MIRA
INFORM REPORT
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Report Date : |
04.10.2011 |
IDENTIFICATION DETAILS
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Name : |
RANBAXY LABORATORIES LIMITED |
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A-41, Industrial
Area Phase VIII-A, Sahibzada Ajit Singh Nagar, Mohali – 160 071, |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
16.06.1961 |
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Com. Reg. No.: |
16-003747 |
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Capital
Investment / Paid-up Capital : |
Rs.2105.200
millions |
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CIN No.: [Company Identification
No.] |
L24231PB1961PLC003747 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PTLR10986D PTLR11862E |
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Legal Form : |
A Public Limited
Liability Company. The Company’s Shares are Listed on the Stock Exchange. |
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Line of Business
: |
Manufacturer and Seller of Pharmaceuticals and Active Pharmaceuticals
Ingredients. |
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No. of Employees
: |
Approximately
13420 (Including its subsidiaries) |
RATING & COMMENTS
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MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 210000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject is a well established and a reputed company having good track.
Financial position of the company appears to be sound. Directors are reported
to experienced an 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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
A-41, Industrial Area Phase VIII-A, Sahibzada Ajit Singh Nagar, Mohali
– 160 071, |
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Tel. No.: |
91-172-2271450/ 5013655 |
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Fax No.: |
91-172-2226925/ 5013376 |
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E-Mail : |
corporate.communications@ranbaxy.com
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Website : |
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Head Office : |
12th Floor, |
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Tel. No.: |
91-11-26452666/ 26237508 |
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Fax No.: |
91-11-26225987 |
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E-Mail : |
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Corporate Office : |
Plot No.90, Sector 32, Gurgaon - 122 001, |
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Tel. No.: |
91-124-4135000 |
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Fax No.: |
91-124-4135001/ 4106490 |
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E-Mail : |
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Regional Head Quarters: |
Located at: v
Gurgaon [ v
v
v
v
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Marketing Offices |
Located at: v v v v v v v v Yangon [ v v Almaty [ v v v v |
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Research and |
Plot No.20, Sector - 18, Udyog Vihar Industrial Area, Gurgaon – 122
001, |
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Tel. No.: |
91-124 2342001-10 |
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Fax No.: |
91-124-2343545 |
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E-Mail : |
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Plant 1: |
A-8-11,
Industrial Area Phase- III, Sahibzada Ajit Singh Nagar, Mohali - 160 055, |
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Plant 2: |
Village Toansa,
P.O. Railmajra, District Nawansahar – 144 533, |
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Plant 3: |
A-41, Industrial
Area Phase VIII-A, Sahibzada Ajit Singh Nagar, Mohali – 160 071, |
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Plant 4: |
Industrial Area
3, |
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Plant 5: |
Village and PO
Ganguwala, Tehsil Paonta Sahib, District Sirmour - 173 025, |
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Plant 6: |
Village Batamandi,
Tehsil Paonta Sahib, District Sirmour - 173 025, |
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Plant 7: |
E-47/9, Okhla
Industrial Area, Phase-II, Okhla, |
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Plant 8 : |
Plot No. B-2,
Madkaim Industrial Estate, Ponda, |
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Plant 9 : |
K-5, 6,7,
Ghirongi, Malanpur, District Bhind - 477 116, |
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Plant 10 : |
Plot No. 1341
and 1342, EPIP-1, Hill Top Industrial Area, Village-Bhatolikalan
(Barotiwala), Baddi – 174 103, |
DIRECTORS
AS ON 31.12.2010
|
Name : |
Dr. Tsutomu Une |
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Designation : |
Chairman |
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Name : |
Mr. Takashi Shoda |
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Designation : |
Director |
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Name : |
Dr. Anthony H. Wild |
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Designation : |
Director |
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Name : |
Mr. Akihiro Watanabe |
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Designation : |
Director |
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Name : |
Mr. Percy K. Shroff |
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Designation : |
Director |
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Name : |
Mr. Rajesh V. Shah |
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Designation : |
Director |
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Name : |
Mr. Arun Sawhney |
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Designation : |
Managing Director |
KEY EXECUTIVES
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Name : |
Mr. S. K. Patawari |
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Designation : |
Company Secretary |
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Name : |
Mr. Pushpinder Bindra |
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Designation : |
President and Chief Technical Officer |
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Name : |
Mr. Peter Burema |
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Designation : |
President-Corporate Development |
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Name : |
Mr. Dipak Chattaraj |
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Designation : |
President-Corporate Development |
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Name : |
Mr. Himadri Sen |
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Designation : |
President-Research and Development-Generics and NDDS |
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Name : |
Mr. Brijesh Kapil |
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Designation : |
Director-RGCH |
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Name : |
Mr. R. S. Bakshi |
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Designation : |
Chief Medical Officer |
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Name : |
Mr. Sushil K. Patawari |
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Designation : |
Compliance Officer, Company Secretary |
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Name : |
Mr. Satish Chawla |
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Designation : |
Vice President-Internal Audit |
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Name : |
Mr. Raghunandan Kochar |
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Designation : |
Director-Corporate Communications |
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Name : |
Mr. Ramesh L. Adige |
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Designation : |
Executive Director, Corporate Affairs and Global Corporate
Communications |
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Name : |
Mr. Sanjeev Dani |
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Designation : |
Director-Asia and Corporate Information System |
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Name : |
Mr. Pradip Bhatnagar |
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Designation : |
Senior Vice President-New Drug Discovery Research |
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Name : |
Mr. Naresh Kumar |
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Designation : |
Senior Vice President - API Research, Manufacturing and Business |
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Name : |
Mr. S. C. Agrawal |
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Designation : |
Vice President |
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Name : |
Mr. Ranjan Chakravarti |
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Designation : |
Regional Director - Africa and |
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Name : |
Mr. Jay Deshmukh |
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Designation : |
Senior Vice President-Intellectual Property |
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Name : |
Mr. Nick Hagger |
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Designation : |
Regional Director - |
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Name : |
Mr. Ramesh Parekh |
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Designation : |
Vice President |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2011
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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-- |
-- |
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268,711,323 |
64.88 |
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268,711,323 |
64.88 |
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Total shareholding of Promoter and Promoter Group (A) |
268,711,323 |
64.88 |
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(B) Public Shareholding |
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8,300,015 |
2.00 |
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1,293,352 |
0.31 |
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40,628,700 |
9.81 |
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37,047,746 |
8.94 |
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87,269,813 |
21.07 |
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10,691,332 |
2.58 |
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42,540,659 |
10.27 |
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4,896,738 |
1.18 |
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69,754 |
0.02 |
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69,754 |
0.02 |
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58,198,483 |
14.05 |
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Total Public shareholding (B) |
145,468,296 |
35.12 |
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Total (A)+(B) |
414,179,619 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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7,183,611 |
- |
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7,183,611 |
- |
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Total (A)+(B)+(C) |
421,363,230 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal share
capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Pharmaceuticals and Active Pharmaceuticals
Ingredients. |
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Products : |
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PRODUCTION STATUS (AS ON 31.12.2010)
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Particulars |
Unit |
Installed Capacity |
Actual Production |
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Dosage forms |
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Tablets |
Nos. in million |
9,863.60 |
4,878.10 |
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Capsules |
Nos. in million |
3,078.00 |
1,593.77 |
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Dry syrups/Powders |
Bottles in
million |
78.00 |
34.32 |
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Ampoules |
Nos. in million |
48.00 |
107.82 |
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Vials |
Nos. in million |
35.00 |
46.61 |
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Liquids $ |
Kilolitres |
– |
898.82 |
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Drops $ |
Kilolitres |
– |
42.68 |
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Active pharmaceuticals ingredients and drugs intermediates |
Tonnes |
2,019.18 |
1,119.80 # |
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Ointments (including sprays) |
Tonnes |
* |
428.20 |
* In different denominations than actual production.
# Inclusive of production used for captive consumption.
$ Installed capacity is not given as the same
is manufactured by loan licensees.
NOTES:
1. In terms of
press Note no 4 (1994 series) dated October 25, 1994 issued by the department of
Industrial Development, Ministry of Industry, Government of India and
Notification no. S.O. 137 (E) dated March 01, 1999 issued by the Department of
Industrial Policy and Promotion, Ministry of Industry, Government of India,
Industrial licencing has been abolished in respect of bulk drugs and
formulations. Hence there are no registered/ Licenced capacities for these bulk
drugs and formulations.
2. Installed
capacity being effective operational capacity has been calculated on a double
shift basis for dosage forms facilities and on a continuous basis for active
pharmaceuticals ingredients and drug intermediates, it may vary according to
the production mix. In addition, installed capacities does not include the
installed capacity in relation to dosage forms manufactured at loan licencees.
3. Actual production includes production at loan licencee locations.
GENERAL INFORMATION
|
No. of Employees : |
Approximately
13420 (Including its subsidiaries) |
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Bankers : |
v
ABN Amro Bank NV v
Standard Chartered Grindlays Bank Limited v
Bank of v
The Hong Kong and Shanghai Banking Corporation
Limited (Hongkong Bank), Mercantile House, 15, Kasturba Gandhi Marg, v
Calyon Bank v
ANZ Grindlays Bank PLC, Vereinigtes Konigreich v
Credit Agricole CIB v
Royal Bank of v
Citibank NA v
Deutsche Bank AG v
v
Punjab National Bank v
Standard Chartered Bank |
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Facilities : |
NOTES : These loans are
borrowed against working capital facilities sanctioned by scheduled banks. The Company has
created a charge, on pari–passu basis, by hypothecation of the current assets
(both present and future) of the Company.
NOTES : * The Company
has outstanding FCCBs aggregating to US $ 440 million. The bondholders have
an option to convert FCC Bs into equity shares of the Company at a price of Rs.
716.32 per share (subject to adjustment, if any) with a fixed exchange rate
of Rs. 44.15 per US $ at any time on or after 27 April 2006 but before 9
March 2011. Further, these FCCBs may be redeemed, in whole, at the option of
the Company at any time on or after 18 March 2009, but on or before 6
February 2011, subject to the satisfaction of certain conditions. These FCCBs
are redeemable on 18 March 2011, at a premium of 26.765 percent (net of
withholding tax) of their principal amount unless previously converted,
redeemed, purchased or cancelled. # Loans due for repayment within one year:
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Banking
Relations : |
-- |
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Statutory
Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
Building No.10,
8th Floor, Tower-B, |
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Memberships : |
Confederation of Indian Industry |
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Holding company (also being the ultimate holding company) : |
Daiichi Sankyo Company Limited, |
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Fellow Subsidiary : |
Daiichi Sankyo India Pharma Private Limited, |
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Subsidiaries including step down subsidiaries/ partnership firms
(domestic) : |
v
Ranbaxy Drugs and Chemicals Company v
Solus Pharmaceuticals Limited v
Ranbaxy SEZ Limited v
Rexcel Pharmaceuticals Limited v
Gufic Pharma Limited v
Ranbaxy Life Sciences Research Limited v
Ranbaxy Drugs Limited v
Vidyut Investments Limited v
Solrex Pharmaceuticals Company (a Partnership
firm) |
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Subsidiaries including step down subsidiaries (overseas) : |
v
Ranbaxy ( v
Ranbaxy (Hong Kong) Limited, v
Ranbaxy Inc., v
Ranbaxy v
Ranbaxy ( v
Ranbaxy v
Ranbaxy Signature, LLC. v
Ranbaxy PRP( v
Ranbaxy Australia Pty Limited, v
Lapharma v
Ranbaxy Unichem Company Limited, v
Ranbaxy USA, Inc., v
Ranbaxy v
Ranbaxy ( v
Be-Tabs Investments (Proprietary) Limited, v
Ranbaxy v
Ranbaxy NANV, The Netherlands (upto 17 November
2010) v
Ranbaxy ( v
Ranbaxy ( v
Ranbaxy Europe Limited, v
Ranbaxy ( v
Basics v
ZAO v
Terapia v
Ranbaxy Pharmaceuticals, Inc., v
Ranbaxy Laboratories Inc., v
Ohm Laboratories, Inc., v
Ranbaxy Hungary Kft, v
Terapia Distributie S.R.L., v
Ranbaxy v
Office Pharmaceutique Industriel et Hospitalier
SARL, France v
Ranbaxy Ireland Limited, v
Ranbaxy ( v
Ranbaxy Holdings ( v
Ranbaxy Do v
Laboratorios Ranbaxy, S.L., v
Ranbaxy Vietnam Company Limited, v
Ranbaxy Pharmacie Generiques SAS, France v
Ranbaxy Pharmaceuticals Canada Inc., v
Sonke Pharmaceuticals (Pty) Limited, v
Ranbaxy v
Ranbaxy v
43 Ranbaxy v
Ranbaxy Beligium N.V., v
Be-Tabs Pharmaceuticals (Proprietary) Limited v
Rexcel |
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Joint Venture (Overseas) : |
Nihon
Pharmaceuticals Industry Company Limited, |
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Associates (Domestic) : |
v
Zenotech Laboratories Limited v
Shimal Research Laboratories Limited |
CAPITAL STRUCTURE
AFTER 09.05.2011
Authorised Capital : Rs.3000.000 millions
Issued, Subscribed & Paid-up Capital : Rs.2107.535
millions
AS ON 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
598000000 |
Equity Shares |
Rs.5/- each |
Rs.2990.000 millions |
|
100000 |
Cumulative Preference Shares |
Rs.100/- each |
Rs.10.000 millions |
|
|
Total |
|
Rs.3000.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
421040693 |
Equity Shares |
Rs.5/- each |
Rs.2105.200
millions |
NOTES:
1. Issued,
subscribed and paid up capital includes:
[i] 293,698,988 equity
shares of Rs. 5 each allotted as fully paid bonus shares by capitalisation out
of share premium and reserves.
[ii] 6,562,308
equity shares of Rs. 5 each allotted as fully paid up pursuant to a contract
without payment being received in cash.
[iii] 6,332,219
Global Depository Shares (GDSs) representing 6,332,219 equity shares of Rs. 5
each constituting 1.50% of the issued subscribed and paid-up share capital of
the Company.
2. 268,711,323
equity shares of Rs. 5 each are held by Daiichi Sankyo Company Limited,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2105.200 |
2102.090 |
2101.850 |
|
|
2] Equity share warrants |
0.000 |
1756.590 |
1756.590 |
|
|
3] Share application money pending allotment |
65.960 |
1.950 |
0.000 |
|
|
4] Reserves & Surplus |
49152.760 |
37485.42 |
33309.220 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
51323.920 |
41346.050 |
37167.660 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1953.850 |
1758.270 |
2422.720 |
|
|
2] Unsecured Loans |
40653.300 |
31725.530 |
34565.270 |
|
|
TOTAL BORROWING |
42607.150 |
33483.800 |
36987.990 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
93931.070 |
74829.850 |
74155.650 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
17121.180 |
15934.050 |
14566.780 |
|
|
Capital work-in-progress |
3301.820 |
4149.160 |
4287.660 |
|
|
|
|
|
|
|
|
INVESTMENT |
38044.370 |
38336.900 |
36180.280 |
|
|
DEFERRED TAX ASSETS |
0.000 |
4199.080 |
10627.380 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
14899.060
|
12304.820 |
11985.190 |
|
|
Sundry Debtors |
12926.320
|
15346.480 |
10245.350 |
|
|
Cash & Bank Balances |
27122.820
|
7541.240 |
19349.390 |
|
|
Other Current Assets |
3205.970
|
1558.740 |
1345.540 |
|
|
Loans & Advances |
11498.550
|
9648.160 |
6745.270 |
|
Total
Current Assets |
69652.720
|
46399.440 |
49670.740 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
12447.760
|
9075.100 |
8115.380 |
|
|
Other Current Liabilities |
12463.060
|
17483.340 |
27564.360 |
|
|
Provisions |
9278.200
|
7630.340 |
5497.450 |
|
Total
Current Liabilities |
34189.020
|
34188.780 |
41177.190 |
|
|
Net Current Assets |
35463.700
|
12210.660 |
8493.550 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
93931.070 |
74829.850 |
74155.650 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating income |
56721.020 |
47827.600 |
44721.470 |
|
|
|
Other Income |
10017.820 |
6047.400 |
2086.640 |
|
|
|
TOTAL (A) |
66738.840 |
53875.000 |
46808.110 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials consumed |
21709.340 |
20480.280 |
20453.610 |
|
|
|
Personnel expenses |
7761.380 |
7284.040 |
6087.860 |
|
|
|
Operating and other expenses |
14712.200 |
13614.820 |
15715.500 |
|
|
|
Provision for diminution in value of long term investments |
4078.000 |
0.000 |
0.000 |
|
|
|
Net foreign exchange loss (other than on loans) |
0.000 |
0.000 |
10264.460 |
|
|
|
Exchange (Gain)/ Loss (net) on loans |
0.000 |
0.000 |
7474.520 |
|
|
|
TOTAL (B) |
48260.920 |
41379.140 |
59995.950 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
18477.920 |
12495.860 |
(13187.840) |
|
|
|
|
|
|
|
|
|
Less |
INTEREST
EXPENSES (D) |
541.940 |
394.660 |
1458.280 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
17935.980 |
12101.200 |
(14646.120) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2283.530 |
1482.030 |
1544.690 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
15652.450 |
10619.170 |
(16190.810) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4165.190 |
4899.330 |
(5742.790) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
11487.260 |
5719.840 |
(10448.020) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2532.230) |
(8265.830) |
2162.690 |
|
|
|
|
|
|
|
|
|
|
Transfer from foreign projects reserve |
4.590 |
13.760 |
19.500 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend |
842.080 |
-- |
-- |
|
|
|
Tax on proposed dividend |
139.860 |
-- |
-- |
|
|
|
Transfer to general reserve |
1149.000 |
-- |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
6828.680 |
(2532.230) |
(8265.830) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of exports (excluding |
33603.180 |
27728.900 |
26817.320 |
|
|
|
Royalty/ Technical know-how and product development |
790.140 |
265.900 |
182.250 |
|
|
|
Dividend |
13.060 |
9.540 |
11.000 |
|
|
|
Others (Freight,
Insurance, Settlement Income, Provision Written Back etc.) |
3460.050 |
3360.170 |
1527.260 |
|
|
TOTAL EARNINGS |
37866.430 |
31364.510 |
28537.830 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
6426.470 |
6076.740 |
6148.990 |
|
|
|
Components and spares |
101.290 |
151.530 |
70.110 |
|
|
|
Capital Goods |
166.750 |
312.750 |
503.900 |
|
|
TOTAL IMPORTS |
6694.510 |
6541.020 |
6723.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
27.30 |
13.61 |
(27.29) |
|
|
|
- Diluted |
23.75 |
10.74 |
(27.29) |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
31.03.2011 |
30.06.2011 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
10958.050 |
12820.170 |
|
Total Expenditure |
|
11723.870 |
12318.450 |
|
PBIDT (Excl OI) |
|
(765.820) |
501.720 |
|
Other Income |
|
806.190 |
447.390 |
|
Operating Profit |
|
40.370 |
949.110 |
|
Interest |
|
128.130 |
148.270 |
|
Exceptional Items |
|
19.840 |
1117.940 |
|
PBDT |
|
(67.920) |
1918.780 |
|
Depreciation |
|
462.610 |
469.780 |
|
Profit Before Tax |
|
(530.530) |
1449.000 |
|
Tax |
|
(1.460) |
(54.750) |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
(529.070) |
1503.750 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
(529.070) |
1503.750 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
17.21
|
10.62 |
(22.32) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
27.60
|
22.20 |
(36.20) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.04
|
17.04 |
(25.20) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
30.50
|
0.26 |
(0.44) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.50
|
1.21 |
2.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.04
|
1.36 |
1.21 |
LOCAL AGENCY FURTHER INFORMATION
STATUS OF CASES
|
S. No. |
Diary No. / Case No. [STATUS] |
Petitioner Vs. Respondent Advocate |
Listing Bate Court No. |
|
|
|
|
|
|
1 |
CRL.M.C.
429/2009 [PENDING] |
Gurpreet Singh Vs.
M/S Ranbaxy Laboratory Limited and Anr. Advocate: Ashish
Upadhayay |
Court No. :31 Last Date :
16/04/2009 |
HISTORY
Incorporated
in June 1961 as a private limited company, subject manufactures and markets pharmaceutical
dosage forms (for human health care), animal health care products, bulk drugs
and intermediates, diagnostics, laboratory chemicals and reagents. It is the
largest exporter of bulk drugs and pharmaceutical dosage forms in
Subject
has three successful overseas joint ventures in
In
1997-98, it entered into a 50:50 joint venture with the New Jersey-based Schein
Pharmaceuticals Inc, the generics arm of Bayer AG,
It
theynt public in October 1993 to part-finance manufacturing facilities of bulk
fluoroquinolones at Dewas, MP; and dosage forms at Paonta Sahib, Himachal
Pradesh. For easier access to the European markets, the company bought a drug
firm in
In
June 2001, Subject is a Netherlands B.V, a wholly owned subsidiary of Ranbaxy
Laboratories and Vectura (
In
May 2002, the company has filed an Investigational New Drug (IND) application
of its molecule, RBx 7644 (Ranbezolid), an extended spectrum Oxazolidinone,
with the Drugs Controller General of India (DCGI). Worldwide, this is the
second anti-bacterial molecule of oxazolidinone class of compounds; but is the
first going into clinical investigations with an extended spectrum of activity
both in solid and injectable form. The company has completed the developmental
activates for its 3 key products Cifran DD, Zanocin OD and Riomet OD.
Ranbaxy
Pharmaceuticals Inc., a wholly-owned subsidiary of the company has received
approval from US FDA to sell a version of the antibiotic amoxicillin in the
For
several years, it has consistently been winning export awards, the last one
being the top Trishul award from CHEMEXCIL in Nov.'92. The company has bagged
the prestigious National Safety Award for the year 2001 and 2002 and the same
has received during the September 2003. Also subject received the Economic
Times Award for Corporate Excellence-for the 'Company of the year' during the
October 2003.
The
company has signed an agreement during the year 2003 to acquire RPG (Aventis)
SA along with its fully owned subsidiary, OPIH SARL, in
The
company was the first to launch prescription products under its own label in
the
In
The
Company has increased its installed capacity of Tablets by 336.70
Nos./Millions, Capsules by 20.00 Nos./Millions, Dry Syrups/Powders by 3.00
Nos./Millions, Active Pharmaceuticals indegredients and drug intermediates by
180.67 Tonnes. With this expansion, the total installed capacity of Tablets,
Capsules, Dry Syrups/Powders, API has increased upto 4098.00 Nos/Millions,
1630.00 Nos/Millions, 27.20 Nos/Millions, 2058.02 Tonnes respectively.
BACKGROUND
Subject together
with its subsidiaries and associates, operates as an integrated international
pharmaceutical organisation with businesses encompassing the entire value chain
in the marketing, production and distribution of pharmaceutical products.
The Company’s
shares are listed for trading on the National Stock Exchange and the Bombay
Stock Exchange in
OPERATIONS
The Company
recorded consolidated sales of Rs.85,507 millions against Rs.73,441 millions in
the previous year, registering a growth of 16 %. The growth in turnover was
higher than the net growth registered by the Pharma industry in previous year.
Profit Before Tax stood at Rs. 23,217.21 millions against Rs.10,097.62 millions
for the previous year registering a growth of 130%. Profit after tax and
provision for diminution in value of investments in associates and minority
interest stood at Rs.14,967.51 millions against Rs.2,964.92 millions for the
previous year. Higher profits in the year are primarily on account of improved
gross margin levels due to changes in product mix, revenues from First to File
products in the
As the Company and
Daiichi Sankyo Company, Limited (DS), its holding Company, evolve in their
pursuit of the Hybrid Business Model to leverage their mutual strengths, many
opportunities in the front and back-end become available. The Company is
working on various such initiatives.
The Company is
continuously making sincere efforts for an early resolution of the issues
raised by USFDA and the Department of Justice,
CHANGES IN CAPITAL
STRUCTURE
Allotment of
shares on exercise of Employees’ Stock Options
During the year, the
Company allotted Equity Shares (on pari-passu basis) pursuant to exercise of
Stock Options by the eligible employees, as summarized below:
|
Date of Allotment |
No. of Shares |
|
January 13, 2010 |
105,888 |
|
April 13, 2010 |
144,956 |
|
July 12, 2010 |
85,955 |
|
October 8, 2010 |
286,536 |
SUBSIDIARIES AND
JOINT VENTURES
In view of the
business model of the Company in
With a view to
create a sustainable business base in North Africa, the Company has set up a wholly
owned subsidiary in
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Global
Pharmaceutical market sales for 2010 is expected to be around $840-850 Bn*
which reflects a growth of 4-5%. On a consolidated basis, the market is
expected to grow at a CAGR of 4-7% to cross $1 Tn in sales by 2014. More than
half of this increase (53%) in the Pharmaceutical market is expected to be
contributed by the Pharmerging** markets forecasted to grow at 14-17%, while
the rest is expected to come from the Developed*** markets which are forecasted
to grow at a CAGR of 2-5%.
For 2011, IMS
forecasts value of the Pharmaceuticals market between $880-890 Bn with a growth
rate of between 5-7%. The Pharmaceutical sales in the United States of America
is expected to be in the range of $320-330 Bn, with a growth rate of between
3-5% which will continue to be the single largest market in the world with ~37%
share. Sales in
The industry
continues to remain highly fragmented and fiercely competitive especially due
to increased genericisation. The Generics industry is at a critical point as it
has the opportunity to capitalize on the products going off patent, in the
short term, and, will thereafter face drying up of the First to File (FTF)
Opportunities in the coming years. As a part response to cope with the
challenges effectively, the industry has witnessed consolidation; this may be
replicated across the Global Pharma and Generics industry.
Mature markets
contribute to ~56% of the world Generics market currently, which is expected to
go down to 50% by 2020 per IMS. Here too, the Pharmerging markets will grow at
a significantly higher rate than the rest of the world; specifically by 2020,
it is estimated that half of the Generics market will be between
Generics
The Generics
segment of the Global Pharmaceutical market contributed $126 Bn, with a growth
of 11% during 2010; this is twice the growth of the total Pharmaceuticals
industry. Generics volume share in the world Pharma market also increased to
~50%. This trend is visible not only in the Developing markets but also in the
Mature markets; volume contribution from the
Contribution from
the Pharmerging markets has gone up with
The
Europe: The major European
markets contribute to 25% by value to the worldwide Generics industry and have
grown at 9% (CAGR) (2005-09) as compared to low single digit growth for the
Total Pharma industry. The Generics market growth is forecasted to slow down to
4% CAGR for 2009-14. Europe is evolving in a manner that it should now be
studied in terms of different clusters: one way is to look at the West and East
Europe markets separately another is to view some of the markets where
INN-Generic penetration is high versus some, where branded Generics continue to
be patronized.
OUTLOOK ON
OPPORTUNITIES
The Global Generics
industry has grown at 11% CAGR (2007-10) 2 times the growth of Global Pharma
and is expected to continue on its growth path aided by multiple factors
including (a)
With ground
presence in 46 countries that cover developed and emerging markets, multiple
exclusive FTF opportunities in the
To capitalize on
the Hybrid Business Model pioneered by Ranbaxy and Daiichi Sankyo, both the
companies are working together for mutual benefit. On the front end, Ranbaxy
continues to engage in promoting DS’s innovator products in global markets
including
The
As of December 31,
2010, the Company had 205 ANDAs filed with the USFDA, of which 135 have been
approved. Market size at innovator prices, of the pipeline of the Company’s
pending ANDAs, is ~$41 Bn. Of these, Ranbaxy believes that it has a
Paragraph-IV / First to File Status (FTF) on 7 applications.
Europe: The
With respect to
regulations etc.,
it has been able to tide through the difficulties and is in a stronger position
today. Furthering Ranbaxy’s presence in the region, Terapia Ranbaxy will cater
to a larger portion of the manufacturing requirement for
Key reasons for
this growth are the strong economic growth, healthcare infrastructure
expansion, rising incidence of chronic diseases and increase in healthcare
access in the extra urban and rural markets. Project “Viraat” was
conceptualized to accelerate Ranbaxy’s growth in the IPM and participate in its
growth momentum. “Viraat” is an all encompassing strategy that covers
augmenting field force, increasing coverage to the hitherto inadequately
catered to markets, including therapies and increase in number of launches. The
initiative should start to bear fruit in 2011.
Emerging
countries: Ranbaxy has a strong presence in the Emerging markets, with 50% of total
sales coming from the segment. The Company reaches out to countries in the
Asia-Pacific,
OUTLOOK ON
THREATS, RISKS AND CONCERNS
Other than the
risks faced by the Pharmaceuticals industry at large, the global Generics
business faces risk associated with patent litigation, regulatory issues and
product liability, especially in developed markets. Further, Innovator
pharmaceutical companies also continuously work on developing new ways to
enhance lifecycle of their patented drugs to delay entry of generic versions.
As more and more drugs go off-patent, the Generics space is also becoming more
competitive not just in the Developed world, but also in the Emerging
countries.
Manufacture of
pharmaceuticals is strictly regulated and controlled by authorities across the
world. Should Ranbaxy, or its third party suppliers fail to fully comply with
such regulations, there could be a government-enforced shutdown of concerned
production facilities, revocation of drug approvals previously granted, failure
or delay in obtaining approvals for new products, product recalls of existing drugs
sold in the market, prohibition on the sale or import of non-complying
products.
Regulators across
the world have become stricter, in respect of compliance to requirements with
even more severe consequences for non-compliance.
On its part, Ranbaxy
is working with the United States Food and Drug Administration (USFDA) which
has invoked its Application Integrity Policy (“AIP”) against the Paonta Sahib
manufacturing facility. The Company also faces challenges of import alert and
warning letters from the USFDA for certain alleged cGMP violations. The Company
continues to co-operate fully with the USFDA and the Department of Justice
towards a comprehensive resolution.
In the Indian
pharmaceuticals market, prices of certain pharmaceutical products is regulated
by the Drug Pricing
Policy through the
Drug Pricing Control Order, 1995 (DPCO). Ranbaxy has some pending legal cases
and in all the matters the Company has been granted orders from the respective
Courts in its favor so far.
Over three-fourths
of Ranbaxy’s turnover comes from Overseas. Thus, sharp movements in foreign
exchange rates can have a significant impact on the Company’s financial
results.
The
above-mentioned issues are being provided as disclosure in relation to the
matters by explaining the position.
SEGMENT-WISE
PERFORMANCE
The Company
recorded global sales of $1,868 Millions in 2010, a 20% growth at constant
foreign exchange rate over the preceding year. Emerging markets contributed
50%, while Developed markets, helped by higher sales due to the First to File
opportunity, contributed 44% to total sales. Dosage form sales accounted for
94% of sales.
FINANCIAL
PERFORMANCE
During the year,
the Company recorded consolidated global sales of Rs.85,507 Millions ($ 1,868
Millions), a growth of 16% in rupee terms. Operating margins improved when
compared with previous year on account of higher overall sales, close
management of cost, capitalizing on the FTF Opportunities and foreign exchange
earnings. Earnings before tax, share in loss of / diminution in the value of
investments in associates and minority interest were Rs. 23,217 Millions ($507
Millions) and Earnings after tax were Rs.14,968 Millions ($327 Millions).
COMMITMENTS, CONTINGENT LIABILITIES AND PROVISIONS: (As on 31.12.2010)
|
Particulars |
31.12.2010 (Rs. in
millions) |
|
i) Claims against the Company not acknowledged as debts, under
dispute: |
|
|
(a) DPCO * |
1952.900 |
|
(b) Letter of comfort on behalf of subsidiaries, to the extent of
limits |
2450.840 |
|
(c) Octroi tax matters ** |
171.000 |
|
(d) Other matters *** |
187.300 |
* The Company has
received demands for payment to the credit of the Drug Prices Equalisation
Account under Drugs (Price Control) Order, 1995 (DPCO) which is being contested
by the Company in respect of its various products. Further, the Company has
deposited Rs.325.590 millions under protest.
** The Company has
been contesting a case with the Municipal Corporation of Mohali (MCM) under
which
MCM is contesting
that Octroi has to be paid by the Company at 1% as against 0.5% being paid by
the Company. The amount above represents the difference payable.
*** These
represent cases pending at various forums on account of employee / worker
related cases, State electricity board, Punjab Land Preservation Act, etc.
ii) In respect of
matters in (b) to (d) above, the amount represents the demands received under
the respective demand/ show cause notices/ legal claims, wherever applicable.
iii) The Company,
directly or indirectly through its subsidiaries, severally or jointly is also
involved in certain patents and product liability disputes as at the year end.
Due to the nature of these disputes and also in view of significant uncertainty
of outcome, the Company believes that the amount of exposure cannot be
currently determinable.
v) Estimated
amount of contracts remaining to be executed on capital account and not
provided for (net of advances) – Rs.775.670 millions
UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH
JUNE, 2011
(RS.
IN MILLIONS)
|
Particulars |
Unaudited Quarter
ended 30 June |
Unaudited Six
Months ended 30
June |
|
2011 |
2011 |
|
|
Sales |
|
|
|
- Within |
5006.200 |
9489.490 |
|
- Outside |
7459.550 |
13573.530 |
|
Total Sales |
12465.750 |
23063.020 |
|
|
|
|
|
Less: Excise duty |
47.920 |
85.530 |
|
Net sales |
12417.830 |
22977.490 |
|
|
|
|
|
Other operating income (note 2) |
402.340 |
795.950 |
|
Total operating
income |
12820.170 |
23773.440 |
|
|
|
|
|
Expenditure |
|
|
|
Increase in stock in trade and work-in-progress |
(662.330) |
(1531.340) |
|
Consumption of materials |
4851.760 |
9824.760 |
|
Purchase of traded goods |
1457.640 |
2759.220 |
|
Employee cost (note 3) |
2272.160 |
4541.400 |
|
Depreciation, amortisation and impairment |
469.780 |
932.390 |
|
Other operating expenses |
4214.790 |
8033.550 |
|
Total
expenditure |
12603.800 |
24559.980 |
|
|
|
|
|
Profit/ (loss) from operations before other income, interest and
exceptional items |
216.370 |
(786.540) |
|
Interest and other income |
447.390 |
1253.580 |
|
Foreign exchange and derivative gain on loans, net (note 4) |
-- |
-- |
|
Profit/ (loss)
before interest and exceptional items |
663.760 |
467.040 |
|
Interest expense |
148.270 |
276.400 |
|
Foreign exchange and derivative gain on loans, net (note 4) |
184.430 |
409.950 |
|
Profit/ (loss)
after interest but before exceptional items |
331.060 |
(219.310) |
|
Exceptional
items |
|
|
|
- Profit on sale of investments/ (provision for diminution in the
value of investments) (note 5a) |
-- |
-- |
|
- Foreign exchange gain/(loss) (net) on foreign currency option
derivatives (note 5b) |
1117.940 |
1137.780 |
|
Profit/ (loss) from
ordinary activities before tax |
1449.000 |
918.470 |
|
Tax (benefit)/ expense, net |
(54.750) |
(56.210) |
|
Net profit/
(loss) from ordinary activities after tax |
1503.750 |
974.680 |
|
Paid - up equity share capital (Face value of Rs.5 each) |
2106.820 |
2106.820 |
|
Reserves excluding revaluation reserves |
-- |
-- |
|
|
|
|
|
(Loss)/ Earnings
per share (Rs.) |
|
|
|
Basic |
3.57 |
2.31 |
|
Diluted |
3.55 |
2.30 |
|
|
|
|
|
Public
shareholding # |
|
|
|
- Number of shares |
145468296 |
145468296 |
|
- Percentage of shareholding |
34.52% |
34.52% |
|
|
|
|
|
Promoters and
promoter group share holding |
|
|
|
a) Pledged /
encumbered |
|
|
|
- Number of shares |
NIL |
NIL |
|
- Percentage of shares (as a % of the total shareholding of promoter
and promoter group) |
-- |
-- |
|
- Percentage of shares (as a % of the total share capital of the
company) |
-- |
-- |
|
|
|
|
|
b) Non -
encumbered |
|
|
|
- Number of shares |
268711323 |
268711323 |
|
- Percentage of shares (as a % of the total shareholding of promoter
and promoter group) |
100% |
100% |
|
- Percentage of shares (as a % of the total share capital of the
Company) |
63.77% |
63.77% |
# Aggregate Public shareholding as defined under Clause 40A of the
Listing Agreement (excludes shares held by Promoters and promoters group
shareholding and GDRs)
NOTES:
1. Significant sales outside
2. Other operating income primarily comprises
export benefits, income arising out of milestone payments, patent/ exclusivity
settlements and non-compete fee.
3. Employees’ cost for the quarter and six
months ended 30 June 2011 includes a prior period expense amounting to
Rs.57.720 millions and Rs.117.200 millions respectively.
4 Foreign exchange and derivatives loss/ gain
on loans, net represents exchange difference on foreign currency borrowings
including Foreign Currency Convertible Bonds and mark to market loss/ gain
(net) on outstanding derivatives (including interest rate swaps) relating to
loans.
5. (a) There are no exceptional items in the
current period. Exceptional items for the quarter and six months ended 30 June
2010 included profit on sale of long-term investment and for year ended 31
December 2010 includes provision for diminution in the value of a long term
investments amounting to Rs.4078.000 millions and netted for profit on sale of
quoted shares (long-term investment) amounting to Rs.2255.030 millions.
(b) Exceptional items represent foreign
exchange gain (net) on foreign currency option derivatives (other than
derivatives relating to loans) which are accounted in accordance with
Accounting Standard 30, Financial Instruments: Recognition and measurement.
6. The research and development expenses is
classified under respective heads according to the nature of expense. The
aggregate amount of such expenses (excluding depreciation) for all periods
presented is set out below:
(Rs.
in millions)
|
Particulars |
Unaudited Quarter
ended 30 June |
Unaudited Six
Months ended 30
June |
|
2011 |
2011 |
|
|
Research and development expenses |
1214.590 |
2244.050 |
7. The Company continues to co-operate, for an
effective resolution, with:
(a) the Food and Drug Administration of the
United States of America (US FDA) for import alert and warning letters issued primarily
relating to Good Manufacturing Practice for some of the products manufactured
at certain manufacturing facilities of the Company in India and, Application
Integrity Policy against one of its manufacturing facilities in India; and
(b) the Department of Justice (DOJ) of the
United States of America (USA) regarding certain charges relating to possible
issues with data submitted by the Company in support of products filings.
In response to the qualification given by the
auditors in the previous quarter in respect of the matter, the management
believes that at present there is significant uncertainty about the outcome of
the above mentioned matters and therefore, no provision has been made in the
books.
STATEMENT OF
ASSETS AND LIABILITIES ARE GIVEN BELOW:
(RS.
IN MILLIONS)
|
Particulars |
Unaudited As at 30 June 2011 |
|
Shareholders’ Fund |
|
|
a) Capital |
2106.820 |
|
b) Share application money pending allotment |
26.700 |
|
b) Reserves and Surplus |
50039.510 |
|
Loan Funds |
27674.450 |
|
|
|
|
TOTAL |
79847.480 |
|
|
|
|
Fixed Assets |
20947.750 |
|
|
|
|
Investments |
34578.370 |
|
|
|
|
Deferred tax assets (net) |
0.000 |
|
|
|
|
Current Assets, Loans and Advances |
|
|
a) Inventories |
16321.320 |
|
b) Sundry Debtors |
9206.590 |
|
c) Cash and Bank Balances |
9320.830 |
|
d) Other Current Assets |
2253.650 |
|
e) Loans and Advance |
11722.090 |
|
Less Current Liabilities and Provisions |
|
|
a) Liabilities |
21811.490 |
|
b) Provisions |
2691.630 |
|
|
|
|
TOTAL |
79847.480 |
9. On exercise of Employees Stock Options,
143,696 equity shares have been allotted on 12 July 2011. The total number of
Employees Stock Options outstanding as at 30 June 2011 were 6,825.278, out of which
4,678,923 have vested. The entitlement of shares on exercise of stock options
granted on or before 3 October 2002 would increase in the proportion of 3:5,
keeping in view the issue of bonus shares on 11 October 2002.
10. Dividend @ Rs. 2 per equity share of Rs. 5
each for the year ended 31 December 2010 amounting to Rs.979.440 millions
(including tax on dividend) as approved by the shareholders in the Annual
General Meeting held on 9 May 2011 was paid to the shareholders on 16 May 2011.
11. The Company’s business activity falls
within a single primary business segment viz. ‘Pharmaceutical’.
12. Status of investor complaints: a) Pending
as on 31 March 2011-1; b) Received during the quarter-30; c) Disposed off
during the quarter-3l; d) Pending as on 30 June 2011 -nil.
13. Figures for previous periods have been
regrouped and recasted, wherever necessary, to make them comparable with the
figures of the current period.
14. The above results were reviewed by the
Audit Committee on 4 August 2011 and approved by the Board of Directors at
their meeting held on 5 August 2011 and have undergone a “Limited Review” by
the Statutory Auditors of the Company.
FIXED ASSETS
Tangible assets
v
Land
– Freehold
– Leasehold
v
Buildings
v
Plant and machinery
v
Furniture and fixtures
v
Vehicles
Intangible assets
v
Product development
v
Patent rights, trade marks, designs and Licences
v
Computer software
v Non-compete fee
WEBSITE DETAILS:
BUSINESS DESCRIPTION
Subject
is an integrated international pharmaceuticals company. The Company is engaged
in the marketing, production and distribution of pharmaceuticals products. It
operates in two segments: pharmaceuticals and other business. Pharmaceuticals
segment comprises manufacture and trading of formulations, active
pharmaceuticals ingredients (API) and intermediate, generics, drug discovery
and consumer health care products. Other business comprises rendering of
financial services. The Company has manufacturing facilities in eight
countries, namely
Manufacture and distribution of branded generic pharmaceuticals, including antibiotics, medicines and cosmetics; active pharmaceutical ingredients (APIs).
Subject,
pharmaceutical company, is an integrated, research based, international
pharmaceutical company, producing a wide range of quality, affordable generic
medicines, trusted by healthcare professionals and patients across geographies.
Ranbaxy today has a presence in 23 of the top 25 pharmaceutical markets of the world.
The company has a global footprint in 46 countries, world-class manufacturing
facilities in seven countries and serves customers in over 125 countries. In
June 2008, Ranbaxy entered into an alliance with one of the largest Japanese
innovator companies, Daiichi Sankyo Company Limited, to create an innovator and
generic pharmaceutical powerhouse. The combined entity now ranks among the top
20 pharmaceutical companies, globally. The transformational deal places Ranbaxy in a
higher growth trajectory and it will emerge stronger in terms of its global
reach and in its capabilities in drug development and manufacturing.
BOARD OF DIRECTORS
Tsutomu Une
Chairman
Dr. Tsutomu Une
has been appointed as Non-Executive Chairman of the Board of subject, with effect
from May 24, 2009.
Rajesh V. Shah
Non-Executive Independent Director
Shri. Rajesh V.
Shah was appointed as Non-Executive Independent Director of subject on December
19, 2008. He obtained his Master of Arts degree from the University of
Cambridge, UK and Master in Business Administration degree from the
Takashi Shoda
Non-Executive Non-Independent Director
Mr. Takashi Shoda
was appointed as Non-Executive Non-Independent Director of subject, on December
19, 2008. He is a graduate from Faculty of Pharmacy,
Percy K. Shroff
Non-Executive Independent Director
Mr. Percy K.
Shroff has been appointed as Non-Executive Independent Director of subject,
with effect from 27 March 2009.
Akihiro Watanabe
Non-Executive Independent Director
Mr. Akihiro Watanabe
is Non-Executive Independent Director of subject, since December 19, 2008.
Anthony H. Wild
Non-Executive Independent Director
Dr. Anthony H.
Wild is Non-Executive Independent Director of subject, since December 19, 2008.
FINANCIALS
Ranbaxy was incorporated in 1961 and went public in 1973. For the year 2010,
the Company recorded Global Sales of US $ 1868 Millions. The Company has a
balanced mix of revenues from emerging and developed markets that contribute
50% and 44% respectively. In 2009, North America, the Company's largest market
contributed sales of US $ 660 Millions, followed by Europe garnering US $ 272
Millions and Asia clocking sales of US $ 468 Millions.
PRESS RELEASES:
BENCHMARKS
TURN NEGATIVE AFTER OPTIMISTIC START
08 September 2011
BENCHMARKS
GAIN STRENGTH; SENSEX ADDS OVER 100 POINTS
08 September 2011
India, Sept. 08 -- Indian equity indices have gained
strength and are trading firm though just moderate decline in food inflation sparked
fears that RBI may not bent in fighting inflation despite weakening global
conditions. Market participants were seen piling up the positions in IT,
Capital Goods and TECk while selling was witnessed in FMCG sectors. Stocks like
Eicher Motors, Residency Projects, Gujarat Fluorochemicals, Esaar
RANBAXY
WILL SELL GENERIC LIPITOR IN
07 September 2011
MUMBAI (Nikkei)--Ranbaxy Laboratories Limited will release a generic version of the Lipitor blood cholesterol drug in the U.S. at the end of November as scheduled, a top official says, despite speculation that regulatory troubles will derail its plans.
There is "no change" to the timetable, said
Tsutomu Une, chairman of the board at the Indian generic-drug maker, in an
interview with The Nikkei in
Ranbaxy will have exclusive
Bans keeping Ranbaxy from exporting some products to the
On reports that the FDA may fine Ranbaxy more than 1 billion dollars, or roughly 80 billion yen, Une said the actual figure will likely be lower based on past cases.
Fines of 1 billion dollars "would hurt Ranbaxy severely, and the impact on Daiichi Sankyo will be large as well," he said.
Une also dismissed speculation that Ranbaxy will sell its
marketing rights to another firm. Lipitor is a blockbuster that generates
annual worldwide sales of roughly 11 billion dollars for Pfizer.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record exists
to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.42 |
|
|
1 |
Rs.76.72 |
|
Euro |
1 |
Rs.65.85 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
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 |
YES |
|
--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 |
|
64 |
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.