MIRA INFORM REPORT
|
Report Date : |
15.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
SANOFI INDIA LIMITED (w.e.f. 11.05.2012) |
|
|
|
|
Formerly Known
As : |
AVENTIS PHARMA
LIMITED |
|
|
|
|
Registered
Office : |
Aventis House,
54/A, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
02.05.1956 |
|
|
|
|
Com. Reg. No.: |
11-009794 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.230.306
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24239MH1956PLC009794 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH00271F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH2736F |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Distributor of drugs and pharmaceutical laboratory
chemicals. |
|
|
|
|
No. of Employees
: |
2943 (Approximately)
|
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 44665000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is now subsidiary of Aventis Pharma Holding GmbH, The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Aventis House, 54/A, |
|
Tel. No.: |
91-22-22830607/ 22831189/ 22844562/ 28216622 (Ext. 811)/ 28242260/
28278000 |
|
Fax No.: |
91-22-22829532/ 22046188/ 22850435/ 28242261/ 28370939/ 28278110/
28360862 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
3501-15, 6310, B-14, GIDC Estate, Post Box 136, Ankleshwar - 393 002, District
Bharuch, |
|
Tel. No.: |
91-2646-220812/ 221113 |
|
Fax No.: |
91-2646-251968/ 251679 |
|
|
|
|
Factory 2 : |
GIDC, Plot No.L-121, Phase III, Verna Industrial Estate, Verna, Goa –
403 722, |
|
Tel. No.: |
91-832-2883200 |
|
Fax No.: |
91-832-2783591 |
|
|
|
|
Zonal Office : |
Located at: v Mumbai v v Chennai v Kolkata |
DIRECTORS
As on 01.01.2012
|
Name : |
Dr. Vijay Mallya |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Dr. Shailesh Ayyangar |
|
Designation : |
Managing Director |
|
Date of Birth/ Age : |
57 Years |
|
Qualification : |
B.V.
Fc and A.H., PG.D.M. IIM (Ahmedabad) |
|
Experience : |
32
Years |
|
Date of Appointment : |
25.10.2005 |
|
|
|
|
Name : |
Mr. F. Briens |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M.
Dargentolle |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. J.M. Gandhi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. J.M. Georges |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S.R. Gupte |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A.K.R.
Nedungadi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A. Ortoli |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M.G. Rao |
|
Designation : |
Director (Alternate to
Mr. J.M. Georges) |
KEY EXECUTIVES
|
Name : |
Mr. K. Subramani |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr.
Madhusudan Rao |
|
Designation : |
Senior
Director -Industrial Affairs, |
|
|
|
|
Name : |
Mr.
Susheel Umesh |
|
Designation : |
Senior
Director -Commercial Operations (Diabetes and Tier I) |
|
|
|
|
Name : |
Mr.
Pradeep Vaishnav |
|
Designation : |
Senior
Director - Human Resources |
|
|
|
|
Name : |
Mr.
Pratin Vete |
|
Designation : |
Senior
Director -Commercial Operations (Tier II and IM) |
|
|
|
|
Employed for part of the
year : |
|
|
Name : |
Dr.
Pravin Chopra |
|
Designation : |
Senior
Director - Medical and Regulatory Affairs |
|
|
|
|
Name : |
Mr.
Anindya Chowdhury |
|
Designation : |
Senior
Director -Commercial Operations (Consumer Healthcare BU) |
|
|
|
|
Name : |
Mr.
Shirish Ghoge |
|
Designation : |
Senior
Director - Public Affairs and Supply Chain |
|
|
|
|
Name : |
Mr.
Ashish Kumar Mukherjee |
|
Designation : |
Senior
Director - Hospital and Oncology BU and Corporate Hospitals |
|
|
|
|
Name : |
Mr.
S.L. Picardo |
|
Designation : |
Associate
Director -Treasury |
|
|
|
|
Name : |
Mr.
C.R. Raje |
|
Designation : |
Manager
– Purchase (Pharma Operations) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2012
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
13909587 |
60.40 |
|
|
13909587 |
60.40 |
|
Total shareholding of Promoter and Promoter Group (A) |
13909587 |
60.40 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2564545 |
11.14 |
|
|
271332 |
1.18 |
|
|
683178 |
2.97 |
|
|
2866353 |
12.45 |
|
|
6385408 |
27.73 |
|
|
|
|
|
|
1330902 |
5.78 |
|
|
|
|
|
|
1118281 |
4.86 |
|
|
72490 |
0.31 |
|
|
213954 |
0.93 |
|
|
476 |
0.00 |
|
|
2734 |
0.01 |
|
|
203070 |
0.88 |
|
|
80 |
0.00 |
|
Hindu Undivided
Families |
7594 |
0.03 |
|
|
2735627 |
11.88 |
|
Total Public shareholding (B) |
9121035 |
39.60 |
|
Total (A)+(B) |
23030622 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
23030622 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distributor of drugs and pharmaceutical laboratory
chemicals. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.12.2011)
A)
License capacity is not applicable.
B)
Installed capacity (as certified by management and relied upon by auditors) and
actual production:
|
Particulars |
Units |
Installed Capacity |
Products |
|
1. Basic drugs: |
|
|
|
|
Pharmaceuticals |
Tonnes |
253.00 |
142.93 |
|
II. Formulations: |
|
|
|
|
Liquid injectibles# |
KL |
-- |
546.43 |
|
Tablets/Dragees |
Mio Nos. |
7600.00* |
6994.56 |
|
Capsules# |
Mio Nos. |
-- |
224.17 |
|
Ointments# |
Tonnes |
-- |
815.41 |
|
Granules # |
Tonnes |
-- |
-- |
|
Drops, syrup and other liquids# |
KL |
-- |
756.54 |
Production
figures include goods manufactured at third party facilities and captive
consumptions.
* Includes installed capacity of
granules.
# Represents produced only at third
party locations
GENERAL INFORMATION
|
No. of Employees : |
2943 (Approximately)
|
|
|
|
|
Bankers : |
v BNP Paribas, Mumbai, v Citibank N.A., Mumbai, v Deutsche Bank, Mumbai, v Hongkong and Shanghai Banking Corporation
Limited, Mumbai, v State Bank of v HDFC Bank Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountants |
|
Address : |
Mumbai, |
|
|
|
|
Solicitors : |
Crawford Bayley and Company |
|
|
|
|
Holding Company : |
Hoechst
GmbH, |
|
|
|
|
Ultimate Holding Company: |
Sanofi
|
|
|
|
|
Fellow
Subsidiaries : |
v Sanofi-Aventis
Australia Pty Limited v Sanofi-Aventis
Deutschland GmbH v Sanofi-Aventis
Lanka Limited v Sanofi-Aventis
Groupe S.A. v Francopia S.A.R.L. v Sanofi-Aventis
Recherche Et Developpement S.A. v Sanofi Winthrop
Industrie S.A. v Sanofi Chimie S.A. v Aventis Pharma
Limited, v Winthrop
Pharmaceuticals UK Limited v PT Aventis Pharma ( v Sanofi-Synthelabo ( v Sanofi Pasteur
India Private Limited v sanofi-Aventis v Sanofi-Aventis
Korea Company Limited v Sanofi-Aventis v Sanofi-Aventis Spa v Sanofi-Aventis US
Inc. v Sanofi-Aventis v Sanofi-Aventis
Vietnam Company Limited v Sanofi-Aventis
Bangladesh Limited v Sanofi-Aventis ( v Sanofi-Aventis
Commercial e Logistics v Sanofi-Aventis
Private Company Limited v Shantha Biotechnics
Limited v Sanofi-Aventis
Thailand Limited v Sanofi-Aventis
South v Sanofi-Aventis
Nigeria Limited |
CAPITAL STRUCTURE
As on 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23500000 |
Equity
Shares |
Rs.10/-
each |
Rs.235.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23030622 |
Equity
Shares |
Rs.10/-
each |
Rs.230.306
millions |
|
|
|
|
|
Of the above
a)
18376831 Equity shares were issued as fully paid bonus shares by capitalisation
of reserves and security premium.
b)
13904722 equity shares are held by Hoechst GmbH,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
230.306 |
230.306 |
230.306 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10935.953 |
9911.196 |
9087.632 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11166.259 |
10141.502 |
9317.938 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
84.558 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11250.817 |
10141.502 |
9317.938 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7369.721 |
1710.477 |
1448.909 |
|
|
Capital work-in-progress including capital advances |
302.282 |
133.028 |
271.444 |
|
|
|
|
|
|
|
|
INVESTMENT |
3.631 |
3.631 |
51.866 |
|
|
DEFERRED TAX ASSETS |
0.000 |
98.510 |
145.720 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2542.721
|
2384.703
|
2311.387
|
|
|
Sundry Debtors |
729.718
|
604.352
|
527.351
|
|
|
Cash & Bank Balances |
2342.412
|
6553.502
|
5859.521
|
|
|
Other Current Assets |
64.219
|
28.504
|
0.000
|
|
|
Loans & Advances |
1670.873
|
2567.437
|
1437.171
|
|
Total
Current Assets |
7349.943
|
12138.498
|
10135.430
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1515.166
|
1241.229
|
1182.188
|
|
|
Other Current Liabilities |
680.298
|
495.828
|
399.526
|
|
|
Provisions |
1579.296
|
2205.585
|
1153.717
|
|
Total
Current Liabilities |
3774.760
|
3942.642
|
2735.431
|
|
|
Net Current Assets |
3575.183
|
8195.856
|
7399.999
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11250.817 |
10141.502 |
9317.938 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12297.472 |
10849.521 |
9744.057 |
|
|
|
Other Income |
1394.738 |
1134.839 |
1111.272 |
|
|
|
TOTAL |
13692.210 |
11984.360 |
10855.329 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material
Cost |
6193.649 |
5389.919 |
4819.609 |
|
|
|
Personnel
expenses |
1764.203 |
1632.517 |
1439.521 |
|
|
|
Operating and other expenses |
2578.915 |
2395.611 |
2007.420 |
|
|
|
TOTAL |
10536.767 |
9418.047 |
8266.550 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE INTEREST,
TAX, DEPRECIATION AND AMORTISATION |
3155.443 |
2566.313 |
2588.779 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST –
OTHERS |
4.160 |
28.902 |
0.743 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX, DEPRECIATION AND AMORTISATION |
3151.283 |
2537.411 |
2588.036 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
311.451 |
197.357 |
173.441 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAXATION AND
EXCEPTIONAL ITEM |
2839.832 |
2340.054 |
2414.595 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
927.950 |
789.906 |
840.449 |
|
|
|
|
|
|
|
|
|
|
PROFIT
AFTER TAXATION AND BEFORE EXCEPTIONAL ITEM |
1911.882 |
1550.148 |
1574.146 |
|
|
|
|
|
|
|
|
|
|
Exceptional
item (net of tax) |
0.000 |
757.375 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
AFTER TAXATION AND EXCEPTIONAL ITEM |
1911.882 |
2307.523 |
1574.146 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
7584.543 |
6983.372 |
6105.542 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
92.122 |
92.122 |
80.609 |
|
|
|
Proposed Final Dividend |
667.888 |
1174.562 |
380.005 |
|
|
|
Tax on Interim/ Proposed Final Dividend |
118.756 |
208.915 |
78.282 |
|
|
|
Transfer to General Reserve |
191.188 |
230.753 |
157.420 |
|
|
BALANCE CARRIED TO
THE B/S |
8426.471 |
7584.543 |
6983.372 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
2195.294 |
2066.941 |
2247.983 |
|
|
|
Income from services rendered |
49.752 |
15.626 |
33.090 |
|
|
|
Reimbursement of Expenses and Market Support |
804.727 |
729.944 |
488.589 |
|
|
|
|
0.000 |
1007.507 |
0.000 |
|
|
TOTAL EARNINGS |
3049.773 |
3820.018 |
2769.662 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw and Packing Materials |
1871.888 |
1705.196 |
1938.682 |
|
|
|
Components, Spares and Auxiliary |
4.036 |
5.478 |
4.357 |
|
|
|
Capital Goods |
54.094 |
9.622 |
49.212 |
|
|
|
Finished Goods |
1902.821 |
1589.805 |
1526.780 |
|
|
TOTAL IMPORTS |
3832.839 |
3310.101 |
3519.031 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Computed on the basis of earnings before exceptional items |
83.01 |
67.31 |
68.35 |
|
|
|
- Computed on the basis of earnings after exceptional items |
83.01 |
100.19 |
68.35 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2012 (1st
Quarter) |
30.06.2012 (2nd
Quarter) |
30.09.2012 (3rd
Quarter) |
|
Net Sales |
3457.000 |
3926.000 |
4160.000 |
|
Total Expenditure |
2733.000 |
3219.000 |
3161.000 |
|
PBIDT (Excl OI) |
724.000 |
707.000 |
999.000 |
|
Other Income |
57.000 |
82.000 |
72.000 |
|
Operating Profit |
781.000 |
789.000 |
1071.000 |
|
Interest |
4.000 |
4.000 |
3.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
777.000 |
785.000 |
1068.000 |
|
Depreciation |
183.000 |
186.000 |
307.000 |
|
Profit Before Tax |
594.000 |
599.000 |
761.000 |
|
Tax |
193.000 |
194.000 |
248.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
401.000 |
405.000 |
513.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
401.000 |
405.000 |
513.000 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
13.96 |
12.93
|
14.50
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
23.09 |
21.57
|
24.78
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.29 |
16.90
|
20.84
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25 |
0.23
|
0.26
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.34 |
0.39
|
0.29
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.95 |
3.08
|
3.71
|
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved
in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
No |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
No |
MANAGEMENT
DISCUSSION AND ANALYSIS
PHARMACEUTICAL
MARKET
Total
pharmaceutical market during the year ended 31st December 2011 was estimated
at Rs.638 billion. The retail market grew by 16.2% over the previous year.
Key
drivers have been volumes (8.7%) and new introductions (6.5%). Prices
contributed only 1% to the growth. The Company has a market share of 2% in the
Pharma market.
Six
brands of the Company, Combiflam®, Cardace®, Lantus®, Clexane®, Amaryl® and Allegra™ feature in the top
100 brands of the Indian pharmaceutical market. Lantus®, Combiflam® and Cardace® are the 23rd,
25th and 28th largest brands, respectively.
OPPORTUNITIES
AND THREATS
The
Indian healthcare industry has evolved rapidly from being a product centric
industry to a service driven sector with delivery sector (hospitals) and
medical insurance segments gaining prominence.
Rural
markets will grow faster driven by step up from the current poor levels of
penetration. The hospital segment will increase its share. Non-traditional
emerging opportunities - patented products, consumer health care, biologicals,
vaccines and public health-offer significant potential going forward.
Price
controls and economic slow down could depress the market.
SALES
AND PROFITABILITY
During
the year ended 31st December 2011, the Company had total net sales
of Rs.12298.000 millions as against Rs.10850.000 millions in the previous year,
representing a growth of 13.34%.
Profit
before Tax and Exceptional items increased by 21.37% from Rs.2340.000 millions
in 2010 to Rs.2840.000 millions in 2011. Higher domestic sales and exports
resulted in the increase in Profit before Tax and Exceptional items.
DOMESTIC
SALES REVIEW
Domestic
sales, which constituted 81.5% of total sales, increased from Rs.8709.000
millions to Rs.10024.000 millions reflecting a growth of 15.1%.
MAJOR
BRAND PERFORMANCE REVIEW
Cardace®
group
grew by 7.8 % in 2011. It continues to be the No.1 ACE inhibitor prescribed by
cardiologists, diabetologists and consulting physicians. It has a market share
of 30% in the ACE inhibitor market. Growth was affected due to therapy shift to
Angiotensin receptor blockers.
Lantus®
grew
by 32% in value terms. It has a market share of 11.7% and is the 2nd
leading brand in the insulin market in terms of value.
Amaryl®
group
had sales of Rs.1000.000 millions with a growth of 23 %. It continues to be the
leading oral anti diabetic brand. Clear positioning of Amaryl®, Amaryl® M,
Amaryl® MP and
Amaryl®
P in
diabetes management has been a critical success factor. Amaryl® Pis the 3rd
largest brand in the Glimipiride + Pioglitazone category.
Apidra®
had
a growth of nearly 23%. However, sales were affected towards the end of the
year because of restricted supplies from abroad due to manufacturing
disruptions.
Cetapin®
group
grew by nearly 34%. Cetapin® XR had a market share of nearly 8% in the Metformin market. It
has become the 3rd biggest brand in the Met form in market.
Clexane®
grew
by 10.5%. It continues to rank No.l in the injectable anti-coagulant market
with a marketshareof 27%. Targocid® had a growth of 5.5%and has a market share of 38.7%. Brodactam®, which was launched in
January 2010, had a growth of 25%.
M-NEM™
which
was launched in 2010 is gaining ground in Hospitals.
Allegra™
group
registered a growth of nearly 20%. It has a market share of 8.2%. It is ranked
No.l in the total market and solids market.
Allegra®
Suspension
is ranked No.2 in the liquid anti histaminic market.
Combiflam®
group
had a growth of 5.2%. It is ranked No. 2 in the NSAID market.
Combiflam®
Suspension
with a market share of 13.3% is ranked No. 2 amongst NSAID oral liquids.
Soframycin®
Skin
Cream had a growth of 4.4%. It is the 4th largest brand amongst
topical antiseptics.
Avil®
had
a growth of 4.7%. It continues to have volume leadership in the anti-
histaminic market.
Frisium®
had
a growth of 13.3%. It ranks 3rd in the highly competitive
anti-epileptic market.
PRAYAS
The
Company had initiated a unique project in 2009 called Prayas which is a
knowledge based initiative aimed at empowering doctors in rural
11,500
doctors have been enrolled in Prayas. Over 550 mentors (MD Physicians) conduct
workshops in villages and small towns. Nearly 6,000 workshops have been held
till December 2011.
The
Company has a vision of forming a National Consensus for Rural Health for which
foundation was laid with formation of regional expert groups. The objective is
to get together the top medical experts of a region to validate educational
material developed for rural doctors and to accredit the modules.
The
turnover of products catering to the rural market grew by over 40%.
NUTRACEUTICAL
BUSINESS
The
Company entered into a definitive agreement on 24th August 2011 to
acquire Universal Medicare Private Limited's business of marketing and
distribution of branded nutraceutical formulations in
The
Company paid a sum of Rs.5612 million as a lumpsum consideration for the
purchase of the said business as a going concern.
The
acquisition has enabled the Company to advance its sustainable growth strategy
in
Seacod®,
which
is the first national OTC brand of the Company, began a pan
EXPORT
SALES
Export
sales for 2011, which constituted 18.5% of total net sales, were Rs.2273.000
millions, representing a growth of 6.2% over 2010.
Exports
to
High
pipeline inventories of Festal® were primarily responsible for the decline in exports to
Incremental
sales of Festal®,
Sofradex® drops
and Trental®
contributed
to the growth of exports by nearly 50% to CIS countries.
Favourable
exchange rate and price increases were responsible for growth of nearly 9% in
exports to
Exports
to the
Exports
of Active pharmaceutical ingredients and intermediates grew by 9.7%.
MANUFACTURING
OPERATIONS
The
Ankleshwar plant produced approximately 4.4 billion tablets.
New
products were manufactured and launched in the domestic and export markets (Amaryl® R Cardace®
Protect, Cetapin® V, Vitahext®,
Sofrahext® and Avil® NU).
The
dispensing area in Ankleshwar has been remodelled to be compliant with the
latest regulatory requirements. Two new high speed compression machines have
been put into operation in Ankleshwarto improve efficiency of manufacturing.
Construction of a waste water treatment plant in Ankleshwar has commenced.
The
Ankleshwar Site received Certificate of Merit from the Gujarat Safety Council
for achieving zero disability with more than 2 million man hours during 2010.
A
new CTX-45 station compression machine has been installed in
Changes
in pack sizes for Cardace® and Cardace® M in
PROSPECTS
FOR 2012
Prospects
for2012 are expected to be reasonable, barring the risks of an unfavourable
Drug Price Control Order. Export turnover is likely to remain at the same level
as in 201 1.
The
Company has launched Tri-Cardace (a polypack combination of Ramipril +
Amlopidineand Atorvastatin). The waste water treatment plant in Ankleshwar will
be commissioned. There would be capacity expansion in both the manufacturing
sites (Ankleshwar and
CONTINGENT LIABILITIES:
|
Particulars |
31.12.2011 (Rs. in millions) |
31.12.2010 (Rs. in millions) |
|
Tax demands in respect of which*: |
|
|
|
Tax authorities have appealed against Income tax orders which were
ruled in favour of the Company |
462.819 |
439.949 |
|
Company’s appeals are pending before appropriate authorities |
973.009 |
713.697 |
* Contingent liabilities in respect of pending tax assessments in
relation to similar matters are not determinable and hence not disclosed.
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2012
(Rs. In Millions)
|
Particulars |
Quarter ended 30.09.2012 |
Quarter ended 30.06.2012 |
Nine Months ended 30.09.2012 |
|
1. Income from Operations |
|
|
|
|
(a) Net Sales (net of excise duty) |
3966.000 |
3741.000 |
10932.000 |
|
(b) Other Operating Income |
194.000 |
185.000 |
582.000 |
|
Total income from Operations (net) |
4160.000 |
3926.000 |
11514.000 |
|
2 Expenditure |
|
|
|
|
(a) Cost of Materials Consumed |
1316.000 |
1428.000 |
4066.000 |
|
(b) Purchase of stock in trade |
439.000 |
521.000 |
1438.000 |
|
(c) Changes in inventories of finished goods, work in progress and stock in trade |
164.000 |
(98.000) |
(149.000) |
|
(d) Employee benefits expense |
489.000 |
548.000 |
1527.000 |
|
(e) Depreciation and amortisation expense |
307.000 |
186.000 |
676.000 |
|
(f) Other expenses |
753.000 |
820.000 |
2231.000 |
|
(g) Total Expenses |
3468.000 |
3405.000 |
9789.000 |
|
3 Profit from Operations before other income and finance costs (1-2) |
692.000 |
521.000 |
1725.000 |
|
4 Other Income |
72.000 |
82.000 |
240.000 |
|
5 Profit before finance costs (3+4) |
764.000 |
603.000 |
1965.000 |
|
6 Finance costs |
3.000 |
4.000 |
11.000 |
|
7 Profit before tax and Exceptional items (5-6) |
761.000 |
599.000 |
1954.000 |
|
8 Tax Expense |
248.000 |
194.000 |
635.000 |
|
9 Net Profit for the period before Exceptional items (7-8) |
513.000 |
405.000 |
1319.000 |
|
10 Exceptional item (net of tax) |
- |
- |
- |
|
11 Net Profit for the period after Exceptional items (9+10) |
513.000 |
405.000 |
1319.000 |
|
12 Paid-up equity share capital |
230.000 |
230.000 |
230.000 |
|
13 Reserves excluding Revaluation |
|
|
|
|
14 Earnings Per Share (EPS) before Exceptional items (Rs.)
|
22.30 |
17.61 |
57.35 |
|
15 Earnings Per Share (EPS) after Exceptional items (Rs.) |
22.30 |
17.61 |
57.35 |
|
A. PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 Public Shareholding |
|
|
|
|
- Number of Shares |
9,121,035 |
9,121,035 |
9,121,035 |
|
- Percentage of Shareholding |
39.60% |
39.60% |
39.60% |
|
2 Promoters and Promoter group Shareholding |
|
|
|
|
2 Promoters and Promoter group Shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
NIL |
NIL |
NIL |
|
- Percentage of shares (as a % of total shareholding of promoter and promoter group) |
NIL |
NIL |
NIL |
|
- Percentage of shares (as a % of total share capital of the company) |
NIL |
NIL |
NIL |
|
b) Non-encumbered |
|
|
|
|
- Number of shares |
13,909,587 |
13,909,587 |
13,909,587 |
|
- Percentage of shares (as a % of total |
100.00% |
100.00% |
100.00% |
|
- Percentage of shares (as a % of total share capital of the company) |
60.40% |
60.40% |
60.40% |
|
Particulars |
3 Months ended September 30,2012 |
|
B. INVESTOR COMPLAINTS |
|
|
Pending at the beginning of the quarter |
NIL |
|
Received during the quarter |
21 |
|
Disposed of during the quarter |
21 |
|
Remaining unresolved at the end of the quarter |
NIL |
Notes:
- The above Results were approved by the Board of Directors of the Company at its Meeting held on October 31, 2012.
- In accordance with Clause 41 of the Listing Agreement with the Stock Exchanges, the Company's Statutory Auditors have conducted a “Limited Review” of the Financial Results for the quarter ended September 30, 2012.
- The Board of Directors had declared an Interim Dividend of Rs.4 per Equity share of Rs.10 for the year ending December 31, 2012. The Dividend (including Dividend Distribution Tax) amounted to Rs.107 million. The said dividend was paid on August 16, 2012 through National Electronic Clearing Service/Dividend Warrants.
- During the quarter ended September 30, 2012, the Company has changed its accounting policy with respect to amortisation of Goodwill. It has been decided to amortise Goodwill on acquisition of business over a period of 10 years starting from the date of acquisition. In the past, Goodwill was not amortised but tested for impairment. As a result of this change, profit after tax for the quarter and nine months ended September 30, 2012 is lower by Rs.78 million, which includes Rs 57 million for the period upto June 30,2012.
- The profit for the quarter and nine months ended September 30, 2012 has been impacted due to the amortization costs relating to the Brands, Technical know-how and Goodwill acquired in 2011 from Universal Medicare Private Limited and lower interest income as a result of the above investment.
- The Company has a single business segment namely “Pharmaceutical Business”.
- The figures for the previous periods have been re-grouped, wherever necessary.
FIXED ASSETS:
Intangible Assets
v Goodwill
v Brand
v Software
v Marketing and technical rights for formulations
v Technical know-how
Tangible Assets
v
v
v Buildings
v Leasehold Improvement
v Plant and Machinery
v Furniture and Fixtures
v Office Equipment
v Computers
v Motor Vehicles
WEBSITE DETAILS:
SANOFI-AVENTIS IN
Sanofi-aventis is one
of the world's leading pharmaceutical companies. Backed by world-class R&D
facilities, sanofi-aventis is developing leading positions in seven major
therapeutic areas: cardiovascular, thrombosis, oncology, diabetes, central
nervous system disorders, internal medicine and vaccines. Sanofi-aventis is
listed in
Sanofi-aventis in
Aventis Pharma Limited
Aventis Pharma
Limited was incorporated in May 1956 under the name Hoechst Fedco Pharma
Private Limited. Over the years, its name was changed to Hoechst
Pharmaceuticals Private Limited, Hoechst India Limited and Hoechst Marion
Roussel Limited. The shares of Aventis Pharma Limited are quoted on the Bombay
Stock Exchange and the National Stock Exchange.
Aventis Pharma
Limited [
Sanofi-Synthelabo (
Sanofi-Synthelabo (
Sanofi Pasteur Private Limited
Sanofi Pasteur India
Private Limited, the Indian subsidiary of sanofi pasteur, with its registered
office in Mumbai has been represented in
Shantha Biotechnics Limited
Shantha Biotechnics
Limited (Shantha) has become a part of the Sanofi-Aventis group in July, 2009
and has around 850 employees.
The registered
offices of the first three companies are in Mumbai and the registered office of
Shantha Biotechnics Limited is in
PRESS RELEASE
AVENTIS PHARMA LIMITED RENAMED ‘SANOFI INDIA LIMITED’
Mumbai, May 16, 2012: Sanofi Group’s listed entity in
Commenting on the name change, Dr. Shailesh Ayyangar, Managing Director,
stated, “Just like Sanofi Group, the Company in
The decision to change the name of the Group’s listed entity in
Dr. Shailesh Ayyangar further added that “the change in name of the listed
entity to Sanofi India Limited will also provide a common identity to the
Sanofi Group across the world.”
In
About Sanofi:
Sanofi, a global and diversified healthcare leader, discovers, develops
and distributes therapeutic solutions focused on patients’ needs. Sanofi has
core strengths in the field of healthcare with seven growth platforms: diabetes
solutions, human vaccines, innovative drugs, rare diseases, consumer
healthcare, emerging markets and animal health. Sanofi is listed in
Sanofi currently operates through five entities in
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 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.54.39 |
|
|
1 |
Rs.87.78 |
|
Euro |
1 |
Rs.71.29 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
75 |
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.