MIRA
INFORM REPORT
|
Report Date : |
21.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
AUROBINDO PHARMA LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 2, Maithri Vihar, Behind Maithri Vanam, Ameerpet,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
26.12.1986 |
|
|
|
|
Com. Reg. No.: |
01-15190 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.291.100 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24239AP1986PLC015190 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDA01477A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and Marketing Bulk Drugs, Formulations, Tablets and
Capsules, Syrups and Injectiables. |
|
|
|
|
No. of Employees : |
8317 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
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 |
|
Maximum Credit Limit : |
USD 100000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having fine track.
Financial position of the company appears to be sound. Directors are reported
to be experienced and respectable businessmen. Trade relations are reported
as fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/Corporate Office : |
Plot No. 2, Maithri Vihar, Behind Maithri Vanam, Ameerpet,
|
|
Tel. No.: |
91-40-23741083 / 23741084 / 23744919 / 66725000 / 66725401 |
|
Fax No.: |
91-40-23746833 / 23741080 / 23748112 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Unit - I Survey
No.388/389, Borpatla, Hatnoor Mandal, Medak District, 502 296, |
|
|
|
|
Factory 2 : |
Unit-II Plot No.103/A
and 104/A, SVCIE, Industrial Development Area, Bollaram, Jinnaram (Mandal)
Medak District, 500 092, |
|
|
|
|
Factory 3 : |
Unit-III Survey No.313
and 314 Bachupally, Quthubullapur Mandal, Range Reddy District, 500 090, |
|
|
|
|
Factory 4 : |
Unit-IV Plot No.4 in
Survey No.151 and Plot Nos.34 to 48 in Survey No. part of 146, 150, 151, 152,
153 and 154 situated in Phase-III, SPIIC, EPIP, IDA, Pashamylaram, Patancheru
Mandal, Medak District, 502 307, Andhra Pradesh, India |
|
|
|
|
Factory 5 : |
Unit-V Plot No.79-91,
Industrial Development Area, Chemical Zone, Pashamylaram, Patancheru Mandal, Medak District, 502 307, |
|
|
|
|
Factory 6 : |
Unit-VI Survey No.
329/39 and 329/47, Chitkul Village, Patancheru Mandal, Medak District, 502
307, Andhra Pradesh, India |
|
|
|
|
Factory 7 : |
Unit-VII (SEZ) Sy.Nos.411/P,
425/P, 434/P, 435/P and 458/P, Plot No.S1(Part), Special Economic Zone (Pharma),
APIIC, Green Industrial Park, Polepally Village, Jedcherla Mandal, Mahaboob
Nagar, 509 302, Andhra Pradesh, India |
|
|
|
|
Factory 8 : |
Unit-VIII Survey No.13,
Gaddapothram, Industrial Development Area - Kazipally Industrial Area,
Jinnaram Mandal, Medak District, 502 319, |
|
|
|
|
Factory 9 : |
Unit-IX Survey No.374,
Gundlamachanoor, Hatnoora Mandal, Medak District, 502 296, |
|
|
|
|
Factory 10 : |
Unit-X B-2, Sipcot, Industrial Complex, Kudikadu, Cuddalore 607 005, |
|
|
|
|
Factory 11 : |
Unit-XI Survey No.61-66,
Industrial Development Area, Pydibhimavaram, Ranasthalam Mandal, Srikakulam,
532 409, |
|
|
|
|
Factory 12 : |
Unit-XII Survey No.314,
Bachupally, Quthubullapur Mandal, Range Reddy District, 500 090, |
|
|
|
|
Factory 13 : |
Bhiwadi Unit 1128, RIICO
Phase-III, Bhiwadi, 301 019, |
|
|
|
|
Overseas Office
: |
Aurobindo - North America, |
|
Tel. No.: |
+1 732 839 9400 X 4066 |
|
E-Mail : |
|
|
|
|
|
Research Centre
: |
Survey No. 313, |
|
|
|
|
Branch/ Representative Offices : |
Ethiopia E-mail: aravindbabum@aurobindo.com
Vietnam Ares Block, Tel: ++ 44 20 8845 8811 Contact Person: Mr. V. Muralidharan E-mail: vmurali@aurobindo.com Hong Kong
|
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. P.V. Ramprasad Reddy |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
53 Years |
|
Qualification : |
M. Com. |
|
Date of Appointment : |
26.12.1986 |
|
|
|
|
Name : |
Mr. K. Nityananda Reddy |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
53 Years |
|
Qualification : |
M. Sc. |
|
Date of Appointment : |
26.12.1986 |
|
|
|
|
Name : |
Mr. M. Madan Mohan Reddy |
|
Designation : |
Whole-Time Director |
|
Date of Birth/Age : |
51 Years |
|
|
|
|
Name : |
Dr. M. Sivakumaran |
|
Designation : |
Whole-Time Director |
|
Date of Birth/Age : |
68 Years |
|
Qualification : |
M. Sc., Ph. D. |
|
Date of Appointment : |
30.03.1992 |
|
|
|
|
Name : |
Mr. M. Sitarama Murthy |
|
Designation : |
Non-Executive Director |
|
Date of Birth/Age : |
68 Years |
|
|
|
|
Name : |
Dr. P.L. Sanjeev Reddy |
|
Designation : |
Non-Eecutive
Director |
|
Date of Birth/Age : |
71 Years |
|
|
|
|
Name : |
Dr. D. Rajagopala Reddy |
|
Designation : |
Non-Executive Director |
|
Date of Birth/Age : |
52 Years |
|
|
|
|
Name : |
Mr. K. Ragunathan |
|
Designation : |
Non-executive Director |
|
Date of Birth/Age : |
48 Years |
|
|
|
|
Name : |
Mr. P. Sarath Chandra
Reddy |
|
Designation : |
Non Executive Director |
|
Date of Birth/Age : |
26 Years |
|
|
|
|
Name : |
Mr. A J Kamath |
|
Designation : |
Finance Director |
KEY EXECUTIVES
|
Name : |
Mr. Sudhir B Singhi |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. A. Mohan Rami Reddy |
|
Designation : |
General Manager (Legal) and Company Secretary |
|
|
|
|
Name : |
Mr. Tathagato Roychoudhury |
|
Designation : |
Manager-Investor Relations |
|
|
|
|
Name : |
Mr. Prasad Mangipudi |
|
Designation : |
Vice President - International Marketing |
|
|
|
|
Name : |
Mr. Mahesh Pinnamaneni |
|
Designation : |
Head of Information Technology |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
151004238 |
51.87 |
|
|
8408745 |
2.89 |
|
|
159412983 |
54.76 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
32919698 |
11.31 |
|
|
9110293 |
3.13 |
|
|
7373440 |
2.53 |
|
|
36153016 |
12.42 |
|
|
85556447 |
29.39 |
|
|
|
|
|
|
14210766 |
4.88 |
|
|
|
|
|
|
22361598 |
9.06 |
|
|
2191098 |
0.75 |
|
|
3388398 |
1.16 |
|
|
7185016 |
0.61 |
|
|
1458992 |
0.50 |
|
|
144390 |
0.05 |
|
|
46151860 |
15.85 |
|
Total Public shareholding (B) |
131708307 |
45.24 |
|
Total (A)+(B) |
291,121,290 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
291,121,290 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Bulk Drugs, Formulations, Tablets and
Capsules, Syrups and Injectables. |
||||||||||||||||
|
|
|
||||||||||||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Bulk Drugs and Drug Intermediates |
Tonnes |
11614 |
12254 |
|
Formulations Tablets and Capsules |
Nos. (in lakhs) |
186024 |
136024 |
|
Injectibles |
Nos. |
91720000 |
91720000 |
|
Syrups |
Nos. |
48890000 |
46853000 |
Notes:
·
Licensed capacities not stated in view of abolition
of industrial licensing for all of the above Bulk Pharmaceutical Substances
(including intermediates) and Dosage Forms vide Notification No.F.No.10(11)/92-LP
dated October 25, 1994 issued by the Government of India.
·
The capacity mentioned above is annual capacity
based on maximum utilization of plant and machinery. Based on product mix the
quantity of installed capacity may vary.
·
The annual installed capacities are as certified by
management and not verified by the Auditors, being a technical matter.
·
Production includes quantities processed by loan
licensees.
GENERAL INFORMATION
|
No. of Employees : |
8317 Approximately |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Andhra Bank ·
Canara Bank ·
HDFC Bank Limited ·
ICICI Bank Limited ·
IDBI Bank Limited ·
Standard Chartered Bank ·
State Bank of ·
State Bank of ·
Bank of ·
Bank of ·
Central Bank of ·
Citi Bank NA ·
HSBC Bank Limited ·
Punjab National Bank ·
American Express Bank ·
Corporation Bank ·
Indian Overseas Bank ·
Societe Generale Bank ·
State Bank of ·
Indusind Bank Limited ·
State Bank of ·
UCO Bank ·
Bank of ·
Allahabad Bank ·
United Bank of ·
Bank of ·
Deustche Bank AG ·
Union Bank of ·
Kotak Mahindra Bank ·
Bank of ·
ABN Amro Bank NV |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Notes : 1.
Term loans taken from banks repayable within one year
- Nil 2.
Details of security given for secured loans Term loans are
secured by: ·
first pari
passu charge on all the present and future fixed assets of the Company
both movable and immoveable property. Other working capital
loans from banks are secured by: ·
first charge by way of hypothecation of all the
stocks, book debts and other current
assets (both present and future). ·
second charge on all the fixed assets of the
Company both present and future subject to charges created in favor of term
lenders.
Notes : ·
Sales tax deferral repayable within one year –
Rs.11.00 ·
Term loans taken from banks repayable within one
year Rs.Nil |
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
Statutory
Auditors S R Batliboi and Company Chartered Accountants 205, Ashoka Bhoopal Chambers, Internal
Auditors KPMG 1st Floor, Lodha Excelus, Apollo Mills Compound, N M Joshi
Marg, Mahalakshmi, Mumbai – 400 011, |
|
|
|
|
Subsidiary : |
·
APL Pharma Thai Limited, ·
ALL Pharma ( ·
Aurobindo Pharma USA Inc, ·
Aurobindo Pharma Industria Farmaceutica Limiteda,
·
Aurobindo ( ·
Helix Healthcare B.V., The ·
APL Holdings (Jersey) Limited, ·
Aurobindo Pharma Produtos Farmaceuticos Limitada,
·
APL Health Care Limited, ·
Auronext Pharma Private Limited, ·
APL Research Centre Limited, ·
Aurex Generics Limited, ·
Auro Pharma Inc., ·
Zao Express ·
Aurobindo Pharma (Pty) Limited, ·
Aurobindo Pharma ( ·
Agile Pharma B.V., The ·
Aurobindo Pharma ·
Aurobindo Switzerland AG, ·
Auro Healthcare ( ·
Aurobindo ILAC Sanayi ve Ticaret Limited Sirketi,
·
Aurobindo Pharma ( ·
Aurobindo Pharma Limited, s.r.l. ·
Aurobindo Pharma ·
Pharmacin B.V., The ·
Aurobindo Pharma ·
Aurobindo Pharma ( ·
Aurobindo ·
Sia ·
Aurobindo Pharma ( ·
Aurobindo Pharma ·
Laboratorios Aurobindo S L, ·
Agile Malta Holdings Limited, ·
Aurobindo Pharma ( ·
Aurobindo Pharma B.V., The ·
Aurobindo Pharma ( ·
Aurobindo Pharma ( ·
Aurobindo Pharma (Italia) S.r.l. ·
Agile Pharma ( ·
Aurobindo Pharma ( ·
APL IP Company Limited, ·
APL Swift Services ( ·
Milpharm Limited, ·
Aurolife Pharma |
|
|
|
|
Joint Ventures : |
·
Aurosal Pharmaceuticals ·
Cephazone Pharma ·
Novagen Pharma (Pty) Limited, * Disposed
w.e.f. October 1, 2010) |
|
|
|
|
Enterprises over which key management personnel or relatives exercise
significant influence : |
·
Pravesha Industries Private Limited, ·
Sri ·
Trident Chemphar Limited, ·
Auropro Soft Systems Private Limited, ·
Axis Clinicals Limited, ·
RPR ·
Pranit Happy Homes Private Limited, ·
Pranit Packaging Private Limited, |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
660000000 |
Equity Shares |
Rs.1/- each |
Rs.660.000 Millions |
|
1000000 |
Preference Shares |
Rs.100/-each |
Rs.100.000 Millions |
|
|
Total |
|
Rs.760.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
291121290 |
Equity Shares |
Rs.1/- each |
Rs.291.100
Millions |
Notes
·
Paid-up Equity Shares of the Company include
173516000 Equity Shares of Rs.1 each that were allotted as bonus shares by
capitalization of Securities Premium Account.
·
Paid-up Equity Shares of the Company also include
6705000 Equity Shares of Rs.1 each that were allotted for consideration other
than cash.
·
The equity shares allotted during the year
represent increase on account of conversion of Foreign Currency Convertible
Bonds and employee stock options into equity shares.
·
The Equity shares of the Company with face value of
Rs.5 per share have been sub-divided into five shares of Rs.1 each effective
February 11, 2011. Accordingly, the nominal value of equity shares and number
of equity share for the previous year have been recomputed and disclosed above.
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 |
291.100 |
278.600 |
268.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
25405.000 |
18865.000 |
12939.500 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
25696.100 |
19143.600 |
13208.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
10380.100 |
7022.500 |
8130.200 |
|
|
2] Unsecured Loans |
12797.100 |
12425.300 |
13016.600 |
|
|
TOTAL BORROWING |
23177.200 |
19447.800 |
21146.800 |
|
|
DEFERRED TAX LIABILITIES |
1218.200 |
950.700 |
784.000 |
|
|
|
|
|
|
|
|
TOTAL |
50091.500 |
39542.100 |
35139.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
13498.900 |
10453.400 |
8728.700 |
|
|
Capital work-in-progress |
5829.200 |
4994.700 |
2859.600 |
|
|
|
|
|
|
|
|
INVESTMENT |
4930.900 |
3709.100 |
2694.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12610.200
|
9448.200
|
7355.200
|
|
|
Sundry Debtors |
14807.100
|
11513.500
|
11056.700
|
|
|
Cash & Bank Balances |
1223.300
|
45.600
|
869.400
|
|
|
Other Current Assets |
26.200
|
46.500
|
174.600
|
|
|
Loans & Advances |
5486.000
|
5729.800
|
6604.100
|
|
Total
Current Assets |
34152.800
|
26783.600
|
26060.000 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7159.100
|
5142.700
|
4151.100 |
|
|
Other Current Liabilities |
587.000
|
945.600
|
827.800 |
|
|
Provisions |
574.200
|
310.400
|
224.400
|
|
Total
Current Liabilities |
8320.300
|
6398.700
|
5203.300 |
|
|
Net Current Assets |
25832.500
|
20384.900
|
20856.700
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
50091.500 |
39542.100 |
35139.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
41331.200 |
32522.700 |
27948.300 |
|
|
|
Other Income |
524.900 |
1083.800 |
56.200 |
|
|
|
TOTAL (A) |
41856.100 |
33606.500 |
28004.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
(Increase) in work in progress and finished goods |
(1363.700) |
(1474.800) |
(289.400) |
|
|
|
Materials Consumed |
23286.300 |
18777.500 |
16416.300 |
|
|
|
Purchase of trading goods |
85.300 |
193.600 |
94.700 |
|
|
|
Other Manufacturing Expenses |
4418.500 |
3185.700 |
2725.000 |
|
|
|
Employee costs |
3036.000 |
2326.200 |
1771.800 |
|
|
|
Administrative, selling and other expenses |
2296.800 |
2018.900 |
4341.000 |
|
|
|
TOTAL (B) |
31759.200 |
25027.100 |
25059.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10096.900 |
8579.400 |
2945.100 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST AND
FINANCE CHARGES (D) |
504.900 |
523.300 |
550.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9592.000 |
8056.100 |
2394.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1250.400 |
954.600 |
824.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
8341.600 |
7101.500 |
1570.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2403.600 |
1843.900 |
285.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5938.000 |
5257.600 |
1285.400 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10900.900 |
6493.200 |
5619.400 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
On Equity Shares
of Rs.1 each Proposed dividend @ Rs.1 |
291.100 |
111.500 |
80.700 |
|
|
|
Interim dividend paid @ Rs.1 |
296.100 |
165.900 |
161.300 |
|
|
|
Tax on dividend |
96.400 |
46.700 |
41.100 |
|
|
|
Transfer to General Reserve |
593.800 |
525.800 |
128.500 |
|
|
BALANCE CARRIED
TO THE B/S |
15561.500 |
10900.900 |
6493.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Exports on F.O.B. basis |
26969.700 |
20863.700 |
17466.500 |
|
|
|
Interest |
32.700 |
80.200 |
236.700 |
|
|
|
Dividend from subsidiary |
0.000 |
0.000 |
1.000 |
|
|
|
|
2320.700 |
1178.600 |
766.100 |
|
|
TOTAL EARNINGS |
29323.100 |
22122.500 |
18470.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and packing materials |
15061.500 |
12290.100 |
11976.300 |
|
|
|
Capital Goods |
827.400 |
778.600 |
682.500 |
|
|
|
Stores, Spares and Consumables |
142.900 |
106.500 |
107.400 |
|
|
TOTAL IMPORTS |
16031.800 |
13175.200 |
12766.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
-
Basic |
20.63 |
19.42 |
23.91 |
|
|
|
-
Diluted |
18.56 |
16.63 |
19.86 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 Unaudited |
30.09.2011 Unaudited |
30.12.2011 Unaudited |
|
Net Sales |
10301.400 |
9576.900 |
12015.000 |
|
Total Expenditure |
8598.600 |
10016.000 |
11323.000 |
|
PBIDT (Excl OI) |
1702.800 |
(439.100) |
692.000 |
|
Other Income |
54.100 |
17.200 |
16.800 |
|
Operating Profit |
1756.900 |
(421.900) |
708.800 |
|
Interest |
124.900 |
179.800 |
245.100 |
|
Exceptional Items |
(3198.600) |
0.000 |
0.000 |
|
PBDT |
(1566.600) |
(601.700) |
463.700 |
|
Depreciation |
341.900 |
343.600 |
360.100 |
|
Profit Before Tax |
(1908.500) |
(945.300) |
103.600 |
|
Tax |
(892.700) |
(528.500) |
(26.700) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(1015.800) |
(418.800) |
(129.300) |
|
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 |
(1015.800) |
(418.800) |
(129.300) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
14.19
|
15.64
|
4.59 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.18
|
21.84
|
5.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.51
|
19.07
|
4.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.37
|
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.23
|
1.35
|
1.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.10
|
4.19
|
5.01 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Construction
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
No |
FINANCIAL
HIGHLIGHTS
The Company is in
its Silver Jubilee year. This eventful journey has been a period of planned growth
and success, and the Directors take this opportunity to compliment each one of
the Members, customers, business associates and employees for their
encouragement, support and co-operation. The Company shall maintain the
momentum and stands dedicated to strive for continued growth and thereby meet
every stakeholder expectation in the future, as well.
The year witnessed
subject cross the one billion dollar revenue mark, a landmark that truly
reflects the presence the Company has in the global pharmaceutical market. The
challenges of the market were met vigorously due largely to the enormous
advantage that the Company has built with its customer relationships, product
basket, manufacturing capabilities and organizational strength. Subject
demonstrated great speed and flexibility in its marketing and manufacturing
efforts and resilience while dealing with competitive pressures. The
performance results showcase the success.
The financial year
2010-2011 saw significant improvement in all parameters including revenues,
operating income, profit before tax, profit after tax and earnings per share.
The revenue growth of over 27.4% at Rs.42299.9 million was a culmination of
their strategic initiatives in widening our presence in Europe and
Net profit after
tax at Rs.5938 million was higher by 12.9% over Rs.5257.6 million in the
previous year. It is a new high for the Company translating to Earnings per
Share of Rs.18.56 (Face Value Rs.1) as compared to Rs.16.63 (adjusted for split
in Face Value from Rs.5 to Rs.1). Effectively, the Company earned 11.6% higher
earnings over the previous year.
REVIEW OF
OPERATIONS
Despite the
difficult economic environment, the Company delivered sales growth both in
The Company
continues to hold an enviable basket of a large number of products in several
therapeutic segments approved by regulatory authorities across the globe. The
marketing efforts were galvanized to create demand, deliver on expectations and
ensure top line growth. Converting approvals and quickly commercializing them
remains one of the Company's key strengths.
The newly
commercialized manufacturing unit, Unit VII (SEZ) at Jedcherla added to the
existing huge production capabilities of the Company to support the marketing
thrust. The unit at Dayton (USA) was significantly scaled up to deliver high
value products.
Consolidation of
facilities helped add newer products in all other facilities. Across all
facilities, production was optimized and utilization was stepped up. Overall,
capacity utilization was higher month after month from June 2010.
Large
state-of-the-art manufacturing facilities have created headroom for growth for
the Company to meet market expectations. Rising volume deliveries and new
product launches during 2010-2011 are a testimony to the Company's improving
competitiveness.
OUTLOOK
Subject's business
strategies and financial position are on solid footing even as the dynamics of
the global market are challenging and changing increasingly towards cost
effective generic formulations. This change is accelerating and driving the
need for subject to continuously renew and upgrade its operations. The Company
is equal to the challenges and expected results are being achieved by the
dedicated teamwork on the manufacturing side as well as by aligning with the
needs of the customers.
Today, greater
traction is visible in formulation sales in
The Company's
clear focus on quality, product development, manufacturing efficiencies,
productivity improvements and quicker reach to market will drive the future
success. This focus will enable subject to enter the financial year 2011-2012
with optimism and keep the Company on track to deliver revenue of USD 2 billion
in 2013-2014.
In order to
further strengthen and provide focus to the growing volume of APIs and
formulation business, the Board has constituted a Restructuring Committee to
explore and evaluate possible growth linked restructuring options, inter alia,
including spin-off or demerger or any other suitable form, with the ultimate
objective of enhancing shareholders' value and customer satisfaction. The
Restructuring Committee, consisting of Directors including independent
directors, will take all necessary steps and recommend the best options to the
Board for consideration.
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMIC
BACKGROUND
Gross Domestic
Product (GDP) at factor cost at constant prices, as per Advance Estimates, was
8.6% in 2010-2011 representing an increase from the revised growth of 8.0%
during 2009-2010, according to the Advance Estimate (AE) of Central Statistics
Office (CSO). While growth appears to have been maintained, there are dark
clouds which could subdue the outlook with high inflation, high interest rates,
lower government expenditure and subdued investment activity. The area of concern
is also the unabated rise in the global crude oil prices. While it will not
only stoke further inflationary pressures it would also raise the subsidy
burden of the government, and reduce the government's ability to invest in
growth.
The Reserve Bank
of
At comparative
level,
INDUSTRY
PERSPECTIVE
Indian
pharmaceutical industry can be characterized as a high technology industry with
wide ranging capabilities in the complex field of drug manufacture and
technology and over the past three decades, has transformed into a world leader
in the production of high quality drugs.
By 2015, Indian
pharmaceutical market is expected to establish itself among the world's leading
10 markets.
The outlook of the
Indian pharmaceutical industry can be summarized as follows:
·
By 2015,
·
Approximately USD 6.31 billion will be invested in
the Indian pharmaceutical industry as per the estimates of the Ministry of
Commerce, Government of India;
·
Indian pharmaceutical off-shoring industry is
predicted to be a USD 2.5 billion opportunity by 2012 primarily because of low
development cost of R and D;
·
Patented drugs are predicted to capture up to a 10%
share of the total Indian pharmaceutical industry by 2015 with a market size of
USD 2 billion;
·
The branded generics market will continue to
dominate the Indian pharmaceutical industry. Sixty one drugs worth USD 80
billion will go off patent at the US Patent and Trademark Office between 2011
and 2013. Indian pharmaceutical industry is all set to gain from the patent
expiry of some blockbuster drugs by producing their generic equivalents. Fair
competition and regulatory compliance will make the difference between winners
largely on the basis of product quality and scientific detailing;
·
By 2015, the specialty and super-specialty
therapies will account for 45% of the pharmaceutical market. The growing
lifestyle disorders, particularly metabolic disorders like diabetes and obesity
as well as coronary heart disease and hypertension, cardiovascular,
neuropsychiatry and oncology drugs will gain considerable significance.
Future outlook for
the Indian pharmaceutical industry seems to be extremely positive. A number of
global acquisitions by the Indian pharmaceutical companies, particularly in the
Indian
pharmaceutical companies are vying for the branded generic drug space to
register their global presence and are expected to grow by around 15% in the
near future.
GENERICS - A
PERSPECTIVE
Generic drugs are
important options that allow greater access to health care for all. They are
copies of brand-name drugs and are the same as those brand name drugs in dosage
form, safety, strength, route of administration, quality, performance
characteristics and intended use.
Health care
professionals and consumers can be assured that FDA approved generic drug products
have met the same rigid standards as the innovator drug. All generic drugs
approved by FDA have the same high quality, strength, purity and stability as
brand-name drugs. And, the generic manufacturing, packaging, and testing sites
must pass the same quality standards as those of brand name drugs.
World Health
Organisation defines a generic drug as a pharmaceutical product, usually
intended to be interchangeable with an innovator product that is manufactured
without a licence from the innovator company and marketed after the expiry date
of the patent or other exclusive rights.
Generic drugs are
marketed under a non-proprietary or approved name rather than a proprietary or
brand name. They are frequently as effective as, but much cheaper than, brand-name
drugs. For example, paracetamol is a chemical ingredient found in a number of
brand-name painkillers, but is also sold as a generic drug (not under a brand
name).
Both branded and
generic drugs are manufactured by conforming to international standards. Brand
name drugs are usually given patent protection for 20 years from the date of
submission of the patent. This provides protection for the innovator of such
drugs to make good the initial costs incurred by him, viz. research development
and marketing expenses to develop the new drug. The innovator of a branded drug
does research to discover the new biochemical substances that eventually become
new drugs. This research is essential for finding new and better treatment for
various diseases.
Because of their
low price, generic drugs are often the only medicines that the weaker sections
of society can access. Indeed, it is argued that competition between drug
companies and generic producers has been more effective in reducing the cost of
drugs, in particular those used to treat HIV/AIDS. (A brand name is a name
given to a drug by the manufacturer. The use of the name is reserved
exclusively for its owner.)
While
manufacturing generic drugs the same active ingredients are used as in the
branded products; they work the same way in the patient; they have the same
risks and benefits as their brand name counterparts. Also, generic drugs have
the same quality, strength, purity and stability as brand name drugs and work
in the same amount of time as branded drugs. The generic drugs are less
expensive as compared to branded drugs as generic manufacturers do not incur
the investment costs of the developer of a new drug. New drugs, often referred
to as innovator products, are generally developed under patent protection. The
patent protects the investment and the associated expense, viz. research,
development, marketing and promotion. When patents are nearing expiration,
competing manufacturers usually approach the regulatory authorities to seek
product and marketing approval for generic versions. In the process, the
consumers get effective drugs at substantially lower costs. The global
pharmaceutical market size is estimated to be USD 880 billion and as in the
recent past, generics are expected to grow faster. Rapid expansion in emerging
markets is likely to more than offset the dampened rise in developed markets
where growth tends to remain in single digit following policy and budget
reactions to global economic crisis.
In the
Key patented
products expiring up to 2015 include a few very large runners such as Lipitor,
Plavix, Advair Diskus, Zyprexa, Seroquel, Singulair, Actos, Lexapro, Diovan,
Oxycontin, Aciphex, Aricept, Nexium, Cymbalta, Celebrex, Copaxone and a few
others. While an estimated sales of USD 160 billion is expected to go
off-patent in such drugs in the foreseeable future, generics are expected to
gain approximately USD 90 billion, including products introduced in the recent
past.
Generic companies
that excel in quality, cost, therapy and technology are likely to do well with
such widening opportunities.
COMPANY
PERSPECTIVE
Among the largest
vertically integrated pharmaceutical companies in India, Aurobindo has robust
product portfolio spread over major product areas encompassing CVS, CNS,
anti-retroviral, antibiotics, gastroenterologicals, anti-diabetics and
anti-allergic with approved manufacturing facilities by US FDA, UK MHRA, WHO,
MCC-SA, ANVISA-Brazil for both APIs and formulations and has global presence
with own infrastructure, strategic alliances, subsidiaries and joint ventures.
The product
portfolio includes over 300 finished dosage formulations and 200 APIs with
diversified product portfolio in life-style disease, anti-AIDS, anti-infectives
and pain management with pediatric products and technologies.
After creating a
name for itself in the manufacture of bulk actives and ensuring a firm
foundation of cost effective production capabilities ogether with a clutch of
loyal customers, the Company entered the high margin specialty generic
formulations segment, with a global marketing network. The formulation business
is systematically organized with a divisional structure, and has a focused team
for each key international market. Subject's business strategy includes gaining
volume and market share in every business/segment it enters.
Subject has
invested significant resources in building a mega infrastructure for APIs and
formulation manufacture to emerge as a vertically integrated pharmaceutical
company. Subject's six units for APIs and four units for formulations are
designed for the regulated markets.
Over the years,
the Subject has evolved into a knowledge driven company. It is R and D focused,
has a multi-product portfolio with multi-country manufacturing facilities, and
is becoming a marketing conglomerate across the world.
Subject's R and D
strengths lie in developing intellectual property in non-infringing processes
and resolving complex chemistry challenges. In the process, Subject develops
new drug delivery systems, dosage formulations and applies new technology for
better processes.
The medium term
strategy of the Company is to continuously globalize the intellectual property
assets and enhance value to shareholders and customers. In global markets, the
Company continues to retain and enhance cost efficient quality leadership in
its chosen segments, such as newer anti infectives and lifestyle disease drugs.
It is the endeavor of the Company to achieve this by resolving complex
chemistry challenges, improving process efficiencies, adopting global scale
manufacturing and using cost effective market networks throughout its
addressable markets. Subject aims to repeat its success and emerge as a major
player in regulated markets.
The long term growth strategies being put in to action include:
·
Develop a broad portfolio of DMFs/ANDAs through
noninfringing processes and intellectual properties and become a significant
player in the generics market, especially in the regulated markets;
·
Manage cost efficiently in a mega-manufacturing
environment approved by USFDA/European regulatory authorities; and in the
process, enhance the attractiveness of subject to alliance partners;
·
Resolve complex chemical challenges and offer
advanced drugs to the global markets;
·
Globalize and further penetrate through joint
ventures/ subsidiaries/organic means into
·
Emerge as a leading player in global high quality
innovative specialty generic formulations and domestic brand segments.
The Company's
competitive advantage is in capturing a large portfolio of approvals, backed up
by a global standard R and D effort that offers several patented non-infringing
processes and intellectual properties, and a cost efficient mega manufacturing
environment complying with US FDA and EU authorities. The corporate plans are
to ensure growth through organic means, and by adopting strategic joint
ventures and alliances. The objective is to maximize the revenues and margins
while risks are minimized.
The Company has
crossed revenues of USD 1 billion in its silver jubilee year and joined the
Billion Dollar Club of Indian pharmaceuticals fraternity with its commitment to
the customers and quality backed up by stronger business and delivery
capabilities.
In 2010-2011, the
formulation sales climbed up by 30.8% to Rs.24231 million from Rs.18521 million
in the previous year. Formulations sales constituted 57.3% of gross sales, an
improvement of 6.9% over 2009-2010.
The consolidated
financials for the year under showed operating income increased by 22.7% to
Rs.44809.8 million over Rs.36513.4 million in the previous year. Profit from
operations before other income, interest, foreign exchange gain, tax and
exceptional item was up 17% to Rs.7882.5 million as compared to Rs.6738.5
million in 2009-2010.
Consolidated
profit before exceptional item and minority interest was Rs.5734.0 million
compared to Rs.5608.9 was 2.2% higher over the previous year. Consolidated Net
Profit was Rs.5634.5 million, marginally higher over the profit of Rs.5634.0
million recorded in the previous year. Diluted Earnings per Share for 2010-2011
was Rs.17.61 as against Rs.17.82 (adjusted for split in Face Value) in 2009-2010.
OUTLOOK
Subject has
invested in the future and worked hard to build a large portfolio and sought
product approvals in all relevant categories. Necessary approvals are being
received at rapid pace, and the Company will continue to keep the momentum and seek
such product approvals, and when received shall make suitable marketing
arrangements.
Contract research
and contract manufacturing (CRAMS) are other areas that are being pursued.
These are potentially attractive businesses with possible long term relationships.
With the technology platform and skilled professionals available both at R and
D Centre and in the production facilities, Subject is able to offer products
and services that the customers want. Multinational pharmaceutical companies
have perceived subject's facilities as extensions of their own labs and
manufacturing plants.
Subject has a
proven and tested business model, a prudent strategy and competent people with
expertise to deliver planned results. There is a strong balance sheet that supports
the business plan. The professionals in the Company have a defining role in
significantly accelerating its growth and transformation, and enhancing its
position as one of the most valuable companies.
Looking ahead, the
Company is determined to create a significant market presence and continue to
offer quality products and services. Within subject, there is an excitement
driving the change to become a global resource in the pharmaceutical industry.
In this journey, as in the past, care is being taken to create value for all
stakeholders, and in particular, customers and investors.
CONTINGENT LIABILITIES
|
Particulars |
As
on 31.03.2011 Rs.
in millions |
As
on 31.03.2010 Rs.
in millions |
|
Premium on potential redemption of Foreign Currency Convertible Bonds
(FCCBs) |
|
|
|
Outstanding bank guarantees |
341.400 |
244.800 |
|
Claims arising from disputes relating to direct and indirect taxes not
acknowledged as debts |
190.600 |
217.500 |
|
Claims against the company not acknowledged as debts |
20.400 |
4.900 |
Note
Redemption premium
on potential redemption of FCCBs
The cumulative
premium on potential redemption of FCCBs issued during the years ended March 31,
2006 and March 31, 2007 aggregates to USD 70.2 (March 31, 2010: USD 58.6)
equivalent to Rs.3132.000 millions (March 31, 2010: Rs.2632.600 millions). The
payment of premium on redemption is contingent in nature, the outcome of which
is dependent upon uncertain future events. Hence, no provision is considered in
the accounts in respect of such premium for the year.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2011
(Rs.
in millions)
|
Particulars |
Unaudited Standalone Three
month Ended |
Unaudited Standalone Nine Month ended |
|
|
|
30.09.2011 |
31.12.2011 |
31.12.2011 |
|
Sales (including excise duty) and
operating income |
9797.300 |
12268.100 |
32602.700 |
|
Less: Excise Duty |
220.400 |
253.100 |
709.400 |
|
Net
Sales |
9576.900 |
12015.000 |
31893.300 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
a. (Increase)/Decrease in Stock |
(104.400) |
520.500 |
849.700 |
|
b. Material Consumed |
5776.300 |
6239.100 |
17500.900 |
|
c. Purchase of traded goods |
31.600 |
114.900 |
159.200 |
|
d. Staff Cost |
920.000 |
937.700 |
2728.400 |
|
e. Depreciation/Amortisation |
343.600 |
360.100 |
1045.600 |
|
f. Other Expenditure |
1898.700 |
2047.000 |
5741.800 |
|
Total
Expenditure |
8865.800 |
10219.300 |
28025.600 |
|
|
|
|
|
|
Profit from Operations before Other
Income, interest, foreign exchange gain, tax and exceptional income |
711.100 |
1795.700 |
3967.700 |
|
|
|
|
|
|
Other Income |
17.200 |
16.800 |
51.300 |
|
|
|
|
|
|
Profit before interest, foreign exchange
gain, tax and exceptional items |
728.300 |
1812.500 |
3919.000 |
|
|
|
|
|
|
Interest and finance charges (net) |
179.800 |
245.100 |
549.800 |
|
|
|
|
|
|
Foreign Exchange (Gain)/Loss (net) |
1493.800 |
1463.800 |
2920.800 |
|
|
|
|
|
|
Profit after interest, but before
exceptional item and tax |
(945.300) |
103.600 |
448.400 |
|
|
|
|
|
|
Exceptional item |
- |
- |
3198.600 |
|
|
|
|
|
|
Profit / (Loss) from Ordinary Activities
before tax |
(945.300) |
103.600 |
(2850.200) |
|
|
|
|
|
|
Provision for Taxation |
(526.500) |
(25.700) |
(1444.900) |
|
|
|
|
|
|
Profit / (Loss) before Minority Interest |
(418.800) |
129.300 |
(1305.300) |
|
|
|
|
|
|
Minority Interest |
- |
- |
- |
|
|
|
|
|
|
Net Profit / (Loss) for the period |
(418.800) |
129.300 |
(1305.300) |
|
|
|
|
|
|
Paid-up Equity Share Capital (Face value
Rs.1 per share) |
2911 |
2911 |
(1305.300) |
|
|
|
|
|
|
Reserves excluding Revaluation Reserve |
|
|
|
|
|
|
|
|
|
Basic Earnings per share before &
after Extraordinary items (Rs.) (not annualised) |
(1.44) |
0.44 |
(4.48) |
|
|
|
|
|
|
Diluted Earnings per share before & after
Extraordinary items (Rs.) (not annualised) |
(1.44) |
0.44 |
(4.48) |
|
Public Shareholding |
|
|
|
|
- Number of Shares |
132860775 |
131794307 |
132860775 |
|
- Percentage of Shareholding |
45.64 |
45.27 |
45.64 |
|
|
|
|
|
|
Promoters and promoter group Shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of Shares |
22738605 |
32718605 |
32718605 |
|
- Percentage of Shares (as a % of the
total shareholding of promoter & promoter group) |
14.37 |
20.54 |
20.54 |
|
- Percentage of Shares (as a % of the
total share capital of the company) |
7.81 |
11.24 |
11.24 |
|
|
|
|
|
|
b) Non-encumbered |
|
|
|
|
- Number of Shares |
135521910 |
126608378 |
126608378 |
|
- Percentage of Shares (as a % of the total
shareholding of promoter & promoter group) |
85.63 |
79.46 |
79.46 |
|
- Percentage of Shares (as a % of the
total share capital of the company) |
46.55 |
43.49 |
43.49 |
NOTES
1.
The above unaudited financial results were reviewed
by the Audit Committee and have been approved by the Board at its meeting held
on February 13,2012. A Limited Review of the above stand alone financial
results has been carried out by the Statutory Auditors.
2.
The Consolidated financial results, which are
optional, have been presented by the Company, so as to provide additonal
information.
3.
The consolidated financial results have been
prepared in accordance with AS - 21 on 'Consolidated Financial Statement', AS-27
'Financial Reporting of Interests in Joint Ventures' and includes financial
results of all subsidiaries and Joint Ventures.
4.
The Company's operations fall within a single
primary business segment viz. 'Pharmaceutical Products'.
5.
Investor complaints pending at the beginning of the
quarter: Nil, received: 89, resolved: 89 and lying unresolved at the end of the
quarter nil.
6.
Sales for the quarter include exports of
Rs.8.851millions (Quarterly Ended 31.12.2012 Rs.7.413 Millions)
7.
Sales include Dossier income in standalone of
Rs.0.206 millions (Quarterly Ended 31.12.2012 Rs.1.265 millions) and in
consolidated of Rs.0.227 millions (Quarterly Ended 31.12.2012 Rs.1.203
millions).
8.
The outstanding Tranche A and Tranche B Zero Coupon
Foreign Currency Convertible Bonds ('FCCB' or Bonds') of USD 139.20 Million,
issued in May 2006,were repaid in entirety on maturity on May 17th, 2011 along
with the redemption premium (Yield to Maturity) amounting to Rs.3198.600
millions, inclusive of withholding taxes. The said redemption premium (Yield to
Maturity) has been charged to profit and loss account and is disclosed as an
exceptional item in the financial results for the quarter. Previous year
exceptional item relates to loss on sale of subsidiaries and joint ventures. As
on date all outstanding FCCBs have been redeemed and extinguished.
9.
The Equity Shares of the Company with face value of
Rs. 5 per share were sub divided into 5 shares of Re. 1 each effectively
February 11, 2011. Consequently, the Basic and Diluted Earning Per Share and
shareholding data of the Previous periods have been re-computed and disclosed
accordingly.
10.
During the quarter, the company has incorporated a
wholly owned subsidiary Viz Auro peptides Limited,
11.
Figures for the previous period/year have been
rearranged/ regrouped wherever necessary.
FIXED ASSETS
Tangible Assets
·
·
·
Leasehold buildings
·
Freehold buildings
·
Plant and Machinery
·
Furniture and Fittings
·
Vehicles
Intangible Assets
·
Licences
WEB DETAILS
BUSINESS DESCRIPTION
Subject is a pharmaceutical company. The Company is engaged in the development, manufacturing and marketing of active pharmaceutical ingredients (APIs) and finished dosage formulations. The Company's product portfolio consists of seven therapeutic/product areas, which includes antibiotics, anti-retrovirals, cardiovascular system (CVS), central nervous system (CNS), gastroenterologicals, anti-diabetics and anti-allergics. The Company markets its products in over 125 countries. Its products portfolio consists of more than 300 products. The Company's products include Ramipril, Trandolapril and Benazepril Hydrochloride. Its therapeutic segments include semi-synthetic penicillins (SSPs), cephalosporins, antivirals, CNS, cardio-vascular and gastroenterology. For the nine months ended 31 December 2010, Aurobindo Pharma Limited's revenues increased 21% to Rs.32.47B. Net income decreased 1% to Rs.4.38B. Revenues reflect an increase in income from operations. Net income was offset by an increase in material consumed, an increase in staff cost, a higher depreciation/amortization expense, a rise in other expenditure, lower other income and increase in purchase of traded goods.
BOARD OF DIRECTORS
Mr. P. V.
Ramprasad Reddy - Executive Chairman of the Board
Mr. P.V. Ramprasad Reddy is Executive Chairman of the Board of company.
He is a postgraduate in Commerce and prior to promoting company in 1986, he
held management positions in various pharmaceutical companies. He leads the
strategic planning of the Company and pilots the implementation of the
Company's ventures. In 2008 the widely read, World Pharmaceutical Frontiers,
announced he is among the top 35 most influential people in the pharmaceutical
industry.
Mr. M. Sitarama
Murthy - Independent Non-Executive Director
Mr. M. Sitarama Murthy is Independent Non-Executive Director of company.
He did his Masters in Electronics. He is professionally qualified banker. He
has over three decades of experience as a banker and has held various positions
in nationalised banks and retired as Managing Director and CEO of State Bank of
Mr. K. Ragunathan
- Independent Non-Executive Director
Mr. K. Ragunathan is Independent Non-Executive Director of company. He
is a Chartered Accountant by profession
and a management consultant. He has over 26 years of experience in consulting
services.
Education
B Commerce,
Mr. P. L. Sanjeev
Reddy - Independent Non-Executive Director
Dr. P.L. Sanjeev Reddy is Independent Non-Executive Director of company.
After his Masters in Economics, did
postgraduate Diploma in Development of Studies from the
Education
MA Economics,
BA Economics,
Mr. P. Sarath
Chandra Reddy - Non-Executive Non-Independent Director
Mr. P. Sarath Chandra Reddy is Non-Executive Non-Independent Director of
company. He is a graduate in Business Administration. He is a second generation
entrepreneur and has established his business acumen after he took over the
management of Trident Life Sciences Limited (since merged with the Company), as
Managing Director in 2005. Presently, he is the Managing Director of Axis
Clinicals Limited. He has gained experience in general management and in
project executions.
Dr. D. Rajagopala
Reddy - Independent Non-Executive Director
Dr. D. Rajagopala Reddy is Independent Non-Executive Director of
company. He holds Master's Degree in Science and has been awarded a PhD in
Organic Chemistry. He has 26 years of experience in the pharmaceutical industry
and is the Chairman and Managing Director of Erithro Pharma Private Limited.
Mr. K. Nithyananda
Reddy - Managing Director, Executive Director
Mr. K. Nithyananda Reddy is Managing Director, Executive Director of
company. He holds a Masters Degree in Science (Organic Chemistry) and has been
associated with the Company from the initial days. He is versatile with the
manufacturing technology and supervises the overall affairs of the Company.
Dr. M. Sivakumaran -
Whole Time Director
Dr. M. Sivakumaran is Whole Time Director of company. He holds a Masters
Degree in Science and has been awarded PhD in Organic Chemistry. He has about
37 years of experience in the pharmaceutical industry and is responsible for
the technological evolution of the Company. He looks after research and
development, new product development and total quality management.
PRESS RELEASE
AUROBINDO PHARMA
ESTABLISHES JOINT VENTURE WITH DIOD (
Aurobindo Pharma
Limited through its investment holding subsidiary (hereinafter referred to as
“Aurobindo”) and OJSC DIOD, a Russian manufacturer of ecological healthcare
equipment and nutrition supplements through its investment holding subsidiary
(hereinafter referred to as “Diod"), announce establishment of a joint venture
in Russia on a parity basis (50%:50%). The name of the Joint Venture is
Aurospharma Company (hereinafter
referred to as the JV). It is established to manufacture and sell the
pharmaceuticals in the markets of
As a part of this
cooperation, the JV intends to construct a state of the art plant to
manufacture Non Penicillin and Non Cephalosporin Rx generics and other drugs
that are categorized as Over The Counter (OTC) products in
The plant to be
built in
The plant meeting
the GMP standards (using AUROBINDO’s expertise), will be constructed in the
Podolsk District (
Vladimir Tikhonov,
Diod CEO, commented: “Diod has made a journey towards this partnership, lasting
for many years. We believe that the establishment of the JV should allow us to
become an important player at the Russian pharmaceutical market within the
target period. Diod intends to enrich this project with its unique long-term
experience in selling medicinal drugs and nutrition supplements in the markets
of
While commenting
on the arrangements to establish the JV, Mr. Vishnu Sriram, Associate Vice
President of Aurobindo, said, “Establishment of a JV with the Russian Diod
company perfectly weds with our international expansion strategy, in accordance
with which we establish partnership relations with competent local companies in
the target countries. The JV format gives us an opportunity to localize our production
in
AUROBINDO PHARMA
Q1 2011-12 UNAUDITED RESULTS
·
Q1 FY12 Consolidated
Operating Income up 16.8% to Rs.10769.000
millions
·
Operating Profit (EBIDTA)
at Rs.1639.000 millions
·
Profit excluding
exceptional item at Rs.1103.000 millions
·
6 ANDAs filed in
Aurobindo Pharma
Limited is pleased to announce the unaudited financial results for the first
quarter (Q1) FY2011-12.
Financials Consolidated:
·
Total Operating Income up by 16.8% to Rs.10769.000
millions (Rs.9223.000 millions)
·
Operating Profit (EBIDTA) down by 4.6% to
Rs.1639.000 millions (Rs.1718.000 millions)
·
Profit Before Tax (PBT) up by 6.1% to Rs.1103.000
millions (Rs.1039.000 millions)
·
Profit After Tax (PAT) up by 46.5% to Rs.1103.000
millions (Rs.753.000 millions)
(PBT and PAT
excludes Fx gains/loss on restatement of FCCBs and exceptional items)
·
Formulation Sales up by 26.2% to Rs.6226.000
millions (Rs.4935.000 millions)
·
Formulations Sales constitute 57.6% (54.5%) of
gross sales
·
6 ANDA filings in
·
84 Dossier filings in
·
Outstanding Zero Coupon FCCBs of $139.2mn have been
redeemed and extinguished in entirety during the quarter
·
Redemption Premium (Yield to Maturity) including
withholding tax amounting to Rs.3199.000 millions paid on redemption of FCCBs
resulted in reported loss of Rs.1228.000 millions.
·
The National Long-term Fitch Rating of the Company
has been maintained at ‘AA-(
Commenting on the
Company’s performance, Mr. Ramprasad
Reddy, Chairman, Aurobindo Pharma said:
“We expect to deliver
on better operational performance in the coming quarters. We have successfully
redeemed and extinguished the entire FCCBs during the quarter along with
redemption premium (Yield to Maturity). On the operational side, we have been
taking all the steps necessary to address and resolve the regulatory challenges
with USFDA around Unit VI Cephalosporin manufacturing facility. We expect our
recently commercialized formulations facility Unit VII located in Special
Economic Zone (SEZ) in
Exceptional items:
During the quarter
the company has redeemed and extinguished its entire outstanding Zero Coupon
FCCBs of $139.2mn. The redemption premium (Yield to Maturity) on
crystallization thereof was determined in terms of offering circular and paid
including withholding tax in May 2011 amounted to Rs.3199.000 millions has been
shown as an Exceptional item during the quarter. Previous year exceptional item
of Rs.103.000 millions relates to loss on sale of subsidiaries and joint
ventures.
NEWS RELEASE
13th February 2012,
Aurobindo Pharma
Q3FY2011-12 Unaudited Results
Rs.in Millions
|
Consolidated
Net Sales |
Q3FY12 |
Q2FY12 |
Q-o-Q Variance |
Q3 FY11 |
Y-o-Y Variance |
|
Consolidated
Net Operating Income |
12618.000 |
10600.000 |
19.0 |
10718.000 |
17.7 |
|
Consolidated
Net Operating Income |
12845.000 |
10753.000 |
19.5 |
11922.000 |
7.8 |
|
Operating
Profit (EBIDTA) before Fx |
1912.000 |
1146.000 |
66.8 |
3195.000 |
(40.02) |
|
PBT before Fx
(Profit) |
1135.000 |
537.000 |
114.4 |
2706.000 |
(58.1) |
· Formulation Sales up by 14.7% to `Rs.7387.000 Millions (`Rs.6438.000)
· Formulations Sales constitute 57.4% (58.6%) of gross sales
·
11 ANDAs filed in
·
52 Dossier filings in
The profitability during the quarter has been impacted on Y-o-Y basis mainly due to:
· Sharp decline in dossier income by Rs.976.000 Millions which is non- recurring and subject to periodic variability
· Increase in materials consumption to net sales by 2.6% on account of change in sales mix
·
Increase in staff costs by Rs.327.000 Millions
mainly due to new hires in European countries and
· Increase in other expenses to net sales by 1.5% on account of Power and Fuel, Legal and Analytical charges
There is Net Loss of Rs.285.000 Millions(PAT of `Rs.1886.000 Millions) impacted by exchange fluctuation loss of Rs.1445.000 Millions
Commenting on the Company’s performance, Mr. Ramprasad Reddy, Chairman of the company said:
“The current fiscal year has been challenging on account of full impact of the USFDA alert on our Unit 6 Cephalosporin
manufacturing facility and mark to market loss on foreign currency borrowings. The silver lining is that the Operating Profit
has significantly improved on a Q-o-Q basis .We may expect stability of rupee against USD and consequent reversal of
Segmental Breakup
of Sales (Consolidated) :
The Total Operating
Income consists of the company’s business from formulations, dossier income and
active ingredients.
(Rs. in millions)
|
Particulars |
Q1 FY 11-12 |
Q1 FY 10-11 |
Change |
9MFY 11- 2 |
9MFY
10-11 |
Change |
|
|
3254.000 |
3282.000 |
(0.8%) |
8827.000 |
8399.000 |
5.1% |
|
EU and RoW |
2085.000 |
1745.000 |
(19.5) |
5361.000 |
4927.000 |
8.8% |
|
ARV |
2048.000 |
1411.000 |
(45.1) |
5331.000 |
4203.000 |
26.8% |
|
Formulations |
7387.000 |
6438.000 |
(14.7) |
19519.000 |
17529.000 |
11.4% |
|
Dossier Income |
228.000 |
1204.000 |
(81.1%) |
570.000 |
2289.000 |
(75.1%) |
|
SSPs |
1572.000 |
1366.000 |
15.1% |
4641.000 |
4288.000 |
8.2% |
|
Cephs |
1937.000 |
2232.000 |
(13.2%) |
5582.000 |
6147.000 |
(9.2%) |
|
ARVs and Others |
1974.000 |
958.000 |
106.1% |
4749.000 |
2756.000 |
72.3% |
|
Active
Ingredients |
5483.000 |
4556.000 |
20.3% |
14972.000 |
13191.000 |
13.5% |
Domestic and
Export breakup of Gross Sales (Stand Alone) :
(Rs. in millions)
|
Particulars |
Q1 FY 11-12 |
Q1 FY 10-11 |
Change |
9MFY 11-12 |
9MFY 11-11 |
Change |
|
Domestic |
3211.000 |
3164.000 |
1.5% |
9310.000 |
8263.000 |
12.7% |
|
Export |
8851.000 |
7413.000 |
19.4 % |
22773.000 |
21149.000 |
7.7% |
|
Total Sales |
12062.000 |
10577.000 |
14.0 % |
32083.000 |
2941.200 |
9.1% |
Global Regulatory filings :
|
Filings |
Q1 FY 2011-12 |
Cumulative Filings as on 30.06.2011 |
|
ANDAs ( |
11 |
233 |
|
DMFs ( |
2 |
157 |
|
Formulations
Dossiers in other key regulated markets (includes Multiple registration into
EU) |
62 |
1487 |
|
API DMF/COS
filings in other key regulated markets |
37 |
1948 |
|
Patents |
9 |
488 |
As on 31.12.2011, 144 ANDAs have been
approved in
1. Gabapentin Tablets USP 600 mg and 800 mg (Final)
2. Naproxen Sodium Tablets USP 275 mg and 550 mg (Final)
3. Naproxen Tablets USP 250 mg, 375 mg, 500 mg (Final)
4. Lamivudine Tablets 150 mg and 300 mg (Final)
5. Amoxicillin and Clavulanate Potassium for Oral Suspension USP 200mg/28.5mg per 5mL and 400mg/57mg per 5 mL (Final)
6. Amoxicillin
and Clavulanate Potassium for Oral Suspension USP 600mg/42.9mg per 5mL (Final)
1. Ceftriaxone Sodium for Injection 0.5g, 1g and 2g
2. Mirtazapine Tablets 15 mg, 30mg and 45mg
3. Mirtazapine OD Tablets 15mg, 30mg and 45mg
4. Paroxetine Tablets 20mg
5. Cefazolin for Injection 0.5g, 1g and 2g
6. Levetiracetam Tablets 250mg, 500mg, 750mg and 1000mg
7. Pioglitazone Hydrochloride Tablets 15 mg, 30 mg and 45 mg
8. Ciprofloxacin Tablets 250 mg, 500 mg and 750 mg
9. Ceftazidime for Injection 1g and 2g
10. Piperacillin and Tazobactam for injection 2.25g and 4.55g
11. Metformin Tablets 500mg, 850mg and 1000mg
12. Olanzapine Tablets 2.5mg, 5mg, 7.5mg and 10mg
13. Carvedilol Tablets 3.125 mg, 6.25 mg, 12.5 mg and 25 mg
Levetiracetam Tablets 250mg, 500mg and 750 mg
Gabapentin Capsules 100mg, 300mg and 400mg
About Aurobindo Pharma Limited:
Aurobindo Pharma
Limited (www.aurobindo.com), headquartered at
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.54.88 |
|
|
1 |
Rs.86.47 |
|
Euro |
1 |
Rs.69.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
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 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
67 |
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.