1. Summary Information
|
|
|
Country |
India |
|
Company Name |
Panacea Biotec
Limited |
Principal Name 1 |
Mr. Soshil Kumar Jain |
|
Status |
Good |
Principal Name 2 |
Mr. Ravinder Jain |
|
|
|
Registration # |
16-22350 |
|
Street Address |
Ambala – Chandigarh Highway, Lalru – 140501, Punjab, India |
||
|
Established Date |
02.02.1984 |
SIC Code |
-- |
|
Telephone# |
Not Available |
Business Style 1 |
Manufacturer |
|
Fax # |
Not Available |
Business Style 2 |
Marketer |
|
Homepage |
Product Name 1 |
Pharmaceutical Formulations |
|
|
# of employees |
3600 (Approximately) |
Product Name 2 |
Tablets |
|
Paid up capital |
Rs.61,250,746/- |
Product Name 3 |
Syrups/ Liquids |
|
Shareholders |
Shareholding of Promoter and Promoter Group-
74.88%, Public Shareholding- 25.12% |
Banking |
Axis Bank Limited |
|
Public Limited Corp. |
Yes |
Business Period |
27 years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
A (66) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary
|
-- |
Best On Health Limited (BOH) |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
4459,800,000 |
Current Liabilities |
1061,700,000 |
|
Inventories |
3680,200,000 |
Long-term Liabilities |
8836,800,000 |
|
Fixed Assets |
5470,800,000 |
Other Liabilities |
911,300,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
10,809,800,000 |
|
Invest& other Assets |
3567,100,000 |
Retained Earnings |
6306,800,000 |
|
|
|
Net Worth |
6368,100,000 |
|
Total Assets |
17,177,900,000 |
Total Liab. & Equity |
17,177,900,000 |
|
Total Assets (Previous Year) |
6610,792,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
11304,600,000 |
Net Profit |
1350,500,000 |
|
Sales(Previous yr) |
8843,673,000 |
Net Profit(Prev.yr) |
800,190,000 |
MIRA
INFORM REPORT
|
Report Date : |
17.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
PANACEA BIOTEC LIMITED |
|
|
|
|
Registered
Office : |
Ambala – Chandigarh Highway, Lalru – 140501, Punjab |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
02.02.1984 |
|
|
|
|
Com. Reg. No.: |
16-22350 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.61.251 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L33117PB1984PLC022350 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEP07035A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP5335J |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Marketer of Pharmaceutical Formulations viz. Tablets, Syrups/ Liquids, Capsules, Gels and Vaccines. |
|
|
|
|
No. of Employees
: |
3600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
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 25000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Chandresh Ohari |
|
Designation : |
Finance Department |
LOCATIONS
|
Registered Office : |
Ambala – Chandigarh Highway, Lalru – 140501, Punjab, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head/ Corporate Office 1: |
B 1 Extension / A-27, Mohan Cooperative Industrial Estate, Mathura Road, New Delhi – 110 044, India |
|
Tel. No.: |
91–11–26945270/ 41679000 Extn. 2081 (D) 41578024 / 26974500 / 41678000 |
|
Fax No.: |
91–11–26940199/ 26940621 / 41679075 / 41679070 / 41679081 |
|
E-Mail : |
panbio.panbio@rme.sprintrpg.ems.vsnl.net.in |
|
Website : |
|
|
|
|
|
Administrative/ Secretarial/ Corporate Office 2: |
B – 1 Extension / G – 3, Mohan Co-Operation Industrial
Estate, |
|
Tel. No.: |
91-11-41679000 Extn. 2081, (D) 41578024 |
|
Fax No.: |
91-11-41679070/ 41679075 |
|
E-mail: |
|
|
|
|
|
Manufacturing Facilities : |
· Ambala-Chandigarh Highway, Lalru – 140 501, Punjab, India · A-239 -242, Okhla Indl. Area, Phase–I, New Delhi – 110 020, India · Malpur, Baddi, Dist. Solan, Himachal Pradesh-173 205, India · B-1/E-12, Mohan Co-operative Industrial Estate, Mathura Road, New Delhi – 110 044, India · Plot No. 72/3, Gen Block, T.T.C. Industrial Area, Mahape, Navi Mumbai - 400 710, Maharashtra, India |
|
|
|
|
Branch/ Sales and Marketing Office : |
701, |
|
|
|
|
R & D Centers : |
·
· B-1/E-xtn. A-24-25,, Mohan Co-operative Industrial Estate Mathura Road, New Delhi – 110044, India ·
Plot No. E-4, Phase II, Industrial Area Mohali
– 160055, · Plot No. 72/3, Gen Block, T.T.C. Industrial Area, Mahape, Navi Mumbai – 400710, India |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Soshil Kumar Jain |
|
Designation : |
Chairman |
|
Qualification : |
Pharmacist |
|
|
|
|
Name : |
Mr. Ravinder Jain |
|
Designation : |
Managing Director |
|
Qualification : |
Matriculate |
|
|
|
|
Name : |
Dr. Rajesh Jain |
|
Designation : |
Joint Managing Director |
|
Qualification : |
B.Sc., MBA, PGDBM,
Advanced Management Diploma in Market Research |
|
|
|
|
Name : |
Mr. Sandeep Jain |
|
Designation : |
Joint Managing Director |
|
Qualification : |
B. Com |
|
|
|
|
Name : |
Mr. Sumit Jain |
|
Designation : |
Director-Operations and Projects |
|
Qualification : |
Post Graduate Diploma in Business Management |
|
|
|
|
Name : |
Mr. R.L. Narasimhan |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. N.N. Khamitkar |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Sunil Kapoor |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Dr. A.N. Saksena |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. K.M. Lal |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Vinod Goel |
|
Designation : |
General Manager Legal and Company Secretary |
|
|
|
|
Name : |
Mr. Chandresh Ohari |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
43,548,100 |
71.10 |
|
|
2,313,454 |
3.78 |
|
|
2,313,454 |
3.78 |
|
|
45,861,554 |
74.88 |
|
|
|
|
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
45,861,554 |
74.88 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
624,028 |
1.02 |
|
|
34,884 |
0.06 |
|
|
2,153,195 |
3.52 |
|
|
2,812,107 |
4.59 |
|
|
|
|
|
|
|
|
|
|
9,326,659 |
15.23 |
|
|
|
|
|
|
|
|
|
|
3,097,002 |
5.06 |
|
|
135,000 |
0.22 |
|
|
|
|
|
|
18,424 |
0.03 |
|
|
18,424 |
0.03 |
|
|
12,577,085 |
20.53 |
|
|
|
|
|
Total Public
shareholding (B) |
15,389,192 |
25.12 |
|
|
|
|
|
Total (A)+(B) |
61,250,746 |
100.00 |
|
|
|
|
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
|
|
|
Total
(A)+(B)+(C) |
61,250,746 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Partnership FirmsBUSINESS DETAILS
|
Line of Business : |
Manufacturer and Marketer of Pharmaceutical Formulations
viz. Tablets, Syrups/ Liquids, Capsules, Gels and Vaccines. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS
AS ON 31.03.2011
Licensed Capacity
Per annum
Recombinant Bulk Vaccine – 18 millions doses
|
Particulars |
Unit |
Installed
Capacity per annum |
|
Tables |
Nos./Million |
1684.00 |
|
Capsules |
Nos. / Million |
370.00 |
|
Syrups / Liquids |
Bottles /
Million |
15.80 |
|
Gels |
Tubes/ Million |
21.20 |
|
Vaccines (Finished Doses) |
Doses / Million |
878.00 |
|
Pre-filled Syringes |
Doses / Million |
17.00 |
|
Recombinant Bulk Vaccines ** |
Doses / Million |
18.00 |
|
Tetanus Bulk Vaccines |
Doses / Million |
75.00 |
|
Bacterial Bulk Vaccines *** |
Doses / Million |
68.80 |
|
Block - IV **** |
|
|
|
Cell Culture Block |
Doses / Million |
8.00 |
|
Recombinant Bulk Vaccine |
Doses / Million |
18.00 |
|
Flu Bulk Vaccine Block |
Doses / Million |
63.500 |
NOTE
*As Certified by the management.
**This facility is capable of manufacturing various Bulk Vaccines and Antigens including Hepatitis B (Hep B), Haemophilus Influenza Type B (HIB-TT) and other vaccines.
***Bacterial Bulk Vaccine facility is capable of manufacturing various bulk vaccines including Diptheria (D), Whole Cell Pertussis (wP), Acellular Pertussis (aP). Installed Capacity reduces by 5 million doses to 63.8 million doses in case of production of Acellular Pertussis (aP).
****Cell Culture facility is capable of manufacturing various bulk vaccines and biopharmaceuticals. Recombinant Bulk Vaccine facility is capable of manufacturing of Hepatitis B (Hep-B), Haemophilus Influenza Type B (HIB-TT) and other vaccines. Flu Bulk Vaccine facility is capable of manufacturing of H1N1 and other flu bulk vaccines.
|
Particulars |
Unit |
Actual
Production |
|
Tables ** |
Nos. |
625.600 |
|
Capsules |
Nos. |
95.000 |
|
Syrups / Liquids |
Ml |
334.700 |
|
Gels |
Gms |
52.900 |
|
Vaccines |
Vials |
60.300 |
|
Pre-filled Syringes |
PFS |
2.100 |
|
Injection |
Nos. |
0.500 |
|
Other Products |
Gms. |
43.300 |
Note:
* Actual production includes production at
loan licensee locations meant for sale by the company
** Actual production includes 258.7
Million Tables manufactured for other under loan licenses basis.
GENERAL INFORMATION
|
Suppliers : |
· Ambika Parental Containers ·
Sri · Advanced Microdevices Private limited · Wincoat Colours and Coating private limited · Paras enterprises ·
· HRJ Surgicals · Siva chemicals · Sukkan Industries ·
Protech Engineering Industries Private Limited |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
3600 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Axis Bank Limited ·
Bank of India ·
IDBI Bank Limited ·
Indian Overseas Bank ·
State Bank of India ·
State Bank of Mysore ·
State Bank of Travancore ·
Union Bank of India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
NOTES: * It includes Rs.360 millions from partnership firm in which some directors and their relatives are partner. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batiliboi and Associates Chartered Accountants |
|
Address : |
|
|
|
|
|
Statutory Auditors : |
|
|
Name: |
S. R. Batiliboi and Associates Chartered Accountants |
|
Address: |
Gurgaon, |
|
|
|
|
Cost Auditors : |
|
|
Name: |
J. P. Gupta and Associates Cost Accountants |
|
Address: |
|
|
|
|
|
Joint Ventures : |
·
Chiron Panacea
Vaccines Private Limited ·
Cambridge
Biostability Limited |
|
|
|
|
Subsidiaries : |
· Best On Health Limited (BOH) (Wholly-owned subsidiary (WOS)) · Radicura and company Limited (Indirect WOS through BOH), · Panacea Hospitality Services Private Limited, (Indirect WOS through BOH) · Panacea Educational Institute Private Limited, (Indirect WOS through BOH) · Sunanda Steel Company Limited, (Indirect WOS through BOH) · Nirmala Organic Farms and Resorts Private Limited, (Indirect WOS through BOH) w.e.f. February 23, 2011 · Best On Health Foods Limited (Indirect WOS through BOH) w.e.f. December 6, 2010 · Rees Investments Limited, (Rees) (Guernsey): WOS · Kelisia Holdings Limited, (Cyprus): Indirect WOS through Rees · Kelisia Investment Holding AG (KIH) (Switzerland): Indirect WOS through Kelisia Holdings Limited, · Panacea Biotec (International) SA (PBS) (Switzerland) (Indirect WOS through KIH) · Panacea Biotec GmbH (Germany) (Indirect WOS through PBS) · Panacea Biotec (Europe) AG, (Switzerland): Indirect WOS through PBS · Panacea Biotec FZE, (UAE): WOS · Panacea Biotec Germany GmbH (Germany) (Indirect WOS through PBS) w.e.f. August 12, 2010 · Panacea Biotec Inc. (USA): WOS · NewRise Healthcare Private Limited (Formerly known as Umkal Medical Institute Private Limited) |
|
|
|
|
Associates : |
·
PanEra Biotec
Private Limited ·
Lakshmi and Manager
Holdings Limited (LMH) ·
Best General Insurance
Company Limited (Indirect Associate (subsidiary of LMH)) |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Re.1/- Each |
Rs.125.000 millions |
|
110000000 |
Preference Shares |
Rs.10/- Each |
Rs.1100.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs.1225.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
61250746 |
Equity Shares |
Re.1/- Each |
Rs.61.251
millions |
|
|
|
|
|
NOTE
Out of the above shares, 1,814,240 Equity Shares of Rs.10 each were
issued as fully paid up bonus shares by capitalisation of General Reserves in earlier
years, which were later on sub-divided into 18,142,400 Equity Shares of Re.1
each on February 12, 2003.
1,49,000 Forfeited Shares which were allotted on 24th August, 2005 in
the name of employees of the Company (in their capacity as Company’s nominees/trustees)
for sale thereof at the prevailing market prices through recognised Stock
Exchanges on the terms and conditions as specified by Managing / Joint Managing
Directors or Director of the Company, were sold and net proceeds aggregating
Rs. 29.9 million were received by the Company during the financial year
2009-10.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
61.300 |
66.843 |
66.786 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6306.800 |
6898.200 |
6084.707 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6368.100 |
6965.043 |
6151.493 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
8250.700 |
5081.382 |
4835.939 |
|
|
2] Unsecured Loans |
586.100 |
1973.004 |
2166.996 |
|
|
TOTAL BORROWING |
8836.800 |
7054.386 |
7002.935 |
|
|
DEFERRED TAX LIABILITIES |
756.600 |
708.903 |
333.786 |
|
|
Foreign Currency Monetary Item Translation |
0.000 |
16.773 |
|
|
|
|
|
|
|
|
|
TOTAL |
15961.500 |
14745.105 |
13488.214 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5470.800 |
5321.042 |
5241.093 |
|
|
Capital work-in-progress |
1237.400 |
1625.538 |
1697.610 |
|
|
|
|
|
|
|
|
INVESTMENT |
2329.400 |
2258.323 |
2165.698 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
Foreign Currency Monetary Item Translations |
0.000 |
0.000 |
95.961 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3680.200
|
4555.094
|
4478.012
|
|
|
Sundry Debtors |
2788.400
|
1094.077
|
1238.802
|
|
|
Cash & Bank Balances |
394.700
|
363.368
|
594.809
|
|
|
Other Current Assets |
80.000
|
72.267
|
54.410
|
|
|
Loans & Advances |
1196.700
|
1319.113
|
1303.765
|
|
Total
Current Assets |
8140.000 |
7403.919
|
7669.798 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
669.600
|
634.627
|
359.601 |
|
|
Other Current Liabilities |
392.100
|
747.580
|
1168.489
|
|
|
Provisions |
154.700
|
483.480
|
1857.508
|
|
Total
Current Liabilities |
1216.400 |
1865.687
|
3385.598 |
|
|
Net Current Assets |
6923.600
|
5538.232
|
4284.200
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.300 |
1.970 |
3.652 |
|
|
|
|
|
|
|
|
TOTAL |
15961.500 |
4745.105 |
13488.214 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11304.600 |
8843.673 |
7734.172 |
|
|
|
Other Income |
350.500 |
934.912 |
259.677 |
|
|
|
TOTAL (A) |
11655.100 |
9778.585 |
7993.849 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchased of traded goods |
244.400 |
180.101 |
155.871 |
|
|
|
Raw and packing material consumed |
4457.600 |
5014.890 |
2951.977 |
|
|
|
Operating and other expenses |
1118.400 |
863.892 |
3350.886 |
|
|
|
Personnel Expenses |
1293.900 |
990.177 |
916.096 |
|
|
|
Selling and Distribution Expenses |
548.700 |
396.702 |
434.545 |
|
|
|
Research and Development Expenses |
753.100 |
753.063 |
669.944 |
|
|
|
Miscellaneous Expenditure Written off during
the year |
1.700 |
1.682 |
1.682 |
|
|
|
(Increase) / Decrease in Finished Goods |
588.700 |
(514.763) |
(446.905) |
|
|
|
TOTAL (B) |
9006.500 |
7685.744 |
8034.096 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2648.600 |
2092.841 |
(40.247) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
521.100 |
423.448 |
347.420 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2127.500 |
1669.393 |
(387.667) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
572.600 |
488.594 |
536.074 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1554.900 |
1180.799 |
(923.741) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
204.400 |
380.609 |
(233.244) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1350.500 |
800.190 |
(690.497) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2856.100 |
2155.224 |
2845.721 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Equity Shares – Proposed |
45.900 |
16.711 |
0.000 |
|
|
|
Dividend Distribution Tax |
7.500 |
2.840 |
0.000 |
|
|
|
Proposed Dividend Written Back |
(1.100) |
|
|
|
|
|
Dividend Distribution Tax Written Back |
(0.200) |
|
|
|
|
|
Transfer to General Reserve |
135.000 |
80.019 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
4019.500 |
2855.844 |
2155.224 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
7103.900 |
6465.394 |
5588.992 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Packing Materials |
2839.900 |
3137.159 |
4571.338 |
|
|
|
Capital Goods |
91.200 |
406.552 |
457.267 |
|
|
TOTAL IMPORTS |
2931.100 |
3543.711 |
5028.605 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.35 |
11.98 |
(10.35) |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
2256.900 |
2287.700 |
|
Total Expenditure |
|
1740.100 |
2353.900 |
|
PBIDT (Excl OI) |
|
516.800 |
(66.200) |
|
Other Income |
|
16.700 |
9.900 |
|
Operating Profit |
|
533.500 |
(56.300) |
|
Interest |
|
163.100 |
146.900 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
370.400 |
(203.200) |
|
Depreciation |
|
163.200 |
200.100 |
|
Profit Before Tax |
|
207.200 |
(403.300) |
|
Tax |
|
40.000 |
(66.900) |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
167.200 |
(336.400) |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
167.200 |
(336.400) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
11.59
|
8.18 |
(8.64) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.75
|
13.35 |
(11.94) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.11
|
9.28 |
(7.15) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.17 |
(0.15) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.58
|
1.28 |
1.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.69
|
3.97 |
2.26 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
India's research-based health management company with
established research, manufacturing and marketing capabilities are collectively
known as company which was incorporated on 2nd February 1984 under the name of
Panacea Drug (Private) Limited. A second largest vaccine producer in
The plant for vaccines production (Radicura Pharma) and
pharmaceutical formulations plant (Panacea Drug Private Limited) at
In the year 1997, the company obtained its first product patent in several countries. Company’s Research and Development made a tie up with European MNC in the year 2001 and in 2002; an in-licensing agreement was made with Biotechnology Consortium of India for development and commercialization of Anthrax Vaccine. Also in the identical year of 2002, the company had commissioned Recombinant Vaccine production plant.
During the year 2004, PBL made an in-licensing agreement
with National Institute of Immunology,
During the year 2006, ultra modern Pharmaceuticals
formulation facility at Baddi, Himachal Pradesh was goes live, which has WHO
cGMP complaint. Landmark collaborations were made with The Netherlands Vaccine
Institute (The Nederlands Vaccin Institute (NVI)) for manufacture and marketing
of finished Inactivated Polio Vaccine (IPV) and a number of IPV based
combination vaccines in
Subject forayed into Healthcare Delivery in the year 2008,
made a collaboration to set-up 220 bed multi super-specialty hospital in NCR
and also the company obtained a patent (Patent No. 7,371,412 B2) from US Patent
and Trademark Office for the product Thank GodTM (Euphorbia Prostrata) for
effective management of hemorrhoids and piles in the identical year of 2008.
OPERATING RESULTS AND
PROFITS
The exemplary performance of the Company is manifest in the numbers posted for the year. During the year ended March 31, 2011, the Company registered a record net turnover of Rs.11,304.6 million as against Rs.8,843.7 million during the corresponding previous financial year, a spectacular growth of 27.8%. The Company registered EBITDA of Rs.2,648.7 million as compared to Rs.1,582.5 million during the corresponding previous financial year, a growth of 67.4%. Likewise, the PBT and PAT for the year under review have grown by 31.7% and 68.7% respectively and stood at Rs.1,554.9 million and Rs.1,350.5 million respectively, as compared to the PBT and PAT at Rs.1,181.0 million and Rs.800.4 million respectively in the previous fiscal.
This growth was recorded across the both business segments. The Vaccines Segment grew by 29.3% and registered a net turnover of Rs.8,332.3 million as against Rs.6,443.9 million during previous financial year. The Formulations Segment registered a growth of 23.9% with a net turnover of Rs.2,972.3 million as compared to Rs.2,398.8 million during the previous financial year.
The Company strives to remain globally and regionally attractive to customers and investors by continuing to focus on sustained growth, cost optimization and efficient management of working capital. These strategic initiatives are continually fueling the Company’s growth across its business operations.
MANAGEMENT DISCUSSION AND ANALYSIS
Industry Structure and Developments
Global Vaccine Industry
In last few years, vaccines have been one of the important contributors of healthcare revenue across the globe. The global vaccine market has almost tripled since the year 2000 and has reached to US$28 billion in 2010, making the vaccine industry one of the fastest growing sectors of the pharmaceutical industry.
Increasing public awareness about preventive healthcare and increased spending by governments has put spotlight on the vaccines. With the introduction of newer vaccines covering more and more diseases, quality of life is expected to increase markedly. As a result of this, vaccines which were perceived as low margin business before, have now emerged as one of the most lucrative segments in the pharmaceutical industry.
Innovation among start-up companies is also one of the main factors behind the renewed interest in vaccines business. As growth in vaccines business has been higher than the traditional business, all major pharmaceutical companies are eyeing the vaccine market as their growth driver. Many mergers and acquisitions have taken place in this space as consolidation has become the keyword for future growth. The use of innovative manufacturing technology, growing support from public-private partnerships, and new funding resources and mechanisms are helping the development of vaccine industry.
Pediatric vaccines dominate the global vaccines market and this segment is expected to continue to grow in future. At the same time, the market for adult vaccines has been growing at a faster rate than pediatric vaccines and the share of adult and therapeutic vaccines will continue to fuel the future growth in the global vaccines market. The rising prevalence of life threatening diseases such as cancer and HIV is the prominent factor driving growth in the adult vaccine segment. Successful development of vaccines against infectious diseases like Pandemic Flu, Pneumonia, Dengue, HIV, Rotavirus and Cervical cancer in addition to the Hexavalent pediatric combination vaccines would add to the growth of the vaccine industry.
While vaccines are less susceptible to erosion by generic competition because the cost of entry is extremely high, as vaccine formulations become more precise and defined, the vaccines industry is likely to follow the lead of the biotech industry towards the production of biosimilar and biobetter vaccines.
An analysis of the global vaccine market with emphasis on the national level illustrates that the fast developing countries such as India and China will increase their overall share. India and China vaccine market is expected to grow with a CAGR of 16-18% from 2006 to 2013.
A large portion of the unvaccinated population in both developing and
developed countries offers a big opportunity in future for the vaccine market
players. Each year approximately 25 million infants do not receive the
necessary immunizations and at least 2.4 million children die from
vaccine-preventable diseases – approximately 14% of deaths in children are
under 5 years of age. 14 million survive, but are left severely impaired. The
longterm effects of these childhood illnesses limit the ability of those who
survive to become educated, to work, or to take care for themselves or others.
To fight against vaccine-preventable diseases through immunization, the WHO and
The United Nations Children's Fund (UNICEF) have undertaken a number of
measures to boost the awareness and access to vaccines.
INDIAN VACCINE MARKET
India has emerged
as one of the leading vaccine manufacturer in recent times, producing 60% of
the global health vaccines. The Indian vaccine market growing at close to 20%,
is said to have the potential to reach US$ 1 billion by 2012. Currently, this
market covers 6 vaccine preventable diseases including Hepatitis B, Diphtheria,
Pertussis (whooping cough), Polio, Measles and Tetanus in its government
program.
India continues to
remain the premier location for producing affordable vaccines for the
developing world with its own market for human vaccines expected to grow by
10-13% CAGR over the next five years as the market for vaccines shifts from
traditional to combination vaccines. However, with rising costs and a stronger
rupee, India’s vaccine industry is going through a time of change. New
vaccines, new markets and new production methods have to be embraced to ensure
minimized costs and sustained growth. New technologies such as gene based
vaccines, virus-like particles, plant-derived vaccines, novel adjuvants and
delivery systems represent promising approaches to create safer, cheaper, more
potent vaccines that will be the future of India’s vaccine industry.
The Indian Vaccine
market is currently the Centre of attraction for all leading pharmaceutical
majors as the vaccine market is registering growth at a much faster rate than
the conventional pharma market. As many blockbuster vaccines are going to hit
the market in near future, the growth is expected at a much faster pace.
Presently, domestic companies dominate the vaccine market covering around seven
out of top 10 players. But with India’s Intellectual Property Rights (IPR) laws
improving considerably and healthcare expenditure increasing, foreign companies
have now begun to acknowledge India’s potential as a vaccine hub. Taking into
consideration the factors like increasing public and private healthcare
spending, birth of around 25 million babies each year in India and a large
prevalence of both infectious and chronic diseases, the domestic demand for
vaccines in India will continue to grow at a significant rate, offering vaccine
players enough opportunities to expand their horizon in the country.
Along with the improvements in the domestic market, India has also
emerged as a centre for exports. Exports have a major share in the Indian
vaccine market, with 70% vaccines being exported. The private sector’s share
stood at $120 million or at 40% of the total domestic market. It is estimated
that in the future more opportunities for manufacture and sales of vaccines
will emerge from developing nations such as India and China.
Polio Eradication
in India
The object of the Global Polio Eradication Initiative is to ensure that
no child will ever again know the crippling effects of polio. Polio is a highly
infectious disease caused by a virus known as poliovirus. It invades the
nervous system and can cause total paralysis in a matter of hours. It can
strike at any age, but affects mainly children under three. There is no cure
for polio but the disease can be prevented by immunization with polio vaccine.
Though the number of Polio cases in India have reduced significantly
from 1,934 in 1998 to 42 in 2010 and 1 in 2011 till May, 2011 (source:
www.npspindia.org), as per WHO guidelines, a WHO region can be certified polio
free only if it does not record any case of polio during three consecutive
years; following the year; in which zero case is registered first time.
Assuming that India achieves zero case for the first time in 2012 and
thereafter, if it does not record any case of polio in 2013, 2014 and 2015,
India can achieve its target of becoming polio free and become eligible for
being declared as a polio free nation by WHO. However, immunization activities
will continue until the entire region (including Pakistan and Afghanistan)
becomes polio free.
Immunization against Polio to continue: In developing countries, low
effectiveness of Oral Polio Vaccine (OPV) in the highest-risk communities
(believed to be caused by a combination of high incidence of diarrheal
diseases, malnutrition and the high force of Wild Polio Virus infection
attributed to crowding) has been identified as the key challenge to
interrupting Wild Polio Virus transmission. Responses being explored include
enhanced inactivated poliovirus vaccine (eIPV) as a supplement to Oral Polio
Vaccine (tOPV, mOPV1, bOPV and mOPV3). The immunization against polio will
continue in the post-polio eradication era in the form of IPV.
Global
Pharmaceutical Market
As per IMS, the global pharmaceutical market is expected to grow 5-7% in
2011, to US$ 880 billion, compared with 4-5% pace previous year. As countries
recover from the global economic crisis at different rates, there is growing
divergence in the pace of pharmaceutical growth among major markets. The 17
pharmemerging countries are expected to grow at a 15-17% rate in 2011, to US$
170-180 billion. Many of these markets are benefiting from greater government
spending on healthcare and broader public and private healthcare funding, which
is driving greater demand and access to medicines. The U.S. will remain the
single largest pharmaceutical market, with 3-5% growth expected next year.
Pharmaceutical sales in the U.S. will reach US$ 320-330 billion, up from
US$ 310 billion forecast for this year, not including the impact of off-invoice
discounts or rebates. The five major European markets (Germany, France, Italy,
Spain and the U.K.) collectively will grow at a 1-3% pace, as will Canada.
Among major developed countries, Japan is forecast to grow 5-7% in 2011.
While the overall
market will appear to rebound somewhat in 2011, the underlying constraints to
growth in developed markets are stronger than ever – including the impact of
major patent expiries and payer mechanisms to limit drug spending. The
pharmerging markets are expected to continue their rapid expansion and remain
strong sources of growth. The industry also expects potential for several
significant innovative treatment options that are becoming available for
patients
in areas that include metastatic melanoma, multiple sclerosis and acute
coronary syndrome.
Indian Pharmaceutical Market
The Indian
Pharmaceutical sector is highly fragmented with more than 20,000 registered units.
It has expanded drastically in the last two decades. The leading 250
pharmaceutical companies control 70% of the market with market leader holding
nearly 7% of the market share. It is an extremely fragmented market with severe
price competition and government price controls.
The pharmaceutical
industry in India meets around 70% of the country's demand for bulk drugs, drug
intermediates, pharmaceutical formulations, chemicals, tablets, capsules, orals
and injectables. There are about 250 large units and about 8000 Small and
Medium Enterprises, which form the core of the pharmaceutical industry in
India. These units produce the complete range of pharmaceutical formulations,
i.e., medicines ready for consumption by patients and about 350 bulk drugs, i.e.,
chemicals having therapeutic value and used for production of pharmaceutical
formulations.
The Indian
pharmaceutical industry has been growing at average rate of 13-14% in the past
five years and exports of pharmaceuticals have consistently outstripped
imports. India exports drug intermediaries, active pharmaceutical ingredients,
finished dosage formulations, biopharmaceuticals and clinical services. The top
five destinations for such exports are U.S., Germany, Russia, U.K. and China.
Several manufacturing units are approved by regulatory authorities in U.S. and
U.K and other ICH markets.
India's
pharmaceutical industry is now the third largest in the world in terms of
volume. Its rank is 14th in terms of value. The Indian pharmaceutical market is
expected to achieve a growth of 14-17% through 2014 and reach US$ 20 billion by
2015 and US$ 55 billion in 2020. In an aggressive growth scenario the pharma
market has the further potential to reach US$ 70 billion by 2020.
Industry Structure
Growth Drivers
BUSINESS SEGMENTS
Pharmaceutical Formulations
Domestic Sales and Marketing Network
Panacea Biotec has successfully established leading brands through a focused scientific marketing approach.
To cater to the individual nuances of specific therapeutic
segments, Panacea Biotec operates through seven Strategic
Business Units (SBUs).
The domestic pharmaceutical business is organized into three classes – Super-specialty i.e. Transplantation, Nephrology and OncoTrust, Specialty i.e. Diacar Alpha and Diacar Delta and Multi-specialty i.e. Procare and Growcare.
The aim of each SBU is to attain leadership position in its chosen markets and establish brand equity in respective therapeutic segment by way of innovative products as well as innovative marketing approach with differentiated products. The SBUs promote a portfolio of brands with a special focus on Orthopaedicians, Cardiologists, Diabetologists, Physicians, Organ Transplant Surgeons, Nephrologists, Oncologists, Hematologists, Chest Physicians, Surgeons, Dentists Pediatricians, Gastroenterologists and Consulting
Physicians.
BRANDS REVIEW
Over the years,
Panacea Biotec has established leading brands that enjoy top of the mind recall
by the medical fraternity. The Company’s brands command excellent market share
in their therapeutic segments. According to ORG IMS (TSA MAT Mar’11) Sales
value, Panacea Biotec is the 39th ranked company in the Indian Pharmaceutical
Market with
Nephrologists, Dentists, Orthopaedicians and Diabetologists giving the best
support. As per Stockist Secondary Audit of ORG IMS (MAT Mar’11), Glizid-M
stands at 218th rank among top brands in the Indian Pharmaceutical market and
retain number one position within its category.
Panimun Bioral,
Mycept and PanGraf are also the leading brands in the Organ Transplantation
segment but have a poor reflection in ORG IMS audit, as ORG IMS SSA audit does
not track institutional and hospital sales.
SUBSIDIARIES
Best on Health Limited:
The Company’s wholly-owned subsidiary (WOS) namely Best On Health Limited (“BOH”), which owns a prime immovable property being used by the Company as its Corporate Office, has diversified in related health management space as part of its future growth plans. BOH holds a substantial piece of land on its own and through its four wholly owned subsidiaries for setting up sector-specific biotech Special Economic Zone located at Pataudi Road, Gurgaon, Haryana. BOH has got the formal approval for setting up sector specific bio-tech SEZ and is to apply for its notification and is taking the necessary steps for business modeling exercises, approaching prospective investors/ clients/ service providers for its SEZ project.
BOH has also purchased substantial land in Rajasthan through its WOS to carry out the business of agriculture farming, cultivation, setting up motels, tourist resorts, etc.
NewRise Healthcare
Private Limited
The Company’s subsidiary NewRise Healthcare Private Limited (formerly known as Umkal Medical Institute Pvt. Ltd.) is setting up a multi superspecialty hospital with modern equipments at Gurgaon and is set to commence the hospital during second quarter of next financial year.
Panacea Biotec
Germany GmbH:
The Company’s indirect WOS in Germany has got registration of products in Germany and is set to launch the pharmaceutical products during the first half of fiscal 2012.
Panacea Biotec
(International) SA:
The Company’s indirect WOS in Switzerland has obtained establishment license in Switzerland which now allows it to directly launch its products in the Swiss market and first product launch is slated toward the end of current fiscal.
JOINT VENTURES AND ASSOCIATES
Chiron Panacea Vaccines Private Limited:
The Company’s joint venture company Chiron Panacea Vaccines Private Limited (“CPV”), has grown its business in DTwP based pediatric combination vaccines, Polio and Flu franchisee by 24% over last year in spite of intense competitive market environment in all three vaccine segments of market where it operates. CPV has a significant market share in DTwP based pediatric combination vaccines, IPV vaccines and trivalent flu vaccines. In the journey of investing in its people and providing them excellent training in selling skills and team building, the CPV has carried out multiple interventions to train, promote, recognize excellent performers thereby create an environment of healthy competition and commitment towards the organization.
CPV’s packaging product “2 piece Label Design for Pre filled Syringe and a transparent peelable blister pack” won “IndiaStar Award 2010” selected by Indian Institute of Packaging, New Delhi amongst total 493 entries.
PanEra Biotec Private Limited:
The Company’s associate Company, PanEra Biotec Private Limited (“PanEra”) is continuing to meet the Company’s requirement of bulk vaccines and antigens for manufacture of Hepatitis B and Combination Vaccines and H1N1 Vaccine. PanEra has become a specialized company focused on bulk manufacture of vaccines and antigens and plans to venture into new products and technologies. It is one of the fastest growing company amongst the Panacea group and has achieved a net turnover and profit after tax of `721.7 million and `236.1 million, respectively during fiscal 2011.
FUTURE GROWTH DRIVERS
The Company is a global research based health management company with an established leadership in niche therapeutic areas and aims to become the world’s greatest, largest and most admired Biotechnology Company by 2020. The Company is strategically positioned to create sustainable competitive advantage through Innovation (Incremental and Disruptive) and Global Brand building. The Company has well laid strategy for its future growth with clearly identified growth drivers to sustain and boost its revenues and profitability over the short, medium to long term.
The Company’s key growth drivers are as under:
· Launch of organ transplantation products in ICH regions and key emerging markets
· Launch of Vaccine for pandemic and seasonal flu
· Launch of novel drug delivery based products in Oncology, CVD, GI, CNS and Pain Management therapeutic segments in key markets across the world
· Diversification in related healthcare segment.
· Launch of new pipelines of generics in US, Europe, Japan and other key markets
· Global launch of a NCE of herbal origin in GI segment.
· Launch of new IPV based wP combination Vaccines currently under Phase III clinical development for pediatric age group
· Launch of new IPV and acellular pertussis based combination Vaccines currently under development for pediatric age group
· Launch of Pneumococcal conjugate vaccine for GAVI markets
· Launch of Japanese Encephalitis vaccine
· Launch of Dengue Vaccine
· Launch of biosimilars
· Expansion of generic presence by introduction of difficult to develop products
· Global launch of NCEs and NBEs
· Potential supply of Anthrax Vaccine to US for national stockpiling program
In addition to above identified growth factors, the Company will continue to explore in-licensing of technologies and products from national/international research agencies/institutions to fasten its growth strategy.
FIXED ASSTES
· Land – Leasehold
· Land – Freehold
· Buildings
· Leasehold
Improvements
· Plant and
Machinery
· Vehicles
· Furniture and
Fixtures
· Office Equipments
· Computer
Equipments
BUSINESS DESCRIPTION
Subejct is a biotechnology Company. The Company operates in three
segments: Vaccines, Formulations, and Research and Development Activities. The
Company vaccines portfolio included Pediatric combination vaccines Easyfive
(DTwP-HepB-Hib) and Easyfour (DTwP-Hib), PolProtec (enhanced Injectable Polio
Vaccine) and PrimOpol (Trivalent Oral Poliomyelitis Vaccine). The Company’s
diabetes and cardiac care brands include Glizid M, Glizid 40 milligrams, Glizid
80 milligrams, Glizid MR 30 milligrams and Glizid MR 60 milligrams. Its pain
management brands include Nimulid MD, Nimulid 100 milligrams, Nimulid MR,
Nimulid SP, Kondro OD, Vacosteo and Willgo. Its tuberculosis management and
gastro-intestinal bands include Myser and Livoluk. Its subsidiaries include
Best on Health Limited (BOH), Radicura and company Limited, Panacea Hospitality
Services Private Limited and Panacea Educational Institute Private Limited. For
the fiscal year ended 31 March 2010, Panacea Biotec Limited revenues increased
21% to RS9.94B. Net income totaled RS817.2M, vs. a loss of RS654.8M. Revenues
reflects an increase in income from Vaccines segment and higher income from
Formulations segment. Net income reflects decrease in selling and distribution
expenses, a lower provision for doubtful debts and advances and the absence of
foreign exchange fluctuation loss.
BOARD OF DIRECTOR
Mr. Soshil Kumar Jain
Mr. Soshil Kumar Jain is Executive Chairman of the Board of Subject. He is a Pharmacist. He has more than 54 years experience in the pharmaceutical industry. He is the founder promoter/director of the company and has been the Chairman of the Company since October, 1984. He started his career in the Indian pharmaceutical industry by joining his family business in the form of a chemist shop set up by his father. Prior to promoting the company, he was associated with Radicura and Company a partnership firm(formerly owned by the promoters of Subject and subsequently taken over by Radicura and Company Limited) engaged in the retail and wholesale trading of pharmaceutical products. He is chairman of PanEra Biotec Private Limited and Neophar Alipro Limited
Mr. Ravinder Jain
Mr. Ravinder Jain is Managing Director and Executive Director of Subject. He is a Matriculate. Mr. Ravinder Jain has around 30 years experience in business collaborations and tie-ups, international marketing, business development, finance and corporate administration. He is involved in the overall supervision of day-to-day operations with emphasis on strategic planning and business development for the Company. Under his motivated leadership the company has set new milestones with clear focus on driving productivity and performance across all business segments of the Company. His zeal, enthusiasm and vision has enabled the company to achieve new standards of performance in terms of financial parameters i.e. increased revenues and shareholders’ wealth etc.
Dr. Rajesh Jain
Dr. Rajesh Jain is Joint Managing Director, Executive Director of Subject. Dr. Rajesh Jain is a holder of Ph.D. in Business Administration (Commerce), a Post Graduate degree in Business Management from Shivaji Institute of Management, Ghaziabad, India and is science graduate from University of Delhi. Dr. Rajesh Jain is involved in the overall supervision of day-to-day operations with emphasis on Research and Development, business development and marketing. Under his exceptional understanding of the business mantras, the Company has an impressive product pipeline and is targeting key therapeutic areas that will deliver new and innovative treatment therapies. As a result of his unlimited energy and enthusiasm, the company has been ranked the vaccine producer in India and has been ranked as the 3rd biotechnology Company (Able Survey 2011).
Mr. Sumit Jain
Mr. Sumit Jain is Director - Operations and Projects, Whole Time Director of Subject. He holds B.Com, MBA. He has 7 years of experience. He joined Panacea Biotec Limited in May, 2003 as Manager (Vaccines) and was appointed as Whole-time Director in July 2005. He has about 11 years experience in the pharmaceutical industry. He is currently acting as Director (Operations and Projects) and oversees the upcoming projects and is also responsible for the administrative matters of Panacea Biotec’s Lalru and Baddi facilities. He also oversees the Supply Chain Management of the Company. Prior to joining Panacea Biotec, he was associated with Radicura and Company Limited as Executive Director.
Mr. Sandeep Jain
Mr. Sandeep Jain is Joint Managing Director, Executive Director of Subject. Mr. Sandeep Jain is a commerce graduate from University of Delhi. Mr. Sandeep Jain is involved in the overall supervision of day-to-day operations with emphasis on finance, international marketing and regulatory affairs. Under his exceptional understanding of the business principles, the Company is continuously expanding its global aspirations by improving its international marketing efforts into various markets across the globe and is currently exporting its branded formulations in CIS countries, Asia, Eastern Europe and African region. He has been intensively working on the international marketing efforts of the Company. His duty include increasing the Company’s International brand image and is actively exploring opportunities for launching as well as licensing out some of its patented products for manufacture/ marketing in developed countries in Europe, North America and Latin America.
Mr. Sunil Kapoor
Mr. Sunil Kapoor is an Independent Non-Executive Director of Subject. He has Commerce graduate from Mr. Ram College of Commerce, University of Delhi and holds a LL.B. degree from Law Faculty, University of Delhi. He practices as an advocate and is a member of the Delhi High Court Bar Association and Bar Association Income Tax, New Delhi. He is a director of Golden Peakock Overseas Limited, Stress Crystals Limited, Residency Resorts Private Limited, Indo-dan Lamp Shade Ltd.,GPL Exports Limited, Hitkari Industries Limited, Best On Health Limited, Residency Hospitality Services (Private) Limited, Reis Magos Fort Restors (Private) Limited and Raihl Estate (Private) Limited.
Mr. N. N. Khamitkar
Mr. N. N. Khamitkar is Independent Non-Executive Director of Subject. He has B.E.- Electrical and Mechanical (Pune University), MBA (University of District of Columbia, Washington DC, USA) and Post Graduate Diploma in Public Administration, Indian Institute of Public Administration. He is a retired Govt. Official belonging to Indian Engineering Service and retired as Dy. Director General, Ministry of Home Affairs, Govt. of India, New Delhi. He has held various senior and middle level positions in various Govt. Ministries and Offices before his retirement.
Mr. K. M. Lal
Mr. K. M. Lal is an Independent Non-Executive Director of Subject. He is a retired Government official belonging to Indian Administrative Services and retired as Chairman, Staff Selection Commission, Government of India. He has experience in the field of finance, accounts, audit, taxation, legal, project and general manement. He had held various senior level positions in Government Ministries and offices. He is director of SREI Capital Markets Limited, GEM Spinners Limited, HindustanWires Limited, Polylink Polymer Limited, Gem Sugar Limited and Ram Sarup Industries Limited. He holds M.Sc. (Chemistry).
Mr. R.L. Narasimhan
Mr. R.L. Narasimhan is Independent Non-Executive Director of Subject. He retired as the Deputy Director General, Central Statistical Organization, to the Government’s Ministry of Statistics and Programme Implementation in New Delhi and has held various senior and middle level positions in various Government ministries. Prior to his positions with the Government, Mr. R.L. Narasimhan has also worked with Hoechst Pharmaceuticals Limited, Chennai, a multinational pharmaceutical company. His lies in the field of budgeting, data management, programme evaluation and research and marketing.
Dr. Aditya Narain
Saksena
Dr. Aditya Narain Saksena is an Independent Non-Executive Director of Subject. He has been appointed as a Non-executive Director of the Company since December 2005. He retired in 1996 in the grade of additional secretary to Government of India as Financial Advisor to the Ministry of Petroleum. He has experience in the field of finance, accounts, audit, human resource development, corporate governance, legal and general management. Prior to his retirement, he held senior level positions in various Central Government ministries including the Ministry of Shipping and Transport, Petroleum and Natural Gas, HRD, Information and Broadcasting, Law and Justice and Railways. He also held directorships in various public sector companies including ONGC Limited Indian Oil Corporation Limited, Oil India Limited etc., during his tenure.
Mr. Vinod Goel
Mr. Vinod Goel is General Manager - Legal, Compliance Officer, Company Secretary of Subject. He holds AICWA, FCS, LL.B., M.Com. He has 23 years of experiences.
PRESS RELEASE
New Biotechnology Study Findings Recently Were Reported
by Researchers at IIT
Biotechnology
02 November 2011
"Ethno pharmacological Relevance: Herbal drugs are gaining worldwide prominence due to their distinct advantages. Developing countries have started exploring the ethno pharmacological approach of drug discovery and have begun to file patents on herbal drugs," scientists in Kharagpur, India report.
"The expansion of R&D in Indian herbal research organizations and presence of manufacturing units at non-Indian sites is an indication of the capability to develop new products and processes. The present study attempts to identify innovations in the Indian herbal drug sector by analyzing the patenting trends in India, US and EU. Based on key word and IPC based search at the IPO, USPTO, Esp@cenet and WIPO databases, patent applications and grant in herbal drugs by Indian applicants/assignees was collected for the last ten years (from 1st January 2001 to 31st October 2010). From this collection patents related to human therapeutic use only were selected. Analysis was performed to identify filing trends, major applicants/assignees, disease area and major plant species used for various treatments. There is a gradual increase in patent filing through the years. In India, individual inventors have maximum applications and grants. CSIR, among research organizations and Hindustan Unilever, Avesthagen, Piramal Life Science, Sahajanand Biotech and Indus Biotech among the companies have the maximum granted patents in India, US and EU respectively. Diabetes, cancer and inflammatory disorders are the major areas for patenting in India and abroad. Recent patents are on new herbal formulations for treatment of AIDS, hepatitis, skin disorders and gastrointestinal disorders. A majority of the herbal patents applications and grants in India are with individual inventors. Claim analysis indicates that these patents include novel multi-herb compositions with synergistic action. Indian research organizations are more active than companies in filing for patents. CSIR has maximum numbers of applications not only in India but also in the US and EU. Patents by research organizations and herbal companies are on development of new processes for active compound isolation and standardization of such components in addition to new compositions for therapeutic use. Pharmaceutical companies such as Ranbaxy, Lupin and Panacea Biotec are increasingly patenting on herbal drugs," wrote N. Sahoo and colleagues, IIT.
The researchers concluded: "There is increased patenting activity related to diabetes, cancer, cardiovascular diseases, asthma and arthritis in India and abroad."
Sahoo and colleagues published their study in the Journal of Ethno pharmacology (Herbal drug patenting in India: IP potential. Journal of Ethno pharmacology, 2011;137(1):289-297).
CARE rates New Rise Healthcare's bank facilities at BBB-
Equity Bites
01 November 2011
1 November 2011 - CARE on Monday set a BBB- rating to the INR750m (USD15m/EUR11m) bank facilities of Indian healthcare group New Rise Healthcare.
The rating reflects the group's parent Panacea Biotec's (BOM:531349) long performance history in the pharmaceutical industry, common management, financial support and available relevant workforce.
However, the company's high project debt equity ratio, its foray into the hospital business and growing competition in the healthcare sector constrain the rating.
Future rating actions will be contingent on the project's timely completion, the company's ability to stabilise its business and achieve sustainable operational growth and persistent support from its parent.
CARE gives BBB- rating to New Rise Healthcare's bank
facilities
Aii Data Processing Limited
01 November 2011
November 1, 2011 - CARE on Monday set a BBB- rating to the INR-750-million (USD 15m/EUR 11m) bank facilities of Indian healthcare group New Rise Healthcare.
The rating reflects the group's parent Panacea Biotec's (BOM:531349) long performance history in the pharmaceutical industry, common management, financial support and available relevant workforce.
However, the company's high project debt equity ratio, its foray into the hospital business and growing competition in the healthcare sector constrain the rating.
Future rating actions will be contingent on the project's timely completion, the company's ability to stabilise its business and achieve sustainable operational growth and persistent support from its parent.
(INR 100.0 = USD 2.030/EUR 1.483)
Federal Bank Q2 Net up 36 pc to Rs.1910.000 Millions
Press Trust of India
20 October 2011
Mumbai, October 21 2011 (PTI) -- Private sector Federal Bank today reported a 36 per cent jump in its net profit to Rs.1911.600 Millions for the second quarter ended September 30, 2011, over Rs.1404.000 Millions in the year-ago period, Federal Bank said in a filing to the BSE.
The total income of the lender also increased to Rs 14847.900 Millions during the quarter from Rs 11223.800 Millions over the corresponding period last year.
Panacea posts Q2 net loss of Rs 336.400 Millions. Panacea Biotec today posted a net loss of Rs 336.400 Millions for the second quarter ended September 30, 2011, against Rs 168.700 Millions for the quarter ended September 30, 2010, Panacea Biotec said in a filing to the BSE.
Total income of the company stood at Rs 2287.700 Millions for the quarter ended September 30, 2011, compared to Rs 2562.400 Millions for the corresponding period last fiscal.
Panacea Biotec Joint MD Rajesh Jain said, "The current performance has been affected by the delisting of pentavalent vaccine from the WHO's list of pre-qualified vaccines following a routine site audit by a WHO team in July 2011."
Atul Q2 Net declines 45.7 pc to Rs 159.900 Millions. Chemicals maker Atul Limited today said its net profit has declined 45.75 per cent to Rs 159.900 Millions in the second quarter ended September 30, 2011, over Rs 294.800 Millions in the year-ago period, the company said in a filing to the BSE.
Total income of the company increased to Rs 4612.900 Millions in the quarter under review, from Rs 3958.900 Millions in the same period previous year, it said.
3i Infotech Net dips by 60pc to Rs 252.400 Millions IT company 3i Infotech today posted a 60 per cent decline in its net profit to Rs 252.400 Millions for the quarter ended on September 30, 2011, compared to Rs 639.700 Millions in the same period last year.
The net sales of the company for reported quarter declined by 22.64 per cent to Rs 4977.000 Millions, compared to Rs 6433.800 Millions in the year-ago period. PTI AKT PRS YB MR 10212217
AS PER WEB DETAILS
PROFILE
Subject is
The vaccines portfolio consists of
oral polio vaccines (type I and type III), Enivac-HB (Hepatitis B vaccine), Enivac-HB Safsy, Ecovac-4
(DTwP+Hep B), Easyfour
(DTwP+Hib), Easyfive (DTwP+Hep B+Hib).
Vaccines in the offing are- Anthrax, Dengue, Japanese encephalitis and several
others. Subject has earned the distinction of being a WHO pre-qualified supplier of oral polio and Hepatitis-B vaccines
and are in the process of obtaining similar pre-qualifications for other
vaccines. Panacea Biotec is contributing in disease prevention and
reducing the child mortality.
Ardent Research and Development
efforts have always been a great strength of subject. The main research areas are New Chemical Entities (NCE),
New Biological Entities (NBE) Novel Drug Delivery System (NDDS) based
pharmaceutical formulations, Novel peptides and human monoclonal antibodies and
Vaccine development. The company has developed four distinguished, ultra modern, state-of-art R and D centers in
different locations, having internal capabilities for constant research, with
over 200 highly professional and skilled scientists engaged in various aspects
of research.
Focused research efforts have led
to grant of worldwide product patents
valid in over 60 countries for Subject. As on March, 2007, the company
had filed 490 patent applications in various parts of the world including
The exclusive products based on
patented Drug Delivery System include Panimun
Bioral (Cyclosporine), Willgo,
ThankGod (for comprehensive
management of haemorrohoids), Xeed
(anti-tubercular FDC with innovative Drug Delivery for optimum bioavailability
of Rifampicin), Nimulid Safeinject,
Nimulid MD, Nimulid Transgel.
Commencing fiscal 2008, the
company plans for international marketing of novel NDDS based pharmaceutical
formulation products to the international markets, like USA, U.K., Germany,
France, Latin American countries
and Italy through marketing collaborations and are on the look out for partners
for distribution and marketing.
Subject is the third largest biotechnology company
(as per ABLE Survey, 2006), as well as among the top 50 pharmaceutical
companies (as per ORG IMS July 2006) of
Subject has identified brand
building in exports as its thrust area and it has significant presence in the
global markets including the CIS, Africa, the Middle East and
Subject has significant collaborations and joint ventures with
leading national and international research organizations and corporations.
With Cambridge Biostability Limited,
The company has ultra modern, state-of-art production facilities
at Baddi (Himachal Pradesh), Larlu (Punjab) and
Subject has established a
countrywide sales and marketing network in India through a vibrant sales force
of more than 1,000 professionally trained and highly motivated marketing and
sales professionals and efficient logistic network of 23 sales depots/carrying
and forwarding agents all over India to make its products available at all
places and at all times.
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.50.56 |
|
|
1 |
Rs.80.30 |
|
Euro |
1 |
Rs.68.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
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 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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.