MIRA
INFORM REPORT
|
Report Date : |
25.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
BILCARE LIMITED |
|
|
|
|
Registered
Office : |
Gat No. 1028, Village Shiroli, Taluka Khed, Rajgurunagar, Pune –
410505, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
01.07.1987 |
|
|
|
|
Com. Reg. No.: |
11-043953 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 235.452 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28939PN1987PLC043953 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEB02448F |
|
|
|
|
Legal Form : |
It is a Public Limited Liability Company. The Company’s Shares are
Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of Paper Tubes used for Winding of Polyster and Nylon
Yarn. |
|
|
|
|
No. of Employees
: |
130 (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 36000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
|
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 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DENIED
Management Non Co-operative
LOCATIONS
|
Registered Office : |
Gat No. 1028, Village Shiroli, Taluka Khed, Rajgurunagar,
Pune – 410505, |
|
Tel. No.: |
91-20-2445 6111/ 2445 6333 91-2135-304200 |
|
Fax No.: |
91-20-2445 6333 91-2135-224068 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
601, |
|
Tel. No.: |
91-20-30257700 |
|
Fax No.: |
91-20-30257701 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Ř
Gat No. 1028, 1029 Village Shiroli, Taluka
Khed, Rajgurunagar, Pune - 410505, Tel. No. 91-20-2445 6111 / 2445 6333 Fax No. 91-20-2445 6333 Ř
25, MWDC, Chakan, Pune-410501, |
|
Head Office: |
6th Floor, |
|
Tel. No. |
91-20-30257700 |
|
Fax No.: |
91-20-30257700 |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Mohan H. Bhandari |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Dr. Praful R. Naik |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Chandra Prakash Jaggi |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Dr. Volker Huelck |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Kalyani Gandhi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajendra Tapadia |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. R. V. Chaudhari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bhojraj Suresh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arthur J Carty |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Anil A. Tikekar |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|
|
|
|
|
(1) Indian |
|
|
|
Individuals / Hindu Undivided Family |
7,678,611 |
35.82 |
|
|
7,678,611 |
35.82 |
|
(2) Foreign |
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
7,678,611 |
35.82 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
Mutual Funds / UTI |
1,514,105 |
7.06 |
|
Financial Institutions / Banks |
32,595 |
0.15 |
|
Foreign Institutional Investors |
1,776,618 |
8.29 |
|
|
3,323,318 |
15.5 |
|
(2)
Non-Institutions |
|
|
|
Bodies Corporate |
1,059,735 |
4.94 |
|
Individuals |
|
|
|
|
3,626,808 |
16.92 |
|
|
3,080,896 |
14.37 |
|
Any Others
(Specify) |
2,666,055 |
12.44 |
|
Clearing Members |
30,883 |
0.14 |
|
Foreign Corporate Bodies |
1,984,399 |
9.26 |
|
|
8,862 |
0.04 |
|
Non Resident Indians |
564,561 |
2.63 |
|
Trusts |
77,300 |
0.36 |
|
Foreign Nationals |
50 |
- |
|
|
10,433,494 |
48.67 |
|
Total Public
shareholding (B) |
13,756,812 |
64.18 |
|
Total (A)+(B) |
21,435,423 |
100 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
2,109,808 |
- |
|
Sub Total |
2,109,808 |
- |
|
Total
(A)+(B)+(C) |
23,545,231 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Paper Tubes used for Winding of Polyster and Nylon
Yarn. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
130 (Approximately) |
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Bankers : |
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Facilities : |
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|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R. L. Rathi and Company Chartered Accountants |
|
Address : |
Pune, |
|
|
|
|
Joint Venture : |
International Labs LLC |
|
|
|
|
Subsidiaries : |
·
Bilcare Singapore Pte Limited ·
Bilcare GmbH ·
Bilcare Inc ·
Bilcare Farmacseutica Embalagem E Pesquisas
Limited ·
Bilcare ( ·
Bilcare GCS ( ·
Bilcare SA ·
Bilcare Technologies ·
Bilcare Technologies Italia Srl. ·
Bilcare Mauritius Limited ·
Bilcare Research AG ·
Bilcare ·
Bilcare Germany GmbH and Company KG ·
Films ·
Bilcare Agency GmbH ·
Bilcare Research Srl ·
Bilcare Fucine Srl ·
Bilcare Research Inc ·
Bilcare Research GmbH ·
Bilcare Staufen GmbH ·
Caprihans India Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs. 400.000 Millions |
|
5000000 |
Preference Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
Total |
|
Rs. 450.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23545231 |
Equity Shares |
Rs.10/- each |
Rs. 235.452
Millions |
|
|
|
|
|
Note:
Includes 8,021,000
Equity Shares of Rs. 10/- each (Previous year 8,021,000) which were allotted as
fully paid up Bonus Shares by capitalization of share premium and reserve
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 |
235.452 |
226.879 |
172.081 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8768.341 |
7589.799 |
4105.495 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9003.793 |
7816.678 |
4277.576 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5311.601 |
3756.091 |
2622.322 |
|
|
2] Unsecured Loans |
115.616 |
652.241 |
2068.595 |
|
|
TOTAL BORROWING |
5427.217 |
4408.332 |
4690.917 |
|
|
DEFERRED TAX LIABILITIES |
1017.659 |
913.481 |
783.917 |
|
|
|
|
|
|
|
|
TOTAL |
15448.669 |
13138.491 |
9752.410 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5058.551 |
4149.792 |
3802.357 |
|
|
Capital work-in-progress |
52.472 |
299.134 |
116.298 |
|
|
|
|
|
|
|
|
INVESTMENT |
6571.031 |
4795.141 |
2787.201 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
929.459
|
867.810
|
770.736
|
|
|
Sundry Debtors |
2392.418
|
2016.777
|
1661.081
|
|
|
Cash & Bank Balances |
684.323
|
1063.553
|
581.962
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
721.051
|
701.509
|
410.672
|
|
Total
Current Assets |
4727.251
|
4649.649 |
3424.451 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
807.636
|
603.904
|
238.634
|
|
|
Other Current Liabilities |
66.110
|
54.505
|
81.099
|
|
|
Provisions |
86.890
|
96.816
|
58.164
|
|
Total
Current Liabilities |
960.636
|
755.225 |
377.897 |
|
|
Net Current Assets |
3766.615
|
3894.424
|
3046.554
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
15448.669 |
13138.491 |
9752.410 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6585.945 |
5496.517 |
4713.277 |
|
|
|
Other Income |
43.077 |
147.487 |
49.871 |
|
|
|
TOTAL (A) |
6629.022 |
5644.004 |
4763.148 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
3974.601 |
3374.945 |
2964.328 |
|
|
|
Payments to & provision for employees |
246.669 |
229.882 |
200.736 |
|
|
|
Over Heads |
412.443 |
382.949 |
355.214 |
|
|
|
Increase/(Decrease) in Finished Goods |
(8.532) |
(1.309) |
(65.459) |
|
|
|
TOTAL (B) |
4625.181 |
3986.467 |
3454.819 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2003.841 |
1657.537 |
1308.329 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
448.437 |
263.949 |
197.411 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1555.404 |
1393.588 |
1110.918 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
296.928 |
264.733 |
187.740 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1258.476 |
1128.855 |
923.178 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
388.039 |
374.122 |
316.205 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
870.437 |
754.733 |
606.973 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
870.437 |
754.733 |
606.973 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
433.270 |
519.444 |
468.038 |
|
|
|
Interest |
0.000 |
0.206 |
8.030 |
|
|
|
Lease Rent |
70.000 |
35.000 |
70.000 |
|
|
|
Other |
0.654 |
8.329 |
0.000 |
|
|
TOTAL EARNINGS |
503.924 |
562.979 |
546.068 |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
1591.405 |
1516.886 |
1207.867 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
36.97 |
33.27 |
35.27 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1796.400 |
1815.600 |
1897.000 |
|
Total Expenditure |
1267.000 |
1223.300 |
1330.700 |
|
PBIDT (Excl OI) |
529.400 |
592.300 |
566.300 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
529.400 |
592.300 |
566.300 |
|
Interest |
163.400 |
186.500 |
215.500 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
366.000 |
405.800 |
350.800 |
|
Depreciation |
94.400 |
94.300 |
94.500 |
|
Profit Before Tax |
271.600 |
311.500 |
256.300 |
|
Tax |
92.300 |
109.600 |
86.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
179.300 |
201.900 |
170.300 |
|
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 |
179.300 |
201.900 |
170.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
13.13
|
13.37
|
12.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.11
|
20.54
|
19.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.86
|
12.83
|
12.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.14
|
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.82
|
0.66
|
1.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.92
|
6.16
|
9.06 |
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 |
No |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
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 |
SUBSIDIARY
COMPANIES
In accordance with
the general circular issued by the Ministry of Corporate Affairs, Government of
India, the Balance Sheet, Profit and Loss Account and other documents of the
subsidiary companies are not being attached with the Balance Sheet of the
Company. The Company will make available the Annual Accounts of the subsidiary
companies and the related detailed information to any member of the Company who
may be interested in obtaining the same. The annual accounts of the subsidiary
companies will also be kept open for inspection at the Registered Office of the
Company and that of the respective subsidiary companies. The Consolidated
Financial Statements presented by the Company include the financial results of
its subsidiary companies.
The Company has
two wholly owned subsidiary companies, namely Bilcare Singapore Pte. Limited,
The Company has a
50% joint venture in International Labs,
MANAGEMENT DISCUSSION
AND ANALYSIS:
OVERVIEW:
PHARMACEUTICAL
INDUSTRY OVERVIEW:
The tough market
conditions and slowdown in the growth rate of the past few years were brought
on by cost containment in the
According to the
pharmaceutical research agency IMS Health, the pharmaceutical industry grew by
4.1% in 2010 to USD 856 billion. This was led by a 14% growth rate in Latin
America, Asia, Africa and
Big Pharma has
indicated the new trend it will follow in the years ahead i.e. cost cuts in
existing turfs and driving home a collaborative advantage to invigorate sales.
As a result, reputation perseverance via adoption of anti-counterfeiting measures
is coming to the fore on its own, given that sales growth witnessed in
“pharmerging” (BRIC,
Counterfeiting as
a problem has accelerated, with 2009 and 2010 providing fresh visibility in
areas such as
ingredients, the
fatal ones in
GLOBAL PHARMACEUTICAL SALES
IMS Health
estimated that pharmaceutical sales are likely to cross USD 975 billion by 2013
and breach the USD 1 trillion barrier in 2014. Pharmerging nations including
the BRIC,
Following the
pattern predicted last year, companies are looking East to stimulate business
growth. The Asia-Pacific region looks to emerge as the fastest growing
pharmaceutical market over the next few years. This can be attributed to the
low costs and favourable regulatory environment. This region has experienced
important developments regarding contract manufacturing, especially in generics
and APIs. Increased R and D activities in the region have helped the
Asia-Pacific pharmaceutical industry expect to grow during 2010-2012 and become
the global API production hub in next few years.
Overall, lower
cost generic drugs are leading the way for most nations. There is also an
increased focus on security and anti-counterfeiting measures to ensure
genuineness of drug intake and patient safety.
GLOBAL
PHARMACEUTICAL SALES BY REGION
Pharmaceutical
sales in
LEADING THERAPY CLASS IN 2010
Oncology remained
the top selling therapy class in 2010 with a 6.7% growth to USD 55.97 billion
from USD 52.72 billion in 2009. Anti-diabetics ranked in the top five growing
segments, with sales of USD 34.42 billion at 12.2% in 2010. The anti-epileptic
segment continued to show sluggish figures at USD 12.55 billion at a rate of
3.3%. Lipid
regulators stood
as the second largest therapy class with a growth of 2%. The year 2010 saw USD 36.4
billion worth of lipid regulator sales worldwide. Auto immune agents which have
seen a sharp increase in usage showed 14.7% growth in 2010. The year saw sales
of USD 20.71 billion worth of auto immune agents. Respiratory agents at USD
35.92 billion sales and HIV anti-virals at USD 15.43 billion annual sales saw
growths of 7% and 13.2% respectively.
IMS health
estimates that patent expiries which are likely to peak through 2012 might
witness almost USD 142 billion of sales to come under pressure. Till 2012 it
expects six of the top 10 selling drugs to face competition from generics.
Cholesterol regulators, antipsychotics and anti-ulcerants are segments which
could come under pressure.
BUSINESS OVERVIEW
ACQUISITION OF
INEOS’ GLOBAL FILMS BUSINESS
In the past year,
they have expanded their product and service horizons through their approx. €
100 million (Rs. 6070.000 Millions) acquisition of the INEOS Group’s plastic
film-making, with annual sales of Rs. 14580.000 Millions. This brings together
complimentary capabilities and synergies of two leading global businesses, one
a leader in Pharma and Specialty films and the other being the foremost
solution provider of innovative packaging to global pharmaceuticals for their
brand safety and growth.
Subject research
and development focus, combined with INEOS’ broad production and application
knowledge provides a strong strategic fit.
INEOS Films was a
global producer of rigid films. Its manufacturing and marketing activity was
concentrated in the production of high quality polymer PVC and PVC-PE films and
included the finishing of films in the form of coating, stentering, laminating
and metallizing. It was also involved in the extrusion of PET and PET-PE films.
With over 50 years experience in calendering rigid PVC films, INEOS Films was
one of the leading high quality polymer film producers in the world. Worldwide
the INEOS Films employed approximately 1,300 people with sites in
Subject
acquisition comprised of the business, assets and personnel related to INEOS’
Films operations located in North America, Europe, and
This venture will
help Subject escalate customer acquisition strategy and market leadership
position in
They offer
integrated packaging solutions – from materials research and development, to
packaging design, development and support – in numerous countries, across
diverse industry sectors. As a research-driven organization, they follow a
customercentric approach to fulfil needs in the areas of packaging films,
specialty films and card solutions.
They partner with
their customers to increase the reliability of their products, deliver optimum
packaging performance, innovation and brand growth. Their motto of providing
brand growth solutions addresses the key challenges faced by the pharma
industry worldwide, particularly the 5Cs − Counterfeiting, Compliance,
Communication, Convenience and Cost. They have supplemented their research and
development capabilities with broad production and application knowledge. With
the additional scale, operational expertise and expanded
geographic
footprint, they offer a value proposition unrivalled in the packaging industry.
Bilcare is
committed to global growth and innovation and finds itself at the forefront of
delivering sustainable, affordable and innovative packaging solutions to ensure
value addition to customers and a responsible business performance for their
stakeholders. Based on their innovation led, process-driven, customer-centric
solutions, they are poised for significant growth over the longterm. They have
acknowledged global trends in packaging consumption and sales and are striving
to maintain and improve upon their leadership position. Along with the
expansion in their businesses, capabilities and ambitions, they seek to build
on their achievements and develop their human potential to the greater benefit
of their employees and stakeholders in a profitable, responsible and inclusive
manner.
SPECTRUM OF SOLUTIONS PACKAGING INNOVATIONS
With the
acquisition of the INEOS films business, Subject packaging innovations division
has expanded its product horizons in the past year. Alongside their mainstay
pharma packaging vertical, they now offer integrated packaging films, specialty
films and card solutions. They have supplemented their research and development
capabilities with broad production and application knowledge, thus maintaining
their status as a single source packaging solutions provider.
PHARMA PACKAGING INNOVATIONS
Over the past year
they have targeted the development of packaging solutions to address functional
requirements of medicines with respect to efficacy and safety through the shelf
life and cost optimization. They are also continuously creating a unique brand
identity for products by incorporating several userrelated characteristics and
using packaging as a promotional tool.
They develop
innovative methodologies, customized equipment and testing protocols for
understanding and optimizing the drug protection process, overcoming
regulatory, quality and compliance concerns, solving drug-stability issues and
accelerating ‘speed to market’ while optimizing packaging costs. These services
are presently offered through their Research Centres in
Subject Research
is an established supply chain partner catering to the blister packaging needs
of leading pharmaceutical manufacturers. They offer a full range of high
quality film and foil packaging materials to protect even the most sensitive
pharmaceutical products. Their coating, lamination and printing plants are
equipped with online process control and quality inspection tools that meet all
global regulatory, functional and application requirements. Their plants have
been rated by industry experts and pharmaceutical majors as one of the best
packaging material manufacturing facilities in the world.
They also partner
and engage with well-qualified secondary operating facilities (slitting,
printing and packing) outside their own manufacturing facilities, to make
products available globally in the shortest possible time. Subject Research has
introduced a broad variety of films, so customers can now choose the most
costeffective packaging without compromising on protection requirements. All
products are registered with USFDA with DMFs and comply with European
standards. Their material scientists are continuously developing and
introducing new and innovative materials into their growing product range.
Their integrated
services enable clients to focus on the core business of developing new drug
molecules, formulation development, manufacturing and marketing while they
partner with them in the area of drug stabilization and protection. They help
customers capitalize on upcoming trends, through products that maximize the
commercial potential and efficacy of drugs.
They look to
leverage the powerful synergy of their research capabilities, state-of-the-art
design and manufacturing facilities and commitment to create sustainable
competitive advantages for their customers. Their core competency in developing
specialty packaging material and designs continues to help customers in
addressing compliance and counterfeit concerns.
PACKAGING FILMS SOLUTIONS (PFS)
Using
state-of-the-art technology and research, Subject meets the highly specialized
demands of film packaging through superior physical protection, information
communication, marketing and brand protection. Their solutions address the four
important development parameters − global availability, value prices,
functionality and time − in the packaging solution industry.
They provide a
complete range of high-grade packaging films and flexible packaging solutions
to suit varied product and technical requirements. Their packaging film
solutions serve diverse industry sectors such as food, pharmaceuticals, meat,
dairy, household products and automobiles and guarantee the highest levels of
film quality through the utilization of selected raw materials, consistency of
formulations and stringent quality control.
Their innovative
packaging solutions enable customers to make the shift from conventional
packaging films to advanced environment friendly packaging materials. Their
Rigid Films product range includes PVC and PVC metalized Mono films and PVC/PE
and PVC/EVOH/PE Multilayer films.
SPECIALTY FILMS SOLUTIONS (SFS)
Subject has a
proven track record of providing specialty film solutions to meet customers’
unique application requirements. They formulate and manufacture specialty films
for thermoformed packaging, food and non-food
products, consumer
goods, printing/decoration, visual packaging, shrink flms, office/home
furniture and other technical applications. Through a wide range of film
components encompassing several colours, surface finishes
and embossed
effects, they design customized solutions for every customer’s requirements.
With access to dedicated
specialties manufacturing sites (
They are therefore
able to achieve the highest product quality through the selection of high-grade
raw materials, modern computer controlled calender lines, and state-of-the-art
coating and lamination lines under the control of highly qualified and
committed packaging experts.
CARDS SOLUTIONS (CS)
Subject is also a
leading global producer of a vast array of rigid films for card solutions.
Through their GMP-compliant manufacturing facilities in Europe and
Their films
deliver consistent performance with superior lamination capability,
printability, heat resistance, and yield. Their solutions also deploy
anti-counterfeiting features through their unique nonClonableID™ technology for
identity,
authentication and card security across banking, mobile, loyalty, contact-less
and combination-card applications.
Their product
range includes Rigid PVC and PVC/ ABS cores for all card applications, Coated
and uncoated overlay PVC-AMBS, Rolls and sheets, Transparent and opaque films
in a variety of colours, Different finish surfaces.
With a healthy
combination of established products and new offerings, Subject packaging
innovations division looks forward to a period of strong growth over the coming
years.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED ON DECEMBER 31, 2011
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
Nine Months
Ended |
|
|
|
|
31.12.2011 (Unaudited) |
30.09.2011 (Unaudited) |
31.12.2011 (Unaudited) |
|
1. |
a. Net Sales/Income from Operations |
1881.100 |
1839.300 |
5504.000 |
|
|
b. Other Operating Income |
15.900 |
(23.700) |
5.000 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
a) (Increase) / Decrease in Stock in Trade |
22.600 |
20.700 |
47.400 |
|
|
b) Consumption of Raw Materials |
1144.100 |
1040.900 |
3294.800 |
|
|
c) Employees Cost |
63.600 |
62.100 |
186.300 |
|
|
d) Depreciation |
94.500 |
94.300 |
283.200 |
|
|
e) Other Expenditure |
100.400 |
99.600 |
292.500 |
|
|
f) Total |
1425.200 |
1317.600 |
4104.200 |
|
|
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
471.800 |
498.000 |
1404.800 |
|
|
|
|
|
|
|
4. |
Other Income |
-- |
-- |
-- |
|
|
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
471.800 |
498.000 |
1404.800 |
|
|
|
|
|
|
|
6. |
Interest |
215.500 |
186.500 |
565.400 |
|
|
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
256.300 |
311.500 |
839.400 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
256.300 |
311.500 |
839.400 |
|
|
|
|
|
|
|
10. |
Tax Expense |
86.000 |
109.60 |
287.900 |
|
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
170.300 |
201.900 |
551.500 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
170.300 |
201.900 |
551.500 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
235.500 |
235.500 |
235.500 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
7.24 |
8.57 |
23.43 |
|
|
b) Basic and diluted EPS after extraordinary items |
7.24 |
8.57 |
23.43 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
15866620 |
15514139 |
15866620 |
|
|
- Percentage of Shareholding |
67.39% |
65.89% |
67.39% |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
7317338 |
6669819 |
7317338 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
95.30% |
83.05% |
95.30% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
31.08% |
28.33% |
31.08% |
|
|
|
|
|
|
|
|
b) Non
Encumbered |
|
|
|
|
|
- Number of Shares |
361273 |
1361273 |
361273 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
4.70% |
16.95% |
4.70% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
1.53% |
5.78% |
1.53% |
Notes:
1. The Company’s main business segment is packaging research solutions.
2. The Company had not received any investor complaint during the quarter.
There were no investor complaints pending for redressal at the commencement and
at the end of the quarter.
3. The Consolidated results include operations of its subsidiaries namely
(1) Bilcare Singapore Pte. Limited, (2) Bilcare Mauritius Limited and their
respective stepdown subsidiaries, and (3) 50% of the Joint Venture namely
International Labs
4. The previous year’s results have been regrouped / readjusted wherever
necessary.
5. The above unaudited results were approved by the Board of Directors of
the company at its meeting held on February 11, 2012.
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Vehicles
·
Electric Fitting
·
Furniture and Fixture
·
Patents and Trademarks
·
Office Equipments
WEBSITE DETAILS:
PROFILE:
Bilcare Research is
an innovation-led solutions provider that partners with the global
pharmaceutical and healthcare industry to improve patient healthcare outcomes.
They endeavour to deliver effective and affordable solutions that enhance the
speed and quality of drug discovery and help build and protect brands by
ensuring the delivery of genuine medicines to patients.
An R and D driven
organization, Bilcare Research focuses on developing cutting-edge solutions
that enable the pharmaceutical industry to realize significant qualitative and
measurable cost and time benefits in the 'drug discovery to market' value
chain.
Bilcare Research has
a global footprint with modern manufacturing and R and D plants located across
They, at Bilcare
Research, drive their continual innovation process with a unilateral focus on
addressing the key concerns and challenges of the pharmaceutical and healthcare
industries, more particularly the 5Cs - Counterfeit, Compliance, Communication,
Convenience and Cost. They firmly believe that their solutions contribute not
only to addressing these crucial challenges but also seamlessly integrate with
their core objectives of enhancing business growth and improving Health
Outcomes.
At a glance
- Founded in 1995 by Mohan Bhandari,
Subject is listed on Bombay Stock Exchange (BSE).
- Three defined business areas - Pharma
Packaging Innovations, Global Clinical Supplies and NonClonable Security
Technologies for brand authentication and security.
- 500+employees, with 50% workforce based
outside
- Operations spread over 4 continents with
more than 500 pharma customers globally.
- Manufacturing plants and R and D centres
located in
- Revenues of USD 162 million (FY07-08).
Awards and
Recognition
- Award
for Outstanding Innovation
- European
Outsourcing Award
- Bilcare
Research felicitated by CIO Magazine
- Zak
Indo-ASIAN Business Initiative Award
- Life-time
Achievement Award for Mohan Bhandari
- Felicitation
by Honourable Union Minister of Health
- Bilcare
Research felicitated by CII
NEWS
COUNTERFEIT DRUGS TARGETED BY TECHNOLOGIES IN
Making pills that could save lives both in
Worth over $12bn, the industry is expected to grow more than four-fold in the coming decade.
But even as global attention is focused on the healthy
growth in
FAKING IT:
There are varying estimates of how big the problem is. Up to 25% of the medicines consumed in poor countries could be counterfeit or substandard, according to the World Health Organisation. They define a counterfeit as "a medicine, which is deliberately and fraudulently mislabelled with respect to identity and/or source".
Counterfeit drugs are a $200bn (Ł128bn) industry worldwide. Producers need very little investment to set up the manufacturing process and can make huge profits.
With manufacturing costs nearly 40% cheaper than other
countries, the authorities are worried
This is why the government has launched a campaign against
counterfeit medicines. The drug controller of
Very often consumers cannot work out if they have been treated with a counterfeit product, which may contain non-active or even toxic ingredients.
Deputy drug controller general of
Holding up two strips of a medicine for the common cold, he points out that its nearly impossible to find any differences in them.
"This is how consumers are deceived," he says.
"Retailers too would find it difficult to identify a fake. The packaging industry is not regulated by us. The need of the hour is to evolve a more holistic approach that ensures involvement of all stakeholders in the supply chain."
Currently, when a company suspects that its drugs are being counterfeited in a particular area, they alert the local office of the drug controller to take action.
The authorities then conduct a raid and seize any fake products found
TESTING TIMES:
When a consumer suspects that a drug is counterfeit, the process to get it tested in a government laboratory is slow and expensive.
Technology is now being used to speed up the process.
A committee set up by the Indian Ministry of Health has approved a proposal to put 2D barcodes and scratch-off labels on medicines.
The label works like a telephone recharge coupon. The user scratches off the cover and texts what is underneath to a freephone number, to find out if a pill is real.
Quick response (QR) codes are also being tested. These printed squares are an advanced version of the 2D barcodes. Anyone with a camera-enabled phone and web access can scan the code and be taken instantly to the pharma company website to authenticate the drug.
Leveraging the extensive mobile usage in the country and cloud computing, the pharma industry hopes to increase their credibility. Computer companies see a huge business potential in offering technology solutions to the whole industry.
Hewlett-Packard is one of the companies offering a solution, a cloud-based platform called Global Authentication Service.
Pharma companies can buy two-dimensional bar codes which will be printed on the packaging material.
The companies can then use the cloud service to monitor the
movement of products through their global supply chains. The system is used to
trace and authenticate medicines in
A Appadurai of HP India says they have used the system in
Mr Appadurai says the technology would not be very expensive
"The two dimensional barcodes would cost around one rupee each. This may mean a firm's expenditure may rise marginally. However, compared to the litigation costs some pharma companies face, this cost is nothing."
BONDING
MOMENT:
In an effort measure the amount of fake drugs in the market, the pharma industry and the authorities have come together.
Measures under consideration include a certification system for pharmacists, and an open source website where consumers and companies can access data on fake drugs.
Bilcare Technologies makes anti-counterfeiting, security and brand protection technologies. These include a handheld scanner to track their security technology nonClonableIDT.
It's almost like a fingerprint that can be put on any product. The company claims it provides a reliable means to track and trace products across the supply chain - from manufacturer to consumer.
Another company, PharmaSecure, has come up with a technology called UIMV - unique identification mobile verification. It is a unique code for each product which can be verified by sending texts to the number given.
Manufacturers print these codes on packaging, and monitoring begins the minute the product leaves the factory. This way consignments are protected while in transit until they reach their destination.
PROFITS WARNING:
Bejon Misra of the Partnership for Safe Medicines says counterfeiting eats into profits and affects the development of new formulations for medicines.
"In the perennial search for new drugs to tackle viruses and bacteria that are constantly mutating and developing resistance to current medications, the pharmaceutical industry spends billions of dollars every year towards research and development.
"If we fail to reduce the menace of spurious medicines, the cost towards health care can increase phenomenally."
Prafull D Sheth of the South East Asian Regional Pharmacy Forum says that even if a small percentage of the overall market is found to be counterfeit, it has a big impact financially.
According to the WHO the most frequently counterfeited medicines in wealthier countries are new, expensive lifestyle medicines, such as hormones, steroids and antihistamines.
While in developing countries it is those used to treat life-threatening conditions such as malaria, tuberculosis and HIV/AIDS.
The majority of fake drugs available are said to originate
in
Meanwhile the World Trade Organization says fake anti-malaria drugs kill 100,000 Africans a year and the black market deprives governments of 2.5-5% of revenue.
The government hopes barcoding will give credibility to the generics leaving the country. From 1 October 2011, it will be mandatory for all pharmaceutical exporters to print bar-codes on their tertiary or outer-most packaging.
The order also stipulates the compulsory implementation of a track and trace system will also include secondary-level packaging from 1 January, 2012 and primary packing from 1 July, 2012.
Paul Lalvani is dean of Empower School of Health.
He says around $5bn is invested by the big donor funds in anti-malarial and anti-retro viral drugs.
"80-90% of this
comes from
"So it's important for
Ensuring that poor people get access to quality drugs is a top priority says the government. But counterfeiting is seriously impacting the growth the pharmaceutical sector has so far been enjoying.
Until the government is able to crack down on fake products in the marketplace, popping a pill could be life threatening
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. 56.28 |
|
|
1 |
Rs. 88.25 |
|
Euro |
1 |
Rs. 70.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
NO |
|
--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.