain conditions. Unless previously converted, redeemed or purchased and cancelled, the Bonds will be redeemed on 20th May, 2011 at 142.429% of their principal amount. The FCCBs are listed on Singapore Stock Exchange. The GDSs arising out of conversion of FCCBs are listed on Luxembourg Stock Exchange. USD 57.90 million Bonds were bought back at a discount in financial year ended 31st March, 2009, and the same were cancelled.
The outstanding balance of FCCB 2011 - USD 142.10 million, on conversion would result in allotment of 15,483,391 equity shares of 1 each.
2. The Company issued Zero Coupon Foreign Currency Convertible Bonds due 2010 (FCCB 2010) for an aggregate value of USD 75 million, convertible at any time between 3rd July, 2005 to 14th May, 2010 by holders into fully paid equity shares of 1 each of the Company or Global Depositary Shares (GDS) each representing one equity share at an initial conversion price of 273.0648 per share with a fixed rate of exchange of 43.35 = USD 1. The conversion price is subject to adjustment in certain circumstances. The Bonds may also be redeemed, in whole but not in part, at the option of the Company at any time on or after 23rd Mayr 2008, subject to satisfaction of certain conditions. Unless previously converted, redeemed or purchased and cancelled, the Bonds will be redeemed on 24th May, 2010 at 138.383% of their principal amount. The FCCBs are listed on Singapore Stock Exchange. The GDSs arising out of conversion of FCCBs are listed on Luxembourg Stock Exchange. USD 22.343 million were converted upto 31st March, 2010 into equity shares and this represents 3,547,022 shares of 1 each as on 31st March, 2010 and USD 3 million Bonds were bought back at a discount in the financial year ended 31st March, 2009 and the same were cancelled.
The outstanding balance of FCCB 2010 - USD 49.657 million, on conversion would result in allotment of 7,883,231 equity shares of Z I each.
3) The Company issued 1.5% Foreign Currency Convertible Bonds due 2009 (FCCB 2009) aggregating USD 35 million, in the year 2004-05. The Bonds were convertible at any time between 14th June, 2004 and 15th April, 2009 by holders into fully paid equity shares of 1 each of the Company or Global Depositary Shares (GDS) each representing one Equity Shares at an initial conversion price of 163.646 per share with a fixed rate of exchange on conversion of 44.805 = USD 1. The Bonds could also be redeemed, in whole but not in part, at the option of the Company at any time on or after 14th May, 2007 and prior to 8th May, 2009, subject to satisfaction of certain conditions. Unless previously converted, redeemed or purchased and cancelled, the Bonds were to be redeemed on 15th May, 2009 at 113.70% of their principal amount. The FCCBs were listed on Singapore Stock Exchange. The GDSs arising out of conversion of FCCBs are listed on Luxembourg Stock Exchange. Out of these FCCB 2009, USD 34.70 million were converted upto 31st March, 2009 into equity shares and this represents 9,500,521 shares of ‘ 1 each and balance of USD 0.30 million was redeemed during the year.
4) Under the Jubilant Employees Stock Option Plan;
a) Options in force as of 31st March, 2010 - 365,331 options convertible into 1,826,655 shares of 1 each.
b) 170,248 vested options have been exercised upto 31st March, 2010 and out of which 736,405 shares were allotted/transferred from Jubilant Employees Welfare Trust.
5) Paid up capital includes
a) 43,990,695 equity shares of 1 each fully paid allotted and issued in 2003-04, as bonus shares by capitalisation of Capital Redemption Reserve in accordance with the resolution passed by the shareholders dated 28th February, 2004.
b) 1644,020 equity shares of ‘ 1 each allotted and issued pursuant to the Scheme of Amalgamation of erstwhile Ramganga Fertilizers Limited. with the Company for consideration other than cash in 1994-95. (761780 equity shares of 1 each allotted to Vam Investments Limited. and 159,420 equity shares of 1 each allotted to Vam Leasing Limited. were cancelled during the year 2002-03 - Refer note no. 6 below}.
c) 5,064,000 equity shares of Z 1 each allotted and issued pursuant to the Scheme of Amalgamation to shareholders of erstwhile Anichem India Limited. and of erstwhile Enpro Specialty Chemicals Limited. with the Company for considerationother than cash in 1999-00. {1 620,970 Equity shares of ‘ 1 each allotted to Vam Investment Limited. and 1,714,000 equity shares of 1 each allotted to Vam Leasing Limited. were cancelled during the year 2002-03 –Refer note no.6 below}.
d) 114,835 , equity shares of ‘ 1 each allotted to employees and directors of Company on exercise of the vested stock options in accordance with the terms of exercise under the “Jubilant Employees Stock Option Plan”.
6) Pursuant to the Scheme of Amalgamation approved by the Hon’ble High Court of Judicature, Allahabad and Hon’ble High Court of Delhi, and as contained in the Opening Reference Balance Sheet annexed to the Scheme, the paid up share capital of the Company reduced during the year 2002-03 by cancellation of 2,382,750 and 1,873,420 equity shares of 1 each fully paid up held by erstwhile Vam Investments Limited. and Vam Leasing Limited. respectively as investments in the Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
158.800 |
147.560 |
146.960 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
21569.720 |
13246.320 |
13639.660 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
21728.520 |
13393.880 |
13786.620 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
10012.840 |
15514.580 |
6174.460 |
|
|
2] Unsecured Loans |
10109.890 |
9741.830 |
10480.530 |
|
|
TOTAL BORROWING |
20122.730 |
25256.410 |
16654.990 |
|
|
DEFERRED TAX LIABILITIES |
2049.750 |
1265.550 |
1427.050 |
|
|
|
|
|
|
|
|
TOTAL |
43901.000 |
39915.840 |
31868.660 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
14592.520 |
13967.840 |
9223.560 |
|
|
Capital work-in-progress |
2721.930 |
2690.860 |
3225.520 |
|
|
|
|
|
|
|
|
INVESTMENT |
18692.030 |
17095.360 |
13782.510 |
|
|
DEFERREX TAX ASSETS |
58.620 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4247.100 |
3334.260 |
3215.560 |
|
|
Sundry Debtors |
3073.050 |
3559.530 |
3591.020 |
|
|
Cash & Bank Balances |
4342.210 |
2789.310 |
76.720 |
|
|
Loans & Advances |
5843.380 |
4730.800 |
3945.790 |
|
Total
Current Assets |
17505.740 |
14413.900 |
10829.090 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3051.150 |
2522.540 |
|
|
|
Other Liabilities |
2144.410 |
1515.100 |
|
|
|
Provisions |
4474.280 |
4217.770 |
2794.880 |
|
Total
Current Liabilities |
9669.840 |
8255.410 |
5208.510 |
|
|
Net Current Assets |
7835.900 |
6158.490 |
5620.580 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
3.290 |
16.490 |
|
|
|
|
|
|
|
|
TOTAL |
43901.000 |
39915.840 |
31868.660 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
24462.000 |
24307.220 |
19767.490 |
|
|
|
Other Income |
256.820 |
771.940 |
1148.000 |
|
|
|
TOTAL (A) |
24718.820 |
25079.160 |
20915.490 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Other Manufacturing Expenses |
18642.500 |
21340.160 |
15696.120 |
|
|
|
Increase/(Decrease) in Finished Goods |
(164.550) |
(281.070) |
(162.350) |
|
|
|
TOTAL (B) |
18477.950 |
21059.090 |
15533.770 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6240.870 |
4020.070 |
5381.720 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
997.130 |
543.540 |
146.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5243.740 |
3476.530 |
5234.920 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
651.050 |
746.210 |
635.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4592.690 |
2730.320 |
4599.020 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
961.690 |
122.910 |
676.350 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3631.000 |
2607.410 |
3922.670 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7557.840 |
6711.720 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2000.000 |
1500.000 |
NA |
|
|
|
Dividend |
317.560 |
223.340 |
NA |
|
|
|
Tax on Dividend |
52.740 |
37.950 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
8818.540 |
7557.840 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales (FOB Value) |
NA |
10783.710 |
8562.450 |
|
|
|
Interest Income on Bank Deposit (overseas) |
NA |
1.810 |
0.280 |
|
|
TOTAL EARNINGS |
NA |
10785.520 |
8562.730 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
3607.140 |
2160.230 |
|
|
|
Stores & Spares |
NA |
217.370 |
207.550 |
|
|
|
Capital Goods |
NA |
380.230 |
103.780 |
|
|
|
Others |
NA |
643.800 |
274.720 |
|
|
TOTAL IMPORTS |
NA |
4848.540 |
2746.280 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Earnings Per Share - Basic (Rs.) |
24.60 |
17.70 |
27.26 |
|
|
|
Earnings Per Share - Diluted (Rs.) |
21.24 |
15.25 |
21.96 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2010 (1st
Quarter) |
30.09.2010 (2nd
Quarter) |
|
Net Sales |
|
6856.200 |
6726.600 |
|
Total Expenditure |
|
5466.000 |
5343.200 |
|
PBIDT (Excl OI) |
|
1390.200 |
1383.400 |
|
Other Income |
|
8.100 |
4.900 |
|
Operating Profit |
|
1398.300 |
1388.300 |
|
Interest |
|
58.200 |
86.300 |
|
Exceptional Items |
|
(120.100) |
71.000 |
|
PBDT |
|
1220.000 |
1373.000 |
|
Depreciation |
|
247.900 |
256.900 |
|
Profit Before Tax |
|
972.100 |
1116.100 |
|
Tax |
|
170.200 |
137.600 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
801.900 |
978.500 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
801.900 |
978.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
14.68 |
10.40 |
18.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.77 |
11.23 |
23.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.30 |
9.62 |
22.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.20 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.37 |
2.50 |
1.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.81 |
1.75 |
2.08 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
2010
Board approves scheme of amalgamation and demerger Strengthens global leadership position in vitamin B3
2009
Inauguration of
Jubilant Kalpataru hospital at Barasat, KOLKATA, Extend drug discovery collaboration with
Lilly on successful delivery of pre-clinical candidates Enter into drug discovery joint venture with
UAB and Southern Research in the US
Intent to enter global research and drug development partnership with
Duke University
To work with Endo Pharmaceuticals on drug development Enters Research collaboration with
AstraZeneca research collaboration to provide AstraZeneca with new preclinical
drug candidates DRAXIMAGE’S generic Sestamibi approved for launch in the USA,
exclusive distribution agreement signed with GE healthcare. Ink Hybrid and integrated Drug discovery
collaboration with Orion Receives approval for Sestamibi in
2008
Drug Discovery
partnership with Amgen Inc, USA Jubilant Organosys and Lilly to Form Drug
Development Joint Venture, Indian J.V. expands companies drug discovery and
development collaboration
Augments Clinsys Clinical Research® through acquisition of TrialStat
ClinicalAnalytics®, an EDC platform
Acquires DRAXIS Specialty Pharmaceuticals, Inc. Canada, a contract manufacturer
of sterile and non-sterile products and
radiopharmaceuticals Acquires Speciality Molecules Private. Limited. Engaged in
the manufacturing of Fine Chemicals used by Life Science Industry including
pharma, agro and cosmetic industry
2007
Acquires Hollister Stier
Laboratories in
2005
Acquired pharmaceutical
company in
Acquires Trinity Laboratories, Inc. and its wholly owned subsidiary, Trigen
Laboratories, Inc., renamed Jubilant Pharmaceuticals, Inc., a generic
pharmaceutical company in USA having a US FDA approved formulations
manufacturing facility Enters Clinsys Clinical Research Limited. business by setting
up wholly owned subsidiary Jubilant Clinsys Limited.
2004
Enters the medicinal chemistry arena by setting up Jubilant
Chemsys. Set up a Contract Clinical
Research Organization named Jubilant Clinsys to conduct bioavailability,
bioequivalence, pharmacokinetic and phase 1 studies. Sets up medicinal
chemistry services business through wholly owned subsidiary Jubilant
Chemsys Limited.Enters formulations and
regulatory affairs businesses by acquiring Pharmaceuticals Services
Incorporated, N.V. and PSI Supply N.V., the pharmaceutical companies in
2003
Sets up a new state-of-the-art Research and
Development Centre in Noida, near
2002
Acquires the Active Pharmaceutical Ingredients business
2001
New corporate identity: Jubilant Organosys Limited. reflecting changed corporate and business profile
2000
Enters the Bio / chemo informatics arena by setting up Jubilant Biosys Limited
1998
Enters high value-added Pyridine derivates. Commissions
Pyridine HBR and Cyano Pyridine plants. Forms marketing subsidiary in the
1997
Commissions first Multi-purpose fine chemicals plant. Plant for food polymer commissioned.
1995
Commissions first Multi-purpose fine chemicals plant. Plant for food polymer commissioned.
1990
Commissions Pyridine and Picoline plant.
1988
Launches its first branded product: Vamicol, an adhesive product.
1987
Introduces new products in Performance Chemicals segments: Poly vinyl acetate emulsion for paint, textile, paper and packaging and woodworking industry.
1985
Research and Development center gets recognition from Government of India.
1983
Commercial production of Vinyl Acetate Monomer (VAM).
1981
Initial Public Offering. Listing on leading stock exchanges
of
1978
Incorporated as Vam Organic Chemicals Limited
Operations :
Standalone Financials
Revenues
Revenues in FY2010 increased by 0.6% and were at `
24,462 million from ` 24,307 million in FY2009.
PLSPS
The revenue in PLSPS segment grew by 7.6% to ` 20,281 million from ` 18,840 million in FY2009. The CRAMS revenues increased by 7.4% to ` 11,934 million from ` 11,109 million last year.
APP
The APP segment revenues were at ` 4,181 million from ` 5,468 million in FY2009. The lower revenue in APP was on account of decline in revenues in Application Polymers and Fertilizers businesses.
International Revenues
International
Revenues were at 45.9% of the Company's total revenues and at 52.2% of PLSPS
revenues. In FY2010 it washigher by 2.2% to ` 11,219 million from ` 10,978
million previously.
SUBSIDIARIES
Brief particulars of
principal subsidiaries are given below:
Hollister-Stier
Laboratories LLC - This
Draxis Specialty
Pharmaceuticals Inc. - This Company is a subsidiary of your company and
provides products in threecategories: sterile products, non-sterile products
and radiopharmaceuticals. Sterile products include liquid and freeze-dried
(lyophilized) injectables plus sterile ointments and creams. Non-sterile
products are produced as solid oral and semi-solid dosage forms. Radiopharmaceutical
is a niche, high entry barrier business. Draximage markets radioactive products
with radioactive isotope already incorporated, and non-radioactive products,
which are solid in lyophilized form. Radiopharmaceuticals are used for both
therapeutic and diagnostic molecular imaging applications to customers
comprising hospitals, imaging centres and cardiology / oncology clinics.
Pharmaceutical contract manufacturing services are provided through the DRAXIS
Pharma division and radiopharmaceuticals are developed, produced, and sold
through the DRAXIMAGE division. DRAXIS operates a USFDA approved manufacturing
facility in
Jubilant Biosys
Limited - This Company is a subsidiary of your Company through Jubilant Biosys
(
This company provides Drug Discovery Services to Global Pharmaceutical
and Biotech companies in:
- Stand alone
service model
- Functional
services in area of Discovery Informatics, Structural Biology and In Vivo
and Invitro Biology on FTE or
- Fee based
model.
- Collaborative
/ Partnership Model
- Integrated
discovery program across a single or a portfolio of molecules
- Risk / Reward
sharing option
- Research
Funding
- Payments for
scientific milestones including bonus achieved through Discovery and
Development phase
- Royalties on
successful commercialisation of drug.
During 2009-10, this company has been able to consolidate its position
in the Drug Discovery Services by providing servicesin integrated drug
discovery programmes, functional service in structural biology, High through
put screening, Insilco modelingand In Vivo Biology and Invitro Biology.
Its collaboration with Lilly has been renewed for next 5 years in the
4th year of its existing 5 year collaboration term because of its scientific
and business success. In April 2009 the Company signed major five year
Integrated portfolio collaboration deal with Astra Zeneca and Endo
Pharmaceutical on shared risk basis, and Integrated programmes under these
deals are running successfully. In July 2009, it signed another deal with Merck
on FTE basis.
Jubilant Discovery
Services Inc. - This Delaware,
Jubilant Chemsys Limited - This Company is a subsidiary of the Company
through Jubilant Drug Development Pte .Limited, wholly owned subsidiary of the
Company, which holds entire equity of this company. This company offers
following services to drug discovery companies based out of US, Europe and
- Discovery
Chemistry functions
- Hit to lead
and lead optimization
- Medicinal
Chemistry Services
- Scaling up from
mg to kg in kilo lab and pilot plant
It also works closely with Jubilant Biosys Limited in collaborative drug
discovery research services areas.
Clinsys Clinical Research Limited - This Company is a subsidiary of the
Company through Jubilant Drug DevelopmentPte. Limited, wholly owned subsidiary
of the Company, which holds entire equity of this company.
- This company
offers following services to pharmaceutical, biotechnology and medical
device companies:
- Bio-analytical,
Bio equivalence and Pharmacokinetics
studies with 52 bed facility at Noida
- Clinical
trials from Phase I-IV
- Clinical Data
Management studies
- Clinical
Trial Staffing solutions
- During
2009-10, this Company has been able to sign major Clinical trial contracts
with Lupin and Sandoz, which will enhance its Clinical trial business.
Clinsys Clinical
Research Inc. - This
and is a therapeutically focused full service clinical research
organisation.
This company has expertise in a wide range of highly specialised
therapeutic areas including oncology, cardiovascular, central nervous system,
respiratory, dermatology and allergy/immunology. It is offering broad range of
clinical research services to pharmaceutical, biotechnology and medical device
companies in support of Phase II-IV drug and device development including
project management, clinical monitoring, scientific and medical support,
patient and investigator recruitment, site management, biostatistics, data management,
drug safety, quality assurance, regulatory affairs and medical writing. This
company has operations in
Jubilant
Innovation (
- Drug
Development Scientific Services,
- Project
Management services and
- Related and
ancillary activities for the above-mentioned services for the development
of molecules owned/ co-owned by Jubilant Innovation (BVI) Limited.
The company fosters the development of molecules owned/ co-owned by Jubilant
Innovation (BVI) Limited, in terms of finding right CRO's in India to get
maximum cost arbitrage based on their capabilities, overseeing, analysis and
monitoring of information on clinical / toxicology studies being conducted in
India on Jubilant Innovation (BVI) Limited's molecules.
Jubilant
Innovation Pte. Limited - This Singapore Company is a wholly owned
subsidiary of Jubilant Innovation (BVI) Limited. The company is an investment
company and owns 50% share holding in Vanthys Pharmaceutical Development (P)
Limited, a 50:50 Drug Development Joint Venture with Lilly. It has also signed
a Joint Venture agreement with
Jubilant Innovation (BVI) Limited - This British Virgin Island company
is a wholly owned subsidiary of Jubilant Pharma Pte. Limited. This Company
co-develops /in licenses the prescription pharmaceuticals at late discovery or
preclinical phases, and develops these molecules through a phase II Proof of
Concept (POC) trial.
The company develops these molecules on and at risk basis with either a
predetermined return structure or an equity interest and sells these molecules
after Phase II POC study for development completion. The selling /out licensing
will have upside in terms of upfront payment, various milestone payments
including sales milestones and/or sales royalties.
Jubilant Innovation (USA) Inc. - This Delaware,
- Drug
Development Scientific Services,
- Project
Management services and
- Related and
ancillary activities for the above-mentioned services for the development
of molecules owned/ co-owned by Jubilant Innovation (BVI) Limited.
The company fosters the development of molecules owned/ co-owned by
Jubilant Innovation (BVI) Limited, in terms of finding right CRO's in US and
Europe based on their capabilities, overseeing, analyses and monitoring of
information on clinical / toxicology studies being conducted outside India on
Jubilant Innovation (BVI) Limited's molecules.
Jubilant Infrastructure Limited - This wholly owned subsidiary of your
Company has set up Sector Specific Special
Economic Zone (SEZ) for Chemicals and Pharmaceuticals in
During first Approval Committee meeting for this SEZ in November 2008,
SEZ unit of this company was considered for approval and accordingly, a Letter
of Approval has been issued for setting up Unit in the SEZ.
This SEZ has received all the required permissions, approvals,
eligibility certificates and licenses
under SEZ Act and Rules and other relevant Laws. It has received Environment
Clearance from Ministry of Environment and
Jubilant First Trust Healthcare Limited - This Company is in the
business of healthcare and is involved in setting up an integrated
hub-and-spoke network with a total of about 1,000 beds in
Asia Healthcare
Development Limited - This Company is a subsidiary of your Company through Jubilant First
Trust Healthcare Limited, which holds 99.77% of its total capital. This Company
runs a hospital in Behrampur, 200 kms away from Kolkata, on a Public-Private-Partnership
with Government of West Bengal.
Speciality
Molecules Limited - This is a wholly owned subsidiary of the Company and is engaged in
the manufacturing of Fine Chemicals which are halogenated Pyridine derivatives.
These products are used in Life Science Industry including Pharma, Agro and
Cosmetic Industry. The Company has niche technology of halogenation and is a
winner of Acharya P.C. Ray award for development of indigenous technologies.
It has 12 commercial products in it's portfolio and is one of the
largest producers of 2-Chloro Pyridine globally and has aspiration to have
global leadership in it within 2-3 years time. This Company is scaling up two
new products, one of which is used in large volumes in agrochemical industry
and is working aggressively to map all global customers of other halogenated
products and develop them to maximise revenue from these products.
Cadista
Pharmaceuticals Inc. - This Delaware,
Jubilant Organosys
(USA) Inc. - This Delaware,
Jubilant Organosys
(
Jubilant
Pharmaceuticals N.V. - This is a wholly owned subsidiary of the
Company through Jubilant Pharma N.V. Belgium, which holds 99.8% of its shares
and Jubilant Pharma Pte. Limited,
PSI Supply N.V. - This is a
wholly owned subsidiary of the Company. 99.5% shares of this company are held
by Jubilant Pharma NV and balance by Jubilant Pharma Pte. Limited. This Company
is engaged in the supply of generic dosage forms to European markets.
Draximage India Limited - This Company
became a wholly owned subsidiary of the Company through Draximage Limited,
The Company also proposes to set up a centralised Radio pharmacy which
will further propel growth for the company and help us not only to provide a
strategic advantage over competitors but also to achieve the leadership status
in the Nuclear Medicine.
Other subsidiaries
as at the year end are as follows:
- Clinsys
Holdings Inc.,
- Jubilant
Pharma Pte. Limited,
- Cadista
Holdings Inc.,
- Jubilant
- HSL Holdings
Inc.,
- Cadista
Pharmaceuticals (
- Jubilant
Biosys (
- Jubilant Drug
Development Pte. Limited..,
- Jubilant
Organosys (BVILimited.
- Jubilant Biosys
(BVI) Limited.
- ,
- Jubilant
Organosys International Pte. Limited,
- Colvant
Sciences Inc.,
- Draximage
Limited,
- Draximage
Limited,
- Deprenyl
Inc.,
- DSPI Inc.,
- Draximage
- 6963196
Canada Inc.,
- 6981364
Canada Inc.,
- Draximage (
- DAHI Animal
Health (
- DAHI
- *Draxis
Pharma LLC,
- *Draxis
Pharma Inc.,
Awards and
Accolades
During the year 2009-10, the Company won the following:
• NDTV Profit Business Leader of the Year 2009 Award as the Best
Pharmaceutical Company
• PHD Chamber Annual Excellence Award 2009 - for Good Corporate Citizen
• Corporate Excellence Award as the best pharma company from
• Industry Excellence Award 2009 from
• Best Contract Research Manufacturing Organisation of the Year 2009
Award by Frost and Sullivan.
• ET - IMEA 2009 Platinum Award in the Pharmaceutical category given to
API facility at Nanjangud by Frost and Sullivan.
• Acharya PC Ray Award for Development of Indigenous Technology-4DMAP
• Certificate of Appreciation for successful implementation of HIV/AIDS
programme from International Labour Organisation (ILO).
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY SCENARIO:
Outsourcing
Global spending by the pharmaceuticals industry on
outsourcing (including CMO and CRO) which was valued at USD 51billion in 2008
is estimated to reach USD 67 billion in 2010.The global CMO market is growing
steadily at a CAGR of 13% and is estimated at USD 42 billion in 2010.
Similarly the Global CRO market which is growing at a CAGR of 19%, and is likely to attain a size of USD 25 billion in 2010.India is gaining recognition for its work in this area and it is expected that Indian CRO industry will achieve revenue of USD 1.5 billion in 2010 Many of the emerging bio-pharma and biotech companies do not have spare manufacturing capacity and are therefore outsourcing rapidly as the cost of investing in new facilities is prohibitive. This growth in outsourcing is largely on account of global pharma industry experiencingdeclining growth and margin pressures led by:
• Governmental pressure to reduce marketprice of products on account of spiraling healthcare costs
• Patent expiry of many key innovative products resulting in pressure on revenue and margins, and
• Declining R and D productivity leading to reduced pipeline
The global pharma industry is therefore compelled to reduce
manufacturing costs to protect margins and develop innovative products faster
and at a lower cost. This has led to changing mindsets towards R and D and
manufacturing outsourcing, which augurs well for the Indian CRAMS player Indian
companies are well equipped to capitalise on the global outsourcing
opportunity. These companies have strengthened their presence in the market by
acquiring better technologies and developing expertise in niche segments that
offer high margins and have higher entry barriers.
• World-class
• Large talent pool and low R and D and manufacturing cost
• High capital efficiency
Traditionally Intermediates and APIs outsourcing has been
more prevalent in
have also built capabilities in the areas of contract research for discovery and development.
Over the years, some
of the Indian companies including Jubilant have steadily moved up the value
chain and have significantly expanded their capacities, and capabilities,
sometimes through acquisitions to gain a foot hold in high value, niche areas
like injectables and biologics. This capacity expansion has enabled Indian
companies to offer advantages of scale to the global pharmaceutical and life
sciences industry. Jubilant has also been a pioneer in
Subject is an integrated pharmaceuticals and life sciences company with a presence across the pharmaceutical
value chain. They offer a wide range of products and services to the customers across the globe and have built a significant presence in the CRAMS business by leveraging upon the global scale of the operations. They are well positioned as an effective outsourcing partner for the global pharmaceuticals and life sciences industry.
Their products and services offering includes proprietary products, exclusive synthesis, active pharmaceutical ingredients, contract manufacturing of sterile injectables and non-sterile products, radiopharmaceuticals, allergenic extracts, generic dosage forms, drug discovery services, medicinal chemistry services, clinical research services and healthcare services. In addition, they are also in the business of providing products and services
in the agri and performance polymers segment.
They have established a strong CMO business for sterile
andnon-sterile products and speciality pharmaceuticals including
radiopharmaceuticals and allergenic extracts products in the international
market through the subsidiaries in
Their core business of Pharma and Life Sciences Products and Services (PLSPS) contributes 88.9% to the overall revenue of the company. 71.1% of PLSPS revenue comes from international markets. Additionally, they have a significant Agri and Performance Polymers (APP) business, with global leading positions
in some of the products like solid Poly Vinyl Acetate (PVA) and Vinyl Pyridine Latex (VP Latex).
They have eight
manufacturing locations in
Their corporate
head-quarters and central R and D centre are at Noida, Delhi NCR,
company. HollisterStier and Draxis Pharma focus on contract manufacturing of multiple dosage forms from sterile parenteral injectables to non-sterile products, and the production of speciality pharmaceuticals focused on allergy therapy and radio imaging in the United States and Canada.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED 30, JUNE 2010
(In Millions)
|
Particulars |
30.09.2010 (Unaudited) |
30.09.2010 (Unaudited) |
|
Quarter ended |
Half year ended |
|
|
Net Sales / Income from
Operations |
6690.400 |
13517.500 |
|
Other Operating Income |
36.200 |
65.300 |
|
Total Income |
6726.600 |
13582.800 |
|
Total Expenditure |
5500.100 |
11314.000 |
|
a) (Increase) / Decrease in
Stock in Trade and Work In Process |
102.100 |
81.700 |
|
b) Purchase of Traded
Goods |
553.000 |
1055.600 |
|
c) Raw and Process material consumed |
2795.800 |
5842.500 |
|
d) Stores, Spares,
Chemicals, Catalyst and Packing Material consumed |
274.100 |
594.400 |
|
e) Power and Fuel |
493.000 |
997.400 |
|
f) Other
Manufacturing Expenses |
158.400 |
290.200 |
|
g) Staff cost |
515.700 |
971.100 |
|
h) Depreciation |
256.900 |
504.800 |
|
i) Selling,
General and Admin Expenses (including exchange loss/gain) |
451.100 |
976.300 |
|
Operating Profit before Other
Income and Interest |
1126.500 |
2268.800 |
|
Other Income |
4.900 |
13.000 |
|
Profit Before Interest and
Exceptional Items |
1131.400 |
2281.600 |
|
Interest (Net) |
86.300 |
144.500 |
|
Profit After Interest but
before Exceptional Items |
1045.100 |
2137.300 |
|
Exceptional Items |
(71.000) |
49.100 |
|
Profit from Ordinary
Activities before tax |
1116.100 |
2088.200 |
|
Tax Expense (Net) |
137.600 |
307.800 |
|
Net Profit from ordinary
activities after tax |
978.500 |
1780.400 |
|
Extraordinary items (net of
tax expenses) |
- |
- |
|
Minority Interest |
- |
- |
|
-Net Profit after minority
interest |
978.500 |
1780.400 |
|
Paid-up Equity Share Capital
(Face Value of Rs. 1 Each) |
158.800 |
158.800 |
|
Reserves (excluding
revaluation reserve) |
|
|
|
-Basic |
6.16 |
11.21 |
|
-Diluted |
5.62 |
10.22 |
|
Public Shareholding |
|
|
|
-Number of Shares (Rs. 1 Each) |
83627751 |
83627751 |
|
-% of Shareholding |
52.67 |
52.67 |
|
Promoters and Promoter Group
Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of Shares |
8928300 |
8928300 |
|
- Percentage of Shares (as a %
of the Total Shareholding of Promoter and Promoter Group) |
11.88 |
11.88 |
|
- Percentage of Shares (as a %
of the Total Share Capital of the Company) |
5.62 |
5.62 |
|
|
|
|
|
b) Non Encumbered |
|
|
|
- Number of Shares |
66223724 |
66223724 |
|
- Percentage of Shares (as a %
of the Total Shareholding of Promoter and Promoter Group) |
88.12 |
88.12 |
|
- Percentage of Shares (as a %
of the Total Share Capital of the Company) |
41.71 |
41.71 |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL
EMPLOYED
(In Millions)
|
Particulars |
30.09.2010 (Unaudited) |
30.09.2010 (Unaudited) |
|
Quarter ended |
Half year ended |
|
|
Segment
Revenue |
|
|
|
a. Pharmaceuticals and Life Sciences Products and Services |
5316.600 |
10470.600 |
|
b. Agri and Performance Polymers |
1381.100 |
3064.200 |
|
Total |
6697.700 |
13534.800 |
|
Less : Inter Segment Revenue |
7.300 |
17.300 |
|
Total Revenue |
6690.400 |
13517.500 |
|
a. Pharmaceuticals and Life Sciences Products and Services |
5309.300 |
10453.300 |
|
b. Agri and Performance Polymers |
1381.100 |
3064.200 |
|
Total |
6690.400 |
13517.500 |
|
Segment results
profit(+)/loss(-) before tax and interest from each segment) |
|
|
|
a. Pharmaceuticals and Life Sciences Products and Services |
1156.800 |
2248.200 |
|
b. Agri and Performance Polymers |
161.900 |
357.500 |
|
Total |
1318.700 |
2605.700 |
|
Interest |
86.300 |
144.500 |
|
Other Un-allocable Expenditure Net of Un-allocable Income |
121.200 |
386.000 |
|
Un-allocable Exceptional Items |
(4.900) |
(13.000) |
|
Total Profit before Tax |
1116.100 |
2088.200 |
|
Capital Employed
(Segment Assets - Segment Liabilities) |
|
|
|
a. Pharmaceuticals and Life Sciences Products and Services |
20314.900 |
20314.900 |
|
b. Agri and Performance Polymers |
2540.000 |
2540.000 |
|
Total Capital employed in segments |
22854.900 |
22854.900 |
|
Add: Un-allocable corporate Assets less Liabilities |
20607.700 |
20607.700 |
|
Total capital employed in the Company |
43462.600 |
43462.600 |
STATEMENT OF ASSETS AND LIABILITIES
(In Millions)
|
Particulars |
30.09.2010 (Unaudited) |
|
SHAREHOLDERS FUNDS |
|
|
1] Capital |
158.800 |
|
2] Reserves & Surplus |
22905.600 |
|
Minority Interest |
- |
|
Loans from banks, Institutions and FCCB’s |
18129.600 |
|
Loan from customer |
- |
|
Deferred Tax Liability |
2270.300 |
|
Total |
43464.300 |
|
|
|
|
Fixed Assets |
|
|
Investments – In Liquid Funds |
18424.200 |
|
Investment Others |
- |
|
|
18022.600 |
|
Foreign Currency Monetary Items |
1.700 |
|
Translation Difference Account |
|
|
TOTAL |
43464.300 |
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
Inventories |
4307.300 |
|
Sundry Debtors |
4451.300 |
|
Cash & Bank Balances |
480.800 |
|
Other Current Assets |
0.000 |
|
Loans & Advance |
6751.400 |
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
Liabilities |
4506.100 |
|
Provisions |
4468.900 |
|
MISCELLANEOUS EXPENSES |
- |
|
|
|
|
TOTAL |
43464.300 |
FIXED ASSETS
Ø
Land (Freehold and Leasehold)
Ø
Building (Factory and Others)
Ø
Railway Sidings
Ø
Plant and Machienry
Ø
Vehicles
Ø
Office equipments
Ø
Furniture and Fixtures
CONTINGENT
LIABILITIES
a)
Claims/Demands/Disputes against which appeals are
pending and not acknowledged as debts on account of:
(Rs.
in Millions)
|
As at 31st
March |
2009 |
|
Central Excise |
32.27 |
|
Customs** |
40.69 |
|
Sales Tax |
48.82 |
|
Income Tax |
489.05 |
|
Service Tax |
34.62 |
|
others |
144.27 |
NOTE
b)
** : Excludes Rs. 111.09 millions how cause notices/confirmed
demands issued to the company against judicial procedures and unlikely to be
sustained.
c)
Based upon the favorable decisions in similar
cases, legal opinion taken by the Company or discussion with solicitors, the
Company believes that its contentions in the matter of disputed demands/claims
are legally tenable and hence the possibility of these maturing is remote. In
additions to the amounts mentioned above, the Company may be required to pay
interest on finality of the matters. –
d)
The Company has challenged the levy of transport
fee by State of
e)
Outstanding guarantees furnished by Banks on behalf
of the Company/by the Company including in respect of Letters of Credits/Loss
make up guarantee is Rs. 1,066.75 million(Previous year Rs. 1,169.91 million).
f)
The Company has given Corporate Guarantee on behalf
of its subsidiaries, HSL Holdings Inc. and Draxis Specialty Pharmaceuticals
Inc. (formerly Jubilant Acquisition Inc. andpost merger of Draxis Health Inc.)
to ICICI Bank
g)
Exports obligation undertaken by the Company under
EPCG scheme to be completed over a period of five/eight years on account of
import of Capital Goods at concessional import duty remaining outstanding is
Rs. 1,101.50 million (Previous year Rs. 1,111.40 million).Similarly Export
obligation under Advance License Scheme/ lDFIA scheme on duty free import of
specific raw materials, remaining outstanding is Rs. 558.01 million (Previous
year Rs. 2,891.12 million)
h)
The Company has challenged the increase in
denaturing fee by the State of
i)
f) Zila Panchayat at J. P. Nagar (in respect of the
Company's Gajraula plant) served a notice demanding a compensation of Rs.
277.40 million allegedly for percolation of poisonous water stored in lagoons
and flowing through the land of Zila Panchayat resulting in loss of crops and
cattle of the farmers and for putting poisonous fly ash on national highway
which caused loss to the health and damages to eyes and skin of people.
District Magistrate issued a recovery certificate along with 10% collection
charges inflating the demand to Rs. 305.14 million. In the opinion of the
Company, the Zila Panchayat has no jurisdiction in raising this demand. The
demand was challenged in Hon'ble Allahabad High Court and the court stayed the
demand till further orders.
AS PER WEB DETAILS
COMPANY
PROFILE
Subject is an integrated Pharmaceutical and Life Sciences
company. As
The Company’s strategic focus is to innovate, collaborate
and accelerate the process of delivering products to the market for its
customers. Today, it is well recognised as a ‘Partner of Choice’ by leading
global pharma and Life Sciences companies. The Company through its presence in
CORPORATE OVERVIEW
Subject, an integrated pharmaceutical industry player, is
the largest Custom Research and Manufacturing Services (CRAMS) Company and one
of the leading Drug Discovery and Development Solutions (DDDS) Companies from
The Company headquartered in
FINANCIALS
The Company's consolidated sales for FY 2010 were at Rs. 37,812 million,
recording a growth of 8% and PAT at Rs. 4,214 million, growth of 49%. EBITDA
was at Rs. 8,260 million, which grew by 34 % compared to last year.
Pharma and Life Sciences Products and Services (PLSPS), is a major building block of the Company constituting 89% of the overall business. This business constitutes 2 key segments, Life Science Products(73%) and Pharmaceutical Services(27%). Life Science Products segment is the growth driver of the business with over 70% share of the PLSPS revenue and over the years company's PLSPS business has gained momentum and has successfully developed global delivery capabilities in key products.
Jubilant delivers products and services to the global life sciences industry by leveraging its R and D expertise, knowledge driven operations and global scale manufacturing capacities.
As Partner of choice, Jubilant brings in added value such as Innovation, Continuous Improvement, Financial Strength, Quality of Operations and Long Term Sustainability.
The Company offers products and services across the pharmaceutical value chain such as Advance Intermediates, Custom Synthesis (Kilo to ton quantities), Proprietary Products (150 products for more than 229 API and 17 Agro chemicals), Active Pharmaceutical Ingredients, Generic Dosage Forms, Contract Manufacturing of Sterile Injectables (liquids and lyophilized), Non-Sterile Products (ointments, creams and liquid), Radiopharmaceuticals, Allergenic Products and manufacturing of Healthcare.
The Company provides Drug Discovery and Development Solutions comprising research services ranging from various aspects of discovery including Biology, Medicinal Chemistry, Structural Biology, Pharmacology, Molecular Modelling, ADME, Toxicology; Drug Development Services including preclinical to phase I-IV, BA/BE/PK studies, Clinical Data Management to Biostatistics.
OTHERS
The other business offerings are the key Agricultural Products like Crop
Nutrition Protection and Growth
Regulators and Performance Polymers comprising range of consumer products like
adhesives, wood finishes, application polymers like emulsion polymers, food
polymers and latex such as vinyl pyridine, SBR and NBR latex
AWARDS
Jubilant's rapid progress across all corporate aspects has consistently been acknowledged by various industry bodies, government and non-government agencies in the form of awards and certifications.
2010
ET – IMEA 2009 Platinum Award by Frost and Sullivan, in the Pharmaceutical category for the API facility at Nanjangud Best CFO (FMCG, Health and Retail Sector) to Mr. R. Sankaraiah by Institute of Chartered Accountants of India in January, 2010
2009
NDTV Profit Business Leader of the Year 2009
as the Best Pharmaceutical Company PHD
Chamber Annual Excellence Award 2009 - for Good Corporate Citizen Acharya PC Ray Award for Development of
Indigenous Technology- for 4DMAP Industry Excellence Award 2009 from Institute
of Engineers India, Kolkata
Frost and Sullivan – India Excellence in Healthcare Award as the Best Contract
Research Manufacturing Organization of the Year
Bio-Services Company of the Year Award for Jubilant Biosys by
BioSpectrum Magazine BioSpectrum- Person of the Year Award conferred upon Mr
Hari S Bhartia, Co-Chairman and Managing Director, Jubilant Organosys Best
performing CFO of the year for the pharma sector to Mr R Sankaraiah by
CNBC-TV18 Corporate Excellence Award as the Best Pharma Company from the Amity
University
2008
Golden Peacock Global award for CSR Reporting Golden Peacock
Global award for CSR Featured in the Top 10 company of
2007
"GOLDEN PEACOCK GLOBAL AWARD" for Excellence in Corporate Governance for the year 2006-07.This award is in recognition of Jubilant having imbibed best corporate governance practices I "A+" rating by Global Reporting Initiative (GRI), an International Agency developing Sustainability Reporting Guidelines for Corporate Sustainability Report This is the highest rating as awarded by GRI. With this, Jubilant has become the 'First Company in the Global Pharmaceutical Sector' to be rated "A+" by Global Reporting Featured in the IFC document as one of the four company who have successfully integrated sustainability in business Invited to International meet in Moscow for presenting the only case study from India on Public Private Partnership (PPP) model (DOTs centre for TB treatment at Gajraula.) Jubilant Sustainability Report 2007 short listed for Reader’s Choice award from 800 reports Globally. Certificate of Commendation from CII for its Sustainability performance Finalist at the Bombay Stock Exchange award for CSR Finalist at the National Golden Peacock award for CSR
2006
Selected as one of the top 25 companies for Institute of Company Secretaries of India National Award for Excellence in Corporate Governance Finalist in Golden Peacock Award for Excellence in Corporate Governance
2005
Golden Peacock Award for Corporate Social Responsibility
2004
Golden Peacock Award for innovation management from Institute of Directors Best implemented 6 Sigma initiatives by CII Acharya P C Ray Award for Development of Indigenous Technology Figured in Forbes Top 100 list of companies under $1 billion in the Asia Pacific and European regions Received National Energy Conservation Award from Government of India in five out of last six years
2003
Golden Peacock award for Innovation Management The Greentech Foundation Award for
Environment Excellence The Energy Conservation Award (Chemical sector) from the
Government of India for the Gajraula unit Best Managed Manufacturing Plant for
Single super phosphate by FAI Top 5 Best Managed Workforce in
PRESS RELEASE
Jubilant Life
Sciences (JLL) demerges its Agri and Performance Polymers Business to Jubilant
Industries (JIL)
JIL allots shares to
the shareholders of JLL
Jubilant Life Sciences Limited (formerly known as Jubilant Organosys Limited), an integrated pharma and life sciences company, headquartered in India, announced today that effective Nov 15, 2010, it has demerged its Agri and Performance Polymers business into an independent company Jubilant Industries Limited , which will be a part of Jubilant Bhartia Group.
In order to create a focused Life Sciences entity, Jubilant Life Sciences, offering life sciences products and services to the global life sciences industry has demerged this business. This demerger will enable focused growth across businesses for both the entities and will allow the companies to deliver value to its stakeholders.
Jubilant Life Sciences is the largest Custom Research and
Manufacturing Services Company and a leading integrated drug discovery and
development solutions Company out of
Post demerger, the conversion price would be reset for the outstanding FCCBs of US$ 142 Mn based on the valuations done by Kotak Mahindra Capital Company Limited and SBI Capital Markets Limited The conversion price of Rs. 413.45 per share of Jubilant Life Sciences has to be reset at Rs. 379 per share assigning only 8.3% value to the demerged business.
Demerged Entity
The Court has sanctioned the Scheme of Amalgamation and Demerger. The appointed date of the demerger is April 1, 2010. The de-merged entity will have a mirror-shareholding pattern to that of Jubilant Life Sciences Limited. November 26, 2010 was fixed as Record Date for purposes of determining the entitlement of Members of Jubilant Life Sciences Limited, who are entitled to the equity shares of Jubilant Industries Limited, in share exchange ratio of 1 (One) equity share of Rs 10 each of JIL for every 20 (Twenty) equity shares of Re. 1 each held in Jubilant Life Sciences Limited. JIL, on Nov 27, 2010, has allotted 7,964,056 equity shares of Re 10 each to the JLL shareholders. Its capital now stands at Rs. 8.01 crore. JIL shares will be listed on BSE and NSE. The shares of Jubilant Life Sciences Limited would continue to trade on the bourses.
Jubilant Industries Limited is a leading Agri and Performance Polymers company offering a diversified portfolio including a wide range of Crop nutrition, growth and protection Agri products and Performance Polymers products comprising Consumer Products like adhesives, wood finishes; Application Polymers like emulsions, food polymers and Latex such as vinyl pyridine, SBR and NBR latex for the automotive industry.
Jubilant Industries enjoys leadership position in each of its businesses
- Agri Products - Amongst Top 3 brands in
- Consumer Products - Consumer brand
“Jivanjor” is the 2nd largest brand in
- Major player in the industrial
adhesives market in
- Food Polymers - No.1 in
- VP Latex - No.1 in
The Company’s
success so far in this segment is an outcome of its strategic vision to attain
leadership position in each of its businesses. As Jubilant Industries Limited,
the Company will continue to cater to the needs of its customers through good
quality services and products being manufactured at its state of the art manufacturing
plants at Gajraula [in Uttar Pradesh], Kapasan [in Rajasthan], Nira [in
Maharashtra], Samlaya [in Gujarat] and Sahibabad [in Uttar Pradesh] through its
experienced people resources, spread across the country.
Audited Financial
Results of Jubilant Industries Limited for Half Year ended Sept 30, 2010 is
attached as Annexure A. Audited Statement of Assets and Liabilities of Jubilant
Industries Limited as at April 1, 2010 and September 30, 2010 is attached as
Annexure B. Unaudited Financial Results of Jubilant Life Sciences Limited (Post
demerger of Jubilant Industries Limited) for the Half Year ended Sep 30, 2010
is attached as Annexure C
Jubilant
Industries Limited will be run by professionals under the leadership of Mr
Ananda Mukherjee, CEO, based out of the Corporate office at NOIDA, under
overall guidance of the eminent Board of Directors namely, Mr. Hari S. Bhartia,
Mr. Priyavrat Bhartia, Mr. Ananda Mukherjee, Mr. Ghanshyam Dass, Mr. R.Bupathy,
and Mr. SK Rongta.
About Jubilant Life
Sciences
Jubilant Life Sciences Limited (formerly Jubilant Organosys
Limited) is an integrated Pharma and Life Sciences Company and the largest
Custom Research and Manufacturing Services (CRAMS) Company out of
About Jubilant
Industries Limited
Jubilant Industries Limited headquartered in Noida, (UP)
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.45.37 |
|
|
1 |
Rs.70.04 |
|
Euro |
1 |
Rs.58.93 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
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.