MIRA
INFORM REPORT
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Report Date : |
04.10.2012 |
IDENTIFICATION DETAILS
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Name : |
NEULAND LABORATORIES LIMITED |
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Registered
Office : |
Sanali Info Park, ‘A’ Block, Ground Floor, 8-2-120/113, Road No. 2,
Banjara Hills, Hyderabad – 500034, Andhra Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
07.01.1984 |
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Com. Reg. No.: |
01-004393 |
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Capital
Investment / Paid-up Capital : |
Rs.54.674 Millions |
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CIN No.: [Company Identification
No.] |
L85195AP1984PLC004393 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDN00013G |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on
the Stock Exchanges |
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Line of Business
: |
Manufacturer and Exporter of bulk pharmaceutical ingredients and
intermediates for the generics industry. |
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No. of Employees
: |
977 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3004080 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Profitability of the company appears to be low. However, net worth of the company appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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 – June 30, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
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Source
: CIA |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
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Registered Office : |
Sanali Info Park, ‘A’ Block, Ground Floor, 8-2-120/113, Road No. 2, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India |
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Corporate Office
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Flat No.204, |
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Tel. No.: |
91-40-26518682/83/84/23412934/36/37 / 66518683 |
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Fax No.: |
91-40-23412957 |
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E-Mail : |
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Website : |
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Manufacturing Facilities : |
Unit 1: Village: Bonthapally Mandal: Jinnaram District: Medak,
Andhra Pradesh Unit 2 IDA, Pashamylaram, Isnapur, Patancheru (M) Medak, Dist –
502 319,
Unit 3 Plot No. 92-94, 257-259 Industrial
Development Area, Village:
Pashamylaram, Mandal: Patancheru, District: Medak, |
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Overseas Office : |
US Office 2500, Regency
Parkway, Tel No: +1 (919) 654 6833 Fax No: +1 (919) 654 6834 E-Mail: johnpinna@neulandabs.com 2F Maruishi
Building Bekkan (Annex), 1-10-1 Kajicho, Chiyoda-ku, Tel No: 81-3-3526-5171 Fax No: 81-3-3526-5172 E-Mail: ykizawa@neulandlabs.com |
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Research and
Development: |
Bonthapalli (V), |
DIRECTORS
As on 31.03.2012
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Name : |
Dr. D. R. Rao |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. D. Sucheth Rao |
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Designation : |
Whole-time Director and Chief Executive Officer |
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Name : |
Mr. D. Saharsh Rao |
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Designation : |
Whole-time Director and President-Contract Research |
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Name : |
Mr. G. V. K. Rama Rao |
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Designation : |
One of the promoters, is a Non-Executive Director |
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Name : |
Mr. Nadeem Panjetan |
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Designation : |
Director, represents the Export-Import Bank of India |
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Name : |
Mr. Humayun Dhanrajgir |
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Designation : |
Non-Executive Director |
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Name : |
Mr. P. V. Maiya |
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Designation : |
Non-Executive Director |
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Name : |
Mr. S. B. Budhiraja |
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Designation : |
Non-Executive Director |
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Name : |
Dr. Christopher M. Cimarusti |
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Designation : |
Non-Executive Director |
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Name : |
Dr. Will Mitchell |
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Designation : |
Non-Executive Director |
KEY EXECUTIVES
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Name : |
Mr. V. N. Rao |
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Designation : |
Unique Chemicals, Mumbai as Director R and D and QA |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2012
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Category of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding
of Promoter and Promoter Group |
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1809528 |
23.67 |
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1456876 |
19.06 |
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3266404 |
42.73 |
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221875 |
2.90 |
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221875 |
2.90 |
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Total
shareholding of Promoter and Promoter Group (A) |
3488279 |
45.63 |
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(B) Public
Shareholding |
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400 |
0.01 |
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500 |
0.01 |
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98,000 |
1.28 |
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98,900 |
1.29 |
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563642 |
7.37 |
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1411601 |
18.46 |
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905349 |
11.84 |
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1177207 |
15.40 |
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342986 |
4.49 |
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753 |
0.01 |
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2468 |
0.03 |
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Foreign Corporate Bodies |
831000 |
10.87 |
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4057799 |
53.08 |
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Total Public
shareholding (B) |
4156699 |
54.37 |
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Total (A)+(B) |
7644978 |
100.00 |
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(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
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Total
(A)+(B)+(C) |
7644978 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of bulk pharmaceutical ingredients and
intermediates for the generics industry. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
977 (Approximately) |
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Bankers : |
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Facilities : |
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DETAILS OF
LONG-TERM BORROWINGS
Note :- Some of the secured lenders have the
right to convert their debt into equity, at a time felt appropriate by the
lender, at a mutually acceptable formula. Details of continuing default in repayment of principal
dues on term loans as on March 31, 2012
Hire Purchase
Loans
DETAILS OF SHORT
TERM BORROWINGS
Working Capital Finance From Non-Banking Financial
Company
Inter Corporate Deposit from Related Party
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Banking Relations : |
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Auditors : |
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Statutory Auditors : |
K. S. Aiyar and Company Chartered Accountants |
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Address : |
# F-7 Laxmi Mills, Shakti Mills Lane, (Off Dr. E. Moses Road),
Mahalaxmi, Mumbai - 400 011, Maharashtra, India |
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Internal Auditors : |
Grant Thornton India LLP Chartered Accountants |
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Address : |
7th Floor, Block III, White House, Kundan Bagh, Begumpet, Hyderabad
500 016, Andhra Pradesh, India |
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Collaborators : |
Cato Research Israel Limited |
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Other Related Party : |
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Partly Owned Subsidiary |
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Subsidiaries : |
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CAPITAL STRUCTURE
AS ON (31.03.2012)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,000,000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
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300,000 |
Cumulative Redeemable Preference Shares |
Rs.100/-each |
Rs.30.000 millions |
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300,000 |
Preference Shares either Cumulative or Non Cumulative |
Rs.100/-each |
Rs.30.000 millions |
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Total |
Rs.160.000 millions |
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Issued Capital
:
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No. of Shares |
Type |
Value |
Amount |
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5,590,000 |
Equity Shares |
Rs.10/- each |
Rs.55.900 millions |
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Subscribed Capital
:
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No. of Shares |
Type |
Value |
Amount |
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5,499,731 |
Equity Shares |
Rs.10/- each |
Rs.55.000 millions |
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Paid-up Capital
:
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No. of Shares |
Type |
Value |
Amount |
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5,396,455 |
Equity Shares fully paid up |
Rs.10/- each |
Rs.53.964 millions |
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Add: |
103276 Forfeited Equity Shares |
Rs.10/- each |
Rs.0.710 million |
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Total |
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Rs. 54.674 millions |
a. Reconciliation of number of equity shares outstanding
at the beginning and at the end of the year
Number of equity shares outstanding at the
beginning of the year 5,396,455
Number of equity shares outstanding at the end
of the year
5,396,455
b. Terms/Rights
attached to equity shares
The Company has only one class of equity shares having par value of `10 per share. Each shareholder of equity
shares is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to prior consent from the banks and approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining
assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the
number of equity shares held by the shareholder.
c. Details of shareholders holding more than 5% shares in the Company
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As on March 31, 2012 |
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Name of the
Shareholder |
No. of |
% of |
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Shares |
Holding |
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Equity
Shares of Rs.10 each fully paid up |
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Unipharm Limited |
820,000 |
15.20 |
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Dr. Davuluri Rama Mohan Rao |
704,913 |
13.06 |
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Sucheth and Saharsh Holdings
Private Limited |
651,011 |
12.06 |
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Permex Investment Holding Company
Limited* |
-- |
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* As on March 31, 2012, Permex Investment
Holding Company Limited holds less than 5% of the total shareholding in the
Company.
d. Employee Stock Option Scheme – 2008
Pursuant
to the resolution passed by the Board of Directors on July 20, 2007 and members
of the Company at the
Annual
General Meeting held on July 20, 2007, the Company had introduced Employee
Stock Option Scheme ('the scheme') for permanent employees and directors of the
Company and of its subsidiaries, as may be decided by the Compensation
Committee/Board. The scheme provides that the total number of options granted
there under will be not more than 3% of the paid up capital. Each option, on
exercise, is convertible into one equity share of the company having face value
of `10. Pursuant to a resolution passed by the Remuneration & Compensation
Committee vide Circular Resolution dated November 17, 2008, 34,500 options have
been granted at an exercise price of `104, which is the market price as on the
date of the grant. Accordingly, the Company has not recognized any expense on
account of grant of stock options.
Stock options activity under the scheme is as follows:
|
Particulars |
31.03.2012 |
|
|
|
|
Option outstanding at the beginning of the
year |
23,000 |
|
Options granted |
-- |
|
Options exercised |
-- |
|
Options lapsed |
4,000 |
|
Options outstanding at the year end |
19,000 |
Pursuant to the Rights Issue, the Company is in the process of adjusting the number of options and/or exercise
price.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
54.670 |
54.670 |
54.670 |
|
|
2] Share Application Money |
0.240 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
696.110 |
676.610 |
626.730 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
751.020 |
731.280 |
681.400 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1826.830 |
2013.970 |
2331.820 |
|
|
2] Unsecured Loans |
52.500 |
41.480 |
0.000 |
|
|
TOTAL BORROWING |
1879.330 |
2055.450 |
2331.820 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
2630.350 |
2786.730 |
3013.220 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1512.940 |
1583.000 |
1627.360 |
|
|
Capital work-in-progress |
271.490 |
272.570 |
302.480 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
76.670 |
|
|
DEFERREX TAX ASSETS |
18.500 |
0.000 |
0.000 |
|
|
Non-Current Investments |
76.670 |
76.670 |
0.000 |
|
|
Other Non-Current Assets |
105.910 |
109.510 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
924.180
|
799.160
|
719.270
|
|
|
Sundry Debtors |
964.120
|
995.720
|
728.260
|
|
|
Cash & Bank Balances |
17.820
|
44.490
|
127.670
|
|
|
Other Current Assets |
116.760
|
129.300
|
0.000
|
|
|
Loans & Advances |
245.910
|
263.050
|
394.840
|
|
Total
Current Assets |
2268.790
|
2231.720
|
1970.040 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1106.690
|
1043.460
|
720.460
|
|
|
Other Current Liabilities |
424.420
|
380.700
|
132.780
|
|
|
Provisions |
92.840
|
62.580
|
110.090
|
|
Total
Current Liabilities |
1623.950
|
1486.740
|
963.330 |
|
|
Net Current Assets |
644.840
|
744.980
|
1006.710 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2630.350 |
2786.730 |
3013.220 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4482.340 |
3935.720 |
2784.210 |
|
|
|
Other Income |
17.000 |
56.990 |
42.340 |
|
|
|
TOTAL (A) |
4499.340 |
3992.710 |
2826.550 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Raw Materials, WIP and Finished Goods |
2847.000 |
2499.090 |
1620.000 |
|
|
|
Manufacturing Expenses |
384.880 |
594.110 |
531.360 |
|
|
|
Administration, Selling and Other Expenses |
476.160 |
399.870 |
394.430 |
|
|
|
Employees benefits Expenses |
307.830 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
4015.870 |
3493.070 |
2545.790 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
483.470 |
499.640 |
280.760 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
332.740 |
298.370 |
256.730 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
150.730 |
201.270 |
24.030 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
148.910 |
154.110 |
135.600 |
|
|
|
|
|
|
|
|
|
|
Prior Period Adjustment |
0.000 |
0.000 |
11.970 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1.820 |
47.160 |
(99.600) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(18.500) |
(3.530) |
29.150 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
20.320 |
50.690 |
(70.450) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
-- |
11.150 |
81.600 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
Transfer to General Reserve |
-- |
0.000 |
0.000 |
|
|
|
Proposed Dividend (Previous Year @ 35%) |
-- |
0.000 |
0.000 |
|
|
|
Tax on distributed profits |
-- |
0.000 |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
-- |
61.840 |
11.150 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
FOB Value of Export |
3399.950 |
2869.530 |
1966.630 |
|
|
|
TOTAL EARNINGS |
3399.950 |
2869.530 |
1966.630 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw Materials |
1375.050 |
1403.230 |
913.700 |
|
|
|
Capital Goods |
18.680 |
23.750 |
33.060 |
|
|
|
TOTAL IMPORTS |
1393.730 |
1426.98 |
946.76 |
|
|
|
|
|
|
|
|
|
|
Earnings per share |
3.77 |
9.39 |
[13.05] |
|
QUARTERLY RESULTS
(Rs.
In Millions)
|
PARTICULARS |
|
|
30.06.2012 1st
Quarter |
|
Type |
|
|
UnAudited |
|
Net Sales |
|
|
1279.990 |
|
Total Expenditure |
|
|
1124.280 |
|
PBIDT (Excl OI) |
|
|
155.710 |
|
Other Income |
|
|
0.000 |
|
Operating Profit |
|
|
155.710 |
|
Interest |
|
|
79.680 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
76.030 |
|
Depreciation |
|
|
37.260 |
|
Profit Before Tax |
|
|
38.770 |
|
Tax |
|
|
7.970 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
30.800 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
30.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.45 |
1.26 |
[2.49] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.04 |
1.98 |
[3.58] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.04 |
1.23 |
[2.77] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
0.06 |
[0.15] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.66 |
4.84 |
4.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.39 |
1.50 |
2.04 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
No |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
32)PAN of Proprietor/Partner/Director, if
available |
No |
|
33)Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34)External Agency Rating, if available |
No |
HISTORY
The company was promoted by Dr. D. R. Rao and incorporated
on 7th January 1984 at
Neuland Drugs and Pharmaceuticals
Private Limited, a company set up by the same promoters to manufacture bulk
drugs was merged with the company with effect from April, 1992. The company
manufactures bulk drugs such as salbutamol sulphate, terbutaline sulphate,
laberalol hydrochloride and ciprofloxacin.
The company came out
with its initial public offering in April, 1994 at a premium of Rs. 35
aggregating Rs. 56.900 millions to part-finance the capacity expansion to
manufacture bulk drugs and to diversify its product-mix. The cost of the
project as estimated by ICICI was Rs. 157.000 millions.
During the year
1999-2000, the company introduced Itraconazole, an anti-fungal drug and
Ipratropium Bromide, an anti-asthmatic drug and the R and D has developed a
process for manufacture of Oflaxacin for Regulatory Markets. The Pashamylaram
unit has received USFDA approval for manufacturing of Rantidine Hydrochloride
Form.
Mirtrazapine, an
anti-depressive drug and Ramipril a cardiovascular drug were introduced during
the year 2001. The installed capacities of Ciprofloxacin and Rantidine were
increased with Rs. 65.000 millions financial assistance from IDBI.
Subject is closely
working with several companies in Europe and
BUSINESS REVIEW
Despite the challenges of the global and domestic economy, the Company's revenue for the year was the highest ever at Rs.4540.5 million, an increase of 13% over the previous year revenue of Rs. 4017.6 million, a record being achieved for the second consecutive year. Remarkably, the growth is on a base of 41.2% increase in the previous year.
Raw materials as a percentage of income at Rs. 2898.6 million constituted 64.4% of income, while it was lower at 63.3% in 2010-11. With marginal increases in manufacturing and employee costs, the operating margin was lower at 10.7% as against 12.5% reported in the previous year. The operating profit was hence lower at Rs. 483.5 million as against Rs. 499.6 million.
Members would appreciate that the year witnessed inflationary pressures which impacted raw material prices, all of which could not be passed on to the customers. The tight money policy followed by the central bank, tended to firm up the interest rates affecting finance costs. The Company incurred finance costs of Rs. 332.7 million, approximately 11.5% higher than the previous year. The higher incidence was despite repayment of Rs. 368.3 million during the financial year, over and above an amount of Rs. 259.7 million repaid in the previous year.
The impact of the prevailing external challenging conditions did impact the Company's business, and despite being productivity oriented and raising the level of cost consciousness, the profit after tax was Rs. 20.3 million for the year, lower than Rs. 50.7 million reported in 2010-11.
The Company has taken several systemic initiatives which are favourably impacting the efficiencies, profit margins and overall profitability, most of which were visible from the last quarter of the financial year 2011-12. The focus is on what adds value to the customers and optimize results for Neuland. The management is striving to make the transformation enduring while shaping the future.
OUTLOOK
Neuland
has extraordinary assets for growth: The Company's people, products, pipeline
and relationship with some of the big pharma companies across the globe. The
Company has a common set of values inspired by The Neuland Way and a
restructured, streamlined operating model with a commitment to respond to
customers, even as it is bottom line focused.
There
is a increased emphasis on marketing niche products, keeping costs under
control and an organization wide culture that seeks to improve the due date
delivery of products and services. The high-value products have already started
enhancing the revenue stream, while there is a commitment to shed products that
tend to lower the contribution. The order book for API is robust with
visibility of healthy earnings for several months ahead.
While
growing the business, the teams are working on thoughtful, disciplined actions
to streamline and improve on cost structure, realize savings and de-risk the
business. There is substantial progress in increasing the strategic focus of
the Company. From early 2012, there is perceptible savings from standardization
initiatives, which over the ensuing quarters is likely to manifest in rising
free cash flow. Higher margins, lower costs, improved cycle-time on the
production floor and lowering of debt are estimated to sustainably enhance the
bottom line commencing with the financial year 2012-13.
MANAGEMENT DISCUSSION AND ANALYSIS
GLOBAL PHARMACEUTICAL INDUSTRY
In
spite of difficult market conditions and patent expiry of several blockbuster
drugs, the global pharmaceutical markets expanded in recent years. In 2011, the
global pharmaceutical market was estimated to have grown by 5-7% year-on-year
exceeding USD 880 billion.
According
to IMS Health Incorporated ('IMS Health'), a leading industry body, the global
pharmaceutical market is expected to grow at a compound annual growth rate
('CAGR') of 5-8% through 2015 to reach market size of USD 1.1 trillion. Going
forward, the Asia-Pacific region (primarily comprising India, China, Malaysia
and South Korea) is expected to emerge as one of the fastest growing
pharmaceutical market globally and also an Active Pharmaceutical Ingredient
(API) production hub.
Increased
research and development activities in this region has propelled the growth in
pharmaceutical industry to achieve an estimated market size of approximately
USD 187 billion in 2009 and according to IMS Health, it is also expected that
the emerging markets will grow at a CAGR of 14-17% through 2015, while the
developed or advanced markets are expected to grow at 3-6% CAGR during the same
period.
INDIAN PHARMACEUTICAL INDUSTRY
As per
the annual report for 2010-11 released by the Department of Pharmaceuticals,
the Indian pharmaceutical industry has grown from a mere USD 0.3 billion
(Rs.2370.000 millions) turnover in 1980 to about USD 21.73 billion
(Rs.1042090.000 millions) in 2009-10. The country now ranks third in terms of
volume of production (10% of global share) and 14th largest by value (1.5%).
One reason for lower value share is the lower cost of drugs in India ranging
from 5% to 50% less, as compared to developed countries.
India
is almost self sufficient in case of formulations. The imports are being made
on quality and economic considerations and not necessarily non-availability
from domestic sources. There is complete freedom to manufacture drugs and
pharmaceutical products approved by the drug control authorities. Indian pharma
industry growth has been fuelled by exports and its products are exported to a
large number of countries with a sizeable share to the advanced regulated
markets of USA and Western Europe. India currently exports drug intermediates,
APIs, Finished Dosage Formulations (FDFs), bio-pharmaceuticals, clinical
services to various parts of the world. The top 5 destinations for Indian
pharmaceutical products are USA, Germany, Russia, UK and China.
Comparatively
low cost of APIs, robust manufacturing capabilities, existence of regulatory
approved manufacturing facilities for APIs and formulations and abundant skills
available, are the main driving factors for healthy growth of the
pharmaceutical industry in India. For Indian bulk drug manufacturers,
opportunities are present in two forms: export of non-patented bulk drugs to
regulated market of US, Europe and Japan and the contract manufacturing of
patent-protected bulk drugs for patent/license holders.
OVERVIEW OF NEULAND
Neuland
is a manufacturer of APIs and a provider of chemistry related contract
manufacturing services. Exports account for over 81% of the revenues of the
Company, with a very strong global customer base of around 270 customers. The
Company was incorporated on January 7, 1984 in Hyderabad and is listed on the
BSE and the NSE.
The
Company manufactures 66 products across various therapeutic segments and holds
over 400 DMFs worldwide, having scaled up 300 processes from research to
manufacturing. Both the manufacturing facilities located near Hyderabad have
been inspected by US FDA, EU, TGA, PMDA and ANVISA. The Unit I manufacturing
facility located at Bonthapally, which manufactures Ramipril, Mirtazapine,
Enalapril Maleate, Sotalol HCl, Levetiracetam, Levofloxacin and any other APIs,
commenced operations in the year 1986 and has an installed capacity of 1,51,000
litres. The Unit II manufacturing facility located at Pashamylaram, which
manufactures Ciprofloxacin, Ranitidine and Entacapone commenced operations in
the year 1994 and has an installed capacity of 3,10,200 litres.
Additionally,
while both the manufacturing facilities have in-house R&D centres, the
R&D Centre at Unit I is a 40,000 sq. ft state-of-the-art facility, which
commenced operations in 2008. The R&D facility is primarily used for
process investigation, new products development and contract research and
manufacturing services.
The major strengths of Neuland are:
● Focused
independent API manufacturer;
● Facilities
designed to serve regulated markets;
● Diversified
offering portfolio.
The major strategies of Neuland are as follows:
● To
grow organically the API business in the export and domestic markets, by
entering into new and niche molecules that have higher entry barriers;
● Increase
penetration in the contract manufacturing business;
● To
continue a strengthen the presence in regulated markets, including Japan.
FIXED ASSETS:
·
Land
·
Building
·
Plant
and Machinery
·
R and D
Equipments
·
Data
Processing Machines
·
Furniture
and Fittings
·
Vehicles
Press Release
Neuland Labs Reports First Quarter Fiscal Year 2013 Financial
Results
-- Revenues Up 23% to Record High and After-Tax Profits
Increased 261% Year-Over-Year –
HYDERABAD, India, Aug. 10, 2012 /PRNewswire/ -- Neuland
Laboratories Ltd., (NSE: NEULANDLAB; BOM:524558) a pharmaceutical manufacturer
providing active pharmaceutical ingredients (APIs), complex intermediates, and
contract research and manufacturing services to customers located in 85
countries, today announced financial results for the first quarter of fiscal
year (FY) 2013, ended June 30, 2012.
"We are pleased that in the first quarter of the new
fiscal year we reported the highest quarterly revenues in Neuland's history,
increasing revenues by almost one-quarter compared to the comparable period
last year," said D.R. Rao, Chairman and Managing Director of Neuland Labs.
"We also made progress on our commitment to better manage our costs of
production and overall expenses, enabling the company to more than double our
after tax profits."
Revenues for the first quarter of FY 2013 were $23.3 million (1.28 billion INR*) compared to
revenues in the first quarter of FY 2012 of $18.9 million (1.04
billion INR), an increase of 23%. The increase in revenues primarily
reflects gains in sales of the company's products and services from its API,
contract research and manufacturing and peptides synthesis businesses.
Neuland reported EBITDA of $2.83 million (155.71
million INR) in the first quarter of FY 2013, compared to EBITDA of $2.23 million (122.47 million INR) in the comparable
period in FY 2012, an increase of 27%. After-tax profits in the first
quarter of FY 2013 were $0.56 million (30.80
million INR), compared to after-tax profits of $0.16 million (8.59 million INR) in the first
quarter of FY 2012, an increase of 261%.
"In seven of the last eight quarters, we have generated
revenues of greater than one billion INRs (more than $18 million),
and in the last two quarters our cumulative net profits were greater than $1.6 million.
This consistent growth reflects the success of our new product launches, the
increased profitability of our mature products and a significant upsurge in
revenues from our contract manufacturing business," noted Sucheth R.
Davuluri, Chief Executive Officer of Neuland Labs. "In addition, during the
quarter we were honored when D.R. Rao, our founder and Chairman, was featured in a
best-selling new book on
Neuland also reported that it is in the process of
re-organizing its businesses in order to infuse more capital in a manner that
will increase the focus on new product development, reduce costs and further
de-leverage the balance sheet, thereby setting the stage for creating
additional value for shareholders going forward. The company intends to
provide additional information on these developments in the coming months.
NEULAND LABS REPORTS
FINANCIAL RESULTS FOR FISCAL YEAR 2012
—Revenues Increased 13% Year-Over-Year—
—Successful Completion of Rights Offering Shores Up Equity—
Hyderabad, India – May 3, 2012 – Neuland Laboratories Ltd., (NSE:NEULANDLAB; BOM:524558) a pharmaceutical manufacturer providing active pharmaceutical ingredients (APIs), complex intermediates, and contract research and manufacturing services to customers located in 85 countries, today announced financial results for the 2012 fiscal year (FY) ended March 31, 2012.
“We are pleased to begin the new fiscal year with the successful closing of our rights offering, which has both strengthened the firm’s equity and infused cash into operations to fuel growth. We continue to see promise in all three Neuland business segments -- APIs, Contract Research and Manufacturing and Peptides, and we look forward to continued growth during the coming year,” said Dr. D.R. Rao, Chairman and Managing Director of Neuland Labs.
Revenues for FY 2012 were $88.07 million (4.48 billion INR*) compared to FY 2011 revenues of $78.04 million (3.97 billion INR*), an increase of 13%. The increase in revenues primarily reflects gains in sales of the company’s products and services from its API and Contract Research and Manufacturing businesses.
Neuland reported FY 2012 EBITDA of $9.50 million (483 million INR*), compared to EBITDA of $9.83 million (500 million INR*) in FY 2011. The decrease in EBITDA primarily reflected higher costs for raw materials, energy and other inputs during the 2012 fiscal year.
After-tax profits in FY 2012 were $0.40 million (20 million INR*), compared to after-tax profits in FY 2011 of $1.00 million (51 million INR*). The decrease in after-tax profits primarily reflects increases infinance costs and the impact of foreign exchange adjustments.
“We launched four new APIs for the generic market in the past year, which have all been successful in terms of our customers’ ability to gain significant market share based on the strong pricing position and sustainable capacity our products make possible,” commented Sucheth R. Davuluri, Chief Executive Officer of Neuland Labs. “In addition, the company is focusing on reducing the costs of existing key products and increasing margins significantly in the current year. For 2012-13, we are targeting an overall cost reduction equal to 4% of sales as a result of our planned reductions in cost of goods.”
NEULAND
LABS REPORTS THIRD QUARTER FISCAL YEAR 2012 FINANCIAL RESULTS
Hyderabad,
India – February 10, 2012 – Neuland Laboratories
Limited, (NSE:NEULANDLAB; BOM:524558) a pharmaceutical manufacturer providing
active pharmaceutical ingredients (APIs), complex intermediates and contract
research and manufacturing services to customers located in 85 countries, today
announced financial results for the third quarter of fiscal year (FY) 2012,
ended December 31, 2011.
Revenues
for the third quarter of FY 2012 were $21.6 million (1.10 billion INR*)
compared to revenues in the third quarter of FY 2011 of $19.0 million (968
million INR), an increase of about 13.7%. The increase in revenues primarily
reflects gains in sales of the company’s products and services from its API,
contract research and manufacturing, and peptides synthesis businesses.
Neuland
reported EBITDA of $1.85 million (94.50 million INR) in the third quarter of FY
2012, compared to EBITDA of $2.19 million (111.85 million INR) in the
comparable period in FY 2011, a decrease of about 15.5%. The decrease in EBITDA
in the current quarter primarily reflects higher materials and labor costs
compared to the year-earlier period.
The
company reported an after-tax loss in the third quarter of FY 2012 of ($0.67
million), (negative 34.00 million INR), compared to after-tax profits of $ 0.82
million (41.59 million INR) in the third quarter of FY 2011. The loss reported
in the third quarter of FY 2012 partly reflects non-cash, unrealized losses on
foreign exchange rate hedges.
“In
the third quarter of FY 2012 we reported good sales growth compared to the same
period in FY 2011,” noted Dr. D.R. Rao, Chairman and Managing Director of
Neuland Labs. “However, rising materials and labor costs, along with non-cash,
unrealized expenses primarily associated with managing our foreign exchange
needs generated a small loss for the quarter.”
“We are pleased that Neuland increased its revenues in the third quarter
of this year compared with our top-line results in fiscal 2011,” said Sucheth
R. Davuluri, Chief Executive Officer of Neuland Labs. “We intend to continue
our strategy of growing both our established and newer lines of business, which
build on Neuland’s reputation for quality, service and innovation.”
About Neuland Labs For over 25 years Neuland Labs has been at the forefront
of supporting drug development through its consulting services and its cGMP
contract and API manufacturing. The company is committed to research,
supporting a state-of-the-art R&D operation. Neuland Labs scientists have
developed more than 300 processes from bench scale to commercial production and
filed more than 400 drug master files worldwide. Its manufacturing facilities
are inspected and approved by the FDA and other leading regulatory agencies.
Its record of quality manufacturing and reliability is highlighted by cGMP
certifications that include the FDA, TGA, EDQM, German Health Authority, ISO
14001, ISO 27001 and OHSAS 18001.
NEULAND LABS LAUNCHES APP AT INFORMEX ALLOWING CUSTOMERS 24/7 ACCESS TO
GUARD PROJECT MANAGEMENT SYSTEM FOR ON-TIME PRODUCTION
—Mobile App for GuarD Project Management System Allows Customer Access
Anytime, Anywhere—
—Learn More about GuarD and Its Mobile App at Neuland Informex Press
Briefing—
—Visit Neuland Booth #2114 to Schedule a Free Project Consultation or
to
Register to Win a Free Apple iPad 2—
Hyderabad, India and New Orleans, LA – February 9, 2012 – Neuland Laboratories Ltd., a pharmaceutical manufacturer providing active pharmaceutical ingredients (APIs), complex intermediates and contract research and manufacturing services to customers located in 85 countries, today announced it will launch a mobile app version of its GuarD project management system at the Informex USA 2012 conference.
Saharsh R. Davuluri, President of Contract Research at Neuland, will officially launch the GuarD project management app at an Informex 2012 press briefing at 11:00 am CT on February 15, 2012 in Room 240 at the Morial Convention Center in New Orleans.
Mr. Davuluri notes, “Our GuarD system is a powerful collaborative tool that has helped increase Neuland’s record of on-time production by identifying critical subtasks and enabling team leaders and customers to monitor and track progress at every stage in real-time. We are now pleased to launch our new mobile phone app that allows our customers and team members to access the capabilities of the GuarD system at anytime and anywhere.”
GuarD was developed by Neuland Labs to support the company’s goal of making its manufacturing process completely transparent and an extension of its customers’ resources, while providing them the opportunity to participate fully in project planning and real-time tracking. GuarD uses the principles of Critical Chain Project Management, which emphasizes resource availability and flexibility to maintain project timelines, rather than requiring rigid scheduling.
In concert with the customer, the Neuland project team creates a detailed project plan that is viewable in an online template. GuarD allows the team to keep customers completely up to date on the progress of their projects, providing critical information on the latest task updates, expected time of task completion and potential challenges. A key advantage of the GuarD system is that its detail and interactive nature make it easy to identify and manage delays at any step in the process. Customers are invited to contribute to solutions based on their experience and priorities.
Working closely with customers has been an important commitment of Neuland’s from the beginning. Yet as Mr. Davuluri notes, “Implementing GuarD represented a major step forward in our ability to bring our customers into the project management process as full participants. We are now proud to introduce our next advance in customer participation by using 21st century communications technology to provide around-the-clock access to the GuarD system.”
Neuland experts also are presenting several talks at Informex 2012:
· Dr. Ponnaiah Ravi, Senior Vice President of R&D at Neuland Laboratories Ltd., will present a TechTalk on Selection Methods for Managing Genotoxic Impurities in APIs at 3:30 pm CT on February 15, 2012 at the Elsevier TechTalks booth #950.
· Thomas Speace, President and CEO of Neuland Laboratories Inc., will speak on Life Cycle Management at an Informex Breakfast Briefing at 7:30 am CT on February 16, 2012 in Room 260.
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 rds 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.52.33 |
|
|
1 |
Rs.84.30 |
|
Euro |
1 |
Rs.67.44 |
INFORMATION DETAILS
|
Information Gathered
by : |
-- |
|
|
|
|
Report Prepared
by : |
NLM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.