MIRA
INFORM REPORT
|
Report Date : |
19.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
PIRAMAL HEALTHCARE LIMITED (w.e.f. 24.06.2008) |
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Formerly Known
As : |
NICHOLAS PIRAMAL
INDIA LIMITED |
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Registered
Office : |
Nicholas Piramal
Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of Incorporation
: |
26.04.1947 |
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Com. Reg. No.: |
11-005719 |
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Capital
Investment / Paid-up Capital : |
Rs. 335.800 Millions |
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CIN No.: [Company Identification
No.] |
L24110MH1947PLC005719 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMN07675D |
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PAN No.: [Permanent Account No.] |
AAACN4538P |
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Legal Form : |
Public Limited
Liability Company. The company’s shares are listed on the stock exchange. |
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Line of Business
: |
Manufacturers of tablets,
capsules, liquids, powders, creams and ointments, granules, bulk drugs and
intermediates, vitamin A in various forms and combinations, soda line and
borosilicate and also glass manufacturers. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (76) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 500000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and a reputed pharmaceutical company having good track.
Directors are reported to be experienced and respectable industrialists.
Trade relations are reported as fair. Business is active. Payments are reported
to be regular and as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered
Office : |
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Email : |
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Website : |
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Head Office : |
100, Centrepoint,
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Tel. No.: |
91-22-66636666/24134653/24102082 |
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Fax No.: |
91-22-24163787/24172861/24163787/24144687/24902363 |
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E-Mail : |
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Website : |
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Administrative
Office : |
Morarjee Mills
Compound, Administrative Building, Dr.. Ambedkar Road, Parel, Mumbai - 400
012, |
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Tel. No.: |
91-22-66636666 |
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Fax No.: |
91-22-66636416 |
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E-Mail : |
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Website : |
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Plant
Locations : |
Tel No.: 91-22-39536666
Overseas: Nicholas
Piramal Pharmaceuticals (
Torcan Chemical
Limited ( |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Ajay G.
Piramal |
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Designation : |
Chairman |
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Qualification
: |
B. Sc, M.M.S.,
A.M.P. |
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Date of
Appointment : |
01.04.1997 |
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Name : |
Dr. (Mrs.) Swati
A. Piramal |
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Designation : |
Director-Alliances and Communications and Chief Scientific Officer |
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Qualification
: |
M.B.B.S, D.I.M., M.P.B. (Harvard) |
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Date of
Joining : |
01.10.1994 |
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Name : |
Mr. N Sanathanam |
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Designation : |
Group President – Finance and Legal and Chief Financial Officer |
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Qualification
: |
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Date of
Joining : |
26th December 2001 |
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Name : |
Mr. Y. H. Malegam |
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Designation : |
Director |
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Name : |
Mr. R. A. Shah |
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Designation : |
Director |
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Name : |
Mr. N. Vaghul |
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Designation : |
Director |
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Name : |
Mr. Deepak
Satwalekar |
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Designation : |
Director |
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Name : |
Mr. S. Ramadorai |
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Designation : |
Director |
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Name : |
Mr. Keki Dadiseth |
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Designation : |
Director |
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Name : |
Ms. Nandini Piramal |
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Designation : |
Executive Director |
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Name : |
Mr. Amit Chandra (w.e.f. 20th June, 2011) |
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Designation : |
Director |
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Name : |
Mr. S. Ramadorai |
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Designation : |
Director |
MANAGEMENT COMMITTEE
|
Name : |
Mr. Ajay G. Piramal |
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Designation : |
Chairman |
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Name : |
Mr. Gerhard Klement |
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Designation : |
Director - Pharma Solutions
Piramal Healthcare |
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Name : |
Mr. Rajesh Laddha |
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Designation : |
Chief Financial Officer |
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Name : |
Dr.
(Mrs.) Swati Piramal |
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Designation : |
Director - Strategic Alliances
and Communications |
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Name : |
Ms. Nandini Piramal |
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Designation : |
Executive Director, Piramal
Healthcare Limited |
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Name : |
Mr. N. Santhanam |
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Designation : |
Executive Director and Chief
Operating Officer |
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Name : |
Dr. Sangram Tambe |
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Designation : |
Director, Group HR |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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330753 |
0.19 |
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88770967 |
51.44 |
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2499502 |
1.45 |
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(B) Public Shareholding |
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1725925 |
1.00 |
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245325 |
0.14 |
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9073245 |
5.26 |
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33768062 |
19.57 |
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Sub Total |
44812557 |
25.97 |
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4106006 |
2.38 |
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22338011 |
12.94 |
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2379110 |
1.38 |
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7326194 |
4.25 |
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|
721054 |
0.42 |
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Foreign Nationals |
603 |
-- |
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|
166403 |
0.10 |
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|
4152 |
-- |
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Foreign
Corporate Bodies |
4316911 |
2.50 |
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Overseas
Corporate Bodies |
2117071 |
1.23 |
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Sub Total |
36149321 |
20.95 |
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Total (A) + (B) |
172563100 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturers of
tablets, capsules, liquids, powders, creams and ointments, granules, bulk
drugs and intermediates, vitamin A in various forms and combinations, soda line
and borosilicate and also glass manufacturers. |
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Products : |
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Brand Names : |
Ř
Anti-Infectives ·
Paraxin
·
Bactrim ·
Genticyn ·
Omnatax Ř
Cardio-
Vasculars ·
Sorbitrate ·
ISMO ·
Enace-D ·
Calaptin ·
Cytogard ·
Bezalip
Ř
Nutritionals
·
Becozym
C Forte ·
Supradyn ·
Redoxon ·
Exerge
Ř
Respiratory
·
Deletes Ř
Others
·
Haemaccel
Ř
Anti-Diabetics ·
Euglucon ·
Semi-Euglucon ·
Glimmer ·
Gluformin ·
Diabetrol Ř
CNS ·
Rivotril
·
Librium
·
Valium
·
Assert
Ř
NASID’s ·
Rejoint ·
Orthobid ·
Micropyrin ·
Multigesic Ř
Biotek
·
Recormon ·
Neupogen ·
Cellecept
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Trade |
Kgs |
-- |
-- |
|
Creams and powder |
Ltrs |
-- |
-- |
|
Vials |
Mios |
-- |
-- |
|
Tablets and capsules |
Ltrs |
-- |
-- |
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Liquids, drops and solutions |
KLs |
-- |
-- |
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Manufactured |
|
|
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Tablets |
Mios |
7975.0 |
6373.5 |
|
Capsules |
Mios |
270.0 |
180.7 |
|
Liquids |
KLs |
9801.4 |
7340.1 |
|
Powders, creams and ointments |
MTs |
-- |
32.9 |
|
Bulk drug and intermediates |
MTs |
2090.3 |
1430.7 |
|
Vitamin A in various forms and combinations |
mmu |
276.0 |
136.8 |
Notes:
1. Includes
products processed by third parties.
2.
Includes production for captive consumption of Bulk Drugs 98328 kgs (PY 91850
kgs) and Vitamins 110.27 mmu (PY 138.33
mmu)
3.
Stocks are net of breakages and unsalable stock.
4.
Opening stocks, production, purchases & closing stocks are net of physician
samples.
5.
Licensed Capacity is not indicated as Industrial Licensing for all Bulk Drugs,
Intermediates and their Formulations stands abolished in terms of Press Note
No.4 (1994 series) dated 25th October, 1994 issued by the Department of
Industrial Development, Ministry of Industry, Government of India.
6.
Excludes free samples issued.
7.
Variation in quantity/value is on account of change in product mix.
8. In terms
of Press Note No. 4 (1994 series) dated October 25, 1994 issued by the
Department of Industrial Development, Ministry of Industry, Government of
India, and Notification No. S.O 137 (E) dated March 1, 1999 issued by the
Department of Industrial Policy and Promotion, Ministry of Industry, Government
of India, industrial licensing has been abolished in respect of Bulk Drugs and
Formulations.
9. The
Pharmaceuticals business comprises of Manufacturing and trading of bulk drugs
and formulations.
10.
Installed capacities of the formulation factories of the Company (except where
continuous processes are involved) are on a triple shift basis are certified by
the Management and have not been verified by the Auditors, this being a
technical matter.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Allahabad
Bank ·
Corporation
Bank ·
Citibank
N.A. ·
HDFC
Bank ·
Standard
Chartered Bank ·
Axis
Bank Limited ·
State
Bank of ·
ICICI
Bank Limited ·
The ·
Bank
of ·
BNP
Paribas ·
Kotak
Mahindra Bank Limited ·
Punjab
National Bank ·
Yes
Bank Limited ·
Credit
Agricole Corporate and Investment Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Solicitors: |
|
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Name : |
Crawaford Bayely and Company |
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Controlling Companies: |
Note: * There are no
transaction during the year with the above companies. |
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Subsidiaries : |
·
PHL Fininvest Private Limited (PHL
Fininvest) ·
Piramal Diagnostic Services Private Limited
[Piramal Diagnostic] (PDSL) (upto August 20, 2010, consequent to divestment
of shareholding) ·
Piramal Pharmaceutical Development
Services Private Limited (PPDSPL) ·
Oxygen Bioresearch Private Limited
(w.e.f. January 11, 2011)$@ ·
Piramal International@ ·
Piramal Holdings (Switzerland)
Limited (Piramal Holdings) ·
NPIL Pharma Inc, USA* ·
Piramal Healthcare Inc. ·
Piramal Investment Holdings (Canada)
Inc.*@ ·
Piramal Life Sciences (UK) Limited*@ ·
Piramal Healthcare UK Limited
(Piramal Healthcare UK)* ·
Piramal Healthcare Pension Trustees
Limited*@ ·
Piramal Healthcare (France) Limited*@ ·
Piramal Healthcare (Canada) Limited
(Piramal Healthcare, Canada)* ·
Oxygen Healthcare Limited, UK (w.e.f.
January 11, 2011)*@ ·
Piramal Critical Care Italia, SPA
(w.e.f November 3, 2010, being the date of incorporation)*@ ·
Piramal Critical Care Inc (PCCI)# ·
Minrad EU (France)#@ Note: * Held through Piramal Holdings ( # Held through Piramal Healthcare Inc. @ There are no transactions during the year with the above
Companies. |
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Associates: |
•
Piramal Glass Limited (PGL) •
Piramal Life Sciences Limited (PLSL) •
Piramal Enterprises Limited (PEL) •
Piramal Realty Limited (formerly
known as Alpex International Limited) (Piramal Realty) •
IndiaVenture Fund Advisors Private
Limited •
Allergan India Private Limited
(Allergan) •
DDRC Piramal Diagnostic Services
Private Limited (upto August 20, 2010)#@ •
Arkray Piramal Medical Private
Limited (Arkray) (upto September 30, 2010)* Notes
: *Held through PHL Fininvest Private Limited. # Held through Piramal Diagnostic Services Private Limited @ There are no transactions during the year with the above Companies |
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Joint Venture Partner: |
•
Allergan Inc.* •
ARKRAY Inc.* Note : * There are no transactions during the year with the above companies. |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000000 |
Equity Shares |
Rs.2/- each
|
Rs.500.000 Millions |
|
3000000 |
Preference Shares |
Rs.100/- each |
Rs.300.000 Millions |
|
24000000 |
Preference Shares |
Rs.10/- each |
Rs.240.000 Millions |
|
105000000 |
Unclassified Shares |
Rs.2/- each |
Rs.210.000 Millions |
|
|
|
|
|
|
|
Total
|
|
Rs.1250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
167916044 |
Equity Shares of |
Rs.2/- each
|
Rs.335.800 Millions |
|
|
|
|
|
Note:
Of The Above:
1. 3,90,85,590 Equivalent Equity Shares of Rs.2/- each
were allotted as fully paid bonus shares by capitalisation of Share
Premium/General Reserve.
2. 82,50,000 Equivalent Equity Shares of Rs.2/- each
were allotted to erstwhile shareholders of Gujarat Glass Limited on
amalgamation.
3. 88,67,010 Equivalent Equity Shares of Rs.2/- each
were allotted to erstwhile shareholders of Boehringer Mannheim India Limited on
amalgamation.
4. 51,97,050 Equivalent Equity Shares of Rs.2/- each
were allotted to erstwhile shareholders of Sumitra Pharmaceuticals and
Chemicals Limited as per the scheme of arrangement.
5. 3,75,25,020 Equivalent Equity Shares of Rs.2/- each
were allotted to erstwhile shareholders of Piramal Healthcare Limited (PHL) as
per the scheme of arrangement.
6. The erstwhile Piramal Healthcare Limited
shareholders held 9,62,180 warrants with a right to convert into 75 Equivalent
Equity Shares of the company for every two warrants held on payment of Rs. 10/-
in Cash per Equity Share. Out of this 9,52,644 warrants were converted into
3,57,24,155 shares resulting in the Issued and Subscribed Capital increasing by
Rs.71.4 Million. The remaining 9,536 warrants were cancelled.
7. 1,57,50,000 Equivalent Equity Shares of Rs.2/- each
were allotted to the erstwhile Shareholders of Rhone-Poulenc India Limited on
its merger with the Company.
8. Out of the Company’s Right Issue Offer of
1,90,01,601 Equity Shares of Rs.2/- each for Rs.175/- each (including a Share
Premium of Rs.173/- each) for cash aggregating to Rs.3,325.3 Million, allotment
of the 4,462 Equity Shares of Rs.2/- each has been kept in abeyance pending
receipt of necessary documentation for establishing title to these Shares.
9. During the year, 4,10,97,100
equity shares have been bought back pursuant to the buy back programme
As on 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000000 |
Equity Shares |
Rs.2/- each
|
Rs.500.000 Millions |
|
3000000 |
Preference Shares |
Rs.100/- each |
Rs.300.000 Millions |
|
24000000 |
Preference Shares |
Rs.10/- each |
Rs.240.000 Millions |
|
105000000 |
Unclassified Shares |
Rs.2/- each |
Rs.210.000 Millions |
|
|
|
|
|
|
|
Total
|
|
Rs.
1250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
172563100 |
Equity Shares of |
Rs.2/- each
|
Rs. 345.126 Millions |
|
|
|
|
|
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 |
335.800 |
418.000 |
418.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
116649.300 |
14588.300 |
11472.200 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
116985.100 |
15006.300 |
11890.200 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1970.700 |
4065.300 |
4480.100 |
|
|
2] Unsecured Loans |
892.000 |
2544.300 |
5288.500 |
|
|
TOTAL BORROWING |
2862.700 |
6609.600 |
9768.600 |
|
|
DEFERRED TAX LIABILITIES |
1207.700 |
1304.800 |
1180.200 |
|
|
|
|
|
|
|
|
TOTAL |
121055.500 |
22920.700 |
22839.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6662.900 |
10738.900 |
10187.200 |
|
|
Capital work-in-progress |
317.800 |
505.600 |
463.300 |
|
|
|
|
|
|
|
|
INVESTMENT |
15832.500 |
1926.500 |
1299.800 |
|
|
DEFERREX TAX ASSETS |
284.400 |
256.300 |
210.500 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2302.000
|
2854.700
|
2880.000 |
|
|
Sundry Debtors |
2162.000
|
2730.700
|
3618.800 |
|
|
Cash & Bank Balances |
17540.300
|
156.400
|
174.700 |
|
|
Other Current Assets |
77062.200
|
72.700
|
77.400 |
|
|
Loans & Advances |
9569.900
|
8830.300
|
8371.400 |
|
Total
Current Assets |
108636.400
|
14644.800
|
15122.300 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3588.800
|
2818.300
|
2574.600 |
|
|
Other Current Liabilities |
4629.100
|
794.900
|
697.200 |
|
|
Provisions |
2460.600
|
1538.200
|
1172.300 |
|
Total
Current Liabilities |
10678.500
|
5151.400
|
4444.100 |
|
|
Net Current Assets |
97957.900
|
9493.400
|
10678.200 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
121055.500 |
22920.700 |
22839.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15853.600 |
26509.400 |
23162.600 |
|
|
|
Other Income |
4972.900 |
269.200 |
284.400 |
|
|
|
TOTAL (A) |
20826.500 |
26778.600 |
23447.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material |
7945.100 |
11244.700 |
9551.400 |
|
|
|
Staff cost |
2440.100 |
2989.300 |
2515.500 |
|
|
|
Research and development expenses |
393.800 |
361.900 |
411.600 |
|
|
|
Other expenses |
5579.000 |
6347.700 |
6755.500 |
|
|
|
Exception items |
(162099.000) |
3.600 |
0.000 |
|
|
|
Increase/decrease in WIP/ finished goods |
(678.600) |
(218.400) |
(149.900) |
|
|
|
TOTAL (B) |
(146419.600) |
20728.800 |
19084.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
167246.100 |
6049.800 |
4362.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES/ INTEREST (D) |
797.900 |
355.000 |
379.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
166448.200 |
5694.800 |
3983.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
776.100 |
922.200 |
838.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
165672.100 |
4772.600 |
3145.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
36703.000 |
340.400 |
392.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
128969.100 |
4432.200 |
2753.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4606.400 |
3208.600 |
3208.600 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend on equity shares |
2006.500 |
1128.600 |
877.900 |
|
|
|
Distribution tax thereon |
325.500 |
187.500 |
149.200 |
|
|
|
Transfer to general reserve |
73986.000 |
1393.300 |
1401.100 |
|
|
|
Transfer to debenture redemption reserve |
75.000 |
325.000 |
325.000 |
|
|
|
Transferred from debenture redemption reserve |
(500.000) |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
57682.500 |
4606.400 |
3208.600 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4286.300 |
3679.700 |
5684.100 |
|
|
|
Research Income |
-- |
6.600 |
30.100 |
|
|
|
Other Earnings |
63.200 |
139.900 |
63.600 |
|
|
TOTAL EARNINGS |
4349.500 |
3826.200 |
5777.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1823.600 |
1251.700 |
2230.500 |
|
|
|
Capital Goods |
76.500 |
92.900 |
138.900 |
|
|
|
Traded goods/ Reagents |
221.500 |
319.900 |
234.600 |
|
|
TOTAL IMPORTS |
2121.600 |
1664.500 |
2604.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
574.30 |
21.20 |
13.20 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
2555.000 |
2706.900 |
2970.500 |
|
Total Expenditure |
2656.500 |
2884.200 |
3858.800 |
|
PBIDT (Excl
OI) |
(101.500) |
(177.300) |
(888.300) |
|
Other Income |
1583.700 |
1679.200 |
882.800 |
|
Operating
Profit |
1482.200 |
1501.900 |
(5.500) |
|
Interest |
75.700 |
149.300 |
197.700 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
1406.500 |
1352.600 |
(203.200) |
|
Depreciation |
152.900 |
161.300 |
256.800 |
|
Profit
Before Tax |
1253.600 |
1191.300 |
(460.000) |
|
Tax |
242.700 |
237.400 |
(396.700) |
|
Reported PAT |
1010.900 |
953.900 |
(63.300) |
|
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 |
1010.900 |
953.900 |
(63.300) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
619.25
|
16.55
|
11.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
795.48
|
18.00
|
13.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
143.68
|
18.80
|
12.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.41
|
0.32
|
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.11
|
0.78
|
0.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
10.17
|
2.84
|
3.40 |
LOCAL AGENCY FURTHER INFORMATION
History
Subject was incorporated in 1947 as Indian Schering as
subsidiary of British
Subject is a major player in formulations, diagnostics and vitamins in the
Indian pharma industry, besides having good export presence. The company is
strong in marketing and has many alliances with MNCs to sell their products. It
is now also giving more emphasis on R and D. Hence, one can expect sustained
healthy growth in the medium-to-long term.
The company has a portfolio of around 160 brands. Recently, it purchased two brands
from Hoechst - Omnatax (cefataxim) and Zidime (ceftazidime). Allergan India
Limited is 51:49 joint venture company between Allergan Inc.,
The subsidiaries of subject are Nicholas Piramal Laboratories and Diagnostics Private Limited,
Nicholas Piramal - Dr. Phadke Pathology Laboratory and Infertility Center
Private Limited, Nicholas Piramal -Dr. Golwilkar Laboratories Private Limited,
Nicholas Piramal Fininvest Private
Limited, Nicholas Piramal Pharma Inc.,
Piramal International and Nicholas Piramal
Life Science Limited.
Subject had earlier acquired Nicholas Laboratories in 1988,
Roche Products in 1993, Boehringer Manheim in 1996 and an R and D unit of
Hoechst Marion Rousell in 1998. It has also formed strategic alliances and
joint ventures, viz. Scholl Piramal in 1994, Alergan in 1995, Sarabhai Piramal
in 1997, Reckitt Piramal in 1998, Solumiks Pirmal in 1998, Boots Piramal in
1999 and Charak Piramal in 1999.
During 2000-2001, the company through its wholly owned subsidiary, Nicholas
Piramal Fininvest acquired 40% equity
stake in Rhone Poulenc
In an EGM held on 14.06.2001, the shareholders have approved the scheme of
arrangement for the merger of Rhone Poulenc, Super Pharma - a distributor
company acquired in April 2001 and certain assets and liabilities of Nicholas
Piramal Fininvest with the company. The
company has acquired Pharmaceutical Business of ICI India for a consideration
of Rs.700.000 Millions including for acquiring the net current assets.
By a scheme of arrangement between the company and Kojam Finvest Limited (KFL)
the company has transferred the investment held by the company in its
subsidiary Gujarat Glass Private Limited to KFL. Subject has transferred its
investments in Gujarat Glass Private Limited and its subsidiaries w.e.f.
01.07.2004 into a new holding company Kojam Fininvest Limited (Kojam). The
shares of Kojam were allotted free-of-cost to shareholders of subject in
proportion to their ownership of subject and the allotment ratio was 1:4.
The year 2003 was significant for subject since in that year Global Bulk Drugs
and Fine Chemicals Limited (GBDFC) was amalgamated with the company. GBDFC
manufactures APIs, Intermediates and Formulations for the regulated markets and
also its plant near
In January 2005 the company sub-divided its equity share face value from
Rs.10/- per share to Rs.2/- per share. Further in July 2005 the company came
out with a rights issue of equity shares for its shareholders in the ratio of
1:10. During 2004-05 the company has acquired the Inhalation Anaesthetics
Business of Rhodia Organique fine Limited w.e.f. 11.01.2005 for a consideration
of Rs.579.800 million. Further the company has discontinued Roche Diagnostics's
distribution for a consideration of $22 Million. The company has also continued
focus to reduce domestic low-value Vitamin A, API and Generic Sales.
In 2006, The Company has increased its installed Capacities Liguids 14613.2 KLs
to 14744 KLs, Bulk Drugs and Intermediates 733 MT to 920 MT and Vitamin A in
Various Forms and Combinations 77.7 MMU to 92.00 MMU.
The company has acquired Avecia Pharmaceuticals,
MANAGEMENT
DISCUSSION AND ANALYSIS
FY 011 KEY HIGHLIGHTS:
• Sale of Healthcare Solutions business to Abbott for $
3.8 billion
• Sale of shareholding in Piramal Diagnostics Services
Private Limited to Super Religare Labs for
Rs. 6.0 billion
• Buyback of 20% of equity share capital of PHL at Rs.
600 per share, total outlay – Rs. 25.1 billion
• Proposed de-merger of PLSL’s NCE research unit into
PHL
• Entry into Financial Services business by setting up
NBFC and acquisition of Indiareit Fund Advisors and Indiareit Investment
Management
VALUE CREATION THROUGH DIVESTITURES
Divestment of Healthcare Solutions business
On
21st May 2010, Subject entered into a definitive agreement with Abbott, USA to
sell its Healthcare Solutions (Domestic formulations) business for total cash
consideration of $3.8 billion. The domestic formulation business used to
manufacture, market and sell branded pharmaceutical products in finished form
mainly in Indian market. As per the terms and conditions of the deal, PHL has
transferred its assets including manufacturing facility at Baddi, Himachal
Pradesh, rights to approximately 350 brands and trademarks and more than 5,000
employees from the domestic formulations business. The business had sales of
Rs.19.7 billion in FY2010.
This
was a landmark deal in the history of Indian pharmaceutical industry; with
premium valuation of ~9x FY2010 sales. The transaction was completed on 7th
September 2010 and Subject received Rs. 102.7 billion (equivalent to $ 2.2
billion) as initial consideration. The remaining consideration will be paid in
four installments of $ 400 million in each of four subsequent anniversaries of
the closing, commencing in September 2011.
Divestment of Diagnostic services business
During
the year Subject sold its shareholding in its subsidiary Piramal Diagnostic
Services Private Limited (PDSL) to Super Religare Laboratories (SRL) for the
total consideration of Rs. 6.0 billion. As per the deal, PHL has received Rs.
3.0 billion in cash as an upfront payment on closure of transaction in the
month of August 2010, and Rs. 1.4 billion in January 2011. The balance amount
is held in form of debentures of SRL to be redeemed over a period of not more
than 3 years. This deal valued Diagnostic services business at 3x FY2010 Sales
and ~16x FY2010 EBITDA
COMMITMENT
TO PHARMACEUTICAL INDUSTRY
After
the divestments of Healthcare Solutions business and shareholding in our
subsidiary Piramal Diagnostic Services Private Limited, the business profile of
Subject has completely changed. Subject now has three main businesses which it
would continue to invest and grow:
PHARMA
SOLUTIONS:
This
is a global business that partners with MNC pharmaceutical companies to service
their manufacturing and development needs. Subject has six facilities in India,
two in UK and one in Canada. This division had sales of Rs. 10.2 billion in
FY11.
CRITICAL
CARE:
This
is a global business that caters to drug requirement of hospitals worldwide.
Subject has presence in 100+ countries globally either through distributors or
through own office. Subject has one facility in India and one in US. This
division had sales of Rs. 3.9 billion in FY11.
CONSUMER
PRODUCTS DIVISION/OTC:
This
is a domestic business that caters to Indian consumers through sales of OTC
products. They have a strong product portfolio consisting of Lacto Calamine –
skin care range, Saridon – analgesic, Polycrol – digestive, Supractiv –
nutritional supplement, i-pill – emergency contraceptive pill and Itchmosol –
anti itching cream.
BUSINESS
PERFORMANCE
PHARMA
SOLUTIONS (CUSTOM MANUFACTURING)
MARKET COMMENTARY:
The global
CMO market was estimated to be worth c. $ 13 billion in 2002 and has grown to
estimated $ 22 billion in 2009. Growth in the CMO industry has been impacted in
last 2 years due to global financial crisis and resultant reduction in
inventory level at many large multinational pharmaceutical companies. However
the de-stocking phenomenon is coming to an end and the industry is on recovery
phase. Global pharmaceutical companies faced with patent expiry of large
blockbuster products and fewer new products approval are under tremendous
pressure to cut costs. Indian companies with their high quality, low cost
production capabilities are well poised to benefit from this trend
PIRAMAL HEALTHCARE'S PERFORMANCE:
The
revenues from Pharma Solutions business grew by 8.6% to Rs. 10.2 billion in
FY2011 as compared to Rs. 9.4 billion in FY2010. The revenues from Indian
assets grew by 21.9% to Rs. 5.2 billion against Rs. 4.3 billion in FY2010.
ACQUISITION OF OXYGEN BIO RESEARCH:
During
the year PHL acquired Oxygen Bio Research (“Oxygen”) based in Ahmedabad, India.
Oxygen is a discovery services company that provides integrated discovery
services – synthetic chemistry, medicinal chemistry, computational chemistry
and in-vitro Biology. Oxygen has developed specialist capabilities in medicinal
chemistry and have a track record with four of the top 20 pharmaceutical
companies and several biotechnology companies working in early stage discovery.
The acquisition of Oxygen marks
PHL’s
entry into the discovery services business and will enable PHL to partner with
its client companies at the early stage of drug life cycle.
INCREASE IN CAPACITY UTILIZATION:
The
capacity utilization at Digwal site is expected to reach at peak level in
FY2012 and Subject is currently evaluating various options to increase
capacity. Similarly capacity utilization at Pithampur site has also increased
significantly during the year.
INCREASED NON-PFIZER REVENUES AT MORPETH:
On the
back of robust clinical trial packaging and formulation development business,
non-Pfizer revenue as a % of site sales has increased from 12% of sales to 26%
of sales during the year.
SIGNIFICANT PROGRESS AT EARLY PHASE ASSETS:
Ahmedabad
site was successfully audited by six out of top 20 companies and has started supplies
to three new clients. Ennore site was successfully audited by four out of top
20 companies and has started supplies to twelve new clients during the year.
PROPOSED
DEMERGER OF PLSL’S NCE RESEARCH UNIT INTO PHL
The Board of PHL has approved the scheme of De-merger of the New
Chemical Entity (NCE) Research Unit of Piramal Life Sciences Limited (PLSL)
into Piramal Healthcare Limited. Under the proposed De-merger scheme, each
shareholder of PLSL will be entitled to one fully paid up equity share of Rs. 2
each of Subject for every four equity
shares of Rs. 10 each held in PLSL. All assets and liabilities of the NCE
division will be transferred to PHL at book value.
Since April 2007, when PLSL was de-merged from PHL as an
independent discovery research company, it has made significant progress. The
pipeline of R and D programs has increased from nine to twenty four with nine
additional programs moving into Phase I/II clinical trials and two additional
program moving into
Phase II clinical trials. Subsequent to the significant progress
that PLSL has made, the risk profile of NCE R and D activity has reduced
considerably. Through this de-merger, PHL will have an access to the innovation
platform of PLSL through which it can build its innovative discovery and
commercialization business. PHL can also better utilize its manufacturing
infrastructure and leverage its marketing experience with products from PLSL.
The Demerger Scheme is subject to the consent of requisite
majority of shareholders and creditors of the Company and of PLSL. The Demerger
Scheme is also subject to the sanction of the High Court of Judicature at
Bombay and all other regulatory approvals as may be necessary for the
implementation of the Demerger Scheme.
OPERATIONS REVIEW:
FY2011
financials include the financials of the Healthcare Solutions business only
till 7th September, 2010 being the date up to which this business was with the
Company. Net Sales and Net Profit related to Healthcare Solutions business
included in FY2011 was Rs. 8.0 billion and Rs. 1.5 billion as compared to Rs.
19.7 billion and Rs. 5.8 billion in FY2010. As a result, Total Operating Income
for the year was lower at Rs. 19.9 billion as compared to Rs. 28.0 billion for
the year ended 31 March, 2010. Operating Profit (OPBIDTA) was lower at Rs. 5.1
billion as compared to Rs. 7.3 billion in FY2010. The net gain related to sale
of Healthcare Solutions business and sale of shareholding in PDSL resulted in
exceptional income of Rs. 162.1 billion. Hence, Profit After Tax was higher at
Rs. 129.0 billion as compared to Rs. 4.4 billion in FY2010 and Earnings Per
Share were Rs. 574.3 for the year as compared to Rs. 19.7 per share for FY2010.
SUBSIDIARY
COMPANIES:
Piramal
Diagnostic Services Private Limited (PDSL):
During the year they
focused on consolidation of business which
was built inorganically over the past several years. The focus for
the year was on improving processes
and systems. Total Operating Income of
the business grew by 22.2% from
Rs. 1.7 billion in FY2009 to Rs. 2.1 billion in
FY2010. Operating Profit for the year was up by 21.9% to Rs.
377.4 million from Rs.309.6
million in FY2009. Piramal Diagnostic has 94 laboratories cross 58 locations in India.
Piramal
Healthcare UK Limited:
Net
sales for FY2011 were lower at Rs. 4.2 billion as compared to Rs. 4.6 billion
for FY2010 as FY2010 had some sales from Hudders field facility that was shut
down later. Adverse movement of INR/GBP exchange rate also impacted the
performance of Piramal Healthcare UK Limited INR appreciated by 7% vs. GBP
resulting in lower sales and profitability. Operating margin for the year was
lower at 10.9% compared with 12.4% in the last year. Operating Profit for the
year was lower at Rs. 463.5 million as compared to Rs. 570.3 million in FY2010.
Net profit was lower at Rs. 315.3 million as compared to Rs. 618.4 million in
FY2010 mainly due to onetime exceptional expenditure related to Voluntary
Retirement cost of Rs. 48.5 million in FY2011 and FY2010 number including a
gain of Rs. 234.7 million by way of deferred tax asset.
Piramal
Healthcare (Canada) Limited.:
Net
Sales for FY2011 grew by 5.2% to Rs. 940.2 million as compared to Rs. 893.6
million in FY2010. The results of Piramal Healthcare (Canada) Limited have been
impacted due to consolidation of financials related to Biosyntech, a company
whose assets were acquired during the year. Biosyntech is a medical devices
company specializing in development, manufacturing and commercialization of
advanced biotherapeutic thermogels for regenerative medicines. Biosyntech
related operations had an operating loss of Rs 194.0 million for FY2011. Hence,
there was a loss at Operating level for Piramal Healthcare (Canada) Limited of
Rs. 34.5 million as compared to Operating Profit of Rs. 93.0 million for
FY2010. Similarly, Net loss for the year was Rs. 159.8 million as compared to
Net profit of Rs. 27.5 million for FY2010.
Piramal
Healthcare Inc.
Piramal
Healthcare Inc. includes financials of Piramal Critical Care Inc. Net sales for
the year grew by 50.9% to Rs. 2.7 billion as compared to Rs. 1.8 billion for
FY2010 due to increased sales of Sevof lurane. The Operating Profit was lower
at Rs. 99.9 million as compared to Rs. 172.6 million in FY2010 due to increased
legal and professional charges mainly related to ongoing proceedings related to
Desf lurane. Net loss for the year was higher at Rs. 380.0 million compared to
Rs. 211.0 million in FY2010.
Piramal
Pharmaceutical Development Services Private Limited
Net sales
for the year grew by 108.3% to Rs. 194.4 million as compared to Rs. 93.3
million for FY2010 due to consolidation of financials of Oxygen Bio Research,
which was acquired during the year. The Operating profit was much higher at Rs.
64.0 million as compared to Rs. 14.6 million in FY2010. Net Profit for the year
was higher at Rs. 32.6 million as compared to Net Loss of Rs. 3.6 million in
FY2010. The Ministry of Corporate Affairs has vide its circular dated 8th
February, 2011 issued directions under section 212(8) of the Companies Act,
1956, granting general exemption to companies from attaching to their Balance
Sheets, the Accounts and other documents of their subsidiaries, subject to
fulfillment of specified conditions. In view of this general exemption and
being in compliance with the conditions thereof, the Accounts and other
documents of the Company’s subsidiaries are not attached to the Balance Sheet
of the Company. The Consolidated Financial Statements of the Company, which
include the results of its subsidiaries, are included in this Annual Report.
Further, a statement containing the relevant particulars prescribed under the
terms of the general exemption, for each of the Company’s subsidiaries, is
enclosed in this Annual Report. The Annual Accounts of the Company’s
subsidiaries and the related detailed information can also be sought by any
shareholder of the Company or its subsidiaries by making a written request to
the Company Secretary. The Annual Accounts of the Company’s subsidiaries are
also available for inspection for any shareholder at the Company’s and/or the
concerned subsidiaries’ registered office. These documents are also available
on the Company’s website i.e. www.piramalhealthcare.com.
JOINT
VENTURES:
Allergan
India Private Limited (AIL')
AIL is
a 51:49 Joint Venture between Allergan Inc., USA and Piramal Healthcare
Limited. Total revenues of AIL grew by 25.4% to Rs. 1.4 billion (FY2010 Net
Sales: 1.1 billion). The Operating Profit for FY2011 was up by 7.9% to Rs.
384.5 million as compared to Rs. 356.3 million in FY2010. Profit After Tax for
FY2011 was up by 9.6% to Rs. 241.8 million as compared to Rs. 220.6 million for
FY2010.
INDUSTRY
OUTLOOK:
The
global Custom Manufacturing market was estimated to be worth $ 13 billion in
2002 and has grown to an estimated $ 22 billion in 2009. Growth in the CMO
industry has been impacted in last two years due to global financial crisis and
resultant reduction in inventory level at many large multinational
pharmaceutical companies. However the de-stocking phenomenon is now coming to
an end and the industry is on recovery phase. Global pharmaceutical companies
faced with patent expiry of large blockbuster products and fewer new products
approval are under tremendous pressure to cut costs. Indian companies with
their high quality, low cost production capabilities are well poised to benefit
from this trend.
Fixed Assets:
Intangible assets
·
Brand / Know- How/ Intellectual Property Rights
·
Computer software
Tangible assets
·
Land leasehold
·
Land freehold
·
Building
·
Plant and machinery
·
Furniture and fixtures and office equipments
·
Motor vehicle / transport
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED ON DECEMBER 31, 2011
(Rs. in millions)
|
Sr. No. |
Particular |
3 months ended |
Previous 3 months ended |
Year to date
figures for current period ended |
|
|
|
31/12/2011 (Unaudited) |
30/09/2011 (Unaudited) |
31/12/2011 (Unaudited) |
|
1. |
Net Sales/Income
from Operations |
3634.600 |
3317.000 |
10299.800 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
a) (Increase) / Decrease in Stock in Trade |
20.200 |
(140.600) |
(280.700) |
|
|
b) Purchase of Traded Goods |
262.500 |
187.600 |
697.100 |
|
|
c) Employees Cost |
367.500 |
446.400 |
1145.600 |
|
|
d) Depreciation |
256.800 |
161.300 |
571.000 |
|
|
e) Other Expenditure |
862.200 |
934.500 |
2731.900 |
|
|
f) Consumption of Raw Materials |
1305.500 |
1371.600 |
3898.000 |
|
|
g) R and D Expenses |
1040.900 |
84.700 |
1207.600 |
|
|
h) Foreign Exchange (Gain) / Loss (net) |
(218.700) |
(1069.000) |
(2078.100) |
|
|
i) Total |
3896.900 |
1976.500 |
7892.400 |
|
|
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
(262.300) |
1340.500 |
2407.400 |
|
|
|
|
|
|
|
4. |
Other Income |
-- |
0.100 |
0.200 |
|
|
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
(262.300) |
1340.600 |
2407.600 |
|
|
|
|
|
|
|
6. |
Interest |
197.700 |
149.300 |
422.700 |
|
|
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
(460.000) |
1191.300 |
1984.900 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
(460.000) |
1191.300 |
1984.900 |
|
|
|
|
|
|
|
10. |
Tax Expense |
(396.700) |
237.400 |
83.400 |
|
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
(63.300) |
953.900 |
1901.500 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
(63.300) |
953.900 |
1901.500 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
345.100 |
334.400 |
345.100 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
(0.4) |
5.7 |
11.3 |
|
|
b) Basic and diluted EPS after extraordinary items |
(0.4) |
5.7 |
11.3 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
80961878 |
78048415 |
80961878 |
|
|
- Percentage of Shareholding |
46.92% |
46.68% |
46.92% |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
91601222 |
89162100 |
91601222 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100% |
100% |
100% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
53.08% |
53.32% |
53.08% |
Notes:
a)
The standalone financial results, for the quarter
and nine months ended December 31, 2011, have been reviewed by the Audit
Committee and approved by the Board of Directors at its meeting held on
February 02, 2012 and are subjected to limited review by the statutory
auditors.
b)
The only individually reportable business segment
IS pharmaceutical business.
c)
The scheme of demerger of New Chemical Entity (NCE)
of Piramal Life Sciences Limited (PLSLJ into the Company on a gang concern
basis was sanctioned by the Hon'bie High Court of Bombay on November 25, 2011.
The said scheme became effective an December 14, 2011 (the Effective Date),
with an appointed date with effect from April 01, 2011.
Pursuant to the scheme, R and D Expenses of Rs.873.500 Millions,
Depreciation of Rs.86.200 Millions, and Interest Expenses of Rs.106.000
Millions pertaining to R and D NCE unit up to the effective date are included
In the results for the quarter and period ended December 31, 2011 under
respective heads.
d)
During the quarter ended December 31, 2011, the
Company established a wholly owned subsidiary Piramal Systems and Technologies
Private Limited.
e)
During the previous year, the Company had sold its Domestic
Formulations Business (discontinued operations) on September 7, 2010 to Abbott
Healthcare Private Limited on slump sale basis, The net sales / income from
operations and profit of the business in respect of the ordinary activities
attributable to the discontinued operations are:
(Rs. In Millions)
|
Particulars |
For the Quarter
Ended (Unaudited) |
For the Nine
Months Ended (Unaudited) |
|
|
|
31.12.2011 |
30.09.2011 |
31.12.2011 |
|
Net Sales /
Income From Operations |
-- |
-- |
-- |
|
Profit After Tax |
-- |
-- |
-- |
f)
Income from Investments represents the Income
earned an the temporary investments made out of proceeds from sale of the
Domestic Formulation Business and the holding in Piramal Dragnostic Services Private
Limited, These temporary investments have been made due to surplus funds
available In the interim and shall be deployed in businesses in due course.
g)
During the period ended December 31, 2051,
considering the Impact of demerger of NCE Division on PLSL into the Company, the Company has made
provision For income tax an the basis of Section 11538 of the Income Tax Act,
1961 (Minimum Alternate Tax), accordingly tax provision made in previous
quarter as per normal tax provisions, has been reversed in the current quarter
resulting into tax credit
h) Shareholder
complaints received during the quarter ended December 31, 2011-
Complaints as at October 01,
2011
4
Complaints received during the quarter
ended December 31, 2011. 5
Complaints disposed off during the
quarter ended December 31, 2011 8
Complaints pending as on December
31, 2011
1
i)
The figures for the quarter and nine months ended
December 31, 2010 have been regrouped, wherever necessary.
j)
The figures for the quarter and nine months ended December 31, 2011 are not
comparable to the previous quarter and nine months ended December 31, 2010 on
account of the demerger of NGE division of PLSL into the Company referred In
note 3 and sale of Domestic formulation business referred in note 5 above.
AS
PER WEBSITE
Profile
Subject
is one of
With
growth fuelled through a strategy of partnerships, quality acquisitions, brand
building, focused selling and manufacturing the Company consolidated net sales
turnover was US$ 313 million (INR 14.1 billion) in 2005-06 (April to
March)".
The
Company has emerged among the leaders in Indian pharma with a unique mix of
inorganic and organic growth fuelled through a strategy of acquisitions, brand
building and focused selling, and manufacturing. The company has one of the
widest product portfolios in
The company was formed when the Piramal Group acquired Nicholas Laboratories, a
small formulations company in 1988 from Sara Lee. It has followed a
multi-pronged strategy to integrate and maximize synergies with the planned
acquisitions and develop and consolidate its major strength in marketing to
therapeutic niches.
Managed by a team of highly proficient industry professionals, the Company 's
key strengths come from its strong brand building, selling and distribution,
manufacturing and alliance/partnership management skills. The last, especially,
are quite unique in the Indian context - few Indian Pharmaceutical have
exhibited such a strong and consistent record in successfully and ethically
managing JVs/Alliances and Partnerships as NPIL has.
Its policy of respecting IPR and managing partnerships, in keeping with both
the letter and the spirit of written agreements, has been widely respected and
commended by its partners.
The Company is the flagship company of the Rs.25000 Millions (US $ 550 million)
Piramal Enterprises (PEL), one of
BUSINESS
DESCRIPTION
Piramal Healthcare Limited is an India-based company engaged
in the pharmaceutical business mainly consisting of manufacturing and sale of
own and traded bulk drugs and formulations. Its business segments are
Pharmaceuticals and Other. The Company’s businesses include Pharma Solutions,
which partners with multinational company (MNC) pharmaceutical companies to
service their manufacturing and development needs; Critical Care, which caters
to drug requirement of hospitals worldwide, and Consumer Products Division/OTC,
which is a domestic business that caters to Indian consumers through sales of
over the counter (OTC) products. During the fiscal year ended March 31, 2010
(fiscal 2010), the Company acquired Oxygen Bio Research (Oxygen). During fiscal
2010, it acquired an anesthetic products business of Bharat Serums and Vaccines
Limited. During 2010, the Company launched TRI-ACTIV. On November 3, 2010, the
Company incorporated a wholly owned subsidiary Piramal Critical Care Italia
SPA. For the nine months ended 31 December 2010, Piramal Healthcare Limited's
revenues decreased 21% to RS22.03B. Net income totaled RS126.82B, up from
RS3.18B. Revenues reflect a decrease in income from pharmaceuticals segment
& lower income from other business segment. Net income benifited by a
decrease in consumption of raw materials, Research and Development expenses,
employees cost and other expenditure. There is also a fall in foreign exchange
gain.
Ajay G. Piramal -
Executive Chairman of the Board – Chairman
Shri. Ajay G. Piramal is Executive Chairman of the Board of Piramal
Healthcare Limited. He envisions making his company the most admired in the
Indian pharmaceutical industry, in the eyes of all its stakeholders -
customers, shareholders, employees, and the society. Mr. Piramal also heads
Piramal Enterprises, a Rs. 3,500 crore conglomerate with interests in textiles,
retailing and engineering, besides pharmaceuticals. The flagship company,
Nicholas Piramal India Limited. (NPIL), is the fourth pharmaceutical player in
India. It all began with the acquisition of the US$ 4 million Nicholas
Laboratories from Sara Lee in 1988. NPIL has registered dramatic growth over
the last 15 years through a string of acquisitions that include the Indian
subsidiaries of MNCs like Roche, Boehringer Mannheim, Rhone Poulenc, and
Hoechst Marion Roussel (research division), and the pharmaceutical division of
ICI India Limited.
Amit Chandra -
Additional Independent Director - Director/Board Member
Mr. Amit Chandra is Additional Independent Director of Piramal
Healthcare Limited. He is an MBA graduate from the Boston College, USA. He was
awarded the School’s distinguished alumni in 2007. He received his
under-graduate degree in Electrical Engineering from VJTI, Mumbai University.
Mr. Chandra is a investment banker. He is a Director on the Board of Bain
Capital Advisors (India) Private Limited, which is part of the Bain Capital
Group, a global Private Equity firm. He joined Bain Capital in 2008 to found
its Mumbai office. Prior to this, he was the Managing Director and Board Member
of DSP Merrill Lynch where he spent most of his professional career, having
direct oversight of its global market and investment banking business. Mr.
Chandra is also active in the country’s not-for-profit space and serves as a
Board Member of the Akanksha Foundation (which provides education to less
privileged children) and GiveIndia (India’s philanthropic exchange). Among his
other achievements, Mr. Chandra was named the “Young Global Leader” by the
World Economic Forum in 2007
Keki Bomi Dadiseth
- Non-Executive Independent Director - Director/Board Member
Mr. Keki Bomi Dadiseth is Non-Executive Independent Director of Piramal
Healthcare Limited. Mr. Dadiseth is a Fellow of the Institute of Chartered
Accountants of England and Wales. He joined Hindustan Lever Limited in India in
1973 as Manager in the Audit Department. His tenure with Hindustan Lever
included a three-year secondment to Unilever Plc in London (1984-87), where he
held senior financial and commercial positions. In 1987 Mr. Dadiseth joined the
Board of Hindustan Lever till he became Chairman in 1996. Mr. Dadiseth headed
several businesses (Detergents and Personal Products) and functions (Personnel
and Acquisitions and Mergers activities) for the Group in India. Mr. Dadiseth
was appointed as Director on the Board of Unilever Plc and Unilever NV in May
2000 and a Member of the Executive Committee. On January 1, 2001, he took over
as Director, Home and Personal Care, responsible for the HPC business of
Unilever worldwide. He retired from Unilever in May 2005. In India, Mr.
Dadiseth is closely associated with various industry, educational, management
and medical bodies. He is a Trustee of the Ratan Tata Trust and a Member of the
Managing Committee, Breach Candy Hospital Trust.
Yezdi H. Malegam -
Independent Non-Executive Director - Director/Board Member
Mr. Yezdi H. Malegam is Independent Non-Executive Director of Piramal
Healthcare Limited. He is a Chartered Accountant and the former Managing
Partner of Messrs S. B. Billimoria and Company, Chartered Accountants. He was
also the Co-Chairman of Deloitte Haskins and Sells, Chartered Accountants. He
is a member of the Central Board of Directors of the Reserve Bank of India and
a member of the Board of Directors of several public limited companies.
Nandini Piramal -
Executive Director - Director/Board Member
Ms. Nandini Piramal is Executive Director of Piramal Healthcare Limited
since 01 April 2009. Ms. Piramal graduated in Bachelor of Arts (Hons.) from
Hertford College, Oxford University and is an Masters of Business
Administration of the Stanford Graduate School of Business. Her academic
performance in the Masters of Business Administration Programme was
acknowledged by the Stanford Graduate School of Business. In July, 2006 Ms.
Nandini Piramal was appointed as GM - Strategic Marketing of the Company and
was deputed to the Company’s wholly-owned subsidiary in the US, NPIL Pharma
Inc. As GM - Strategic Marketing, Ms. Piramal gained deep insight into the
Group’s Pharma Solutions business. She was instrumental in increasing
co-ordination between UK, India and China towards globalized sourcing. In
September 2008, she was appointed as a non-executive director on the Board of Piramal
Healthcare (Canada) Inc (formerly Torcan). She played a key role in
implementation of the Operational Excellence Project at Torcan and Grangemouth.
She was also actively involved in due diligence of acquisition and joint
venture targets. Prior to her appointment with the Company, Ms. Piramal was
associated with McKinsey and Company as a Business Analyst, during which time
she worked on many projects, including Purchase and Supply Management, Growth
Strategy and Information Technology Strategy of various corporates. She was
also associated with the slum rehabilitation proposal of McKinsey, which was
part of its larger project for the future growth of Mumbai city.
Swati A. Piramal -
Executive Director - Director/Board Member
Dr. Swati A. Piramal is Executive Director of Piramal Healthcare
Limited. Her current responsibilities include Research and Development,
Information Technology, Medical Services and Knowledge Management for the
Healthcare Group of Piramal Enterprises. A Medical Doctor (MBBS) from the
University of Bombay, Dr. Piramal graduated with a Masters Degree from Harvard
School of Public Health, Boston USA, where she had the unique honour of being
selected Commencement Speaker at the 1992 Graduation Ceremony. Dr. Piramal's
special research interests include: Herbal, Clinical Discovery and Nutrition
Research in Pharmaceuticals, the use of management techniques like Information
Technology & Communication to improve access and lower healthcare costs to
meet the needs of the underprivileged children. Her specific Research interests
focus on Malaria, Tuberculosis, AIDS and Diabetes.
Subramanian
Ramadorai - Non-Executive Independent Director - Director/Board Member
Mr. Subramanian Ramadorai is Non-Executive Independent Director of
Piramal Healthcare Limited. Mr. Ramadorai is the Chief Executive Officer and
Managing Director of Tata Consultancy Services Limited (TCS) and has been
associated with TCS for the past thirty seven years. Mr. Ramdaorai joined TCS
as a trainee and took over as CEO in 1996. In October 2006, TCS was recognized
by Economic Times as the Company of the Year, a fitting tribute to its
increasing global presence. Mr. Ramadorai’s vision is evident through the
active role he played in establishing Offshore Development Centers (ODCs) in India
to provide high-end quality solutions to corporations. With a view to remain
abreast with changing technologies at all times, he set up Technology
Excellence Centers in India that have acquired knowledge, and equipment in
specialized technology areas. Mr. Ramadorai was presented with the UK Trade and
Investment Special Recognition Award by Prime Minister Blair, in September 2005
for TCS’ exemplary contribution to India - UK economic ties. In 2008, he was
recognized as the ‘International CEO of the Year’ at the 14th Annual LT Bravo
Business Awards, which are widely acknowledged as the Oscars of Latin American
business, and organized by the Latin Trade magazine.
N. Santhanam -
Chief Operating Officer, Executive Director - Director/Board Member
Mr. N Santhanam is Chief Operating Officer, Executive Director of
Piramal Healthcare Limited. He is the Chief Financial Officer of Nicholas
Piramal India Limited reporting to the Chairman, Mr. Ajay Piramal. As CFO, Mr.
Santhanam plays a key role and acts as a strategic business partner to the
Chairman and the company's senior management team. The mission at Nicholas
Piramal is to build a world class finance organization with the objective of
creating an information environment to facilitate decision making and Mr. Santhanam
is a qualified Chartered Accountant with a academic career. He has over 30
years of and varied experience in Corporate Accounts and Finance. Prior to
joining the Group he was with The Bombay Dyeing and Manufacturing Company
Limited. During his long tenure spanning over two decades with the Wadia Group,
he gained and experience in not only the entire gamut of Finance (including
Legal), but also in General Business Management.
Deepak M. Satwalekar
- Non-Executive Independent Director - Director/Board Member
Mr. Deepak M. Satwalekar is Non-Executive Independent Director of
Piramal Healthcare Limited. He was formerly the Managing Director and the Chief
Executive Officer of HDFC Standard Life Insurance Company Limited. and prior to
that, Managing Director of HDFC Limited. Mr. Satwalekar has been a consultant
to the World Bank, the Asian Development Bank and other bilateral and
multilateral agencies and is the recipient of the “Distinguished Alumnus Award”
from the Indian Institute of Technology, Bombay from where he obtained his
Bachelor of Technology. He has an MBA degree from the American University,
Washington D.C., USA.
Rajendra A. Shah -
Non-Executive Independent Director - Director/Board Member
Shri. Rajendra A. Shah is Non-Executive Independent Director of Piramal
Healthcare Limited. He is Solicitor and Senior Partner of Messrs Crawford
Bayley and Company. He specializes in a broad spectrum of Corporate Laws in
general, with special focus on foreign investments, joint ventures, technology
and licence agreements, intellectual property rights, mergers and acquisitions,
industrial licensing, anti-trust and competition laws. He is on the Board of
several reputed companies. Mr. R. A. Shah is a member of the Managing Committee
of the Bombay Chamber of Commerce and Industry, Indo-German Chamber of Commerce
and President of the Society of Indian Law Firms (Western Region).
Narayanan Vaghul -
Non-Executive Independent Director - Director/Board Member
Shri. Narayanan Vaghul is Non-Executive Independent Director of Piramal
Healthcare Limited. He served as the Chairman of ICICI Bank Limited. He was the
Chairman of ICICI Limited from September 1985 until it merged with ICICI Bank
Limited in 2001. He also served as Chief Executive Officer of ICICI until 1996.
Mr. Vaghul has been a visiting professor at the Leonard N. Strn School of
Business at New York University since 1998. Mr. N.Vaghul holds a Bachelors of
Commerce in Banking from Madras University. His other Directorships include:
ICICI Bank Limited – Chairman – Chairman – Remuneration Committee; Mahindra and
Mahindra Limited – Director – Chairman – Compensation Committee; Mahindra World
City Developers Limited – Chairman; – Member – Audit Committee – Member –
Remuneration Committee Wipro Limited – Director.
N. Santhanam -
Chief Operating Officer, Executive Director - Chief Operating Officer,
Executive Director
Mr. N Santhanam is Chief Operating Officer, Executive Director of
Piramal Healthcare Limited. He is the Chief Financial Officer of Nicholas
Piramal India Limited reporting to the Chairman, Mr. Ajay Piramal. As CFO, Mr.
Santhanam plays a key role and acts as a strategic business partner to the
Chairman and the company's senior management team. The mission at Nicholas
Piramal is to build a world class finance organization with the objective of
creating an information environment to facilitate decision making and Mr.
Santhanam is a qualified Chartered Accountant with a academic career. He has over
30 years of and varied experience in Corporate Accounts and Finance. Prior to
joining the Group he was with The Bombay Dyeing and Manufacturing Company
Limited. During his long tenure spanning over two decades with the Wadia Group,
he gained and experience in not only the entire gamut of Finance (including
Legal), but also in General Business Management.
PRESS RELEASE
PIRAMAL HEALTHCARE
ANNOUNCES Q3FY2012 RESULT
Total operating income up by 16% to Rs. 6180.000
Millions, Operating Profit was Rs.
370.000 Millions and Net Profit for the quarter was Rs. 100.000 Millions
Mumbai, 02
February 2012: Piramal Healthcare Limited (“PHL”, NSE: PIRHEALTH, BSE: 500302) today
announced Q3 results for FY2012.
Total operating
income for the quarter was up by 15.5% to Rs. 6176.00 Millions. During the
quarter, the R and D division of Piramal Life Sciences Limited (PLSL) has
demerged into PHL. Due to the effect of demerger, the R and D expense of PLSL
for nine months ended 31st December 2011 of Rs. 940.000 Millions was booked in
Q3 FY2012. PHL’s investment of Rs. 28560.000 Millions to acquire 5.5% equity
stake in Vodafone India Limited in August 2011 has resulted in interest/current
income generating investments being replaced by Vodafone investment. As a
result, Income from Investments was lower at Rs. 589.000 Millions for Q3FY2012
as compared to Rs. 1322.000 Millions in Q3FY2011. Hence Operating Profit
(OPBITDA) for the quarter was lower at Rs. 366.000 Millions compared to
Operating profit of Rs. 1141.000 Millions in Q3FY2011. The Operating profit
margin for the quarter was lower at 5.9%. Net Profit for the quarter was
Rs.97.000 Millions and EPS was Rs. 0.5 per share.
For Q3FY2012,
Pharma Solutions (CRAMS) business registered strong growth of 57.4% with sales of
Rs. 3673.000 Millions as compared to Rs.2334.000 Millions in Q3FY2011. The
revenues from Indian facilities grew by 68.9 % to Rs. 2240.000 Millions. The
growth has been driven by increase in sales from Formulations and API generic
businesses. Sale from facilities outside India also registered robust growth of
42.2% with sales of Rs. 1433.000 Millions. This growth has been driven by new
early phase development business in Morpeth facility as well as from favorable
currency movement.
Piramal Critical
Care business recorded sales of Rs. 980.000 Millions as compared to Rs. 994.000
Millions in Q3 FY2011. OTC and Ophthalmology sales grew by 4.4% to Rs. 571.000
Millions over Q3FY2011.
We have commenced
operations of our Non Banking Finance Company – PHL Finance Private Limited.
Income from Financial Services business which includes PHL Finance and
IndiaReit Fund was Rs. 178.000 Millions for the quarter.
9M FY2012 performance:
For continuing
businesses, total operating income for 9MFY2012 was up by 26.1% to Rs.
16643.000 Millions. The Operating Profit for the nine months increased to Rs.
3209.000 Millions against Rs. 1154.000 Millions in 9MFY2011. The Operating
profit margin was higher at 19.3% against 8.7% during 9MFY2011. Net Profit for
the nine months was Rs. 1526.000 Millions and EPS was Rs. 9.0 per share.
Pharma Solutions
business grew by 43.4% to Rs. 9625.000 Millions against Rs. 6713.000 Millions
in 9MFY2011. The revenues from Indian facilities recorded strong growth of
74.8% to Rs. 5838.000 Millions over 9MFY2011 and the revenues from outside
India facilities were Rs. 3788.000 Millions; up by 12.3%. Critical Care
business recorded sales of Rs. 2807.000 Millions registering growth of 3.3%.
OTC and Ophthalmology business grew by 32.4% to Rs. 1698.000 Millions.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 50.31 |
|
|
1 |
Rs. 79.04 |
|
Euro |
1 |
Rs. 65.82 |
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 |
9 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
76 |
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.