MIRA
INFORM REPORT
|
Report Date : |
16.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUN PHARMACEUTICAL INDUSTRIES LIMITED |
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Registered Office : |
Sun Pharma
Advance Research Centre (SPARC), Tandalja,
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
01.03.1993 |
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Com. Reg. No.: |
04-19050 |
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Capital
Investment / Paid-up Capital : |
Rs.1035.600
Millions |
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CIN No.: [Company
Identification No.] |
L24230GJ1993PLC019050 |
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|
TAN No.: [Tax
Deduction & Collection Account No.] |
BRDS02426E |
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PAN No.: [Permanent
Account No.] |
AADCS3124K |
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Legal Form : |
A Public Limited
Liability Company. The Company's Shares are Listed on the Stock Exchanges |
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Line of Business : |
Manufacturers of
Tablets, Capsules, Parenterals, Ointments, Bulk Drugs, Chemicals and Liquids. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 267221200 |
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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 reputed pharmaceutical company having fine track.
Available information indicates high financial responsibility of the company.
Business is active. Payments are usually correct 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Kamlesh Shah |
|
Designation : |
General Manager in Finance |
|
Date : |
15.06.2012 |
LOCATIONS
|
Registered
Office / Research Centre : |
Sun Pharma
Advance Research Centre (SPARC), Tandalja,
|
|
Tel. No.: |
91-265-2340001 /
282111822 / 1842 / 1917 / 1951 / 195 / 5515500 / 600 / 700 |
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Fax No.: |
91-265-2339103 /
28212010 / 2354897/ 2332664 |
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E-Mail : |
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Website : |
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Corporate
Office : |
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Tel. No.: |
91-22-28211822 /
1842 / 1917 / 1951 / 1953 |
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Fax No.: |
91-22-28212010 |
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E-Mail : |
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Research
Centre : |
·
F.P 27, Part Survey No. 27, C. S. No. 1050, T.
RS. Village, Tandalja, District Vadodara - 390 020, ·
17-B, Mahal Industrial Estate, Mahakali Caves
Road, Andheri (East), Mumbai - 400059, Maharashtra, India |
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|
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Additional
Collection Centre : |
203, 2nd Floor, Daver House, Dr. D.N. Road, Next to Central Camera, Fort, Mumbai – 400001, Maharashtra, India Tel No.: 91-22-22694127 |
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Plant 1: |
C1/2710, GIDC, Phase III, Vapi – 396 195, |
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Plant 2: |
Plot No. 214 and 20, Government Industrial Area, Phase II,
Piparia, Silvassa – 396 230, |
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Plant 3: |
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Plant 4: |
Sun Pharma Industries* 6-9, Export Promotion, Industrial
Park (EPIP), Kartholi, |
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Plant 5: |
Plot No. 25and 24/2, GIDC, Phase IV, Panoli – 395 116, |
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Plant 6: |
A-7 and A-8 MIDC Industrial Area, Ahmednagar – 414 111, |
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Plant 7: |
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Plant 8: |
Plot No. 4708, GIDC, Ankleshwar - 393 002, |
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Plant 9: |
Plot No. 817/A, Karkhadi, Taluka: Padra, District Vadodara
– 391450, |
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Plant 10: |
Plot No. 223, Span Industrial Complex, Dadra – 396 191 ( |
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Plant 11: |
Sun Pharma Industries* Survey No. 259/15, Dadra-396 191 (U.T.Of D.and NH) |
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Plant 12: |
Sun Pharma Plot No. 754, Nandok Block, Setpipool, Gangtok,
Sikkim-737135, |
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Plant 13: |
Sun Pharmaceutical Industries Inc, 705 E, Mulberry Street,
Bryan, Ohio-43506, |
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Plant 14: |
Sun Pharmaceutical Industries Inc, 270, Prospect Plains Road, Cranbury, New Jersey -08512, USA |
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Plant 15: |
Caraco Pharmaceutical Laboratories Limited |
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Plant 16: |
Sun Pharmaceutical ( Chandana, Joydevpur, |
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Plant 17: |
Alkoloida Chemical Company Exclusive Group Limited H-4440 Tiszavasvan, Kabay, Janos 4.29, |
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Plant 18: |
TKS Farmaceutica Rodovia GO-080, Km 02, Jardim, Pomperia-Goiania/ GO, |
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Plant 19: |
Sun Pharma De Mexico S.A. de C.V Av. Rio Churubusco No. 658, |
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Plant 20: |
Chattem Chemicals Inc, 3708 |
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Overseas Offices: |
Located at: · The Netherlands ·
·
·
·
·
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DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Dilip S. Shanghvi |
|
Designation : |
Chairman and Managing Director |
|
Qualification : |
B. Com. |
|
Date of Appointment
: |
01.04.1993 |
|
Previous Employment
: |
Sun Pharmaceutical Industries – Partner |
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|
|
|
Name : |
Mr. Sudhir V. Valia |
|
Designation : |
Whole Time Director |
|
Qualification : |
FCA |
|
Date of Appointment
: |
01.04.1994 |
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Previous Employment
: |
Practising Chartered Accountant |
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|
Name : |
Mr. Sailesh T. Desai |
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Designation : |
Whole Time Director |
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Name : |
Mr. S. Mohanchand Dadha |
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Designation : |
Director |
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Name : |
Mr. Hasmukh S. Shah |
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Designation : |
Director |
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Name : |
Mr. Ashwin Dani |
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Designation : |
Director |
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Name : |
Mr. Keki M. Mistry |
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Designation : |
Additional Director |
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Name : |
Mr. S. Kalyanasundaram |
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Designation : |
Chief Executive Officer and Whole Time Director (w.e.f.1st April, 2010) |
KEY EXECUTIVES
|
Name : |
Mr. Kamlesh H.
Shah |
|
Designation : |
General Manager in Finance |
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|
Name : |
Mr. Sunil R. Ajmera (Upto
1ST April 2011) |
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Designation : |
Company Secretary |
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E mail : |
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|
Name : |
Mr. Satish |
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Designation : |
Admin Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2012
|
Category of
Shareholder |
Total No. of
Shares |
% of total No.
of Shares |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
152,676,100 |
14.74 |
|
|
506,512,000 |
48.91 |
|
|
640,100 |
0.06 |
|
|
640,100 |
0.06 |
|
|
659,828,200 |
63.72 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
659,828,200 |
63.72 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
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|
19,489,384 |
1.88 |
|
|
37,644,869 |
3.64 |
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|
29,700 |
- |
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|
206,790,061 |
19.97 |
|
|
263,954,014 |
25.49 |
|
|
|
|
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|
54,854,360 |
5.30 |
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|
|
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|
38,222,546 |
3.69 |
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|
16,293,435 |
1.57 |
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|
2,429,400 |
0.23 |
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|
703,371 |
0.07 |
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|
631,835 |
0.06 |
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|
447,744 |
0.04 |
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|
646,450 |
0.06 |
|
|
111,799,741 |
10.80 |
|
Total Public
shareholding (B) |
375,753,755 |
36.28 |
|
Total (A)+(B) |
1,035,581,955 |
100.00 |
|
(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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|
- |
- |
|
Total
(A)+(B)+(C) |
1,035,581,955 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
TrustsBUSINESS DETAILS
|
Line of Business : |
Manufacturers of
Tablets, Capsules, Parenterals, Ointments, Bulk Drugs, Chemicals and Liquids. |
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Products : |
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PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
Installed
Capacity |
Actual
Production |
|
Tablets/ Capsules/ Parenterals / Ointments |
7157.4 No. in Millions |
1187.7 No. in Millions |
|
Bulk Drugs/ Chemicals |
2085.7 [In Kilo Litres] |
2252.5 [In ’00 Kgs] |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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|
Name : |
Deloitte Haskins
and Sells Chartered
Accountants, |
|
Address : |
Mumbai, |
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Memberships : |
Confederation of
Indian Industry |
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Control Entity: |
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Enterprises under Significant influence of key management personnel or
their relative |
·
Sun Petrochemicals Private Limited ·
Navjivan Rasayan (Gujarat) Private Limited. ·
Sun Parma Advanced Research Company Limited. |
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Subsidiaries : |
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Related Parties : |
·
Taro Pharmaceutical India Private Limited ·
Taro Pharmaceutical Laboratories INC. ·
Taro Pharmaceutical U.S.A., INC. ·
Taro Pharmaceuticals Europe B.V. ·
Taro Pharmaceuticals Ireland Limited ·
Taro Pharmaceuticals North America INC ·
Taro Pharmaceuticals UK Limited ·
Taro Research Institute Limited ·
Tarochem Limited ·
Morley and Company Inc. ·
Sun Laboratories FZE ·
Taro Pharmaceuticals Canada Limited ·
Sun Laboratories Inc. ·
Taro International Limited - UK |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000000 |
Equity Share |
Rs.1/- each |
Rs.1500.000 Millions |
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1035581955 |
Equity Share |
Rs.1/- each |
Rs.1035.600
Millions |
|
|
|
|
|
NOTE:
Of the above :
1) 808,150,050
Equity shares allotted as fully paid Bonus Shares by capitalization of
Securities Premium Account, Profit and Loss Account, Amalgamation Reserve and
Capital Redemption Reserve Account.
2) 4136330,
2080000, 4775810, 114380, 185190, 197710 and 21370 Equity Shares fully paid
allotted to the shareholders of erstwhile Tamilnadu Dadha Pharmaceuticals
Limited, Milmet Laboratories Private Limited, Gujarat Lyka Organics Limited,
Sun Pharmaceutical Exports Limited, Pradeep Drug Company Limited, M. J.
Pharmaceuticals Limited and Phlox Pharmaceuticals Limited respectively,
pursuant to Schemes of Amalgamations, without payment being received in cash.
3) 108003805
Equity Shares allotted to the holders of Zero Coupon Foreign Currency
Convertible Bond on exercise of conversion option.
4) With effect
from 27th November, 2010, one equity share of 5 each fully paid-up
was split into five equity share of 1 each fully paid-up
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1035.600 |
1035.600 |
1035.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
65769.700 |
56144.200 |
50478.600 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
66805.300 |
57179.800 |
51514.200 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
505.300 |
294.900 |
236.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
505.300 |
294.900 |
236.000 |
|
|
DEFERRED TAX LIABILITIES |
1285.100 |
1153.300 |
1174.200 |
|
|
|
|
|
|
|
|
TOTAL |
68595.700 |
58628.000 |
52924.400 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7943.900 |
7405.200 |
6992.600 |
|
|
Capital work-in-progress |
2280.600 |
921.500 |
759.500 |
|
|
|
|
|
|
|
|
INVESTMENT |
36014.200 |
39516.900 |
26945.900 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6182.600
|
5701.400
|
4867.400
|
|
|
Sundry Debtors |
5426.200
|
5532.900
|
6800.300
|
|
|
Cash & Bank Balances |
12509.000
|
1872.700
|
12654.700
|
|
|
Other Current Assets |
183.700
|
73.900
|
381.300
|
|
|
Loans & Advances |
5525.800
|
3661.300
|
2674.600
|
|
Total
Current Assets |
29827.300
|
16842.200
|
27378.300
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
33.000
|
1482.500
|
4777.900
|
|
|
Other Current Liabilities |
3106.300
|
1150.500
|
953.000
|
|
|
Provisions |
4331.000
|
3424.800
|
3421.000
|
|
Total
Current Liabilities |
7470.300
|
6057.800
|
9151.900
|
|
|
Net Current Assets |
22357.000
|
10784.400
|
18226.400
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
68595.700 |
58628.000 |
52924.400 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
19331.200 |
18461.300 |
27697.500 |
|
|
|
Other Operating Income |
11715.800 |
6776.600 |
10918.000 |
|
|
|
Other Income |
1941.700 |
1229.300 |
1821.200 |
|
|
|
TOTAL |
32988.700 |
26467.200 |
40436.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
8969.300 |
8152.900 |
19098.800 |
|
|
|
Indirect Taxes |
0.000 |
382.800 |
817.200 |
|
|
|
Personnel Cost |
2140.600 |
1747.100 |
1483.100 |
|
|
|
Operating Expenses |
5340.400 |
4720.400 |
4205.600 |
|
|
|
Research and Development Expenditure |
1355.900 |
1277.700 |
1289.300 |
|
|
|
TOTAL |
17806.200 |
16280.900 |
29894.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
15182.500 |
10186.300 |
10542.700 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
642.300 |
694.700 |
588.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
14540.200 |
9491.600 |
12954.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
702.200 |
505.100 |
301.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
13838.000 |
8986.500 |
12652.900 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
18891.500 |
16225.900 |
11287.900 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend on Equity Share |
3624.500 |
2847.900 |
2847.900 |
|
|
|
Corporate Dividend Tax |
588.000 |
473.000 |
484.000 |
|
|
|
Proposed Dividend and Dividend
distribution tax written back |
0.000 |
0.000 |
(117.000) |
|
|
|
Transfer to General Reserve |
5000.000 |
3000.000 |
4500.000 |
|
|
BALANCE CARRIED
TO THE B/S |
23517.000 |
18891.500 |
16225.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
9005.600 |
8389.500 |
8137.700 |
|
|
TOTAL EARNINGS |
9005.600 |
8389.500 |
8137.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2976.500 |
3003.900 |
2299.600 |
|
|
|
Packaging Material |
NA |
242.600 |
272.800 |
|
|
|
Capital Goods |
NA |
242.000 |
367.700 |
|
|
|
Stores and Spares |
1.800 |
26.400 |
20.200 |
|
|
TOTAL IMPORTS |
2978.300 |
3514.900 |
2960.300 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.40 |
43.40 |
61.10 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 (1st
Quarter) |
30.09.2011 (2nd
Quarter) |
31.12.2011 (3rd
Quartered) |
31.12.2011 (4th
Quartered) |
|
Net Sales |
8629.600 |
9386.500 |
10118.500 |
11970.700 |
|
Total Expenditure |
4755.600 |
5221.100 |
5867.400 |
6176.000 |
|
PBIDT (Excl OI) |
3874.000 |
4165.400 |
4251.100 |
5794.700 |
|
Other Income |
796.600 |
569.900 |
(351.600) |
1916.100 |
|
Operating Profit |
4670.600 |
4735.300 |
3899.500 |
7710.800 |
|
Interest |
0.000 |
0.000 |
0.000 |
1.500 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
4670.600 |
4735.300 |
3899.500 |
7709.300 |
|
Depreciation |
175.900 |
181.300 |
198.500 |
201.500 |
|
Profit Before Tax |
4494.700 |
4554.000 |
3701.000 |
7507.800 |
|
Tax |
262.700 |
178.500 |
48.700 |
487.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
4232.000 |
4375.500 |
3652.300 |
7020.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
4232.000 |
4375.500 |
3652.300 |
7020.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
41.94 |
33.95
|
31.30
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
75.21 |
51.41
|
46.77
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
38.49 |
39.14
|
37.69
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.17
|
0.25
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.11 |
0.11
|
0.18
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.05 |
2.78
|
2.99
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
Rs. In Millions
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
Sundry Creditors |
33.000
|
1482.500
|
4777.900
|
FINANCE
CRISIL continued to reaffirm its highest rating of "AAA/
Stable" and “P1+”, for the Company’s Banking Facilities throughout the
year enabling the Company to avail facilities from banks at attractive rates.
The Company does not offer any Fixed Deposit scheme.
MANAGEMENT
DISCUSSION AND ANALYSIS
THE GLOBAL PHARMA
MARKET
Although global spending on medicines is expected to grow from US$ 856 billion in 2010 to reach around US$ 1065-1095 billion in 2015, the incremental growth in global medicine spending is expected to slow from the US$251 billion increment registered in 2006-10 to the expected US$ 210-240 billion increment during 2010-15. Patent expiries, increasing generic sales arid budget controls may restrain successive growth in medicines spending globally, especially in developed markets.
Between 2005 and 2015 the share of developed markets (US and EU 5) in global medicine spending is expected to fall, the share of pharmerging countries is expected to rise, and is expected to remain steady for Japan, rest of Europe and Canada. Pharmerging markets will witness the highest growth in the next five years, driven by increased access through healthcare reforms and economic growth.
BRANDED GENERICS VS.
PATENTED DRUGS
Although a large number of branded products lost their patent protection during the year in the US, however, this did not trigger extensive growth in generic drugs (which are low cost therapeutic equivalents of patented or innovative drugs), on account of intense price competition. Pricing continues to be one of the most Important issues in the pharma world, as affordable healthcare remains a priority for governments worldwide. The rising cost of new product development for new molecules on one hand, as well as spiraling healthcare budgets and mounting governmental pressure to reduce drug prices have prompted companies to ramp up their generic branded generic business.
Brands comprised about 2/3rd of the global pharmaceutical spending during the year 2010. As patents expire in developed markets, the share of branded or patented products is expected to decline in the coming years.
It is expected that highest growth in generics spending would come from the US, Canada, UK, and South Korea. Japan may continue with the lowest generic share, despite significant policy incentives to increase generic prescribing and dispensing.
GROVVTH SHIFTING TO
PHARMERGING MARKETS
The 17 ‘pharmerging’ countries are expected to contribute 28% to global market spending by 2015. Pharmerging markets are expected to double their spending on medicines to $285-31 S billion by 2015, compared with $151 billion in 2010.
The Asia Pacific pharmaceutical market, comprising India, China, Malaysia, South Korea and Indonesia, has emerged as one of the fastest growing pharmaceutical markets. High growth, witnessed in emerging markets, has led to a focus shift for large pharma companies from regulated markets 10 emerging markets. It is expected that while growth in regulated markets will slow down, emerging markets would lead industry growth. Emerging markets have traditionally been characterized with one or more of the following:
· Relatively low entry barriers in terms of product registration requirements and intellectual property rights
· Price sensitivity
· Favorable regulatory environment
· Rising disposable incomes
· Likely increase in health insurance schemes
· Low manufacturing costs
·
Competitive local industry presence
CHRONIC THERAPY AREAS
GLOBALLY
During the year, high volume sales were recorded for anti-cancers, antipsychotics, lipid regulators, proton pump inhibitors and antidepressants. A combination of changing lifestyle patterns, better diagnostic tools and increasing awareness and access, are leading to an increase in incidence and treatment sought for chronic diseases like hypertension, congestive heart failure, depression, asthma and diabetes all over the world. Additionally, factors like pollution and environment changes contribute to an increased incidence of asthma.
Growth is expected to continue in generics, as well as in anti-diabetics, ardiovasculars, and anti-hypertensives in 2011. The prevalence of Type II diabetes is expected to i4icrease in pharmerging countries, such as China, India and Brazil, because of a growing population and changing lifestyle conditions, as well as better access and diagnosis.
THE INDIAN
PHARMACEUTICAL MARKET
Globally, the Indian pharmaceutical industry ranks 10th in terms of value and third terms of volume. According to IMS Health, the Indian Pharma market was estimated to be around 512.3 billion in 2010.
BRANDED GENERICS IN
INDIA
India is largely a branded generics market, which makes up nearly 70-80% of the total pharmaceutical market, with a small percentage of unbranded generics being sold here. The country exports branded generics in large volumes, which are expected to grow at a CAGR of 21-23% during 2009-2014.
FORMULATIONS IN INDIA
Formulations are mostly manufactured for therapeutics, such as anti-diabetics, neuro/central nervous system (CNS), cardiovascular, respiratory and anti-infectives, with acute therapy products, such as anti-infectives and painkillers forming the largest share. The domestic formulations market, which stood at around 417 billion in 2009-10, is expected to grow further owing to better access, awareness, affordability, an increasing middle class population, urbanization, increasing efforts by the government to offer rudimentary health insurance, particularly in the rural areas. India exports formulations in large volumes to semi-regulated markets (SRM), such as Africa, Asia, CIS and Latin America.
GLOBAL PHARMA IN
INDIA
The Indian pharmaceutical market is highly fragmented with 300 large and 18,000 mid-sized and small companies. Some of the Indian pharma companies provide contract research and manufacturing services (CRAMS) to global pharma majors, who find it more cost effective to outsource these activities. The last two years has witnessed a sudden expansion surge by multiple global pharma giants in India, like setting up offices and R and D centers, offering patented products at a special India price, building a portfolio of branded generics, and expanding their reach to rural India. The markets, which were intensely competitive to begin with, became even more so with these new and refocused companies becoming serious about their presence in the Indian market.
CHRONIC THERAPY
PRODUCTS IN INDIA
India is one of the fastest growing pharma markets, attributed to rising disposable incomes with increased affordability, gradually growing insurance penetration, greater life expectancy, rural penetration, and a shift in disease profile towards chronic lifestyle illnesses. Specialty and super specialty therapies are expected to continue growing faster than the rest of the market in the coming years. Increasing pressures of urbanisation, lifestyle changes and work stress are responsible for an increase in the incidence of chronic diseases. Cardiovascular diseases are expected to be the largest cause of deaths and disabilities in India by 2020.
HIGHLIGHTS 2010-11
· Successful acquisition of Taro Pharma following three years of litigation and negotiations. Sun Pharma holds an economic stake of 66% and enjoys voting rights of 77% in Taro
· Indian branded generics grew 37% to reach 23,800 millions
· The API segment sales declined 4% to reach 5,212 millions
· The emerging market branded generic business grew 32% to reach 6,444 millions
· international operations grew across 41 markets.
· Received approvals of 18 products from the USFDA, including complex products like Diltiazem HCL ER Capsules, Galantamine HCL ER Capsules and Atomoxetine HCL Capsules.
· Brought exclusive products (Eloxatin and Pantoprazole) to the US market, these products enjoy limited competition.
· During the year, Research and Development expenditures stood at 3,096 million
INDIAN BRANDED
GENERICS
SEGMENT IDENTITY
· Sixth largest branded generics player in India by prescription share
· Ranked 1st based on share of prescriptions in six classes of specialists:
· Psychiatrists, neurologists, cardiologists, ophthalmologists, orthopedics and gastroenterologists.
· Market leader in chronic segments
· Over 50% of our brands feature among the top three brands for the molecule
· Product basket includes 537 formulations
· Marketing therapy-based products through 18 divisions and 2,700 sales representatives to 130,000 specialist doctors
· They specialize in technically complex products and offering a complete therapy basket, enabling us to remain competitive in a challenging market environment
HIGHLIGHTS OF THE
YEAR
· Revenues increased from Rs. 17,412 million in 2009-10 to 23,800 million in 2010-11
· Market share at 4.3% in 2010- 11, according to AWACS
· Launched 38 new products during the year
· strengthened our prescription share
· Their top 10 brands contributed 15% to the domestic revenues
· Their top 50 brands contributed 52% to the domestic revenues
INDIAN BRANDED
GENERICS
They continue with their emphasis on building customer relationships by facilitating academic interaction and continuing medical education. For instance, an epilepsy course was organized countrywide, with international speakers. CMEs and programs to share therapy advances in neurology, ophthalmology and respiratory were also organized. They also conducted over a hundred health camps for disease detection last year.
US GENERICS
TARO IDENTITY
· Strong presence in dermatology where Taro is working actively to regain its leadership amidst heightened competition
· Major thrust on introducing globally accepted products, penetrating new markets, and strengthening the research and development pipeline
· The production facility at Canada is approved by the Ministry of Health and USFDA
· Delivering to high expectation remains the key challenge.
CARACO IDENTITY
· Production facility continued to be non-operational; however, efforts were on to accelerate compliance and meet FDA requirements; active involvement of
· consultants underway to achieve this
· Overall sales of distributed products has been good during the year
· Caraco to benefit from an increased focus on generics in the US, post its
· resolution of FDA issues and restarting of manufacturing operations.
HIGHLIGHTS OF THE
YEAR
· Grew revenues 104% from 11,069 million in 2009-10 toe.
· 22537.9 million in 2010-11
· Launched 18 new products during the year
· Filed 25 ANDAS and received approvals on 18 ANDAS during the year
· This takes the total to 377 ANDA filed and 225 ANDA received, in all, across companies.
INTERNATIONAL BRANDED
GENERICS
PRESENCE
· Present in 41 pharmaceutical markets across four continents
· High potential markets are Russia, China, Brazil, Mexico, ex-CIS nations and South Africa
· Future plan to selectively build a presence with difficult or technically differentiated generics, such as injections, in certain European markets.
· Continue to bring differentiated branded generics to the rest of the world markets
HIGHLIGHTS OF THE
YEAR
· Received registration for our drugs in the Philippines, Taiwan, Hong Kong and Australia
· At the close of the year, entered into an agreement with Merck to create a joint venture to market branded generics with a delivery system advantage, which would use their product development capability and their regulatory/market strength. The first of these products is at least three years from market. The. joint venture does not include current registrations by either company.
OUTLOOK
Global pharma market is expected to grow by 5-7% to reach US$ 880 billion in 2011 Global pharma market to reach US$ 1.1 trillion by 2014 US pharma market will reach anywhere between US$ 320 and 350 billion by 2015 European markets to reach up to US$ 160 billion by 2015
· Global generic drug spending is estimated to be US$ 234 billion.
· The US pharmaceutical market stood at US$310.6 billion. European markets of Germany, France, Italy, Spain and UK reached US$ 147.4 billion.
· The global Pharma market has registered 4.1% growth to reach US$856 billion.
· The Indian Pharma market stood at US$ 12.3 billion.
FIXED ASSETS:
- Buildings
- Plant and Machinery
- Vehicles
- Furniture and Fixtures
- Trademarks Designs and other Intangible Assets
WEB DETAILS:
BUSINESS DESCRIPTION
Subject is an international specialty pharma company. The
Company manufactures and markets pharmaceutical formulations as branded generics,
as well as generics in India, the United states and several other markets
across the world. The Company’s business is divided into four segments: Indian
Branded Generics, US Generics, International Branded Generics (ROW) and Active
Pharmaceutical Ingredients (API). Its brands are prescribed in chronic therapy
areas like cardiology, psychiatry, neurology, gastroenterology, diabetology and
respiratory. It makes specialty APIs, including peptides, steroids, hormones
and anticancers. APIs and Dosage forms are made at 20 plants across India,
Israel, the United States, Canada, Hungary, Brazil, Mexico and Bangladesh. It’s
API products include Acamprosate Calcium, Alendronate Sodium, Amifostine
trihydrate, Budensonide and Carvedilol. In September 2010, it acquired Taro
Pharmaceutical Industries Limited For the three months ended 30 June 2011, Sun
Pharmaceutical Industries Limited's revenues increased 20% to RS17.01B. Net
income decreased 13% to RS55.01B. Revenues reflect an increase in income from
operations. Net income was offset by decreased net interest income and decline
operating margin. Subject is an international specialty pharmaceutical company.
MANAGEMENT
Dilip S. Shanghvi -
Executive Chairman of the Board, Managing Director – Chairman
Shri. Dilip S. Shanghvi is Executive Chairman of the Board and Managing Director of Sun Pharmaceuticals Industries Limited He is a graduate from Calcutta University and has launched Sun Pharma in 1982 and carries industrial experience in the Pharmaceutical industry and at present he is the Chairman and Managing Director of the Company. He is a Director on the Board of following companies: Caraco Pharmaceutical Laboratories Limited, Detroit, USA, Sun Specialty Chemicals Private Limited, Sun Resins and Polymers Private Limited, Sun Fastfin Services Private Limited, Sun Petrochemicals Private Limited, SPARC Bio-Research Private Limited, Sun Pharma Global Inc., British Virgin Island, Sun Pharma De Mexico SA DE CV, SPIL De Mexico SA DE CV and Shantilal Shanghvi Foundation.
S. Mohanchand Dadha -
Non-Executive Independent Director - Director/Board Member
Shri. S. Mohanchand Dadha is Non-Executive Independent Director of Sun Pharmaceuticals Industries Limited He is an entrepreneur with more than five decades of wide experience in Pharma Industry and has competent knowledge and experience in financial and accounting areas, Mr. Dadha was Managing Director and Promoter of erstwhile Tamilnadu Dadha Pharmaceuticals Limited He is also trustee of many Charitable Trusts. He was the Member of Tamilnadu Government constituted Drug Committees, namely The Drug Advisory Committee and the Committee for the development of Drug Industries in Tamilnadu. Presently, he is also a Director in the following Companies are Sun Pharma Advanced Research Company Limited, Wardex Pharmaceuticals Limited, Dadha Pharma Private Limited, and Kerala Chemists and Distributors Alliance Limited He is the Chairman of the Audit Committee and Remuneration Committee of Sun Pharma Advanced Research Company Limited
Ashwin S. Dani -
Non-Executive Independent Director - Director/Board Member
Mr. Ashwin S. Dani is Non-Executive Independent Director of Sun Pharmaceuticals Industries Limited He is a science graduate from the Institute of Science, University of Mumbai and U.D.C.T., University of Mumbai. He also holds a Masters Degree in polymer science from University of Akron, Ohio, USA and Diploma in colour science from Rensellaer Polytechnic, Troy, New York. He is Vice Chairman and Managing Director of Asian Paints (India) Limited, one of India's paint companies. He also holds a number of directorships and has been nominated by the government as a Trustee on the Central Board of Trustees of the Employees Provident Fund. He is also a member of the executive committee of the Federation of Indian Chambers of Commerce and industry.
Sailesh T. Desai -
WholeTime Director - Director/Board Member
Shri. Sailesh T. Desai is Whole Time Director of Sun Pharmaceuticals Industries Limited He graduate from Kolkata (Calcutta) University and is an entrepreneur with more than 30 years of industrial experience including 20 years in the pharmaceutical industry itself. He is a Director on the Board of following Companies: Caraco Pharmaceutical Laboratories Limited, Milmet Pharma Limited, Sun Fastfin Services Private Limited, Sun Pharmaceutical (Bangladesh) Limited, Sun Resins and Polymers Private Limited, Sun Speciality Chemicals Private, Limited, SPIL De Mexico SA DE CV, M.J. Pharmaceuticals Limited, Man Infra construction Limited, Universal Enterprises Private Limited, Shantilal Shanghvi Foundation and a trustee of Shree Uvasaggahar Trust
Keki Minoo Mistry -
Non-Executive Independent Director - Director/Board Member
Mr. Keki Minoo Mistry, CPA, is Non-Executive Independent Director of Sun Pharmaceuticals Industries Limited. At present, he is the Managing Director of Housing Development Finance Corporation Limited (HDFC). He joined HDFC in October, 1981. Prior to joining HDFC, Mr. Mistry worked in the Indian Hotels Company Limited as Accounts Officer. Mr. Mistry is a Fellow Member of the Institute of Chartered Accountants of India and a Member of the Michigan Association of Certified Public Accountants, USA. He has experience in Finance and worked as a consultant to the Commonwealth Development Corporation in Bangkok, Thailand, Mauritius, Caribbean Islands and Jamaica, Asian Development Bank and Mauritius Housing Company. Presently, he is the Chairman of Gruh Finance Ltd and Internet Global Services Private Limited, and is on the Board of Housing Development Finance Corporation Limited, HDFC Developers Limited, HDFC Bank Limited, HDFC Trustee Company Limited, HDFC Standard Life Insurance Company Limited, HDFC Chubb General Insurance Company Limited, Infrastructure Leasing and Financial Services Limited, Mahindra Holidays and Resorts India Limited, The Great Eastern Shipping Company Limited, Nex Gen Publishing Limited and India Value Fund Advisors Private Limited He serves as the member of Shareholders’ investors’ Grievance Committee of Housing Development Finance Corporation Limited, member of Audit Committees of HDFC Standard Life Insurance Company Limited, HDFC Trustee Company Limited, Gruh Finance Limited, infrastructure Leasing and Financial Services Limited and The Great Eastern Shipping Company Limited He also serves as the Chairman of Audit Committee of HDFC Chubb General Insurance Company Limited
Hasmukh S. Shah -
Non-Executive Independent Director - Director/Board Member
Mr. Hasmukh S. Shah is a Non-Executive Independent Director of Sun Pharmaceuticals Industries Limited Mr. Shah is a B.A Economics (Hons) and M .A in Sociology with first Rank in the University. Mr. Shah has over four decades of experience in senior management positions. He is the Chairman of Shaily Engineering Plastics Limited, Gujarat Gas Co. Limited and Oswal Multimedia KID Limited Mr. Shah is also a Director in the following Companies: Dinesh Remedies Limited, Supreme Petrochem Limited, ATUL Limited, Deepak Nitrite Limited, Cosmo Films Limited and Micro Inks Limited
Sudhir V. Valia –
Whole Time Director - Director/Board Member
Mr. Hasmukh S. Shah is a Non-Executive Independent Director of Sun Pharmaceuticals Industries Limited Mr. Shah is a B.A Economics (Hons) and M .A in Sociology with first Rank in the University. Mr. Shah has over four decades of experience in senior management positions. He is the Chairman of Shaily Engineering Plastics Limited, Gujarat Gas Company Limited and Oswal Multimedia KID Limited Mr. Shah is also a Director in the following Companies: Dinesh Remedies Limited, Supreme Petrochem Limited, ATUL Limited, Deepak Nitrite Limited, Cosmo Films Limited and Micro Inks Limited.
Sudhir V. Valia –
Whole Time Director - Director/Board Member
Mr. Sudhir V. Valia is Whole Time Director of Sun Pharmaceuticals Industries Limited He is a fellow Member of Institute of Chartered Accountants of India and carries more than two decades of taxation and finance experience. He joined the company in 1994, prior to which he was in private taxation practice. In addition to being on the Board of Directors of a number of companies in the group, he is also on the Board of Directors of Caraco
Dilip S. Shanghvi -
Executive Chairman of the Board, Managing Director - Managing Director
Shri. Dilip S. Shanghvi is Executive Chairman of the Board and Managing Director of Sun Pharmaceuticals Industries Limited He is a graduate from Calcutta University and has launched Sun Pharma in 1982 and carries industrial experience in the Pharmaceutical industry and at present he is the Chairman and Managing Director of the Company. He is a Director on the Board of following companies: Caraco Pharmaceutical Laboratories Limited, Detroit, USA, Sun Specialty Chemicals Private Limited, Sun Resins and Polymers Private Limited, Sun Fastfin Services Private Limited, Sun Petrochemicals Private Limited, SPARC Bio-Research Private Limited, Sun Pharma Global Inc., British Virgin Island, Sun Pharma De Mexico SA DE CV, SPIL De Mexico SA DE CV and Shantilal Shanghvi Foundation.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31.03.2012
|
Particulars |
31.03.2012 |
31.012.2011 |
|
Income |
|
|
|
a) Net Sales / Income from Operations |
6809.900 |
6312.100 |
|
b) Other Operating Income |
5160.800 |
3840.000 |
|
Total Operating Income |
11970.700 |
10152.100 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade |
(417.800) |
(126.600) |
|
(b) Consumption of Raw Materials |
2724.900 |
2517.000 |
|
(c) Purchase of traded goods |
524.600 |
488.600 |
|
(d) Employees Cost |
785.300 |
808.600 |
|
(e) Depreciation |
201.500 |
198.500 |
|
(f) Other Expenditure |
2559.000 |
2179.800 |
|
Total Expenditure |
6377.500 |
6065.900 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
5593.200 |
4086.200 |
|
Other Income |
1916.100 |
(384.300) |
|
Profit/(Loss) before Interest and Exceptional items |
7509.300 |
3701.900 |
|
Interest |
1.500 |
0.900 |
|
Profit / (Loss) after interest before Exceptional items |
7507.800 |
3701.000 |
|
Exceptional Items |
-- |
-- |
|
Profit / (Loss) From
Ordinary activities before Tax |
7507.800 |
3701.000 |
|
Provision for Taxation |
487.800 |
48.700 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
7020.000 |
3652.300 |
|
Extraordinary Items |
-- |
-- |
|
Net Profit/(Loss) for the period |
7020.000 |
3652.300 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.1/ each) |
1035.600 |
1035.600 |
|
Reserves (Excluding Revaluation Reserves) |
-- |
-- |
|
Public Share
Holding |
|
|
|
Before
Extraordinary Items |
|
|
|
-Basic |
6.8 |
3.5 |
|
-Diluted |
6.8 |
3.5 |
|
Average of Public Share Holding |
|
|
|
- Number of Shares |
375753755 |
375753755 |
|
- Percentage of shareholding |
36.28 |
36.28 |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
2452030 |
3030100 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
0.37 |
0.46 |
|
- Percentage of shares(as a % of the total share capital of the company) |
0.24 |
0.30 |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
657376170 |
656798100 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
99.63 |
99.54 |
|
- Percentage of Share (as a % of the total share capital of the company) |
63.48 |
63.42 |
PRESS RELEASE
SUN PHARMA REPORTS STRONG PERFORMANCE
Q4 : Net Sales Rs.
23300 millions, up 59%, Net Profit Rs.8200 millions, up 85%
FY12 : Net Sales
Rs 80060 millions, up 40%, Net Profit Rs 25870 millions, up 42%
Mumbai, May 29,
2012: Sun Pharmaceutical Industries Limited (Reuters: SUN.BO, Bloomberg:
SUNP IN,
NSE: SUNPHARMA,
BSE: 524715) reported financials for the fourth quarter and year ending March
31, 2012.
Highlights of
Q4FY12 consolidated financials
• Net sales/Income
from operations at Rs 23300 millions, a growth of 59% over same quarter last
year
• Branded generic
sales in India, at Rs 8770 millions, grew by 49% over Q4 last year
• US finished
dosage sale is $ 202 million, grew by 66% (in $ terms) over Q4 last year
• International
formulation sales is $ 65 million, and grew by 31% (in $ terms) over same
quarter last year
• EBITDA margin is
41%
• Net profit is
Rs. 8200 millions, equivalent to 35% net margin.
Highlights of FY12
consolidated financials
• Net sales/Income
from operations at Rs. 80060 millions, a growth of 40% over previous year.
• India branded
generic sales at Rs. 29150 millions, grew by 22% over the same period last year
• US finished
dosage sale is at $ 725 million, a growth of 49% (in $ terms) over the same
period last year
• International
formulation sales is at $ 232 million, a growth of 53% (in $ terms) over last
year
• EBITDA margin is
41%
• Net profit is Rs
25870 millions, equivalent to 32% net margin.
These results were
taken on record by the Board of Directors at a meeting held in Mumbai today.
The Board has
recommended payment of a dividend of Rs 4.25 per equity share of face value Rs
1/- each for the
year ended March
31, 2012, subject to approval of members.
The above
financials include Taros numbers for the current quarter and full year which
were included only for part of the year in the previous year’s financials. Taro
has further clarified that the increase in sales and profits this year may not
be sustainable as these were largely a result of price increases on select
products in the US market. During the course of the quarter, the Company
supplied Lipodox, an anticancer, to the US market, which may not
recur. In
addition, in the fourth quarter, there was non-recurring sales in the India
branded generic business. As
a result these,
consolidated EBITDA and net margins for the quarter and year may not be
sustainable. Dilip Shanghvi, Managing Director of the Company said,
“Performance this year has been in line with our expectations and marginally
ahead of our recently revised sales guidance. Though the year has seen a couple
of non-recurring elements, the underlying business remains steady across all
segments and capable of delivering long term sustainable growth.”
India Branded
Generics - Strength in consistency
Sale of branded
prescription formulations in India is at Rs. 8770 millions for the fourth
quarter, accounting for 37%
of total sales.
For the year, sales is Rs 29150 millions. Core business growth1 for the quarter
and for the full year is
at 21% and 20%
respectively.
Sun Pharma holds
4.6% market share in the Rs.640000 millions pharma market, as per latest
AIOCD-AWACS report. Overall, the company is now ranked no. 1 based on share of
prescriptions with 6 classes of specialists: psychiatrists, neurologists,
cardiologists, ophthalmologists, orthopedicians, and gastroenterologists.
Two key products
were launched in the fourth quarter taking the total to 22 for the year.
US Formulations:
Advantage Lipodox and Taro’s pricing advantage
Sale in the US is
$ 202 million for the fourth quarter of FY12, accounting for 43% of total
sales. For FY12, sale is $ 725 million. Sales growth in $ terms is 66% and 49%
for the quarter and the full year respectively.
In response to the
critical shortage of the cancer drug Doxil® (doxorubicin hydrochloride liposome
injection), USFDA took proactive steps needed to increase available supply for
patients in the U.S. Under USFDA’s exercise of enforcement discretion, Sun
Pharma’s chemotherapeutic drug Lipodox (doxorubicin hydrochloride liposome
injection) is being imported into the US as an alternative to Doxil®. Lipodox
has been available to patients in India for now close to a decade. USFDA
anticipates that this temporary incoming supply of Lipodox will be able to
fully meet patient needs. USFDA’s exercise of this enforcement discretion for
Lipodox is a temporary, limited arrangement. Earlier in 2011, Sun Pharma filed
an ANDA for the generic version of Doxil®, which is currently awaiting approval
by the USFDA.
Taro recently
announced its financials for the quarter to March 2012. Net sales for the Jan-
March quarter is $ 145
million, a growth
of 35% over same period last year. Net profit for the quarter is $47 million.
Remediation efforts at the Caraco facility in Detroit are as yet, ongoing.
Rest of World
Formulation sales
in rest of the world markets outside of India and US accounted for $ 65 million
in Q4FY12 registering a growth of 31%. Sale for FY12 is $ 232 million with a
growth of 53%. Excluding Taro sales outside US, underlying sales growth in $
terms for Sun Pharma business in these markets is 40% for Q4 and 34% for the
year.
Research
Consolidated RandD
expense for Q4 FY12 is Rs 1300 millions, or 5.6% of sales. For the year, RandD
expense is Rs 4400 millions, equivalent to 5.5% of sales.
In the fourth
quarter, ANDA for 9 products were filed taking the total to 22 for the entire
year. After counting these, cumulatively ANDAs for 397 products have been filed
by Sun Pharma and Taro with the USFDA (as on 31 March 2012). ANDAs for 7
products received approvals in the fourth quarter taking the total number of
approvals to 250 (as on 31 March 2012). As on 31 March, 2012, ANDAs for 147
products await USFDA approval, including 19 tentative approvals.
A cumulative of
225 DMF / CEP applications have been made, with 154 approved so far. The total
number of patent applications submitted now stands at 559, with 276 patents
granted so far.
Doxil® is a
registered trademark of ALZA Corporation
Earnings Call (10 am IST, May
30, 2012)
The Company will
host an earnings call at 10 am IST on May 30, 2012, where senior management
will discuss the Company’s performance and answer questions from participants.
This call will be accessible through an audio dial-in and a web-cast.
Audio conference Participants can dial-in on the
numbers below
Primary number: +91 22 6629 0088
Secondary number: +91 22 3065 0088
Playback of call: +91 22 30651212 ID: #786742
Web-cast More details will be
provided through our website, www.sunpharma.com
To participate in
the audio call, please dial the numbers provided above five to ten minutes
ahead of the scheduled start time. The operator will provide instructions on
asking questions before the call.
The transcript of
the event will be available at www.sunpharma.com. The playback will be
available for a few days.
About Sun Pharma
Established in
1983, listed since 1994 and headquartered in India, Sun Pharma (Reuters:
SUN.BO, Bloomberg: SUNP IN, NSE:SUNPHARMA, BSE: 524715) is an international,
integrated, speciality pharmaceutical company. It manufactures and markets a
large basket of pharmaceutical formulations as branded generics as well as
generics in India, US and several other markets across the world. In India, the
company is a leader in niche therapy areas of psychiatry, neurology,
cardiology, diabetology, gastroenterology, orthopedics and ophthalmology. The
company has strong skills in product development, process chemistry, and
manufacturing of complex API, as well as dosage forms. More information about
the company can be found at
ISRAEL MAKOV APPOINTED
CHAIRMAN OF SUN PHARMA BOARD
Mumbai, May 29,
2012: The Board of Directors of Sun Pharmaceutical Industries Ltd. (Reuters:
SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715) met today and
announced appointment of Mr Israel Makov as Chairman of the Board.
Mr. Makov is the
former President and CEO of Teva Pharmaceutical Industries Ltd (2002-2007). He
is among Israel’s most respected corporate leaders, and is widely credited with
Teva’s emergence as a global company and a world leader in generic
pharmaceuticals. Speaking on the induction, Mr Dilip Shanghvi, Managing
Director of Sun Pharma said “I welcome Mr Makov on behalf of the entire Board
and the larger Sun Pharma team. He is an exceptional leader with deep knowledge
and experience in globalizing businesses successfully. As Sun Pharma continues
to rapidly expand its presence worldwide, I am sure that we will benefit
immensely from his experience.”
On his
appointment, Mr Makov said, “I am happy to accept the position of Chairman of
the Board. Sun Pharma is an exciting company poised for substantial global
expansion and I look forward to working together with Dilip and his team in
realizing their visionary goals.”
Profile of Mr
Israel Makov
Mr Makov is the
former President and CEO of Teva Pharmaceutical Industries Ltd. He joined Teva
in 1995 and led the company’s global expansion, managing over 12 acquisitions –
two of which were the largest MandA deals in the Israeli history at the time.
Under Mr Makov’s leadership, Teva became the undisputed global leader in
generic pharmaceutical industry and a global leader in the treatment of
Multiple sclerosis. Prior to joining Teva in 1995, Mr. Makov led a number of
companies in various industries, and founded Israel’s first biotech company,
Interpharm which went public in the US as the first Israeli company in RandD
stage. Currently, Mr Israel Makov is Chairman of Given Imaging – the pioneer
developer and world’s leading provider of capsule endoscopy, Chairman of
BIOLIGHT – a life sciences investment company, Chairman of Micromedic
Technologies Ltd. – a cluster of companies engaged in cancer diagnostics, and
Chairman of Eltav – the pioneer and world leader in wireless monitoring of
industrial valves. Until recently, Mr Makov was Chairman of Netafim – the
global leader in smart irrigation solutions. Among his other notable
engagements: Mr. Makov is a member of the Board of Directors of the Israel
National Nanotechnology Initiative; a member of the Executive Board and
Management Committee of the Weizmann Institute of Science and on the Board of
Governors of the Technion – Israel Institute of Technology. Mr Israel Makov
holds a B.Sc. in Agriculture and M. Sc in Economics from the Hebrew University,
Jerusalem.
About Sun
Pharmaceutical Industries Limited
Established in
1983, listed since 1994 and headquartered in India, Sun Pharmaceutical
Industries Ltd. (Reuters:
SUN.BO, Bloomberg:
SUNP IN, NSE:SUNPHARMA, BSE: 524715) is an international, integrated, speciality
pharmaceutical company. It manufactures and markets a large basket of
pharmaceutical formulations as branded
generics as well
as generics in India, US and several other markets across the world. In India,
the company is a leader in niche therapy areas of psychiatry, neurology,
cardiology, gastroenterology, orthopedics and ophthalmology. The company has
strong skills in product development, process chemistry, and manufacturing of
complex API, as
well as dosage forms. More information about the company can be found at www.sunpharma.com
SUN PHARMA ANNOUNCES USFDA
APPROVAL FOR GENERIC ASTELIN® NASAL SPRAY
Mumbai, May 24,
2012: Sun Pharmaceutical Industries Limited (Reuters: SUN.BO, Bloomberg: SUNP
IN, NSE:
SUNPHARMA, BSE:
524715) announced that the USFDA has granted its subsidiary an approval for its
Abbreviated New Drug Application (ANDA) for its generic version of Astelin®,
Azelastine HCL Nasal Spray, 0.1%
(137 mcg/spray).
This generic Azelastine HCL Nasal Spray, 0.1% (137 mcg/spray) is
therapeutically equivalent to Astelin® Nasal Spray from Medpointe Pharm HLC.
Azelastine HCL nasal spray has annual sales of approximately $ 144 million in
the US.
Azelastine HCL
Nasal Spray is indicated for the treatment of the symptoms of seasonal allergic
rhinitis such as rhinorrhea, sneezing and nasal pruritus; and the symptoms of
vasomotor rhinitis, such as rhinorrhea, nasal congestion and postnasal drip in
adults and children 12 years and older. Astelin ® is a registered trademark of
Medpointe Pharm HLC (Medpointe)
About Sun
Pharmaceutical Industries Limited
Established in
1983, listed since 1994 and headquartered in India, Sun Pharmaceutical
Industries Limited (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE:
524715) is an international, integrated, speciality pharmaceutical company. It
manufactures and markets a large basket of pharmaceutical formulations as
branded generics as well as generics in India, US and several other markets
across the world. In India, the company is a leader in niche therapy areas of
psychiatry, neurology, cardiology, gastroenterology, ophthalmology and
orthopedics. The company has strong skills in product development, process
chemistry, and manufacturing of complex API, as well as dosage forms. More
information about the company can be found at www.sunpharma.com
|
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 |
-- |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter's background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
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 |
Yes |
|
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 |
Yes |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 55.76 |
|
|
1 |
Rs. 86.69 |
|
Euro |
1 |
Rs. 70.44 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
PRL |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
69 |
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.