BUSINESS INFORMATION REPORT
1. Summary Information
|
|
|
Country |
|
|
Company Name |
INDOCO REMEDIES LIMITED |
Principal Name 1 |
MR.
SURESH G. KARE |
|
Status |
GOOD |
Principal Name 2 |
MR. F.X. COUTINHO |
|
|
|
Registration # |
11-5913 |
|
Street Address |
INDOCO
HOUSE, 166, C. S. T. ROAD, VIDYANAGARI MARG KALINA, SANTACRUZ (EAST), MUMBAI
- 400 098, MAHARASHTRA |
||
|
Established Date |
23.08.1947 |
SIC Code |
-- |
|
Telephone# |
91-22-26541851– 55 |
Business Style 1 |
MANUFACTURING |
|
Fax # |
91-22-26523067 |
Business Style 2 |
MARKETING |
|
Homepage |
Product Name 1 |
FORMULATIONS |
|
|
# of employees |
900 |
Product Name 2 |
ACTIVE PHARMACEUTICAL
INGREDIENTS |
|
Paid up capital |
Rs.122,867,140/- |
Product Name 3 |
-- |
|
Shareholders |
PROMOTER AND PROMOTER GROUP-60.95% PUBLIC SHAREHOLDING-39.05% |
Banking |
STATE BANK OF |
|
Public Limited Corp. |
YES |
Business Period |
63 YEARS |
|
IPO |
YES |
International Ins. |
-- |
|
Public |
YES |
Rating |
A (67) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
--
|
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,817,807,000
|
Current Liabilities |
636,579,000
|
|
Inventories |
692,971,000
|
Long-term Liabilities |
660,392,000 |
|
Fixed Assets |
1,973,797,000 |
Other Liabilities |
388,595,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
1,685,566,000 |
|
Invest& other Assets |
306,047,000 |
Retained Earnings |
2,982,189,000 |
|
|
|
Net Worth |
3,105,056,000 |
|
Total Assets |
4,790,622,000 |
Total Liab. &
Equity |
4,790,622,000 |
|
Total Assets (Previous Year) |
4,157,205,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
3,982,848,000 |
Net Profit |
420,921,000 |
|
Sales(Previous yr) |
3,506,346,000 |
Net Profit(Prev.yr) |
314,413,000 |
MIRA
INFORM REPORT
|
Report Date : |
13.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
INDOCO REMEDIES LIMITED |
|
|
|
|
Registered Office : |
Indoco House, 166, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
23.08.1947 |
|
|
|
|
Com. Reg. No.: |
11-5913 |
|
|
|
|
CIN No.: [Company Identification No.] |
L85190MH1947PLC005913 |
|
|
|
|
TAN No.: [Tax Deduction and Collection Account No.] |
MUMI00405A
/ MUMI05235G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI0380C |
|
|
|
|
Legal Form : |
A
Public limited Liability Company. The company’s shares are listed on the
Stock Exchange. |
|
|
|
|
Line of Business : |
Manufacturing and Marketing of Formulations
(Finished Dosage Forms) and Active Pharmaceutical Ingredients (APIs). |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 12420000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular
|
|
|
|
|
Litigation : |
Clear
|
|
|
|
|
Comments : |
Subject
is a well established and a reputed company having fine track. Financial
position of the company appears to be sound. Directors are reported as experienced
and respectable businessmen. 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Corporate Office : |
Indoco House, 166, C. |
|
Tel. No.: |
91-22-26541851– 55 |
|
Mobile No.: |
91-22-26523067/ 26523980/
26523976 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory
1 : |
A-26,
MIDC Industrial Area, Verna-Goa-403722, |
|
|
|
|
Factory
2 : |
L-32,33,34 Verna Industrial Estate, Verna - Goa 403722, |
|
|
|
|
Factory
3 : |
R-104, Rabale TTC Area, |
|
|
|
|
Factory
4 : |
B-20 MIDC, Waluj, |
|
|
|
|
Factory
5 : |
Village Katha, P.O. Baddi, Tehsil Nalagarh, District Solan, Himanchal Pradesh-173205, |
|
|
|
|
Factory
6 : |
L-14,
Verna Industrial Area, Verna, Goa - 403 722, |
|
|
|
|
Factory
7 : |
Located at: Patalganga ( |
|
|
|
|
R and D Centre : |
R-92/93, Rabale TTC Area, |
|
|
|
|
Sales
Offices and Depots : |
Located at :
|
DIRECTORS
As on 31.03.2010
|
Name : |
Mr.
Suresh G. Kare |
|
Designation : |
Chairman and Managing Director |
|
Qualification: |
B. Sc. |
|
Date
of Joining: |
26.12.1963 |
|
|
|
|
Name : |
Mr. F.X. Coutinho |
|
Designation : |
Director
– Marketing |
|
Qualification
: |
B. Sc. |
|
Date
of Joining : |
01.07.1978 |
|
Previous
Employment : |
DCI Pharmaceuticals Private Limited - Field Supervisors (3 years) |
|
|
|
|
Name : |
Mr. Sundeep V. Bambolkar |
|
Designation : |
Director - Finance and Operations |
|
Qualification
: |
B. Sc. MBA |
|
Date
of Joining : |
01.07.1997 |
|
Previous
Employment : |
SPA Pharmaceuticals Limited, Managing Director (15 years) |
|
|
|
|
Name : |
Ms. Aditi Kare
Panandikar |
|
Designation : |
Director - Business Development and HP |
|
|
|
|
Name : |
Dr. M.R. Narvekar |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr. D.M. Sukthankar |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr. D.N. Mungale |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr. D.M. Gavaskar |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr. Rajiv P. Kakodkar |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr. Sharad P. Upasani |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Jagdish B. Salian |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2,804,804 |
22.83 |
|
|
4,683,474 |
38.12 |
|
|
7,488,278 |
60.95 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
7,488,278 |
60.95 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
1,215,868 |
9.90 |
|
|
8,590 |
0.07 |
|
|
409,442 |
3.33 |
|
|
1,633,900 |
13.30 |
|
|
|
|
|
|
322,412 |
2.62 |
|
|
|
|
|
|
1,648,056 |
13.41 |
|
|
1,091,481 |
8.88 |
|
|
102,587 |
0.83 |
|
|
56,620 |
0.46 |
|
|
43,992 |
0.36 |
|
|
1,975 |
0.02 |
|
|
3,164,536 |
25.76 |
|
Total Public
shareholding (B) |
4,798,436 |
39.05 |
|
Total (A)+(B) |
12,286,714 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
- |
- |
|
Total
(A)+(B)+(C) |
12,286,714 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 million
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Formulations
(Finished Dosage Forms) and Active Pharmaceutical Ingredients (APIs). |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
|
Installed
Capacity Per
Annum |
Actual
Production |
|
Liquid-Orals and Externals |
K.L. |
|
3255 |
2605.60 |
|
Tablets and Capsules |
Million |
|
4000 |
3038.53 |
|
Injectables and Eye Preparations |
K.L |
|
222 |
201.24 |
|
Powders |
Tonnes |
|
– |
28.55 |
|
Toothpaste, Cream and Ointments |
Tonnes |
|
1282 |
998.57 |
|
API |
Tonnes |
|
454 |
238.77 |
GENERAL INFORMATION
|
Suppliers : |
|
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|
|
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|
No. of Employees : |
Around
900 (Approximately) |
|||||||||||||||||||||||||||||||||||||||
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|
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Bankers : |
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Facilities : |
* Working
Capital Facilities from banks are secured by hypothecation of Stocks and Book
Debts, both present and future. ** Secured
against Fixed Deposit Receipts pledged with Banks. *** ECB Loans
are secured by hypothecation of present moveable assets at R and D Centre, Rabale, present and future moveable assets at Patalganga and at L/32,33,34, Verna Industrial Area,
Verna, Goa - 403 722 and by equitable mortgage by
deposit of title deeds of present land at L/32,33,34, Verna Industrial Area,
Verna, Goa - 403 722 and present and future
buildings at L/32,33,34, Verna Industrial Area, Verna, Goa
- 403 722.
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
Patkar and Pendse Chartered Accountants
|
|
Address : |
9, Chartered House CHS, Marine Lines, Mumbai-400
002, |
|
|
|
|
Enterprises controlled
by key management personnel : |
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18000000 |
Equity Shares |
Rs.10/- each |
Rs.180.000 Millions |
|
|
|
|
|
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12286714 |
Equity Shares |
Rs.10/- each |
Rs.122.867
Millions |
|
|
|
|
|
Out of the above
Equity Shares issued and subscribed:
a) 3,500 Equity
Shares are allotted as fully paid up to vendors pursuant to a contract without
payment being received in cash in the year 1948-49
b) 4,300 Equity Shares
are allotted as fully paid up to a Director as consideration for purchase of
land and building without payment being received in cash in the year 1948-49.
c) 32,84,260
Equity Shares are issued as Bonus Shares by capitalising
an equivalent amount from the Revaluation and General Reserve.
d) 4,65,000 Equity
Shares of Rs. 10/- each fully paid up are alloted to the share holders of Spa Pharmaceuticals Private
Limited.]=’ In pursuant to the scheme of Amalgamation of their demerged pharmaceutical division with 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 |
122.867 |
122.867 |
122.867 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves and Surplus |
2982.189 |
2661.561 |
2419.617 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3105.056 |
2784.428 |
2542.484 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
569.594 |
399.431 |
221.436 |
|
|
2] Unsecured Loans |
90.798 |
157.946 |
121.072 |
|
|
TOTAL BORROWING |
660.392 |
557.377 |
342.508 |
|
|
DEFERRED TAX LIABILITIES |
242.528 |
229.993 |
234.145 |
|
|
|
|
|
|
|
|
TOTAL |
4007.976 |
3571.798 |
3119.137 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1973.797 |
1759.357 |
1716.207 |
|
|
Capital work-in-progress |
305.298 |
162.801 |
18.261 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.228 |
0.228 |
0.030 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
14.943 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS and ADVANCES |
|
|
|
|
|
|
Inventories |
692.971
|
524.805
|
443.260 |
|
|
Sundry Debtors |
907.148
|
1003.284
|
1077.611 |
|
|
Cash and Bank Balances |
375.457
|
290.227
|
161.221 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans and Advances |
535.202
|
415.108
|
309.295 |
|
Total
Current Assets |
2510.778
|
2233.424
|
1991.387 |
|
|
Less : CURRENT
LIABILITIES and PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
415.532
|
|
517.647 |
|
|
Other Current Liabilities |
221.047
|
212.435
|
|
|
|
Provisions |
146.067
|
63.876
|
108.366 |
|
Total
Current Liabilities |
782.646
|
585.407
|
626.013 |
|
|
Net Current Assets |
1728.132
|
1648.017
|
1365.374 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.521 |
1.395 |
4.322 |
|
|
|
|
|
|
|
|
TOTAL |
4007.976 |
3571.798 |
3119.137 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3982.848 |
3506.346 |
2626.847 |
|
|
|
Other Income |
50.638 |
39.322 |
24.999 |
|
|
|
TOTAL (A) |
4033.486 |
3545.668 |
2651.846 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
1739.084 |
1495.664 |
1127.268 |
|
|
|
Staff Cost |
564.632 |
479.292 |
322.663 |
|
|
|
Other Expenditure |
1046.208 |
976.945 |
677.406 |
|
|
|
R and D Expenses |
102.226 |
92.349 |
71.832 |
|
|
|
Extra Ordinary Items |
0.000 |
0.000 |
18.279 |
|
|
|
TOTAL (B) |
3452.150 |
3044.250 |
2217.448 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
581.336 |
501.418 |
434.398 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
29.058 |
58.459 |
36.174 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
552.278 |
442.959 |
398.224 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
121.005 |
111.554 |
77.795 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
431.273 |
331.405 |
320.429 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.352 |
16.992 |
19.462 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
420.921 |
314.413 |
300.967 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
570.013 |
481.068 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
0.000 |
39.932 |
NA |
|
|
|
Proposed Dividend |
86.007 |
24.573 |
NA |
|
|
|
Dividend Tax |
14.285 |
10.963 |
NA |
|
|
|
Transfer to General Reserve |
150.000 |
150.000 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
740.642 |
570.013 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1126.538 |
898.582 |
578.896 |
|
|
TOTAL EARNINGS |
1126.538 |
898.582 |
578.896 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
209.780 |
176.767 |
142.551 |
|
|
|
Capital Goods |
29.045 |
19.043 |
20.790 |
|
|
|
Consumable Stores |
5.347 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
244.172 |
195.810 |
163.341 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
34.26 |
25.59 |
24.50 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2010 |
30.09.2010 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
1128.700 |
1354.400 |
|
Total Expenditure |
|
938.000 |
1146.100 |
|
PBIDT (Excl OI) |
|
190.700 |
208.300 |
|
Other Income |
|
0.000 |
0.100 |
|
Operating Profit |
|
190.700 |
208.400 |
|
Interest |
|
6.500 |
5.300 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
184.200 |
203.100 |
|
Depreciation |
|
32.100 |
33.500 |
|
Profit Before Tax |
|
152.100 |
169.600 |
|
Tax |
|
3.900 |
17.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
148.200 |
152.600 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
148.200 |
152.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.44
|
8.87 |
11.35 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.83
|
9.45 |
12.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.62
|
8.30 |
8.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.12 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.46
|
0.41 |
0.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.21
|
3.82 |
3.18 |
LOCAL AGENCY FURTHER INFORMATION
Results of
Operations:
During the year,
the Company achieved a milestone in turnover by crossing the rupees four hundred
crore mark. The Company did remarkably well to
register a growth in operating profit and profit after tax over the previous
financial year. Both the domestic and international business showed improvement
in performance at 11.63 per cent and 18.49 per cent growth respectively.
Credit Rating:
The Company's
Commercial Paper was accorded A1+ rating by the credit rating agency, ICRA.
The working
capital facility of the Company was rated A1+ and long term borrowings
New Initiatives:
The year saw Indoco strategizing in the extra urban regions of
Launched in six
states to start with, Xtend has a field strength of
135 personnel covering more than 20000 doctors catering to therapeutic
specialties like anti-infectives, pain management,
anti-ulcerants, cough syrups, tonic, appetite
enhancer and lipid management.
Indoco also continued
new launches in the existing divisions with products catering to therapeutic
specialties like anti-infectives, ophthalmic,
gastro-intestinal, neutraceuticals and in chronic
segments of diabetes and cardiovascular.
To strengthen the
Company's product portfolio and to drive the growth, the following new products
were launched during the year:
|
BRANDS |
DIVISION |
CATEGORY |
|
OXIPOD-CV |
INDOCO |
Anti-infectives |
|
CYCLOCHEK |
INDOCO |
Gastro-intestinal |
|
OMEGACHEK |
INDOCO |
Vitamins /
Minerals / Nutrients |
|
PRICHEK-GMP |
INDOCO |
Anti Diabetic |
|
PENCHEK |
SPADE |
Pain /
Analgesics |
|
ACECLOREN |
|
Pain /
Analgesics |
|
SCABEX-P |
SPERA |
Derma |
|
MACUCHEK |
EXCEL |
Ophthal / Otologicals |
|
MOFLOREN-KT |
EXCEL |
Ophthal / Otologicals |
|
OTICHEK |
EXCEL |
Ophthal / Otologicals |
|
VCEF-O |
XTEND |
Anti-infectives |
|
FLAMAR-P |
XTEND |
Pain /
Analgesics |
|
SPEP |
XTEND |
Vitamins /
Minerals / Nutrients |
|
PROFERRIN |
XTEND |
Vitamins /
Minerals / Nutrients |
|
RAZOGARD |
XTEND |
Gastro-intestinal |
With regard to
international business, the Company signed a generic product development
alliance with Watson Pharmaceuticals, Inc.,
Indoco also entered into
a strategic alliance with
With a view to
enhance the production capacity to meet the sales objectives, the expansion
program at Goa Plant II was initiated on the existing
plot of land. It is proposed to install state-of-the-art automated production
lines that can manufacture tablets efficiently at optimum speed and high
productivity. It is planned to commission the expansion unit, namely, Plant IV
by the end of 2010. The project has been funded out of the ECB borrowings to
the tune of USD six million and the estimated project cost would be Rs.500.000
millions.
MANAGEMENT
DISCUSSION AND ANALYSIS
GLOBAL
PHARMACEUTICAL INDUSTRY
As per IMS
Health-Retail Drug Monitor data, the global pharmaceutical sales were placed at
US$ 722 billion growing at 5.1 per cent per annum. This growth is marginally
higher than the 4.8 per cent growth registered in the previous 12 months, as
compared to CAGR of 6.3 per cent for the last 5 years. The noteworthy feature
is that the markets of Latin America, Asia and Africa are growing by double
digits, whereas, the developed markets of North America, Europe and
The EU generic
market has expanded from $ 10 billion in 2004 to $ 30 billion in 2010 (CAGR 20
per cent). The generic opportunities in EU are becoming highly complex and the
future business is likely to be governed by strong R and D players.
Within Latin
America, the
INDIAN
PHARMACEUTICAL INDUSTRY
The Indian
Pharmaceutical sector has come a long way from a non-entity during 1970 to a
prominent provider of healthcare products and services. Today, it meets almost
95 per cent of Country's requirement for medicines and enjoys sizeable revenues
from exports. The domestic pharmaceutical output has increased from Rs.4000.000
millions in 1970-71 to Rs.410000.000 millions in 2009 at a compound growth rate
(CAGR) of 13 per cent per annum. The Indian pharma
industry ranks third in terms of volume and thirteenth in terms of value,
globally.
As per the joint
report published by the Federation of Indian Chambers of Commerce and Industry
(FICCI) and Ernst and Young, India's growing pharmaceutical industry is
expected to touch $20 billion by 2015 and feature among the global top ten.
According to the
said report, with over $90 billion patented drugs going off-patent in the near
future, the Indian pharmaceutical market, will treble to $20 billion by 2015
with a compounded annual growth rate (CAGR) of 12.3 per cent.
It is expected
that the patented drugs will account for 8-10 per cent of the total market and
the affordability of high-patent drugs will be driven by the population in the
high-income bracket, which is expected to grow to 25 million by 2015 from the
present 10 million.
INDOCO'S
PERFORMANCE
Domestic Business
The Company's
domestic business registered an overall growth of 11.63 per cent during the
year. Inspite of the recessionary trend that
prevailed in the economy for a major part of the financial year, the Company's
domestic business showed satisfactory performance. Almost all the domestic
divisions contributed to a healthy growth.
Indoco has generated
48.9 million prescriptions and is placed at 23rd position as per the IMS
prescription audit, establishing itself as a strong prescription driven
company.
The Company's five
marketing divisions are growing with a healthy double digit growth rate. The
Company added two new divisions during the year. The performance of each
division is as follows:
Indoco: is one of the seven marketing divisions and is also
the largest. The performance of this division during the year 2009-10 has been
good since it turned in a growth rate of 19.48 per cent. The volume of business
and the performance of both the old and new products acted as growth drivers.
Seventy - five per
cent of the total sales of this division is contributed by anti-infectives, gastro-intestinal, respiratory and dermatologicals. The performance of this division in
covered markets has helped it gain one rank higher at 11th position. The top
products of this division volume-wise include Cyclopam,
Vepan, Oxipod, Cloben-G, Tuspel Plus and Karvol Plus. In fact, Cyclopam
and Vepan ranked 112 and 232 respectively, find
mention among the top 300 brands of the Indian Pharmaceutical market.
The products
having high growth potential for future include Oxipod,
Clamchek, Omegachek and Cefvepan. Oxipod has shown
considerable growth within 5 years of its launch and is ranked 5th in the
highly competitive Cefpodoxime market.
Spade: is the next
important division in terms of sales contribution and has a field staff
strength of 428 personnel. Spade's therapeutic segment includes Anti-cold,
Anti-infectives, Haematinics
and Calcium Supplementations. The performance of the division during 2009-10
has been reasonably good with a growth rate of 16 per cent. Both the old as
well as new products acted as growth drivers.
With a higher
value and volume growth, Spade division has notched up one rank higher in its
covered market. The top products include Febrex Plus,
ATM, Aloha XT and Methycal, where Febrex
Plus features among the top 200 brands in the Indian Pharmaceutical Industry.
The potential
products in terms of growth for future years include ATM, Febrex
Plus DS, Aloha XT and Methycal. With the addition of
51 field force, Spade division has expanded into Mumbai and
The product
portfolio of this division consists of stomatologicals,
anti-infectives and analgesics. The contribution of stomatologicals range is to the tune of 60 per cent. The
division is working on developing anti-infective and analgesic therapeutic
products.
Spera: since its inception in 2007 has consistently
increased contribution to the total domestic revenues.
Some potential
products of the main division Indoco, like Cital, Carmicide and Triz have been transferred to
Spera. These products
have done well and are growing at more than 30 per cent.
In the covered
market, Spera holds 3 per cent of the market share
and contributes 30 per cent of the value. Among Specialties, the GP (MBBS) and
Non MBBS segments contribute a major prescription share of this division at 50
per cent followed by Pediatricians and Gynecologists. Of the products, Cital and Carmicide have
registered over 30 per cent growth and have increased their market share.
Currently Spera is present in
Excel: is a niche
division with 158 highly trained sales professionals, catering to the specific
therapeutic needs of Ophthalmologists and ENT specialists.
The therapeutic categories
of Excel include tear substitutes, topical anti-infectives,
anti-allergics and ocular anti-oxidants which are
fast growing segments in the ophthalmic market. The other therapeutic segments
are mydriatics, cycloplegics
and otologicals. The growth drivers for Excel
division are products like Homide, Dexoren-S, Renolen, Otorex and new products,
The two new
products launched last year Macuchek and Mofloren-KT are showing promise in terms of sales and
acceptance by Ophthalmologists. These products would be taken on high priority
in the next year. To increase the contribution of Excel, ENT specific high
value products are planned for launching in 2010-11.
Xtend: a new division was launched with a view to target
extra-urban towns. Xtend has been launched in six
States to start with, namely,
The extra-urban
towns present a huge opportunity for growth. The Company is already having some
presence in these markets. To further strengthen its presence, Xtend has been launched to cater to various doctor
specialties like General Physicians, Pediatricians and Gynecologists. The key
therapeutic segments include anti-infectives, pain
management, anti-peptic ulcerants, cough syrups,
tonic, appetite enhancer and lipid management.
Eterna: is a new division to market a range of anti-infectives, gastro-intestinal therapy, vitamins and pain
management products through Consulting Physicians, Orthopedicians,
Gastroenterologists and top GPs. With the launch of Eterna,
the Company intends to further build the highly growing doctor specialities mentioned above. The basket of products
selected for the division is driving a better growth with healthy CAGR.
International
Business (Finished Dosages)
The International
Business displayed consistency in performance by registering a 18.49 per cent
growth. During the year, the Company's revenue from formulation exports grew by
15.01 per cent at Rs.1090.400 millions as compared to Rs.948.100 millions
during previous financial year.
Regulated Markets
The International
formulations business gained momentum to spread across new territories in the
Regulated Markets. In terms of volumes, the growth appears impressive when
compared to 1.6 billion tablets exported in the previous year to 2.5 billion
tablets exported in the current year only in the Regulated markets. The share
of other dosage forms has also increased substantially. The consistent supplies
of sterile products to US markets have kept their customers satisfied and have
proved their manufacturing excellence.
Indoco signed two major
deals, one with
The agreement with
The Company won
the MEDSAFE tender in
Indoco is progressing
well on its ambitious plans to have a sizeable number of their own dossiers,
covering the latest molecules going off-patent.
Emerging Markets
In Emerging
markets,
The economic slowdown
had a minor impact on the Company's business from Emerging markets. However,
the Company converted this situation to its advantage by converting the open
payment terms to secured payments like, Letter of Credits and / or advance
payment. The Company streamlined its manufacturing operations for Emerging
markets for optimization from the logistics and Operations perspective.
During the year,
the Company has filed more than 100 dossiers in 17 different countries and has
received the registration for 43 products in 15 countries from Emerging
markets. In the near future, the Company intends to file many more dossiers by
introducing new brands in different countries.
Indoco signed marketing
and distribution contracts with business partners in
Tender Business
(Overseas) The Company's manufacturing facilities remained busy supplying
against various tenders that were bagged during the year. The supplies to AOK,
The South African
partners were successful in winning a national tender for Metformin
tablets worth US$ 6 million with supplies spreading over a period of two years.
Indoco has committed to supply 50 per cent of the
tender quantity, which would bring revenue of US$ 3 million over the next
couple of years.
The Company
expects a sales turnover of Rs.30.000 millions over period of 2 years from a
single product (Lidocaine Injections) against tender
award from
API Business
The Company's API
business recorded net revenues of Rs.185.800 millions during the year as
compared to Rs.162.300 millions last year. The Kilo Plant and the API and
Intermediate Plant at Rabale stabilized production to
optimum capacity.
The Kilo plant at Rabale and the Multi-Ton plant at Patalganga
are ready for regulatory inspections by USFDA and EDQM for the products to be
exported to US and European markets. At present Indoco's
API products are exported to more than 25 countries.
The manufacturing
facility at Patalganga (built as per cGMP standards) is geared up for regulatory inspections by
USFDA and EDQM and other regulatory authorities. The Company uses some of the
own manufactured APIs for captive consumption in finished dosages, thus
contributing to the cost efficiency and better control on supply chain as far
as the finished dosage business is concerned. The APIs manufactured by the
Company are also exported to various countries and Indoco
is the only CEP holder for Dicycloverine API in the
world.
Manufacturing
facility Approvals
Solid and
Semi-solid dosage facility: Indoco has a name in
international pharma market for its manufacturing
excellence and has successfully completed inspections and audits from several
Regulatory Authorities and Customers. The Company's manufacturing facility for
solid dosages at Baddi was originally dedicated to
production for domestic markets, is now an MHRA-UK approved facility. The Baddi facility has also received GMP approval from JAZMP,
Agency for Medical Products and Medical Devices of the
The Company's Waluj plant received the approval from Botswana Regulatory
Authorities (DRU), Namibia Health Authorities and Supreme Board of Drugs and
Medical appliances,
This facility was
inspected and approved by
Regulatory
Services
The success of
International Business hinges on the quality of registration dossiers / drug
master files and the speed with which they are submitted with the Regulatory Authorities.
Company's regulatory affairs department has rendered excellent services by
providing quality dossiers within the required time. The Regulatory team has
kept itself abreast on the latest development in the field and has implemented
the latest software and technology for preparation and security of the
registration files.
API-DMF / CoS filing status: Indoco has two
API manufacturing facilities at Rabale and Patalganga and intends to have EU and US approvals for
these plants in the coming year. Indoco has filed six
US DMFs and five Certificate of Suitability (CoS) applications. The Company has received CoS certificates from European Directorate for the Quality
of Medicine for four products. Apart from this, Indoco
also has filed DMFs with Canadian and Cyprus
Regulatory Authorities.
ANDA /CTD
Dossiers: The Company has developed a number of ANDAs
and CTD dossiers. These dossiers are either submitted by the Company in its own
name or has licensed them out to overseas customers. The queries raised by these
Regulatory Authorities are promptly responded by the Regulatory Affairs team
for timely registration of the products.
Financial
Performance
The Company
delivered satisfactory financial performance during the year with majority of
the parameters showing improvement.
The turnover
surpassed Rs.4000.000 millions mark to register an all time high figure of
Rs.4023.100 millions reflecting a growth 13.24 per cent over the previous year.
During the year, exports were higher by 18.49 per cent at Rs.1187.900 millions
and domestic business by 11.63 per cent at Rs.2795.000 millions (net of
excise).
The consumption of
raw materials as a percentage to sales increased by 1.00 per cent from 42.66
per cent previous year to 43.66 per cent this year. This was mainly on account
of increase in raw material prices, product mix and devaluation of rupee.
The staff cost was
Rs.564.600 millions for the year as against Rs.479.300 millions previous year,
partly on account of increase in staff strength and partly due to annual increments.
The operating
profit increased by 27.07 per cent from Rs.418.600 millions to Rs.531.900
millions. The increase in profit is mainly on account of increase in revenues.
Other income
increased to 50.600 millions as against Rs.39.300 millions in the previous
year. Interest costs were lower by 50.25 per cent at Rs.29.100 millions as
compared to Rs.58.500 millions in the previous year, primarily on account of
borrowings in foreign currency and improvement in the working capital cycle.
Depreciation was
marginally higher at Rs.121.000 millions against Rs.111.600 millions in the
previous year.
Profit after tax
was Rs.420.900 millions as against Rs.314.400 millions during the previous
year, thereby showing an increase of 33.87 per cent.
Basic earning per
share (EPS) for the year was Rs.34.26 as against Rs.25.59 in the previous year
(both after and before the extra-ordinary items).
The outstanding
debt as on 31st March, 2010 was Rs.660.400 millions as compared to Rs.557.400
millions as on 31st March, 2009.
The cash outflow
on account of capital expenditure (CAPEX) during the year was Rs.480.900
millions as compared to Rs.301.500 millions in the previous year, primarily on
account of the various expansion programs undertaken by the Company at its
manufacturing facilities.
During the year an
amount of Rs.75.400 millions was contributed to the national exchequer by way
of payment of income tax.
The net worth of
the company at Rs.3105.100 millions as at 31st March, 2010 was higher by
Rs.320.700 millions as compared to the previous year, on account of retained
profits.
The debt-equity
ratio during the year was 0.21 as compared to 0.20 in the previous year.
The improved
profitability resulted in increased return on networth
from 11.30 per cent as at previous year to 13.56 per cent as at 31st March,
2010.
Future Outlook
The signing of
contract with the two major generic players has established Indoco's
credentials further as a reliable service provider for development and
manufacturing of Finished Dosage Forms. These deals cover solid dosages and
also sterile products, where Indoco has been
investing the major portion of its R and D efforts. Indoco
will further add on to its expertise and the infrastructure in sterile
manufacturing space and build on it in the near future.
Their success in
churning out a sizeable number of CTD dossiers of generic molecules going off
patent in the next couple of years, gives us the confidence to increase the
scale of dossier development activities and to foray into the new technology
platforms.
They are currently
working on a dual strategy of working with partners in
To increase
production capacity and accommodate more products the company has successfully
expanded its formulation plant at Baddi and has
commenced construction of the new tablet manufacturing plant in
The Company's API
business is also expanding and to meet the growing demands, the Company has
increased its production capacity at its manufacturing facility at Rabale and Patalganga and is on
the look out for setting up new plants for manufacturing Active Pharmaceutical
Ingredients.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2010
(Rs. In Millions)
|
Particulars |
Quarter ended 30.09.2010 (Unaudited) |
Half Year ended 30.09.2010 (Unaudited) |
|
1 (a) Sales
and Income from Operations |
1337.800 |
2462.300 |
|
Less : Excise
Duty |
14.400 |
25.100 |
|
Net Sales and
Income from Operations |
1323.400 |
2437.200 |
|
(b) Other
Operating income |
31.000 |
45.900 |
|
Total |
1354.000 |
2483.100 |
|
2 Expenditure: |
|
|
|
(a)
(Increase)/Decrease in Finished Goods Stock in trade and work in progress |
(53.600) |
(94.300) |
|
(b) Consumption
of raw materials |
558.700 |
1012.600 |
|
(c) Purchase of traded
goods |
100.400 |
173.800 |
|
(d) Employees
cost |
185.400 |
333.000 |
|
(e) Depreciation
|
33.500 |
65.600 |
|
(f) Research and
Development Expenses |
21.800 |
41.000 |
|
(g) Other
Expenditure |
333.400 |
618.000 |
|
(h) Total |
1179.600 |
2149.700 |
|
3 Profit from
Operations before Other Income, Interest and Exceptional Items |
174.800 |
333.400 |
|
4 Other Income |
0.100 |
0.100 |
|
5 Profit
before Interest and Exceptional Items |
174.900 |
333.500 |
|
6 Interest 53
66 118 159 291 |
5.300 |
11.800 |
|
7 Profit
after Interest but before Exceptional Items |
169.600 |
321.700 |
|
8 Exceptional
Items |
-- |
-- |
|
9 Profit from
Ordinary Activities before tax |
169.600 |
321.700 |
|
10 Tax Expenses
- Current |
38.200 |
64.100 |
|
- Deferred |
4.000 |
7.900 |
|
- Prior Year |
-- |
-- |
|
- MAT Credit |
(25.200) |
(51.100) |
|
11 Net Profit
from Ordinary Activities after tax |
152.600 |
300.800 |
|
12 Extraordinary
Items |
-- |
-- |
|
13 Net Profit
for the period |
152.600 |
300.800 |
|
14 Paid up Equity
Share Capital (Face value Rs.10/- each) |
122.900 |
122.867 |
|
15 Reserves
excluding Revaluation Reserves |
-- |
-- |
|
16 Earning
Per Share (EPS) - Not Annualised - Rs. |
|
|
|
(a) Basic and
diluted EPS before Extraordinary Items |
12.42 |
24.48 |
|
(b) Basic and
diluted EPS after Extraordinary Items |
12.42 |
24.48 |
|
17 Public
shareholding |
|
|
|
- No of Shares |
47,98,436 |
47,98,436 |
|
- % of
Shareholding |
39.05 |
39.05 |
|
18 Promoters and
promoters group shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of
shares |
8,200 |
8,200 |
|
- Percentage of
shares (as a % of the total shareholding of promoter and promoter group) |
0.11 |
0.11 |
|
- Percentage of
shares (as a % of the total share capital of the company) |
0.07 |
0.07 |
|
b)
Non-encumbered |
|
|
|
- Number of
shares |
74,80,078 |
74,80,078 |
|
- Percentage of
shares (as a % of the total shareholding of promoter and promoter group) |
99.89 |
99.89 |
|
- Percentage of shares (as a % of the total share capital of the
company) |
60.88 |
60.88 |
STATEMENT OF ASSETS & LIABILITIES
(Rs. In Millions)
|
Particulars |
As on 30.09.2010 (Unaudited) (Reviewed) |
|
SHAREHOLDERS'
FUNDS: |
|
|
(a) Capital |
122.900 |
|
(b) Reserves and
Surplus |
3283.000 |
|
LOAN FUNDS |
1141.600 |
|
DEFERRED TAX
(NET) |
250.400 |
|
TOTAL |
4797.900 |
|
|
|
|
FIXED ASSETS |
2476.600 |
|
INVESTMENTS |
0.200 |
|
CURRENT ASSETS,
LOANS AND ADVANCES |
|
|
(a) Inventories |
821.700 |
|
(b) Sundry
Debtors |
1056.100 |
|
(c) Cash and
Bank balances |
677.100 |
|
(d) Loans and
Advances |
685.600 |
|
Less: Current
Liabilities and Provisions |
|
|
(a) Liabilities |
879.600 |
|
(b) Provisions |
40.100 |
|
MISCELLANEOUS EXPENDITURES
(NOT WRITTEN OFF OR ADJUSTED) |
0.300 |
|
PROFIT AND LOSS
ACCOUNT |
-- |
|
TOTAL |
4797.900 |
Notes:
1. The company has only one primary reportable segment of activity,
namely, Pharmaceuticals.
2. The figures for the previous periods have been regrouped and
reclassified, wherever necessary.
3. Summary of investor complaints: As on 01.7.2010 :1, Received during
quarter: 11, Resolved: 12, Pending as on 30.09.2010 : Nil.
4. The above
results have been recommended by the Audit Committee and taken on record at the
meeting of Board of Directors held on 20th October 2010 and have been subjected
to a Limited Review by the Statutory Auditors of the Company, except the
Statement of Assets and Liabilities as on 30th September 2009.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
|
Particulars |
31.03.2010 (Rs.
in millions) |
|
(a) Matters under dispute |
|
|
(i) Sales Tax (Rs.7.265 millions has been paid under protest) |
19.948 |
|
(ii) Excise / Service Tax |
37.058 |
|
(iii) Income Tax |
|
|
– Where the Company is in appeal Rs.4.830 millions has been paid under
protest) |
12.027 |
|
– Where the department is in appeal |
26.997 |
|
(iv) In respect of claims made against the Company not acknowledged as
debts (Labour matters) |
0.357 |
|
(b) Bank Guarantees |
20.582 |
|
(c) Letters of Credit |
79.224 |
|
d) Estimated
amount of contracts remaining to be executed on Capital Account [Net of
advances of Rs 33.841 millions] |
105.630 |
|
(e) Discounting of
debtors to the extent not actually realized as on Balance Sheet date |
7.033 |
FIXED ASSETS
v
Land (Lease Hold)
v
Buildings and Premises
v
Plant and Machinery
v
Handling Equipments
v
Pollution Control Equipments
v
Laboratory Equipments
v
R and D Equipments
v
Plant - Utilities
v
Electrical Installations
v
Furniture and Fixtures
v
Office and Data Processing Equipments
v
Air-conditioning Unit
v
Vehicles
v
Trade Mark
v
Technical Knowhow
WEBSITE DETAILS:
HISTORY:
In 1945, a Goan entrepreneur Mr. Govind Ramnath Kare, who was in the business of wholesale and retail
trade of pharmaceuticals, started a firm which he named Indo Continental
Trading Company.
The principal business of this firm was to import pharmaceutical formulations
from Europe and distribute them in
However in 1947, after
Accordingly, on 23rd August 1947, a week after
Thus, Indo Continental Trading Company became Indoco
Remedies Limited.
OVERVIEW:
Subject is engaged in the manufacturing and marketing of Formulations (Finished
Dosage Forms) and Active Pharmaceutical Ingredients (APIs) in
As a company, Indoco remains focused on APIs and
Formulations business and will be looking to expand the same, both in the
domestic as well as international markets. Indoco
today, has a well-built brand portfolio of 135 products in various therapeutic
segments, including high growth life style segments such as Anti-Diabetics,
Cardiovascular, Central Nervous System, Musculo-Skeletal,
Nutrition and Dental care.
GLOBAL FOOTPRINT:
Indoco has built a visible presence across all it's
markets in Europe,
BOARD OF DIRECTORS:
Mr. Suresh G. Kare : Chairman and Managing Director
He is the Chairman and Managing Director of Subject He has been at the helm of the company’s affairs for forty-five years and is responsible for the it’s transformation from a small sick unit in 1963, to the global, fast growing, profitable organization that it is today. Suresh G. Kare has a technical background and is recognized for his leadership and vision. He is a multi-faceted personality whose love for arts, sports and social service complements his strong business acumen. Under his stewardship, Indoco has achieved innumerable milestones. Suresh G. Kare’s four decades of pharmaceutical experience is the key to the company’s fast paced growth in the domestic and international arena. He is also the immediate Past-president of the Indian Drug Manufacturers’ Association (IDMA).
Mr. Sundeep V. Bambolkar : Director -
Finance and Operations
He is the Director - Finance and Operations at Indoco. He is a science graduate and holds a Master’s
degree in Business Administration from the
Ms. Aditi Kare Panandikar
: Director - Business Development and HRD
She is the Director - Business Development and HRD in the company. She heads the Business Development Team and has played a pivotal role in establishing the company’s presence in the overseas markets. She also heads the company’s R and D and API departments. Aditi Kare Panandikar is a pharmacy graduate and holds a Master’s degree in Business Management from the Ohio State University, USA. She has been with the company for over a decade and is experienced in technical and human resource fields.
Dr. M. R. Narvekar
He is a leading Gynaecologist. He actively supports social activities for the up-liftment of the society. He was appointed on the Board on June 15, 1977.
Mr. D. M. Sukthankar
He holds Master Degree in Commerce from
Mr. D. N. Mungale
He holds Bachelor of Commerce and Bachelor of Law degree and
is also Associate Member of The Institute of Chartered Accountants of India.
Mr. Mungale is a Mumbai based Strategic Consultant in
matters of finance, trade and industry. He has worked with many important
government functionaries for many years and has also been an organization
builder in both Bank of America and DSP Merrill Lynch. He is a member of the
National Committee of the United World Colleges in
Mr. D. M. Gavaskar
He is a Chartered Accountant and Company Secretary. Mr. Gavaskar is a Commerce Graduate from the
Mr. Sharad P. Upasani
He has occupied the highest position in Maharashtra
State Administration as Chief Secretary. He joined Indian Administrative
Service in 1962. Prior to that he had obtained post-graduate degree of Master
of Commerce and also did Bachelor of Law from
After retirement in 1996, Upasani is practicing in
the field of Corporate Law and has acted as Arbitrator in variety of cases
including infrastructure projects. In addition to his legal practice and
arbitrations, Shri. Upasani
is also Vice-President of M. Visvesvaraya Industrial
Research and Development Centre, (World Trade Centre), Mumbai and President of
Consumer Council of India.
Mr. Rajiv P. Kakodkar
He holds a bachelor of pharmacy degree from
MILESTONES:-
2010 - Subject teams up with
ASPEN, South Africa by licensing out intellectual property (dossiers) for
marketing its products in emerging markets covering 30 countries, including SA,
Brazil, Mexico, Venezuela, Russia and Australia.
- Subject licenses out technology to Watson
Pharmaceuticals Inc. USA. Under the terms of profit sharing agreement, Indoco will develop, manufacture and supply a basket of sterile
products to Watson for the
2009- UK-MHRA approval for the
Solid Oral Dosage forms at Baddi Plant.
- Export sales exceeded Rs. 1 Billion in the FY 08-09.
- Successfully faced
2008 - IDMA Quality Excellence
Awards 2008 - The Sterile Facility at Goa Plant II
received the Gold Award and the Solid Dosage Forms and Externals Facility at Goa Plant I received the Silver Award.
- Partnered with a US company for manufacturing of exhibit batches to be used for Phase I trials for Dry Age-Related Macular Degeneration, Phase II trials for Glaucoma and Phase II/III pivotal trials for Cataracts for pursuing their "IND" (Investigational New Drug) application filed with USFDA.
- TGA (
- First shipment of Diclofenac
Ophthalmic solution shipped to
- Successfully faced
- MCC (
2007 - ANVISA (
- Commencement of exports to the
- Launch of Warren-Excel and Spera - two specialty marketing divisions.
2006 - US-FDA approval for Ophthalmic facility, Plant-II in
- Contract signed for supply of 18 generic products to German Market.
- 2 ANDAs filed with USFDA.
- Commencement of liquid manufacturing facility at Baddi, Himachal Pradesh.
- New R and D Centre at Rabale, near Mumbai becomes functional.
- Solid Dosage facility at Goa Plant I re-inspected and approved by UK-MHRA.
- UK-MHRA approval for Creams and Ointments facility.
- Darmstadt-Germany approves their
- Acquisition of LaNOVA Chem Private Limited with its brand new API manufacturing facility of international standards.
- Launch of Surge - a specialty marketing division.
2005 - First ANDA filed on the
basis of Exhibit batches manufactured in their sterile facility in
- Development Contracts for injectable products signed with a US Company.
- Tablet capacity doubled by commissioning an extended facility in the existing UK-MHRA approved plant.
- Shares of the Company listed on BSE and NSE.
2004 - First Contract for Development
services with US Company.
- Karvol brand acquisition from Solvay Pharmaceuticals Private Limited
- Four Patent applications filed.
- Company jumps five ranks in two yrs in the ORG-IMS Retail Audit.
2003 - UK-MHRA approval for the
Solid Dosage facility at Plant I.
- Exports to regulated markets commence.
- First contract for Dossier Development with European company.
- Domestic Marketing makes a foray into the lifestyle segment.
2002 - State-of-the-art sterile
facility, Plant II commissioned at Verna Goa.
1999 - New Corporate Office at Indoco House.
- Acquisition of Warren, Company makes presence in Ophthalmic and Dental Segments.
1997 - Commencement of
production in Goa Plant I.
1993 - R and D recognized by
DSIR.
AWARD AND
ACHIEVEMENTS
LIFE TIME ACHIEVEMENT AWARD
:
Mr. Suresh G. Kare received the prestigious Excellence Award-2004
from Pharma Business and Technology.
Solid Dosage Forms and
Externals Facility received the IDMA Quality Excellence Awards 2003 -
Formulations for turnover between Rs. 250 Millions
and 500 Millions - Gold Award, second time since commissioned in 1997
The Sterile Facility for Injectibles and Ophthalmics also
received the IDMA Quality Excellence Awards 2003 - Formulations for
turnover less than Rs. 100 Millions - Silver Award.
PRESS RELEASE:
Indoco Remedies Licenses Out Technology to Watson
Pharmaceuticals Inc.
February 1, 2010
Subject is a Mumbai-based pharmaceutical company, announces the finalization of
a generic product development alliance with Watson Pharmaceuticals, Inc. to
develop and manufacture a number of sterile products for the
Under the terms of agreement, Indoco will develop,
manufacture and supply a number of products to Watson for the
Commenting on the performance, Mr. Suresh G. Kare,
Chairman and Managing Director said, “This is a milestone deal for Indoco as out-licensing technology to a company of Watson’s
scale is a remarkable achievement. Watson Pharmaceuticals deal has the
potential to propel Indoco’s international business
revenues to greater heights.”
Indoco is fully integrated to provide API
manufacturing, formulation development and manufacturing of the generic
formulations for the selected products. Watson will prepare and file the
Abbreviated New Drug Applications (ANDAs) for US FDA
approval and will have rights to market, sell and distribute these products in
the
As mutually agreed upon by both Watson and Indoco,
development costs, including bio-study / clinical trials costs, legal fees and
net profits from the sale of these products will be shared by Watson and Indoco in the agreed proportion.
Indoco will work together with Watson to explore the
option of adding new products and territories to this initial arrangement.
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.45.16 |
|
|
1 |
Rs.70.64 |
|
Euro |
1 |
Rs.58.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
67 |
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.