MIRA
INFORM REPORT
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Report Date : |
28.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
CADILA HEALTHCARE LIMITED |
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Registered Office : |
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Country: |
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Financials (as on): |
31.03.2011 |
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Date of Incorporation : |
15.05.1995 |
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Com. Reg. No.: |
04-025878 |
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Paid-up Capital : |
Rs.1024.000 millions |
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CIN No.: [Company Identification No.] |
L24230GJ1995PLC025878 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMC00020G |
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PAN No.: [Permanent
Account No.] |
AAACC6253G |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturer and Seller of Pharmaceuticals, Bulk Drugs, Formulations and Injectibles. |
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No. of Employees : |
3000 (approximately) |
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 83000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and a reputed company having good track. Financials position of the company appears to be sound. Directors are reported to be experienced, respectable and resourceful businessmen. Trade relations are fair. Business 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Vishal Thakkar |
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Designation : |
Account Department |
LOCATIONS
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Registered Office/Corporate Office : |
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Tel. No.: |
91-79-26770100 (EPBX) (20 Lines) / 26868100 / 26868235 |
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Fax No.: |
91-79-26732365 / 26732366 / 26862365 |
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E-Mail : |
investor.grievance@zyduscadila.com
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Website : |
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Corporate Office : |
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Tel. No.: |
91-79-2686 8100 (20 Lines) |
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Fax No.: |
91-79-2686 2365 / 66 |
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Website : |
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Factory 1 : |
Tel No. 91-79-23750331 / 36 / 36 Fax No. 91-79-23750319 Formulation
Unit:
·
S. No.417, 419 and 420, Village Moraiya,
Taluka Sanand, District Ahmedabad, ·
Kundaim Industrial Estate, Ponda, Goa – 403
401, · Village Saraj Mujra, P. O.– Baddi, Tehsil – Nalagarh, District – Solan, Himachal Pradesh, India Neutraceutical
Plant
5504, GIDC Estate,
Phase III, Vatva, Ahmedabad, SBI
Bulk Drug Unit
Plot No. 291, GIDC Industrial Estate, Ankleshwar – 393
002, District Bharuch, Tel No. 91-2646-220621/220719 Fax No. 91-2646-250672 |
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Zydus
Research Centre
Tel No. 91-22-27670224/27670225 Fax No. 91-22-27670223
Tel No. 91-79-23750802-05 Fax No. 91-79-23750606 |
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Business Development
Office : |
203/204, Neelkant Commercial Centre, Tel No. 91-22-28394690/28394698 |
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Branches : |
Khemka House, |
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Tel. No.: |
91-79-27410861 |
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API Units : |
·
GIDC Estate, Ankleshwar, ·
Patalganga, District Raigad – 410220, ·
Dabhasa, Tal. Padra, District Vadodara, |
DIRECTORS
As On 31.03.2011
|
Name |
Mr. Pankaj R.
Patel |
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Designation |
Chairman and
Managing Director |
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Name |
Mr. Mukesh M.
Patel |
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Designation |
Director |
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Name |
Mr. Pranlal
Bhogilal |
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Designation |
Director |
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Name |
Mr. Sharvil P. Patel |
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Designation |
Deputy Managing
Director |
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Address |
16, Azad Society,
Ambawadi, Ahmedabad – 380 015, |
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Name |
Mr. H. K. Bilpodiwala |
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Designation |
Director |
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Name |
Mr. Apurva S. Diwanji |
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Designation |
Director |
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Name |
Mr. Humayun Dhanrajgiri |
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Designation |
Director |
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Name |
Mr. Nitin
Raojibhai Desai |
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Designation |
Director |
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Name |
Mr. Apurva S.
Diwanji |
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Designation |
Non Executive
Independent Director |
KEY EXECUTIVES
|
Name |
Mr. Ramanbhai B.
Patel |
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Designation |
Founder |
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Address |
16, Azad Society,
Ambawadi, Ahmedabad – 380 015, |
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Name |
Mr. Upen H. Shah |
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Designation |
Company Secretary |
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Name |
Mr. Jyotindra B. Gor |
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Designation |
Chief Accountant Officer |
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Name |
Mr. Nitin D Parekh |
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Designation |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.06.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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153,134,446 |
74.79 |
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3,600 |
- |
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|
153,138,046 |
74.79 |
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Total shareholding of Promoter and Promoter Group (A) |
153,138,046 |
74.79 |
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(B) Public Shareholding |
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|
14,680,099 |
7.17 |
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|
8,524 |
- |
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|
13,335 |
0.01 |
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11,165,616 |
5.45 |
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11,693,100 |
5.71 |
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37,560,674 |
18.34 |
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3,719,522 |
1.82 |
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8,666,916 |
4.23 |
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1,348,288 |
0.66 |
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315,074 |
0.15 |
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315,074 |
0.15 |
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14,049,800 |
6.86 |
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Total Public shareholding (B) |
51,610,474 |
25.21 |
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Total (A)+(B) |
204,748,520 |
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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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
204,748,520 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 million
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of pharmaceuticals, bulk drugs, formulations and injectibles. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2011):-
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Tablets |
M. L. Nos. |
12084 |
7304 |
|
Capsules |
M. L. Nos. |
1138 |
916 |
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Injections |
K. Ltrs |
513 |
1264 |
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Dry Powder Injections |
Kgs |
200 |
5295 |
|
Liquids |
K. Ltrs |
0 |
485 |
|
Dry Syrups, Powder and Granuted |
Tonnes |
5800 |
524 |
|
Ointments |
Tonnes |
150 |
334 |
|
Suppositories |
M. L. Nos. |
8 |
17 |
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Bulk Drugs |
Tonnes |
907 |
633 |
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Lyophised Injections |
ML Nos. |
19 |
9 |
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Vaccines |
M. L. Dosages |
4 |
2 |
|
Aeroslos |
M. L. Nos. |
3 |
8 |
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Transdermals |
ML.Nos.3 |
5 |
0 |
[#] Includes Inter
unit Transfer 124 Tonnes [2009-10 - 121 Tonnes ] .
Note : Licensed
capacities not stated in view of abolition of Industrial licensing for all of
the above class of goods vide Notification No. F.NO. 10[11] / 92 - LP dated
25.10.1994, issued by Government of India.
GENERAL INFORMATION
|
No. of Employees : |
3000 (approximately) |
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Bankers : |
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Rs. In Millions
|
Secured Loans |
31.03.2011 |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
A 8.5% Secured Redeemable Non Convertible
Debentures Privately placed [ Redeemable at par on 04.12.2014 ] |
500.000 |
500.000 |
0.000 |
0.000 |
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B Loans and Advances from Banks |
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a) Term Loans |
750.000 |
750.000 |
0.000 |
447.000 |
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Working Capital Loans [Including
Packing Credit foreign currency loans of Rs. Nil {As at 31.03.2010 Rs.
526.000} Millions |
497.000 |
879.000 |
2050.000 |
1649.000 |
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C Term Loans
- External Commercial borrowings in Foreign Currency |
3570.000 |
3413.000 |
4317.000 |
3497.000 |
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Total |
5317.000 |
5542.000 |
6367.000 |
5593.000 |
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Securities for Loans: [A] Secured by
way of mortgage on a specific Trade Mark and land at Manipur. [B-a] Secured by
securities mentioned at [B-c][i] on “pari passu” basis with lenders referred
to at [B-c][i] and [B-c][iii] and further secured by hypothecation of a specific
Trade Mark of the Company. [B-b] Secured by
way of hypothecation of Inventories [ including goods in transit ], Bills
Receivables, Book-Debts and all other movables of the Company, including
documents of title to goods, excluding Plant and Machineries, both present
and future, to rank "pari passu" amongst banks. [B-c] Out of
External Commercial Borrowings in Foreign Currency : [ i ] Rs.
357.000 [ As at 31.03.2010 : Rs. 360.000 ] Millions are secured by first
equitable mortgage of immovable properties and hypothecation of movable
properties of the Formulation Unit of the Company at Moraiya, both present
and future, excluding current assets, to rank "pari passu" with
lenders referred to at [B-c][iii] and [B-a]. [ ii ] Rs. Nil [
As at 31.03.2010: Rs. 253.000 ] Millions are secured by mortgage of immovable
properties and hypothecation of movable properties of the API Unit-1 situated
at Ankleshwar, excluding current assets, both present and future. [ iii ] Rs.
892.000 [ As at 31.03.2010: Rs. 1138.000 ] Millions secured by hypothecation
of movable properties of the Formulation unit of the Company at Moraiya, both
present and future, excluding current assets to rank "pari passu"
with lenders referred to at [B-c][i] and [B-a] and further secured by
hypothecation of two specific Trade Marks of the Company. [ iv ] Rs.
446.000 [ As at 31.03.2010: Rs.449.000 ] Millions are secured by first
equitable mortgage of immovable properties and hypothecation of movable
properties excluding current assets, of the API Unit of the Company at
Dabhasa / Umraya, both present and future and a specific Trade Mark of the
Company. [ v ] Rs.
1205.000 [ As at 31.03.2010 : Rs. 1213.000 ] Millions secured by
hypothecation of two specific Trade Marks of the Company. [ vi ] Rs.
670.000 [ As at 31.03.2010 : Rs. Nil ] Millions secured by hypothecation of a
specific Trade Mark of the Company. |
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Rs. In Millions
|
Unsecured Loans |
31.03.2011 |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
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|
Short - term Loans: From Banks I Including foreign currency loans of
Rs.397 {As at 31.03.09: Rs.397 } Millions] |
0.000 |
0.000 |
1397.000 |
1362.000 |
|
Other Loans and Advances: |
|
|
|
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|
Interest free deemed loan against determent
of sates tax: From a Financial Institution [Rs. 56.000 {As at
31.03.2010: Rs. 70.000} Millions guaranteed personally by the Chairman and
Managing Director of the Company] |
56.000 |
70.000 |
349.000 |
193.000 |
|
Deferred Amount *Installments falling due
for payment within one year Rs. 72.000 Millions [As at 31.03.2010: Rs.
72.000] Millions |
229.000 |
291.000 |
85.000 |
240.000 |
|
From Others |
38.000 |
38.000 |
1.000 |
1.000 |
|
Total |
323.000 |
399.000 |
1832.000 |
1796.000 |
|
Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Mukesh M. Shah and Company Chartered Accountants |
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Address : |
3, H. K. House, Second Floor, |
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Associates/Subsidiaries : |
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Subsidiaries
: |
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Joint Venture Companies: |
·
Zydus Nycomed Healthcare Private Limited ·
Zydus BSV Pharma Private Limited ·
Zydus Hospira Oncology Private limited ·
Bayer Zydus Pharma Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
220000000 |
Equity Shares |
Rs.5/- each |
Rs.1100.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
204748520 |
Equity Shares |
Rs.5/- each |
Rs.1024.000
millions |
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Notes:
Of the above Shares:
[ A ] 133,919,637 [ As at 31.03.2010 : 133,919,637 ] Equity Shares were allotted as fully paid-up without payments being received in cash and 90,000,000 [ As at at 31.03.2010: 90,000,000 ] Equity Shares were extinguished pursuant to different Composite Schemes of Arrangement.
[ B ] 145,941,483 [ As at 31.03.2010: 77,691,976 ] Equity Shares were allotted as fully paid-up by way of Bonus Shares by capitalisation of Security Premium Account and General Reserve
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
|
1] Share Capital |
1024.000 |
682.000 |
682.000 |
628.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
19875.000 |
15539.000 |
11646.000 |
9910.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
20899.000 |
16221.000 |
12328.000 |
10538.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
|
1] Secured Loans |
5317.000 |
5542.000 |
6367.000 |
5593.000 |
|
|
2] Unsecured Loans |
323.000 |
399.000 |
1832.000 |
1796.000 |
|
|
TOTAL BORROWING |
5640.000 |
5941.000 |
8198.000 |
7389.000 |
|
|
DEFERRED TAX LIABILITIES |
1193.000 |
1149.000 |
1259.000 |
1224.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
27732.000 |
23311.000 |
21786.000 |
19151.000 |
|
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10366.000 |
9504.000 |
8369.000 |
7839.000 |
|
|
Capital work-in-progress |
2337.000 |
1429.000 |
1173.000 |
964.000 |
|
|
|
|
|
|
|
|
|
INVESTMENT |
6988.000 |
5989.000 |
5954.000 |
4427.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
|
Inventories |
4645.000 |
3808.000
|
3490.000
|
3310.000
|
|
|
Sundry Debtors |
4751.000 |
4008.000
|
3819.000
|
2825.000
|
|
|
Cash & Bank Balances |
424.000 |
282.000
|
256.000
|
190.000
|
|
|
Other Current Assets |
0.000 |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
5061.000 |
3677.000
|
2409.000
|
3355.000
|
|
Total
Current Assets |
14881.000
|
11775.000
|
9974.000
|
9680.000
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
Sundry Creditors |
4897.000 |
3760.000
|
2832.000
|
2430.000
|
|
|
Other Current liabilities |
139.000 |
121.000
|
103.000
|
346.000
|
|
|
Provisions |
1804.000 |
1517.000
|
1053.000
|
983.000
|
|
Total
Current Liabilities |
6840.000
|
5398.000
|
3988.000
|
3759.000
|
|
|
Net Current Assets |
8041.000
|
6377.000
|
5986.000
|
5921.000
|
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
FOREIGN CURRENCY MONETARY ITEMS TRANSLATION DIFFERENCE ACCOUNT |
0.000 |
12.000 |
304.000 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
27732.000 |
23311.0000 |
21786.000 |
19151.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
Income |
21762.000 |
18329.000 |
16985.000 |
16420.000 |
|
|
|
Other Income |
8018.000 |
6355.000 |
3067.000 |
1520.000 |
|
|
|
TOTAL (A) |
29780.000 |
24684.000 |
20052.000 |
17940.000 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
Consumption of Material and finished Goods |
8699.000 |
7679.000 |
6498.000 |
6313.000 |
|
|
|
General Expenses |
10879.000 |
8708.000 |
7174.000 |
6432.000 |
|
|
|
Research Expenses |
2543.000 |
1763.000 |
1582.000 |
1350.000 |
|
|
|
Exceptional Expenses |
0.000 |
0.000 |
128.000 |
48.000 |
|
|
|
TOTAL (B) |
22121.000 |
18150.000 |
15382.000 |
14143.000 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)
(C) |
7659.000 |
6534.000 |
4670.000 |
3797.000 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
318.000 |
431.000 |
880.000 |
326.000 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7341.000 |
6103.000 |
3790.000 |
3471.000 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
969.000 |
900.000 |
826.000 |
734.000 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
6372.000 |
5203.000 |
2964.000 |
2737.000 |
|
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
268.000 |
170.00 |
305.000 |
375.000 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
6104.000 |
5033.000 |
2659.000 |
2362.000 |
|
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3323.000 |
2030.000 |
1628.000 |
841.000 |
|
|
|
|
|
|
|
|
|
|
Add |
PURSUANT TO A
COMPOSITE SCHEME OF ARRANGEMENT |
0.000 |
0.000 |
38.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
|
Transfer to General Reserve |
1226.000 |
2500.000 |
1576.000 |
914.000 |
|
|
|
Transfer to Debenture Redemption Reserve |
100.000 |
100.000 |
0.000 |
0.000 |
|
|
|
Proposed Dividend |
1280.000 |
1024.000 |
614.000 |
565.000 |
|
|
|
Corporate Dividend Tax on Proposed Dividend |
146.000 |
116.000 |
105.000 |
96.000 |
|
|
BALANCE CARRIED
TO THE B/S |
6675.000 |
3323.000 |
2030.000 |
1628.000 |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
Export Earnings |
12111.000 |
9600.000 |
6434.000 |
0.000 |
|
|
|
Commission earnings |
0.000 |
0.000 |
0.000 |
62.000 |
|
|
|
Other Earnings |
906.000 |
735.000 |
912.000 |
795.000 |
|
|
TOTAL EARNINGS |
13017.000 |
10335.000 |
7346.000 |
857.000 |
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
Raw Materials |
1553.000 |
1329.000 |
1141.000 |
1087.000 |
|
|
|
Stores & Spares |
167.000 |
79.000 |
46.000 |
-- |
|
|
|
Capital Goods |
496.000 |
331.000 |
196.000 |
-- |
|
|
|
Spare Parts |
322.000 |
234.000 |
276.000 |
543.000 |
|
|
|
Finished Goods |
167.000 |
104.000 |
79.000 |
-- |
|
|
TOTAL IMPORTS |
|
2077.000 |
1738.000 |
1630.000 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
|
Basic and
Diluted EPS |
|
|
|
|
|
|
|
- Before
Exceptional Items |
NA |
36.87 |
20.42 |
19.19 |
|
|
|
- After
Exceptional Items |
NA |
36.87 |
19.48 |
18.80 |
|
|
|
Adjusted Basic
and Diluted EPS |
|
|
|
|
|
|
|
- Before
Exceptional Items |
29.81 |
24.58 |
13.61 |
NA |
|
|
|
- After
Exceptional Items |
29.81 |
24.58 |
12.99 |
NA |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
|
30.06.2011 1st
Quarter |
|
Net Sales |
|
|
|
7818.700 |
|
Total Expenditure |
|
|
|
5914.500 |
|
PBIDT (Excl OI) |
|
|
|
1904.200 |
|
Other Income |
|
|
|
86.500 |
|
Operating Profit |
|
|
|
1990.700 |
|
Interest |
|
|
|
68.700 |
|
PBDT |
|
|
|
1922.000 |
|
Depreciation |
|
|
|
249.700 |
|
Profit Before Tax |
|
|
|
1672.300 |
|
Tax |
|
|
|
143.000 |
|
Profit After Tax |
|
|
|
1529.300 |
|
Net Profit |
|
|
|
1529.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
20.50
|
20.38
|
13.26 |
13.17 |
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
29.28
|
28.38
|
17.45 |
16.67 |
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.24
|
24.50
|
16.16 |
15.62 |
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.32
|
0.24 |
0.25 |
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.60
|
0.69
|
0.98 |
1.05 |
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.18
|
2.19
|
2.50 |
2.57 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
The company was incorporated on 15.05.1995 at Ahmedabad in
Subject is the flagship of Zydus Cadila Group.
Subject was established in 1951. After an existence of four and a half decades subject restructured its operations in 1995, to keep pace with the new business environment. Subject, under the aegis of the Zydus Group came into existence with a focus on total healthcare solutions.
Two families, "the Patel's" and "the
Modi's", promoted the Cadila group of companies. The flagship company was
Cadila Laboratories. There were other companies named Cadila Chemicals, Cadila
Exports, Cadila Antibiotics and Cadila Veterinary Limited. In 1995, to pursue
their independent business philosophies a restructuring of the group was
carried out under which two companies were formed Cadila Laboratories Limited
(Modi's) and the subject.
The business was divided into two equal parts. After the restructuring the company embarked on a major marketing exercise, which helped it, catapult from 15th rank to 6th rank in the Indian Pharma industry. The promoters of the company, Mr. Ramanbhai Patel and Mr. Pankaj Patel are both well qualified in the field of Pharmaceuticals and have received several awards for their recognition.
In February, 2000 it came out with a pubic issue of 14886000 shares of Rs.5 each which included a book build portion of 13397400 equity shares of Rs.5 each and a fixed price portion of 1488600 equity shares at a premium of Rs.245/- per share.
The fund raised is proposed to utilise for financing new
formulations unit at Moraiya, near Ahmedabad and for expansion of bulk drug
unit at Ankleshwar,
The company’s operation include pharmaceuticals (human
formulations, veterinary formulations and bulkdrugs), diagnostics, herbal
products like skin care products and OTC products. Its formulation complex is
located at
The company has entered into a joint venture with USA based Onconova Teherapeuticsl Inc. a biopharmaceutical company specialising in the field of oncology (cancer research). This agreement provides for future collaboration on research manufacturing and marketing of products.
As a result of the merger of 4 companies the company has been rated as fourth largest Pharmaceutical company in the domestic formulations market with a market share of 3.80%.
Results of operations:
During the year, the
Company has scaled new heights and achieved milestone total revenues of one
billion dollar mark on consolidated basis. The consolidated sales grew by 25 %
during the year. On standalone basis, the Company has achieved sales of Rs.
22113.000 mn, showing a growth of 19.2 % compared to the previous year. The
PBIDT increased by 17.2 % to Rs. 7659.000 mn. The Profit before Tax was higher
by 22.5 % to Rs. 6372.000 mn. The Profit after Tax increased to Rs. 6104.000 mn
up by 21.3 % compared to Rs. 5033.000 mn in 2009-10. The Company achieved EPS
of Rs. 29.81 compared to Rs.24.58 in 2009-10, calculated on the enhanced
capital after the issue of Bonus Equity Shares. A detailed analysis of
performance for the year has been included in the Management Discussion and
Analysis, which forms part of the Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS: Economy and Industry Overview Global Economy and the Pharmaceutical Industry
As reported by the World Bank in the Global
Economic Prospects 2011, the real GDP of the global economy is estimated to
have expanded by 3.9% in 2010, led by a strong domestic demand in the
developing countries. The economic activities in most of the developing
countries, which experienced a downward trend following the global economic
crisis post 2008, have, or are close to having recovered. This has been
supported by a resurgence in the international and domestic financial flows and
a hike in commodity prices, which has helped economies of the developing
countries regain the growth rates close to those observed in the pre-crisis
period. Conversely, the recovery process in many high-income countries has been
weaker. The robust recovery process in the developing countries is quite
remarkable as it reflects a significant expansion of their domestic markets,
which contributed to 46% of the global growth in 2010. Going forward,
developing countries are expected to lead the growth journey and outpace
high-income developed countries in terms of economic growth. (Source: World
Bank Report on “Global Economic Prospects 2011”)
The global pharmaceutical industry is
estimated to have grown by over 4% in 2010, slower than the growth rate of over
5.5% in 2009 and approximately 5.9% average CAGR of the last five years. The
highly developed and mature pharmaceutical markets of North America, Europe and
Japan grew by less than 3% while the emerging markets of Asia, Africa and Latin
America, termed as the ‘Pharmerging’ markets, grew by over 14%. This shift can
be attributed to the low costs, rising income levels, better standards of
living and a favourable regulatory environment in these countries. These
markets are expected to play the role of the growth engine of the global
pharmaceutical industry in times to come.
Generic drugs continue to have a significant
share in the overall growth pie, outpacing the growth of patented drugs. Growth
in this segment has been propelled by various Government initiatives to promote
the use of these products over higher-priced or branded products. Generics have
not only amassed a critical scale in the world market, but have also generated
significant share of the prescription volume with a high penetration in several
key markets across the globe. This indicates that generics would grab a
dominant pie of the overall global pharmaceutical market going forward.
Factors such as increasing penetration of
generic drugs, patent expiry of ‘block-buster’ products and a declining R and D
productivity of ‘big pharma’ companies have led to a wave of consolidation,
partnerships and licensing arrangements in the global pharmaceutical space.
Indian Economy and the Pharmaceutical Industry
The fundamentals of the Indian economy
continued to remain strong during FY 10-11. The GDP is estimated to have grown
by 8.6% in 2010-11 as compared to 8% in 2009-10 which is remarkable considering
the muted growth globally. This growth has been witnessed across all the major
sub-sectors in the industry and services. Despite the sluggish growth in the
global markets, the employment opportunities continued to show an upward trend
in
Operating Highlights
The year 2010-11 has been a special one for
the Company as it marched ahead to achieve the goal of $1 bn in consolidated
revenues by March 2011. Four years ago when the Company set out to achieve the
billion, it added an important prefix to the goal and called it the ‘Healthy
Billion’ as it looked at achieving the billion dollar mark with an overall
improvement in business health parameters – growth, market share, productivity,
margins and returns and increase in value for all the stakeholders. The Company
ended the year on a high note as it entered the billion dollar league. It’s a
big leap, achieved through an all-round effort in terms of strengthening
existing businesses, building new capabilities and venturing into new
geographies. Here is an account of the initiatives and achievements of the
different business verticals in the ‘Healthy Billion’ year, 2010-11.
The Company’s formulations business in
During the year 2010-11, the Company’s
branded formulations business in
During the financial year 2010-11, the
Company made a foray into the new therapy segment of Hepatology with the launch
of the super specialty division – Zydus Heptiza. The Company continued its
focus on strengthening its pillar brands. 17 of the Company’s brands now feature
amongst the top 300 pharmaceutical brands in
During the year, the Company continued its
thrust on new product introductions and launched over 60 new products including
line extensions, of which, 24 were first in
During the year, the group entered into a
50:50 joint venture with Bayer HealthCare to set up Bayer Zydus Pharma Private
Limited, for the sales and marketing of pharmaceutical products in
International Formulations Business
US
The
The Company is present in the French and
Spanish generic pharmaceutical markets through its subsidiaries, Zydus France
SAS in
In
The Company is present in
Emerging
Markets of Latin America, Asia Pacific, Africa and the
As the geographic balance of the global
pharmaceutical market continues to shift towards the developing and the
emerging markets, which are expected to grow in double digits vis-ŕ-vis
developed markets which are expected to grow in the range of 3-5%, the emerging
markets are expected to drive over 70% of the market growth globally in the
times to come. The Company is present in these highly potential emerging
markets through its operations in the select countries of Latin America, Asia
Pacific, Africa and the
In
In keeping with the Company’s strategy to
consolidate its position as a global generics player, the Company entered the
Mexican pharmaceutical market by setting up its 100% subsidiary – Zydus
Pharmaceuticals Mexico S.A. de C.V. Valued at approx. $9 bn, the Mexican
pharmaceuticals market is growing at over 8% and offers a lot of potential.
Animal Health Business:
Zydus Animal Health Limited (ZAHL), which
spearheads the Company’s operations in the animal healthcare market, is one of
India’s leading companies in the animal health space with a strong market share
in several therapeutic areas, offering a wide range of drugs, feed supplements
and vaccines for livestock, companion animals and poultry. During the year
2010-11, ZAHL posted sales of Rs. 1390.000 millions., with a growth of 17%,
driven by robust growth in most of the segments. ZAHL continued to improve its
profitability through a better product mix, effective marketing strategies and
austerity measures. ZAHL has been at the forefront in providing technical
support to all its target customers and key stakeholders including farmers, pet
owners and veterinarians. During the year, ZAHL introduced 10 new products, of
which, one was first in
Alliances:
Zydus Nycomed Healthcare Private Limted.
Zydus Nycomed, the 50:50 JV between Zydus
and Nycomed for manufacturing of key starting materials (KSM) for Pantoprazole,
recorded sales of Rs. 1112.000 millions., during the year 2010-11, which
declined post the patent expiry of Pantoprazole in the US market (50% of JV’s
financials are reported in the Company’s consolidated financial statements).
During the year, Zydus Nycomed commissioned the newly expanded API
manufacturing facility at Navi Mumbai. Slated to emerge as a hub for global
supplies of APIs for Nycomed’s branded generic portfolio, the facility will
manufacture complex high-end APIs and would be audited by several regulatory
authorities. The commercial production and supply shall commence in the
forthcoming year.
Zydus Hospira Oncology Private Limited
Zydus Hospira Oncology Private Limited
(ZHOPL), the 50:50 JV between Zydus and Hospira Inc.,
Zydus BSV Pharma Private Limited
Zydus BSV Pharma Private Limited (ZBSV), the
50:50 JV set up in alliance with Bharat Serums and Vaccines Limited, owns
rights to a novel and patented product for use in Oncology. ZBSV also operates
in the generic oncology segment by way of contract manufacturing. ZBSV has
completed the Phase II clinical study during the year and will now initiate the
Phase III study on this novel product. ZBSV has now embarked upon a new
development strategy for approval of this product in the
Strategic
out-licensing deal with Abbott Laboratories
During the year, the Company signed a
strategic licensing deal with Abbott Laboratories to license 24 of its branded
generics in 15 key emerging markets, where Abbott has a strong and growing
presence. The products will be manufactured by the Company for Abbott at its
state-of-the-art manufacturing facilities in
Contingent liaBILITIES NOT
PORVIDED FOR:-
Rs. In millions
|
Particulars |
31.03.2011 |
|
In respect of guarantees given by Banks and counter guarantees given
by the Company. |
150.000 |
|
In respect of letters of credit for imports |
2.000 |
|
In respect of letter of comforts /corporate guarantees given by the
Company to Banks for the outstanding dues of loans availed by some of the
subsidiary companies and a joint venture company |
4643.000 |
|
In respect of Claims against the Company not acknowledged as debts [
Including Rs. 1.000 { as at 31.03.2010 : Rs. 8.000 } Millions in respect of
Amalgamated {*} Companies ] |
57.000 |
|
In respect of
the demands raised by the Central Excise, State Excise and Service Tax
Authority [ Including Rs. 9.000 { as at 31.03.2010 : Rs. 9.000 } Millions in
respect of Amalgamated {*} Companies ] |
40.000 |
|
In respect of
the demands raised by the Ministry of Chemicals and Fertilizers, Govt. of
India under Drug Price Control Order, 1979 / 1995 for difference in actual
price and price of respective bulk drug allowed while fixing the price of
certain life saving formulations and disputed by the Company. Based on the
legal advice the Company does not foresee the crystallization of the
liability. [ Including Rs.
49.000 { as at 31.03.2010 : Rs. 51.000 } Millions in respect of Amalgamated
{*} Companies ] |
317.000 |
|
In respect of
Income Tax matters pending before appellate authorities which the Company expects
to succeed, based on decisions of Tribunals / Courts. |
66.000 |
|
In respect of
Sales Tax matters pending before appellate authorities / Court which the
Company expects to succeed, based on decisions of Tribunals / Courts. |
93.000 |
Note : [ * ] represents contingent
liabilities taken over by the Company under the Scheme of Arrangement and
Amalgamation of Cadila Laboratories Limited, and erstwhile Cadila Chemicals
Limited, Cadila Antibiotics Limited, Cadila Exports Limited and Cadila Veterinary
Private Limited with the Company w.e.f. 01.06.1995.
Business Description:
Subject
is a pharmaceutical company, which is involved in the business of manufacturing
and marketing of pharmaceutical products, both active pharmaceutical
ingredients and finished dosage formulations. Its operations are in Indian and
several other generics markets across the globe. The Company is also engaged
into research and development in the areas of new molecular entity (NME), novel
drug delivery systems (NDDS) and generic product development. The Company's
commercial operations are in
Press Release:
Accord
Fintech (
02.08.2011
India, August 02 -- Cipla is currently trading at Rs 310.95, up by 4.35 points or 1.42% from its previous closing of Rs 306.55 on the BSE.The scrip opened at Rs 308.30 and has touched a high and low of Rs 313.70 and Rs 305.50 respectively. So far 114000 shares were traded on the counter.The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 380.80 on 04-Jan-2011 and a 52 week low of Rs 286.10 on 21-Mar-2011.Last one week high and low of the scrip stood at Rs 314.90 and Rs 305.10 respectively. The current market cap of the company is Rs 249620.000 millions.The promoters holding in the company stood at 36.80% while Institutions and Non-Institutions held 33.81% and 29.11% respectively.The other gainers on the BSE Healthcare Index were Opto Circuits up by 1.16%, Ranbaxy Lab up by 0.89%, Lupin up by 0.71%, Sun Pharma up by 0.24%, Cadila Healthcare up by 0.35% Published by HT Syndication with permission from Accord Fintech.
Mint
28.07.2011
Ahmedabad, July 28 -- Cadila Healthcare Limited, through its 100% subsidiary Zydus Animal Health Limited (ZAHL), has signed a share purchase agreement with ICICI Venture, to acquire 100% shareholding of Finest Procuring Solutions Limited, which in turn holds 100% shareholding of Bremer Pharma GmbH, of Germany, Cadila said in a media statement. Published by HT Syndication with permission from MINT.
Accord Fintech (
28.07.2011
India,
July 28 -- Cadila Healthcare, through its 100% subsidiary Zydus Animal Health
(ZAHL) has signed a share purchase agreement with ICICI Venture, to acquire
100% shareholding of Finest Procuring Solutions, which in turn holds 100%
shareholding of Bremer Pharma GmbH, of Germany. The agreement includes the
transfer of all key assets, people, brands and export contracts of Bremer - a
global animal health company headquartered in Warburg-Scherfede, Germany.The
acquisition will help Zydus AHL to expand its animal health business and gain
strategic access to the key markets across Europe, South America, Asia and
Indian Patent News
01.08.2011
Cadila Healthcare Limited had filed patent application number 307/MUM/2004 for controlled release gastro-retentive buoyant matrix tablets on 11.03.2004. The inventors of the patent are Tiwari Sandip B and Pai Raveedra.
The International classification numbers are A61K9/20, A61K31/496 and C07D215/56.
According to the Controller General of Patents, Designs and Trade Marks, "A once a day buoyant gas powered matrix composition in the form of a tablet for oral administration in mammals for controlled release of ciprofloxacin which comprises ciproflaxin, from 5 to 40% by wt of a gas evolving agent and from 0.5 to 10% by wt of a binder, the balance consisting of pharmaceutically acceptable excipients, said composition having been granulated by a wet granulating process and compressed into tablets."
About the Company
Cadila
Healthcare Limited (Public, BOM:532321) is a pharmaceutical company, which is
involved in the business of manufacturing and marketing of pharmaceutical
products, both active pharmaceutical ingredients and finished dosage
formulations. Its operations are in Indian and several other generics markets
across the globe. The Company is also engaged into research and development in
the areas of new molecular entity (NME), novel drug delivery systems (NDDS) and
generic product development. The Company's commercial operations are in
Fixed Assets:
·
·
·
Buildings
·
Plant and Machinery
·
Furniture, Fixture and Office Equipments
·
Vehicles
·
Trademarks, Patents and Designs
·
Technical Know-how
·
Commercial Rights
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.49.17 |
|
|
1 |
Rs.76.65 |
|
Euro |
1 |
Rs.66.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
Yes |
|
--LITIGATION |
YES/NO |
No |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
No |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
No |
|
--EXPORT ACTIVITIES |
YES/NO |
Yes |
|
--AFFILIATION |
YES/NO |
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.