MIRA
INFORM REPORT
|
Report Date : |
14.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
VENUS REMEDIES LIMITED |
|
|
|
|
Registered
Office : |
SCO 857, 2nd Floor, C. No. 10, Nac Manimajra-160101,
Chandigarh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
15.09.1989 |
|
|
|
|
Com. Reg. No.: |
53-009705 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 97.420 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24232CH1989PLC009705 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Trader of Medicine. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 12760000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having a fine track record. It has recorded better growth in its turnover during 2012. Financial
position of the company appears to be good and healthy. Directors are
reported as well experienced and knowledgeable businessmen. Trade relations are reported as decent. Business is active. Payment
terms are regular and as per commitment. The company can be considered good 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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BBB- (Cash credit facilities) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
March, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ 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
|
Registered Office : |
SCO 857, 2nd Floor, C. No. 10, Nac Manimajra-160101,
Chandigarh, India |
|
Tel. No.: |
91-172-3933090 / 3933094 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office / Factory 1 : |
51-52, Industrial Area, Phase 1, Panchkula-134113, Haryana, India |
|
Tel. No.: |
91-172-3250571 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Hill Top
Industrial Estate, Jharmajri EPIP, Phase-I (Extension), Village- Bhatoli
Kalan, Baddi- 173 205, Himachal Pradesh, India |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Pawan Chaudhary |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mrs. Manu Chaudhary |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Mr. Peeyush Jain |
|
Designation : |
Dy. Managing Director |
|
|
|
|
Name : |
Mr. Ashutosh Jain |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Dr. Gilbert Wenzel |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. S. K. Chadha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Jagdish Chander |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Hari Pal Verma |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2012
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2104902 |
21.61 |
|
|
1200000 |
12.32 |
|
|
28784 |
0.30 |
|
|
28784 |
0.30 |
|
|
3333686 |
34.22 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3333686 |
34.22 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
9700 |
0.10 |
|
|
3125 |
0.03 |
|
|
500 |
0.01 |
|
|
1394138 |
14.31 |
|
|
1407463 |
14.45 |
|
|
|
|
|
|
1900505 |
19.51 |
|
|
|
|
|
|
2260353 |
23.20 |
|
|
451274 |
4.63 |
|
|
388707 |
3.99 |
|
|
237245 |
2.44 |
|
|
13765 |
0.14 |
|
|
98162 |
1.01 |
|
|
39335 |
0.40 |
|
|
200 |
0.00 |
|
|
5000839 |
51.33 |
|
Total Public shareholding (B) |
6408302 |
65.78 |
|
Total (A)+(B) |
9741988 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
9741988 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Medicine. |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Anti Cancer Injectables |
Lacs |
45 |
-- |
|
Dry powder Lyophilized Injectables |
Lacs |
10 |
-- |
|
Dry powder Injectables |
Lacs |
240 |
-- |
|
Dry powder Carbapenem Injectables |
Lacs |
75 |
-- |
|
SVPS (Ampoules) |
Lacs |
125 |
-- |
|
SVPS (VIALS) |
Lacs |
125 |
-- |
|
Harmones Injectable |
Lacs |
60 |
-- |
|
Injections in Prefilled Syringes |
Lacs |
30 |
-- |
|
LVPS (I/V Fluids) |
Lacs |
75 |
-- |
|
I.V Fluids |
NOS |
-- |
4096271 |
|
Anti- Cancer |
NOS |
-- |
465185 |
|
Dry Powders |
NOS |
-- |
8656381 |
|
S.V.P(Injections/ Amp/PFS) |
NOS |
-- |
6849592 |
|
Others |
NOS |
-- |
9666855 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
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|
|||||||||||||||
|
Bankers : |
·
State Bank of India ·
IDBI Bank Limited ·
Allahabad Bank ·
HDFC Bank Limited |
|||||||||||||||
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|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory
Auditors : |
|
|
Name : |
J. K. Jain and Associates Chartered Accountants |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Prem Garg and Associates Chartered Accountants |
|
|
|
|
Cost Auditors : |
|
|
Name : |
C. L. Bansal and Associates Chartered Accountants |
|
|
|
|
Advisors -
Corporate Finance : |
Emm Bee Financial Services Limited |
|
|
|
|
Corporate
Advisor : |
Mr. Atul V. Sood |
|
|
|
|
Wholly Owned
Subsidiary : |
·
Venus Pharma GmbH |
|
|
|
|
Associates : |
·
Sunev Pharma Solutions Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9741988 |
Equity Shares |
Rs.10/- each |
Rs. 97.420 Millions |
|
|
|
|
|
The details of Shareholders holding more than 5% shares:
|
Name of Shareholders |
No. of Shares
(%) |
|
Sonata Investments Limited |
1195995 (12.28%) |
|
Pawan Chaudhary |
1182002 (12.13%) |
|
Sunev Pharma Solutions Limited |
1200000 (12.32%) |
|
Manu Chaudhary |
971000 (9.97%) |
|
Morgan Stanley Mauritius Company Limited |
560000 (5.75%) |
The reconciliation of the number of shares outstanding is set out below:
|
Name of Shareholders |
No. of Shares
(%) |
|
Equity Shares at the beginning of the year |
9129094 |
|
Add: Shares issued during the year |
612894 |
|
Equity Shares at the end of the year |
9741988 |
The company has issued 17.00 Lacs warrants @ Rs. 212.20 /- each to be converted
into equity shares as under:
9.00 Lacs warrants shall be converted into 9.00 Lacs equity shares on or
before 31.03.2014
8.00 Lacs warrants shall be converted into 8.00 Lacs equity shares on or
before 31.03.2013
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 |
97.420 |
91.291 |
84.919 |
|
|
2] Share Application Money |
90.185 |
41.958 |
0.000 |
|
|
3] Reserves & Surplus |
3003.482 |
2332.689 |
1714.727 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3191.087 |
2465.938 |
1799.646 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1586.937 |
1291.320 |
916.652 |
|
|
2] Unsecured Loans |
236.823 |
220.181 |
577.251 |
|
|
TOTAL BORROWING |
1823.760 |
1511.501 |
1493.903 |
|
|
DEFERRED TAX LIABILITIES |
116.389 |
92.423 |
75.777 |
|
|
|
|
|
|
|
|
TOTAL |
5131.236 |
4069.862 |
3369.326 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3358.596 |
2740.418 |
2108.359 |
|
|
Capital work-in-progress |
177.802 |
104.160 |
7.332 |
|
|
Intangible Assets under Development |
52.247 |
48.900 |
1.259 |
|
|
|
|
|
|
|
|
INVESTMENT |
287.361 |
283.711 |
247.892 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
961.911
|
754.299 |
619.417 |
|
|
Sundry Debtors |
443.258
|
364.136 |
319.311 |
|
|
Cash & Bank Balances |
29.117
|
29.137 |
20.037 |
|
|
Other Current Assets |
0.000
|
2.031 |
0.000 |
|
|
Loans & Advances |
557.072
|
380.155 |
259.693 |
|
Total
Current Assets |
1991.358
|
1529.758 |
1218.458 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
123.279
|
61.127 |
47.994 |
|
|
Other Current Liabilities |
434.513
|
405.149 |
44.850 |
|
|
Provisions |
178.336
|
170.809 |
131.802 |
|
Total
Current Liabilities |
736.128
|
637.085 |
224.646 |
|
|
Net Current Assets |
1255.230
|
892.673 |
993.812 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
10.672 |
|
|
|
|
|
|
|
|
TOTAL |
5131.236 |
4069.862 |
3369.326 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4051.866 |
3566.801 |
3119.302 |
|
|
|
Other Income |
3.804 |
2.910 |
1.158 |
|
|
|
TOTAL (A) |
4055.670 |
3569.711 |
3120.460 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2350.711 |
2037.877 |
|
|
|
|
Employee Benefit Expenses |
205.782 |
172.954 |
2374.492 |
|
|
|
Other Expenses |
524.691 |
484.190 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and Stock-in-Trade |
(90.330) |
(39.030) |
|
|
|
|
TOTAL
(B) |
2990.854 |
2655.991 |
2374.492 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) |
1064.816 |
913.720 |
745.968 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
272.638 |
187.069 |
139.553 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
792.178 |
726.651 |
606.415 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
240.672 |
179.078 |
116.874 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
551.506 |
547.573 |
489.541 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
51.217 |
72.786 |
79.049 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
500.289 |
474.787 |
410.492 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
759.314 |
616.330 |
485.577 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
300.000 |
300.000 |
250.000 |
|
|
|
Provision
For Dividend |
29.226 |
27.387 |
25.419 |
|
|
|
Provision
for Tax on Dividend |
4.741 |
4.416 |
4.320 |
|
|
BALANCE CARRIED
TO THE B/S |
925.636 |
759.314 |
616.330 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sales |
5.546 |
8.847 |
NA |
|
|
|
R and D Activities |
0.220 |
0.000 |
NA |
|
|
TOTAL EARNINGS |
5.766 |
8.847 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
538.748 |
420.716 |
253.596 |
|
|
|
Capital Goods |
3.427 |
13.825 |
6.345 |
|
|
TOTAL IMPORTS |
542.175 |
434.541 |
259.941 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
54.43 |
52.01 |
48.45 |
|
|
|
Diluted |
51.79 |
52.01 |
48.45 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1125.700 |
1108.100 |
1126.400 |
|
Total Expenditure |
828.500 |
820.200 |
827.300 |
|
PBIDT (Excl OI) |
297.200 |
287.900 |
299.000 |
|
Other Income |
1.300 |
2.700 |
3.500 |
|
Operating Profit |
298.500 |
290.600 |
302.500 |
|
Interest |
76.200 |
53.700 |
52.900 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
222.300 |
236.900 |
249.500 |
|
Depreciation |
77.700 |
79.800 |
80.100 |
|
Profit Before Tax |
144.600 |
157.100 |
169.400 |
|
Tax |
4.200 |
6.200 |
8.900 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
140.500 |
150.900 |
160.600 |
|
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 |
140.500 |
150.900 |
160.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
12.34
|
13.30 |
13.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.61
|
15.35 |
15.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.31
|
12.82 |
14.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.22 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.57
|
0.61 |
0.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.71
|
2.40 |
5.42 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
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 involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
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 |
Yes |
Operations
During
the year, the Company achieved a turnover Rs 4051.870 millions compared to Rs
3566.800 million in 2010-2011 registering a 13.60% growth. The Company has made
commendable efforts to meet projected targets and has delivered excellent
corporate performance during the year under review. The Company is fully
integrated starting from research and development, markets, world class
manufacturing facilities (accredited by national and international
certifications), state-of-the-art research center (Venus Medicine Research
Centre), strong marketing networks and competent manpower.
This
growth can be attributed to the following driving factors:
-
Venus successfully completed Phase I Et II Clinical Trials of TUMATREK
(VRP1620), cancer detection molecule.
-
Venus received EU Patent. For "ACHNIL", once-a-day painkiller, Also
launched the same in India
-
US and Japan Patent received for its novel research product Vancoplus'
-
Received Market Authorisation for Meropenem in UK Et New Zealand.
-
Anti cancer product DOCETAXEL received market authorisation in Europe
-
Pharmexcil felicitates Venus Remedies with patent award in Gold category.
-
The Company won India Manufacturing Excellence Award 2011. Also won
"Emerging company of the year 2011" award.
-
Venus's research product 'ACHNIL' received BioSpectrum Product of the Year 2012
award.
Future plan of
action:
Energizing R&D
activities to realize the Mission 2015 to be recognized globally and expand
focus from product development and IP wealth creation to wealth propagation and
to delivering bundles of healthcare services focused on improving patient
outcomes. This imperative will require focused flexible approach to reach out
to customer, radically evolve the value proposition for future differentiated
products and to integrate all resources in
pursuit of
developing, delivering, understanding and maintaining the best possible
therapies and services to the global market. Aligning their priorities across these
functions ensures that they develop potential therapeutics in a manner that
will address unmet medical needs and meet the changing demands of the
marketplace.
Venus is looking
strongly in development of a IP wealth cycle that would provide a seamless
opportunities to gain predicted outcomes and balance risks.
Economic overview
Global economy: The global
environment turned adverse in the second half of 2011, owing to turmoil in the
euro zone, slow US recovery and monetary imbalance in emerging economies.
Growth in several major developing countries (Brazil, India, Russia, South
Africa and Turkey) slowed partly in reaction to domestic policy tightening. As
a result, global GDP grew 3.9% in 2011 as against 5.3% in 2010.
Although action by
policymakers in Europe and elsewhere helped reduce vulnerabilities risks of a
renewed upsurge of the crisis in Europe continue to loom large, along with
geopolitical uncertainties affecting the oil market.
Overall, global
growth is projected to drop from around 4% in 2011 to about 3.5% in 2012 and
projected to recover to 4.1% in 2013 as per IMF (Source: World Economic
Outlook, April 2012)
Indian economy: India GDP growth
declined from 8.4% in 2010-11 to 6.5% in 2011-12. GDP growth in 2011-12 was the
lowest in nine years (save 2008-09). Despite low growth, India remained one of
the fastest-growing global economies.
Global factors
(euro zone crisis, geopolitical disturbances and climatic extremities)
contributed to the domestic economic slowdown.
Headline WPI inflation remained high at around 9%
during 2011 for the following reasons:
Higher prices of
primary products (vegetables, eggs, meat and fish) due to changing diets
Increasing global commodity prices
Persistently high international crude petroleum prices
Domestic factors
like monetary tightening and raising the repo rate to control inflation made
industrial borrowing expensive, infrastructure projects unviable and depressed
the manufacturing sector growth.
Besides, the rupee
lost more than 10% of its value during the year, making it one of the worst
performing currencies in Asia, eroding India Inc.’s profitability, widening
India’s trade deficit and adversely impacting India’s current account deficit.
USA’s economic growth
is projected at 2.1% in 2012 and 2.5% next year, reflecting ongoing fiscal
consolidation and continued weakness in housing prices.
US generics to
reach highs in 2012
The
year 2012 marks the entry into the peak phase of the patent expiry cycle, with
brands worth US$40billion losing patent protection. Several blockbuster drugs
(with sales over US$1billion) are set to go generic this year Going ahead, the
GDP growth estimates range between 6.7-7% in
2012-13 consequent to the deficient rainfall
and its impact on inflation.
Global
pharmaceutical sector
Medical
spending is likely to reach nearly US$1,100 billion in 2015, reflecting a
slowing growth rate of 3-6% over the fiveyear period compared with 6.2% annual
growth over the previous five years. Absolute global spending is expected to be
US$210-240 billion, compared to US$251 billion since 2005.
Spending
on generic drugs (including branded generics) is expected to grow at a CAGR of
~13% through 2015, compared to ~5% CAGR for the overall pharmaceuticals market;
their share in the overall medical spending is expected to rise from 20% in
2005 to about 39% in 2015. The share of branded drugs is expected to decline
from ~64% of global pharma spend in 2010 to an estimated 53% due to an
increasing generic presence arising out of accelerating patent expiries.
Pharmerging
countries are expected to double pharmaceutical spending in five years, adding
US$150 billion by 2015 driven by accelerated volumes. The growth of a number of
pharmerging countries aremarked by strong domestic companies which market low
cost generics, branded generics and unauthorised variants of original brands.
Patients pay out-of-pocket for the majority of medicines in these markets,
which limits the use of expensive new medicines.
Indian pharmaceutical
sector
Until
not too long ago, India's pharmaceutical space was written off as a self-pay
generics-based market adept at
product
duplication; today, the sector has claimed a significant share of the global
market by leveraging strengths and enhancing its regulatory and technical
maturity.
Currently,
the Indian pharmaceutical industry's market size (including export) is
estimated at Rs. 1 trillion per annum. It ranks third in the world by drug
volume (10% of global share) and fourteenth by value (about 3% of global
sales).
The Indian formulations market (valued at Rs.
482000.000 millions) grew at a CAGR of 14-15% over five years driven by a
convergence of factors (rising household incomes, increasing incidence of
lifestyle-related diseases, improving healthcare).
The
Indian pharmaceutical market growth is largely driven by formulations for
chronic therapies; acute therapies are largely driven by Tier-III cities and
rural penetration.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Foreign Currency
Convertible Bonds (45,95,833 Bonds convertible at Rs. 364 per Equity Share
outstanding and are of face value for Rs. 10 each and Rs. 354 as share
premium) (Previous year 47,00,000 Bonds) |
236.823 |
220.181 |
|
Total |
236.823 |
220.181
|
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
|
a) Letter of Credit / Bank Guarantees – Inland |
25.370 |
|
b) Bank Guarantees foreign |
1.185 |
|
c) Letter of credit – Foreign |
5.112 |
|
d) Interest on FCCB's |
9.473 |
CHARGES
|
ENTITY |
PERSON |
COMPETENT
AUTHORITY |
REGULATORY
CHARGES |
REGULATORY
ACTION(S) / DATE OF ORDER |
FURTHER
DEVELOPMENTS |
|
|
VENUS REMEDIES LIMITED |
|
EPFO |
EXEMPTED AND UNEXEMPTED ESTABLISHMENTS DEFAULTED WITH EPFOINCLUDING
PROVIDENT FUND, PENSION AND EDLI CONTRIBUTION, ADMINISTRATION CHARGES AND
PENAL DAMAGES OF RS.14.85 LAKHS |
AMONG OTHER ACTIONS, NAMES OF DEFAULTERS PUT ON THE EPFO WEBSITE |
|
|
|
VENUS REMEDIES LIMITED |
PAWAN CHAUDHARY |
MCA |
EXEMPTED AND UNEXEMPTED ESTABLISHMENTS DEFAULTED WITH EPFOINCLUDING
PROVIDENT FUND, PENSION AND EDLI CONTRIBUTION, ADMINISTRATION CHARGES AND
PENAL DAMAGES OF RS.14.85 LAKHS |
PROSECUTION UNDER SECTION 220(3) READ WITH SECTION 162 and SECTION 162
OF COMPANIES ACT: PENALTY IMPOSED RS.300 |
|
|
|
VENUS REMEDIES LIMITED |
|
MCA |
VIOLATED SEBI REGULATION REGARDING PROCESSING OF DEMATERIALISATION REQUESTS
WITHIN THE STIPULATED PERIOD |
DIRECTED TO COMPLETE PENDING
DEMATERIALISATION REQUESTS |
|
|
FIXED ASSETS
v
Tangible Assets
·
Land
·
Building
·
Building for R and D
·
Plant and Machinery
·
R and D Pilot Plant
·
R and D Equipment
·
Computer, I.T and Communication Equipment
·
D G Set
·
Electrical Installation
·
Furniture and Fixture
·
Lab Equipment
·
Misc. Fixed Assets
·
Office Equipment/ Security Equipment
·
Pollution Control
·
Vehicles
v Intangible Assets
·
Patent IPR Technologies
WEBDETAILS
PRESS RELEASE
Venus
Remedies launches ‘ELORES’ - CSE 1034 a US patent protected product in India
•CSE1034 “ELORES” is effective against even the toughest carbapenemase
resistant Metallobetalactamses.
•It is unique and shows outstanding results as it not only kills
resistant pathogens (Bacteria) but also prevents the spread of resistance.
18th January, 2013 : Venus Remedies Limited, a research based global
pharmaceutical company launched CSE1034 under the brand name “ELORES” . It is a
novel Antibiotic Adjuvant Entity (AAE) to combat antimicrobial resistance
caused by MDR, ESBL producing strains.
The product was launched by Dr. K.N. Parsad, Associate Professor,
Department of Microbiology, Sanjay Gandhi Post Graduate Institute of Medical
Sciences, Lucknow at Manthan 2013, a seminar-cum-workshop organised by 'Venus
Medicine Research Centre' (VMRC). The single-session seminar-cum-workshop was
chaired by Dr. Yatin Mehta, Chairman, Medanta Institute of Critical Care and
Anesthesiology, Medanta The Medicity, Gurgaon, Haryana which was also attended
by the eminent doctors from the healthcare fraternity of India.
At the unveiling ceremony of ELORES, Dr. (Mrs.) Manu Chaudhary, Joint
Man aging Director and Director- Research, Venus Remedies Limited said, “
Receiving
US patent for ELORES was a landmark development to initiate the process
of commercialization and today we are launching it in India as ELORES.”
Designed specifically to target growing bacterial resistance mechanisms, ELORES
has a unique profile of action which gives it an edge over all the existing
therapies. This unique antibiotics adjuvant entity creates a synergistic effect
due to its activity on AMRINGER (Acquired Multiple Resistance in Gram Negative
Enterococci and Rods) which stops development and spread of bacterial
resistance. Dr. Chaudhary further added that our product is effective against
Metallo betalactamases (MBL) producing pathogens which are not susceptible to
most of the existing antibiotics. It is also unique in its way that it not only
kills resistant pathogens (Bacteria) but also prevents the spread of
resistance.
ELORES comprises of a third generation cephalosporin, a beta lactamase
inhibitor along with non antibiotic adjuvant Disodium Edetate for intravenous
administration. It is effective against MDR pathogen producing ESBLs, MBLs like
NDM-01, increases cell permeability while working on Cell impermeability
mechanism of MDRs, regulate 'Efflux pump over expression', breaks bacterial
'Biofilms', prevents 'Transfer of resistant plasmid' and hence the spread of
resistance is controlled.
The Company is positioning ELORES as the need of the hour as it would be
able to reduce a minimum of 30% of the hospitalisation cost and almost 50% of
the drug cost, thereby proving to be very beneficial for the patients. As per a
study conducted in Delhi, patients with hospital-acquired infections
experienced a significantly longer hospital stay (mean: 22.9 days);
significantly longer intensive care unit (ICU) stay (mean: 11.3 days); a
significantly higher mortality (mean: 54%) and cost significantly more (mean:
US$ 14, 818) than controls. So, ELORES would be able to curtail these
statistics.
It took Venus almost ten years of constant hard work and dedication to
develop this breakthrough technology. The Company has conducted Clinical Trials
Phase I, II and III successfully on a large patient population of 654 patients
to prove clinical efficacy and safety in ESBL/MBL resistant pathogens.
On an average, the Company has spent 10% of its revenue in research and
has beeninvesting almost 20% of its R&D expenditure for developing and
establishing this technology itself.
Speaking on this occasion, Mr. Pawan Chaudhary, Chairman and Managing
Director, Venus Remedies Limited said, “ ELORES is a novel product with a unique
technology specifically addressing the compounding medical emergency of
Antimicrobial Resistance, and thus there is no direct competition as such.
However, products like
meropenem and pipracillin+tazobactum are the closest in contested
category though they are also getting huge resistance.”
Currently, India possesses a huge anti-infective market of around INR
8.5 billion. According to a survey, 40% of the antibiotic sales can be
attributed to antimicrobial resistance. Of this, 71.5% of the total antimicrobial
resistance market comes from the major resistance segment of ESBLs/ MBL
resistance (as per a study by AIIMS). Mr. Chaudhary further said, “ We want to
cater to this segment effectively and immediately and are expecting to capture
10% share of the total AMR market in India in the next 5 years, making it an
over INR 2.0 billion product. Apart from the domestic marketing plans, we are
also in talks with leading pharma companies to launch the product in US as
well.”
Furthermore, ELORES has already secured patents from all over the world
Including countries like US, EU (37 European countries), Australia, and Russia.
The Company is awaiting registration grant for ELORES with European regulatory
bodies to commercialise it there sooner.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.53.85 |
|
|
1 |
Rs.84.43 |
|
Euro |
1 |
Rs.72.40 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
54 |
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.