1. Summary Information
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Country |
India |
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Company Name |
PANACEA BIOTEC
LIMITED |
Principal Name 1 |
Mr. Soshil Kumar Jain |
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Status |
Moderate |
Principal Name 2 |
Mr. Ravinder Jain |
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Registration # |
16-022350 |
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Street Address |
Ambala –
Chandigarh Highway, Lalru – 140501, Punjab, India |
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Established Date |
02.02.1984 |
SIC Code |
-- |
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Telephone# |
Not Available |
Business Style 1 |
Manufacturer |
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Fax # |
Not Available |
Business Style 2 |
Marketer |
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Homepage |
Product Name 1 |
Vaccine-Polio |
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# of employees |
3600
(Approximately) |
Product Name 2 |
Vaccine-Mixed |
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Paid up capital |
Rs.61,250,746/- |
Product Name 3 |
Gliclazide Tab |
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Shareholders |
Promoter and Promoter Group - 74.81% Public shareholding - 25.19% |
Banking |
State Bank of
India |
|
Public Limited Corp. |
YES |
Business Period |
29 years |
|
IPO |
YES |
International Ins. |
- |
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Public |
YES |
Rating |
B
(34) |
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Related
Company |
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Relation
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Country
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Company
Name |
CEO |
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Joint
Ventures : |
-- |
Chiron Panacea Vaccines Private
Limited |
-- |
|
Note |
- |
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2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
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Assets |
Liabilities |
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Current Assets |
2,061,900,000 |
Current Liabilities |
2,545,000,000 |
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Inventories |
3,397,300,000 |
Long-term Liabilities |
7,523,700,000 |
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Fixed Assets |
10,363,000,000 |
Other Liabilities |
339,700,000 |
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Deferred Assets |
0,000 |
Total Liabilities |
10,408,400,000 |
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Invest& other Assets |
2,706,600,000 |
Retained Earnings |
8,059,100,000 |
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Net Worth |
8,120,400,000 |
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Total Assets |
18,528,800,000 |
Total Liab. & Equity |
18,528,800,000 |
|
Total Assets (Previous Year) |
17,177,900,000 |
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|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
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|
Sales |
7,005,800,000 |
Net Profit |
2,077,900,000 |
|
Sales(Previous yr) |
11,498,300,000 |
Net Profit(Prev.yr) |
1,350,500,000 |
MIRA
INFORM REPORT
|
Report Date : |
07.06.2013 |
IDENTIFICATION DETAILS
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Name : |
PANACEA BIOTEC LIMITED (w.e.f. 07.09.2003) |
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Formerly Known
As : |
PANACEA DRUGS LIMITED (w.e.f. 09.09.1993) PANACEA DRUGS PRIVATE LIMITED |
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Registered
Office : |
Ambala – Chandigarh Highway, Lalru – 140501, Punjab |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
02.02.1984 |
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Com. Reg. No.: |
16-022350 |
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Capital
Investment / Paid-up Capital : |
Rs.61.300 Millions |
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CIN No.: [Company Identification
No.] |
L33117PB1984PLC022350 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEP07035A |
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PAN No.: [Permanent Account No.] |
AAACP5335J |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Marketer of Pharmaceutical Formulations viz. Tablets, Syrups/ Liquids, Capsules, Gels and Vaccines. |
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No. of Employees
: |
3600 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (34) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 32000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some dip in the revenue from operations during 2012. It has also incurred
heavy loss. The cash balance of the company has reduced considerably. However,
trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealings with some
caution. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
LONG TERM BANK FACILITIES : CARE B |
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Rating Explanation |
High risk of default |
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Date |
October, 2012 |
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Rating Agency Name |
CARE |
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Rating |
SHORT TERM BANK FACILITIES : CARE A4 |
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Rating Explanation |
Minimal degree of safety and very high credit risk |
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Date |
October, 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
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Registered Office : |
Ambala – Chandigarh Highway, Lalru – 140501, Punjab, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Head/ Corporate Office 1: |
B 1 Extension / A-27, Mohan Cooperative Industrial Estate, Mathura Road, New Delhi – 110 044, India |
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Tel. No.: |
91–11–26945270/ 41679000 Extn. 2081 (D) 41578024 / 26974500 / 41678000 |
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Fax No.: |
91–11–26940199/ 26940621 / 41679075 / 41679070 / 41679081 |
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E-Mail : |
panbio.panbio@rme.sprintrpg.ems.vsnl.net.in |
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Website : |
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Administrative/ Secretarial/ Corporate Office 2: |
B – 1 Extension / G – 3, Mohan Co-Operation Industrial
Estate, |
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Tel. No.: |
91-11-41679000 Extn. 2081, (D) 41578024/ 41679015 |
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Fax No.: |
91-11-41679070/ 41679075 |
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E-mail: |
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Manufacturing Facilities : |
· Ambala-Chandigarh Highway, Lalru – 140 501, Punjab, India · A-239 -242, Okhla Indl. Area, Phase–I, New Delhi – 110 020, India · Malpur, Baddi, Dist. Solan, Himachal Pradesh-173 205, India · B-1/E-12, Mohan Co-operative Industrial Estate, Mathura Road, New Delhi – 110 044, India · Plot No. 72/3, Gen Block, T.T.C. Industrial Area, Mahape, Navi Mumbai - 400 710, Maharashtra, India |
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Branch/ Sales and Marketing Office : |
701, |
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R & D Centers : |
·
· B-1/E-xtn. A-24-25,, Mohan Co-operative Industrial Estate Mathura Road, New Delhi – 110044, India ·
Plot No. E-4, Phase II, Industrial Area Mohali
– 160055, · Plot No. 72/3, Gen Block, T.T.C. Industrial Area, Mahape, Navi Mumbai – 400710, Maharashtra, India |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Soshil Kumar Jain |
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Designation : |
Whole-time director |
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Address : |
18/56, East Park Area, Karol Bagh, New Delhi – 110005, India |
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Date of Birth/Age : |
04.04.1933 |
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Qualification : |
Pharmacist |
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Date of Appointment : |
02.02.1984 |
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DIN No.: |
00012812 |
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Name : |
Mr. Ravinder Jain |
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Designation : |
Managing Director |
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Address : |
18/56, East Park Area, Karol Bagh, New Delhi – 110005, India |
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Date of Birth/Age : |
03.08.1957 |
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Qualification : |
Matriculate |
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Date of Appointment : |
15.11.1984 |
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DIN No.: |
00010101 |
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Name : |
Dr. Rajesh Jain |
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Designation : |
Managing Director |
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Address : |
18/56, East Park Area, Karol Bagh, New Delhi – 110005, India |
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Date of Birth/Age : |
26.04.1964 |
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Qualification : |
B.Sc., MBA, PGDBM,
Advanced Management Diploma in Market Research |
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Date of Appointment : |
25.11.2006 |
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DIN No.: |
00013053 |
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Name : |
Mr. Sandeep Jain |
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Designation : |
Managing Director |
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Address : |
18/56, East Park Area, Karol Bagh, New Delhi – 110005, India |
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Date of Birth/Age : |
17.07.1966 |
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Qualification : |
B. Com |
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Date of Appointment : |
15.11.1984 |
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DIN No.: |
00012973 |
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Name : |
Mr. Sumit Jain |
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Designation : |
Whole-time director |
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Address : |
18/56, East Park Area, Karol Bagh, New Delhi – 110005, India |
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Date of Birth/Age : |
07.02.1981 |
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Qualification : |
Post Graduate Diploma in Business Management |
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Date of Appointment : |
27.07.2005 |
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DIN No.: |
00014236 |
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Name : |
Mr. Raghava Lakshmi Narasimhan |
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Designation : |
Director |
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Address : |
Flat No.6, Plot No.858, New No.3, Paneer Selvam Salai, K K nagar, Chennai – 600078, Tamilnadu, India |
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Date of Birth/Age : |
01.10.1940 |
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Date of Appointment : |
31.01.2001 |
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DIN No.: |
00073873 |
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Name : |
Mr. Namdeo Narayan Khamitkar |
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Designation : |
Director |
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Address : |
3, Krishna Kunj Apartments, 42 Shantisheela Society, Law College Road,
Pune – 411004, Maharashtra, India |
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Date of Birth/Age : |
02.12.1940 |
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Date of Appointment : |
31.01.2006 |
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DIN No.: |
00017154 |
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Name : |
Mr. Sunil Kapoor |
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Designation : |
Director |
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Address : |
W-155, Greater Kailash, Part – II, New Delhi – 110045, India |
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Date of Birth/Age : |
25.01.1957 |
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Date of Appointment : |
31.01.2001 |
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DIN No.: |
00029133 |
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Name : |
Mr. Krishna Murari Lal |
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Designation : |
Director |
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Address : |
706-A, Sector – 23, Huda, Gurgaon – 122017, Haryana, India |
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Date of Birth/Age : |
22.06.1940 |
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Date of Appointment : |
28.04.2006 |
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DIN No.: |
00016166 |
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Name : |
Mr. Aditya Narain Saksena |
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Designation : |
Director |
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Address : |
Flat No. B-9012, B-Block, Guar Green City, Indirapuram, Ghaziabad –
201010, Uttar Pradesh, India |
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Date of Birth/Age : |
07.05.1938 |
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Date of Appointment : |
22.12.2005 |
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DIN No.: |
00016107 |
KEY EXECUTIVES
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Name : |
Mr. Vinod Goel |
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Designation : |
Secretary and General Manager Legal |
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Address : |
House No.173, Sector - 4, Vaishali, Ghaziabad – 201010, Uttar Pradesh,
India |
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Date of Birth/Age : |
08.02.1965 |
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Date of Appointment : |
13.01.1999 |
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PAN No.: |
AHBPG9784H |
SHAREHOLDING PATTERN
AS ON 31.03.2013
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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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43510100 |
71.04 |
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2313454 |
3.78 |
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2313454 |
3.78 |
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45823554 |
74.81 |
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Total shareholding of Promoter and Promoter Group (A) |
45823554 |
74.81 |
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(B) Public Shareholding |
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23984 |
0.04 |
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1435130 |
2.34 |
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1459114 |
2.38 |
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9589870 |
15.66 |
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3042448 |
4.97 |
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135000 |
0.22 |
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1200760 |
1.96 |
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11467 |
0.02 |
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87100 |
0.14 |
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54738 |
0.09 |
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1045000 |
1.71 |
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2455 |
0.00 |
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13968078 |
22.80 |
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Total Public shareholding (B) |
15427192 |
25.19 |
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Total (A)+(B) |
61250746 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
61250746 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Marketer of Pharmaceutical Formulations
viz. Tablets, Syrups/ Liquids, Capsules, Gels and Vaccines. |
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Products : |
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PRODUCTION STATUS
AS ON 31.03.2011
Licensed Capacity
Per annum
Recombinant Bulk Vaccine – 18 Millions doses
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Particulars |
Unit |
Installed
Capacity per annum |
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Tables |
Nos./Million |
1684.000 |
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Capsules |
Nos. / Million |
370.000 |
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Syrups / Liquids |
Bottles /
Million |
15.800 |
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Gels |
Tubes/ Million |
21.200 |
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Vaccines (Finished Doses) |
Doses / Million |
878.000 |
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Pre-filled Syringes |
Doses / Million |
17.000 |
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Recombinant Bulk Vaccines ** |
Doses / Million |
18.000 |
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Tetanus Bulk Vaccines |
Doses / Million |
75.000 |
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Bacterial Bulk Vaccines *** |
Doses / Million |
68.800 |
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Block - IV **** |
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Cell Culture Block |
Doses / Million |
8.000 |
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Recombinant Bulk Vaccine |
Doses / Million |
18.000 |
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Flu Bulk Vaccine Block |
Doses / Million |
63.500 |
NOTE
*As Certified by the management.
**This facility is capable of manufacturing various Bulk Vaccines and Antigens including Hepatitis B (Hep B), Haemophilus Influenza Type B (HIB-TT) and other vaccines.
***Bacterial Bulk Vaccine facility is capable of manufacturing various bulk vaccines including Diptheria (D), Whole Cell Pertussis (wP), Acellular Pertussis (aP). Installed Capacity reduces by 5 million doses to 63.8 million doses in case of production of Acellular Pertussis (aP).
****Cell Culture facility is capable of manufacturing various bulk vaccines and biopharmaceuticals. Recombinant Bulk Vaccine facility is capable of manufacturing of Hepatitis B (Hep-B), Haemophilus Influenza Type B (HIB-TT) and other vaccines. Flu Bulk Vaccine facility is capable of manufacturing of H1N1 and other flu bulk vaccines.
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Particulars |
Unit |
Actual
Production |
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Tables ** |
Nos. |
625.600 |
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Capsules |
Nos. |
95.000 |
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Syrups / Liquids |
Ml |
334.700 |
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Gels |
Gms |
52.900 |
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Vaccines |
Vials |
60.300 |
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Pre-filled Syringes |
PFS |
2.100 |
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Injection |
Nos. |
0.500 |
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Other Products |
Gms. |
43.300 |
Note:
* Actual production includes production at
loan licensee locations meant for sale by the company
** Actual production includes 258.7
Million Tables manufactured for other under loan licenses basis.
GENERAL INFORMATION
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No. of Employees : |
3600 (Approximately) |
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Bankers : |
·
Axis Bank Limited ·
Bank of India ·
IDBI Bank Limited ·
Indian Overseas Bank ·
State Bank of Mysore ·
State Bank of Travancore ·
Union Bank of India ·
Canara Bank ·
State Bank of India, Industrial Finance Branch,
14th Floor, J. V. Building, 1, Tolstoy Marg, New Delhi – 110001,
India |
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Facilities : |
NOTES: a) Foreign currency term loan from State Bank of India (loan - I) carries interest @ 6 months LIBOR plus 7.5%. The loan is repayable in three installments (i.e. 20% in September 2011, 30% in September 2012 and 50% in September 2013). b) Foreign currency term loan from State Bank of India (loan - II) carries interest @ 6 months LIBOR plus 5.75%. The loan is repayable in four equal quarterly installments of Rs.17.5 million starting from June 2013 to March 2014. c) Foreign currency term loan from State Bank of Travancore carries interest @ 6 months LIBOR plus 7.5%. The loan is repayable in three installments (i.e. 20% in September 2011, 30% in September 2012 & 50% in September 2013). d) Foreign currency term loan from Bank of India carries interest @ 6 months LIBOR plus 4.75%. The loan is repayable in three equal yearly installments commencing at the end of sixth year from the date of first drawdown (i.e. in financial year 2017-18). e) Indian rupee term loan from State Bank of India carries interest @ SBAR. The loan is repayable in eight quarterly installments starting from June, 2011. f ) Above Foreign currency term loans taken from banks and Indian rupee term loan taken from State Bank of India are secured by way of first pari-passu charge by hypothecation of the Company’s entire movable fixed assets, both present and future and mortgage of immovable properties of the Company being land admeasuring 96 bighas, 19 biswas and 93 bighas 12 biswas and 10 biswasi situated at village Samalheri, Tehsil Dera Bassi, District S.A.S. Nagar (Mohali), Punjab and land admeasuring 26 bighas, 3 biswas situated at Village Manpura, Tehsil Nalagarh, District Solan and land admeasuring 91 bighas, 1 biswas situated at Village Malpura, Tehsil Nalagarh, District Solan in the state of Himachal Pradesh and land admeasuring 9435.66 sq. yards situated at Industrial Plot No. E-4, PH-2, Industrial Area, S.A.S Nagar, (Mohali), Punjab. Foreign currency term loans from State Bank of India and Bank of India are also collaterally secured by personal guarantees of the promoter- directors of the Company, viz. Mr. Soshil Kumar Jain, Mr. Ravinder Jain, Dr. Rajesh Jain and Mr. Sandeep Jain. g) Indian rupee loan from Indian Overseas Bank carries interest @ Base rate plus 1.5% . The loan is repayable in eight equal quarterly installments starting from January, 2014. h) Term loan from Indian Overseas Bank is secured by way of first pari-passu charge by hypothecation of the company’s entire movable fixed assets, both present and future and mortgage of immovable properties of the company being land admeasuring 96 bighas, 19 biswas and 93 bighas 12 biswas and 10 biswasi situated at village Samalheri, Tehsil Dera Bassi, District S.A.S. Nagar (Mohali), Punjab and land admeasuring 26 bighas, 3 biswas situated at Village Manpura, Tehsil Nalagarh, District Solan and land admeasuring 91 bighas, 1 biswas situated at Village Malpura, Tehsil Nalagarh, District Solan in the state of Himachal Pradesh and land admeasuring 9435.66 sq. yards situated at Indl Plot No. E-4, PH-2, Industrial Area, S.A.S Nagar, (Mohali), Punjab. It is also collaterally secured by personal guarantees of the promoter- directors of the Company, viz. Mr. Soshil Kumar Jain, Mr. Ravinder Jain, Dr. Rajesh Jain and Mr. Sandeep Jain. i) Indian rupee term loans from Government of India through Department of Biotechnology are project specific loans which carry interest @ 2% p.a. These loans are repayable in ten equal half-yearly installments. The repayment of these loans would commence from one year after the completion of the respective projects. j) Secured term loan from Government of India is secured by way of hypothecation of the company’s all equipments, apparatus, machineries, spares, tools and other accessories, goods and/or other movable property present and future by way of first charge on pari-passu basis. k) Indian rupee term loan from Government of India, through Department of Science and Technology is a project specific loan which carries interest @ 3% p.a. The loan is repayable in ten equal annual installments and its repayment would commence from one year after the completion of the project. Working capital loans, cash credits and Buyers’ credits from banks are secured by way of first pari passu charge by hypothecation of all current assets and also by way of second pari-passu charge on all the movable fixed assets (including machinery and spares) of the Company and existing immovable properties of the Company being land admeasuring 96 bighas, 19 biswas and 93 bighas 12 biswas and 10 biswasi situated at village Samalheri, Tehsil Dera Bassi, District S.A.S. Nagar (Mohali), Punjab and land admeasuring 26 bighas, 3 biswas situated at Village Manpura, Tehsil Nalagarh, District Solan and land admeasuring 91 bighas, 1 biswas situated at Village Malpura, Tehsil Nalagarh, District Solan in the state of Himachal Pradesh and land admeasuring 9435.66 sq. yards situated at Industrial Plot No. E-4, PH-2, Industrial Area, S.A.S. Nagar, (Mohali ), Punjab. These are also collaterally secured by personal guarantees of the promoter- directors of the Company, viz. Mr. Soshil Kumar Jain, Mr. Ravinder Jain, Dr. Rajesh Jain and Mr. Sandeep Jain. |
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Banking
Relations : |
-- |
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Statutory Auditors : |
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Name: |
S. R. Batiliboi and Associates Chartered Accountants |
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Address: |
1st Floor, Tower A. Building No.8, DLF Cyber city, Phase III, Sector 25, Gurgoan-122001, Haryana, India |
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PAN No.: |
AALFS0506L |
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Cost Auditors : |
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Name: |
J. P. Gupta and Associates Cost Accountants |
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Address: |
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Joint Ventures : |
·
Chiron Panacea
Vaccines Private Limited ·
Cambridge
Biostability Limited (liquidated
on September 16, 2011) ·
Adveta
Power Private Limited, w.e.f. July 4, 2011 |
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|
Subsidiaries : |
· Best On Health Limited (BOH) (Wholly-owned subsidiary (WOS)) · Radicura and company Limited (Indirect WOS through BOH), CIN No.: U74899DL1993PLC056682 · Panacea Hospitality Services Private Limited, (Indirect WOS through BOH) CIN NO.: U55101DL2007PTC166763 · Panacea Educational Institute Private Limited, (Indirect WOS through BOH) CIN No.:U80904DL2007PTC166661 · Sunanda Steel Company Limited, (Indirect WOS through BOH) CIN No.: U13209DL2007PLC163082 · Nirmala Organic Farms and Resorts Private Limited, (Indirect WOS through BOH) w.e.f. February 23, 2011 CIN No.: U01403DL2010PTC198194 · Best On Health Foods Limited (Indirect WOS through BOH) w.e.f. December 6, 2010 CIN No.: U15122DL2007PLC170999 · Rees Investments Limited, (Rees) (Guernsey): WOS · Kelisia Holdings Limited, (Cyprus): Indirect WOS through Rees · Kelisia Investment Holding AG (KIH) (Switzerland): Indirect WOS through Kelisia Holdings Limited, · Panacea Biotec (International) SA (PBS) (Switzerland) (Indirect WOS through KIH) · Panacea Biotec GmbH (Germany) (Indirect WOS through PBS) · Panacea Biotec (Europe) AG, (Switzerland): Indirect WOS through PBS · Panacea Biotec FZE, (UAE): WOS ·
Panacea Biotec Inc. (USA): WOS (liquidated on March 30, 2011) · NewRise Healthcare Private Limited (Formerly known as Umkal Medical Institute Private Limited) CIN No.: U85110DL2002PTC114987 · Lakshmi & Manager Holdings Limited (“LMH”) WOS w.e.f. November 24, 2011* *Associate Company prior to becoming WOS. · Trinidhi Finance Private Limited (Indirect WOS through LMH) w.e.f. November 24, 2011** ** Subsidiary of LMH w.e.f. 6th August, 2011 and became WOS of LMH on October 7, 2011 · Best General Insurance Company Limited ( indirect subsidiary through LMH)) w.e.f. November 24, 2011 |
|
|
|
|
Associates : |
·
PanEra Biotec
Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Re.1/- Each |
Rs.125.000 millions |
|
110000000 |
Preference Shares |
Rs.10/- Each |
Rs.1100.000 millions |
|
|
Total |
|
Rs.1225.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
61250746 |
Equity Shares |
Re.1/- Each |
Rs.61.300
millions |
|
|
|
|
|
NOTE
a) Terms/right attached to equity shares :
The Company has only one class of equity shares having a par value of Re.1 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees except disclosed in note 42. The dividend if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended March 31, 2012, the amount of per share dividend recognized as distribution to equity shareholders is Rs. Nil (Previous year Re. 0.75). In the event of liquidation of the Company, the holders of 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 shareholders.
b) Reconciliation of the shares outstanding at the beginning and at the end of the reporting financial year :
|
Particulars |
No. of shares |
Rs. In Millions |
|
|
|
|
|
At the beginning of the year |
61,250,746 |
61.300 |
|
Less: Buy back of equity shares during the year |
-- |
-- |
|
Outstanding at the end of the year |
61,250,746 |
61.300 |
d) Detail of shareholders holding more than 5% shares in the Company :
|
Name of Persons |
No. of shares |
% age of holding |
|
|
|
|
|
Mr. Soshil Kumar Jain |
5,000,000 |
8.16% |
|
Mr. Ravinder Jain |
4,646,200 |
7.59% |
|
Dr. Rajesh Jain |
6,213,500 |
10.14% |
|
Mr. Sandeep Jain |
4,792,100 |
7.82% |
|
Soshil Kumar Jain (HUF) |
3,446,800 |
5.63% |
|
Ravinder Jain (HUF) |
4,135,000 |
6.75% |
|
Rajesh Jain (HUF) |
4,368,500 |
7.13% |
|
Sandeep Jain (HUF) |
4,105,000 |
6.70% |
|
Serum Institute of India Limited |
8,002,387 |
13.06% |
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 |
61.300 |
61.300 |
66.840 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8059.100 |
6306.800 |
6898.360 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8120.400 |
6368.100 |
6965.200 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7027.200 |
7491.300 |
5081.400 |
|
|
2] Unsecured Loans |
496.500 |
570.300 |
1973.000 |
|
|
TOTAL BORROWING |
7523.700 |
8061.600 |
7054.400 |
|
|
DEFERRED TAX LIABILITIES |
205.000 |
756.600 |
708.900 |
|
|
Foreign Currency Monetary Item Translation |
20.500 |
0.000 |
16.800 |
|
|
|
|
|
|
|
|
TOTAL |
15869.600 |
15186.300 |
14745.300 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10363.000 |
6294.200 |
5321.100 |
|
|
Capital work-in-progress |
120.700 |
229.400 |
1625.500 |
|
|
|
|
|
|
|
|
INVESTMENT |
2584.700 |
2329.400 |
2258.500 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
Foreign Currency Monetary Item Translations |
0.000 |
0.000 |
0.000 |
|
|
Other Non Current Assets |
1.200 |
0.900 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3397.300
|
3680.200
|
4555.100
|
|
|
Sundry Debtors |
664.500
|
2788.400
|
1094.100
|
|
|
Cash & Bank Balances |
113.300
|
393.800
|
363.300
|
|
|
Other Current Assets |
50.700
|
80.300
|
72.200
|
|
|
Loans & Advances |
1233.400
|
1381.300
|
1319.100
|
|
Total
Current Assets |
5459.200 |
8324.000 |
7403.800
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1181.400
|
826.900
|
634.600
|
|
|
Other Current Liabilities |
1363.600
|
1010.000
|
747.500
|
|
|
Provisions |
114.200
|
154.700
|
483.500
|
|
Total
Current Liabilities |
2659.200 |
1991.600 |
1865.600
|
|
|
Net Current Assets |
2800.000
|
6332.400
|
5538.200
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
2.000 |
|
|
|
|
|
|
|
|
TOTAL |
15869.600 |
15186.300 |
14745.300 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7005.800 |
11498.300 |
8843.700 |
|
|
|
Other Income |
74.600 |
156.800 |
934.800 |
|
|
|
TOTAL (A) |
7080.400 |
11655.100 |
9778.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials Changes Inventories |
0.000 |
0.000 |
4680.200 |
|
|
|
Manufacturing Service Costs |
0.000 |
0.000 |
855.200 |
|
|
|
Employee Related Expenses |
1504.500 |
1543.100 |
990.100 |
|
|
|
Administrative Selling Other Expenses |
0.000 |
0.000 |
406.700 |
|
|
|
Research Development Expenditure |
0.000 |
0.000 |
753.200 |
|
|
|
Purchases of traded goods |
245.200 |
244.400 |
0.000 |
|
|
|
Cost of raw and packing material consumed |
3021.200 |
4473.900 |
0.000 |
|
|
|
Decrease in inventories |
205.600 |
588.700 |
0.000 |
|
|
|
Other expenses (Including prior period expenses of Rs.47.500 million (Previous year Rs.Nil)) |
2968.400 |
1961.500 |
0.000 |
|
|
|
TOTAL (B) |
7944.900 |
8811.600 |
7685.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(864.500) |
2843.500 |
2093.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1011.100 |
557.500 |
423.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(1875.600) |
2286.000 |
1669.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
753.900 |
731.100 |
488.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(2629.500) |
1554.900 |
1181.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
551.600 |
204.400 |
380.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(2077.900) |
1350.500 |
800.400 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4019.500 |
2856.100 |
2155.200 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend proposed
on Equity Shares |
0.000 |
45.900 |
99.500 |
|
|
|
Dividend Distribution Tax |
0.000 |
7.500 |
|
|
|
|
Transfer to General Reserve |
0.000 |
135.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
1941.600 |
4019.500 |
2855.844 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B.
value of exports |
3436.500 |
7103.900 |
|
|
|
|
Income
from distribution rights |
0.500 |
0.000 |
|
|
|
|
Interest
income from subsidiary company |
36.200 |
42.000 |
|
|
|
TOTAL EARNINGS |
3473.200 |
7145.900 |
6465.394 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Packing Materials |
2184.000 |
2839.900 |
3137.159 |
|
|
|
Capital Goods |
226.900 |
91.200 |
406.552 |
|
|
TOTAL IMPORTS |
2410.900 |
2931.100 |
3543.711 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(33.92) |
21.35 |
11.97 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter
|
|
Net Sales |
1327.800 |
1841.000 |
1903.600 |
|
Total Expenditure |
1465.100 |
2003.900 |
2098.000 |
|
PBIDT (Excl OI) |
(137.300) |
(162.900) |
(194.400) |
|
Other Income |
80.000 |
25.700 |
39.800 |
|
Operating Profit |
(57.300) |
(137.200) |
(154.600) |
|
Interest |
155.500 |
269.800 |
357.000 |
|
Exceptional Items |
164.000 |
0.000 |
(105.700) |
|
PBDT |
(48.800) |
(407.000) |
(617.300) |
|
Depreciation |
209.400 |
215.800 |
210.200 |
|
Profit Before Tax |
(258.200) |
(622.800) |
(827.500) |
|
Tax |
(67.100) |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(191.100) |
(622.800) |
(827.500) |
|
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 |
(191.100) |
(622.800) |
(827.500) |
|
Net Sales |
1327.800 |
1841.000 |
1903.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(29.35)
|
11.59
|
8.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(37.53)
|
13.52
|
13.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(16.62)
|
10.64
|
9.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.32)
|
0.24
|
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.93
|
1.27
|
1.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.05
|
4.18
|
3.97 |
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 |
Yes |
|
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 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 |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
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 |
NOTE:
The registered office address of the company has been shifted from
“Derabassi, Tehsil Rajpura, Patiala-140 501, Punjab, India” to the present
address w.e.f. 07.06.2011
Operating Results
and Profits
During the year ended March 31, 2012, the Company registered a net
turnover of Rs.6883.800 million as against Rs.11304.600 million during the
corresponding financial year.
The Formulations Segment registered a growth of 11.1% with a net
turnover of 3304.300 million as against 2972.300 million during the previous
financial year. The Vaccines Segment registered a decline of 57% with a net
turnover of Rs.3579.500 million as against Rs.8332.300 million during the
previous financial year mainly on account of delisting of its vaccines from the
WHO's list of pre-qualified vaccines for supply to UNICEF and other UN Agencies
during the year, impacting the performance negatively.
During the year , following a routine site audit, WHO has delisted the
company's DTP based combination and monovalent Hepatitis B vaccines from its
list of pre-qualified vaccines on account of deficiencies in quality management
system. The company has taken several
corrective and preventive measures to ensure compliance with the WHO
pre-qualification guidelines and is confident that with these corrective and
preventive measures, the company will be able to get the above said vaccines
relisted in the list of WHO pre-qualified vaccines in due course of time.
During the year, considering the series of changes made to the vaccines
formulation facility at New Delhi and WHO assessment that further corrective
measures need to be implemented, the company had voluntarily withdrawn its oral
polio vaccines from the WHO list of pre-qualified vaccines. The National
Regulatory Authority of India (NRA) has since approved this facility and the
Company has started manufacturing vaccines for supplies to other than UN
agencies.
The Company however, continues to focus on sustaining growth in emerging
markets, cost optimization and efficient management of working capital. These
strategic initiatives are expected to fuel the Company's growth across its
business operations.
UNSECURED LOANS
(Rs.
in Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Indian rupee term loans from Government of India |
|
|
|
- Through Department of Science and Technology |
18.000 |
0.000 |
|
|
|
|
|
Other long term borrowings |
|
|
|
- Deposits from public and related party |
9.000 |
0.000 |
|
-
Finance
lease obligation |
0.000 |
19.000 |
|
|
|
|
|
Deposits from public and related party |
271.500 |
366.300 |
|
Loan from related parties |
198.000 |
185.000 |
|
Total |
496.500 |
570.300 |
Industry Structure
and Developments
Global Vaccine
Industry
Vaccines have emerged as one of the most attractive and fast growing sectors
for the health care industry globally. The prevalence of infectious and
non-infectious diseases has significantly risen worldwide, leading to a spur in
healthcare expenditure of both the developed and developing countries. Apart
from the high disease prevalence, growing population and emergence of new
pandemics are important growth drivers of the global vaccine market. The growth
in the vaccine industry has been primarily driven by adult vaccines while the
pediatric vaccines still continues to be one of the major contributors.
As per various industry estimates the overall global vaccines market was
valued at US$ 28 billion in 2010 and is expected to reach US$ 56.7 billion by
2017 with a CAGR of 11.5%. The key growth drivers shall be growing public awareness
about preventive healthcare, inclusion of vaccines in the Government
immunisation programmes, introduction of newer therapeutic, prophylactic
vaccines including combination vaccines and development of vaccines for
diseases like HIV, Malaria, Dengue, Cancer etc.
The major human vaccines markets include North America, Europe, Japan,
Australia and New Zealand. The US represents the largest market for
prophylactic human vaccines, accounting for more than 50% of the global
vaccines market. However, future growth is expected to emanate mostly from the
developing regions of Asia-Pacific, Latin America and the Rest of World with
Asia-Pacific being the fastest growing region. The emerging markets are playing
an increasingly significant role in the vaccines market as they industrialise
and generate additional national income and immunisation becomes their key
priority area. The two other factors that are contributing to the globalisation
of the vaccine market are the efforts of the Gates Foundation and associated
non-government organisations who are contributing significant funding to the
development and introduction of new vaccines into the developing world.
Additionally, there is real growth in the capabilities and aspirations of
vaccine manufacturers located in the emerging markets such as India. These
manufacturers are now increasing their pipelines and products and have bigger
aspirations in terms of the market that they are targeting.
The pace of growth of vaccines business has become higher than the pharmaceutical
business and major Pharma companies are eyeing the vaccine market as driver for
their growth. The classic examples are blockbuster launches of new generation
vaccines globally with revenue of more than $1bn immediately post its launch
(Prevenar and Gardasil). Many mergers and acquisitions have taken place in this
space. Major players like Sanofi, GSK, Novartis, Pfizer, J and j have laid
strong foothold in vaccines. With companies consolidating, they can now
emphasise better in the vaccine market through focused R and D and new
technology platforms. Morever, considering the growing competition and costs,
heightened quality expectations and stricter safety enforcement, vaccine
manufacturers are looking to their suppliers not only for higher quality products,
but for greater support and closer collaboration at every stage of production
in local manufacturing.
Indian Vaccine Market
India has made a significant contribution to the development of global vaccine
industry by producing many critical vaccines in large volumes at affordable
prices. The vaccines market in India is vibrant with a strong global presence
and is placed among the leading ones in the emerging markets. India's huge
population and large birth cohort makes it an attractive market among the
world's largest markets for all types of vaccines. The Indian vaccine market is
getting boosted with the increasing penetration of existing vaccines,
introduction of more and more vaccines in the national immunisation programme,
introduction of innovative combination and novel vaccines by both Indian and
multinational companies in India.
The Indian vaccine market continued its growth trend and registered 22%
growth in 2011 with a market size of around US$ 350 million and is expected to
reach around US$ 1.0 billion by 2017 with a CAGR of approx. 20%. India produces
60 percent of the world's vaccines and account for 60-80 percent of annual UN
vaccine purchases. Over 70% of patients from majority of the developing
countries receive vaccines procured from India by the UNICEF, International
Dispensary Association, the Global Fund and Clinton Foundation.
With the concerted efforts of all stakeholders towards ensuring
eradication/elimination of diseases that can be prevented through vaccination,
noteworthy improvement has happened over these years in bringing down the
number of cases reported earlier on MMR, Hepatitis B, Diphtheria, Pertussis,
Influenza and so on. India has shown tremendous commitment towards its fight
against critical diseases which is evident from the fact that India has not
only successfully reduced the polio cases to zero but also ensured non
recurrence of polio cases since January 2011 resulting India getting out of
WHO's Polio endemic list in February 2012. This could be possible only through
collaborative effort by the Government, both at Central and State
Levels,Industry, multilateral agencies like
Gates Foundation, Rotary and the mammoth role played by IAP and its
members.
The key growth drivers for vaccine market in India are higher disease
burden resulting in dire need to prevent it through vaccination, large unmet
medical needs even for basic vaccines in rural India, commendable efforts by
local governments to improve vaccination through public infrastructure and
increase in affordability leading to enhanced requirements for new generation
vaccines.
However, the Indian vaccine industry, due to its evolving nature and by
virtue of its presence in an imperfect emerging market, is faced with a number
of challenges both at the micro unit level and at the macro level.
Global
Pharmaceutical Market
The global pharmaceutical industry is witnessing transformation due to
changing demographic profile, epidemiological and economic shifts. With the
growing and aging world population and changing lifestyle in the developing
world, more and more new areas of medical need are emerging. These changes
coupled with the large unmet medical need for treatment of critical diseases
are expected to generate significant opportunities for pharmaceutical companies
across the globe.
During 2011, the global pharmaceutical market has grown by 5.1% to
around US$ 956 billion and is expected to grow at a CAGR of 3-6% to cross US$
1.1 trillion by 2015. The most significant feature is that more than 60% of
this increase is expected to be contributed by the emerging markets, which is
forecasted to grow at a remarkable CAGR of 13-16% to reach around US$ 345
billion by 2015, while the developed markets are forecasted to grow at a much
lower rate of less than 5% p.a.
Amidst all other good things, the global pharmaceutical industry
continues to remain fragmented and fiercely competitive and faces increased
genericisation. The generics industry on the other hand would be counting a lot
due to generic competition in new molecules arising out of patent expiries,
alternative generic opportunities and increased incentives for the usage of
generics in many markets. The emerging pharma markets would therefore look
forward to capitalise on this opportunity.
The generics segment of the global pharmaceutical market has traversed a
long way from contributing at around 28% in 2010 to reach at an expected
landmark of 40% of the total global pharma spending by 2015 growing with a CAGR
of around 13%, as compared with a 1% CAGR in the patented branded market. Cost
containment by governments / payers and
relatively low This trend is visible not only in the emerging markets but also
penetration in some major geographies etc. Contribution from the in the
developed markets. The generics market is expected to emerging pharma markets
has gone up with China, India, Brazil, expand further due to the increase in
genericisation with US$140 Turkey and Russia leading the way from contributing
19% in 2004, billion drugs, now patented, going off patent by 2015, healthcare
to contributing over 30% of the sales in the generics industry.
Indian
Pharmaceutical Market
The Indian pharmaceutical market is currently valued at US$ 11 billion
and has grown steadily at a CAGR of 14-15% during the past five years and is
expected to touch US$ 74 billion by year 2020. Globally, India ranks third in
terms of manufacturing pharma products by volume. India, with a little over 10
% market share, ranks third in value terms in Asia Pacific region. The strong
growth has been driven by a confluence of factors including growing Indian
economy, rising disposable income, increasing healthcare expenditure,
increasing medical insurance coverage, increased lifestyle related diseases, improvement
in healthcare infrastructure/delivery systems and rising penetration in smaller
towns and rural areas. All these factors have led to the organic growth in the
Indian market by expansion in volumes and new product introductions as against
prices increase based growth. The Indian Pharma industry also holds immense
potential as India is home to approx. 1/6th of the world's population, and is
expected to become the most populous nation in the world by 2050.
Despite increasing consolidation, the market continues to remain highly
fragmented with top ten pharmaceutical companies accounting for 35-40% of the
market. Leading players continue to maintain their market share owing to their
strong distribution reach, strong field force and slew of new product launches.
The acute therapy segments dominate the Indian pharmaceutical market
with a share of 73% of the total market. However, with changing demographics
and lifestyle patterns, the chronic segments such as cardiovascular,
anti-diabetic, neurology, psychiatry have been growing at a faster pace and the
market is gradually shifting towards chronics.
With the stabilisation of the patent regime in India and strong growth
prospects in future, the landscape for MNCs pharmaceutical companies is gradually
changing and they are now becoming increasingly aggressive in the Indian market
as part of their focus on emerging markets.
India has over 120 USFDA approved plants, highest in any country outside
USA, and 84 UK MHRA-approved manufacturing facilities. These facilities
significantly contribute towards exports and also support the companies
involved in CRAMS. The collaborations and tie-ups between Indian and MNC pharma
companies are increasing globally. While the Indian companies are focusing on de-risking
their R and D and leveraging on marketing and distribution setup of MNCs
through these collaborations, the MNCs are trying to leverage the cost
effective manufacturing and R and D capabilities of Indian companies.
Transplant SBU
The Transplant SBU contributes in prolonging the life of organ
transplant recipients and is responsible for marketing of these
immunosuppressive drugs in the therapy area of post multi-organ transplantation
primarily kidney, liver, heart transplant etc. The SBU has carved a niche in
super - specialty segment and created a scientific image and has achieved clear
leadership in these segments.
Panacea Biotec started its journey in transplantation segment with the
launch of cyclosporine (Panimun Bioral) in 1994 as first generic brand and
today Panimun Bioral is a flagship brand and has completed more than 17 years
and continues to be the trusted and preferred brand of Cyclosporine in the
country. The commitment was further strengthened with the launch of Mycept
(Mycophenolate Mofetil) which again was the first generic in the country and
today is 2nd largest brand in its segment in India. The portfolio was further
strengthened by launching Mycept S (Mycophenolate sodium).
Again in the year 2004 Panacea Biotec was the first in the country to
launch PanGraf (Tacrolimus), which is the largest and most preferred brand of
Tacrolimus in India. The launch of PanGraf along with the other brands lead
Panacea Biotec towards leadership position in India and today PanGraf has
attained leadership position in organ transplantation segment in India since
2007.
Being an innovative company amongst the many, the SBU was the first to
launch PanGraf 2 mg, Mycept 750 mg and Mycept S 540 mg which offered better
dose titration, less pill burden for more compliance and better patient
management by the physicians.
Their portfolio is completed in post-transplant immune-suppressive
segment with addition of Imuza (Azathioprine). Besides there are Siropan (mTor
Inhibitors Sirolimus) and recently launched Evergraf (Everolimus) which have
proved to be a right fit for long term graft survival where there is CNI
toxicity or other complications to patients.
Transplant SBU consolidated and strengthened its leadership status in
organ transplantation in the year 2011-12 with entry into Anti-infective
segment. Infection management amongst post-transplant patients is a critical
success factor for longevity of the organ recipient. The SBU launched Vagacyte
(Valganciclovir) for the prophylaxis of cytomegalovirus amongst the recipients
which is gaining fast acceptance amongst the Transplant physicians.
This SBU is planning to introduce many new products to ensure its
commitment of providing an end-to-end solution for the organ transplant
recipients.
Nephrology SBU
Chronic kidney disease (CKD) is a worldwide public health problem and
incidence rate of kidney failure are rising. Often, chronic kidney disease is
diagnosed as a result of screening of people known to be at risk of kidney
problems, such as those with high blood pressure or diabetes. Today in India
the number of people suffering from diabetes and hypertension is on a high,
leading to a rise in patients diagnosed with CKD. Dialysis is primarily used as
an optimal therapy to provide an artificial replacement for lost kidney
function in such patients.
The Nephrology SBU focuses on providing quality care to patients with
Chronic Kidney Diseases or Dialysis. It offers a wide range of therapy starting
from early stages in CKD to end stage renal disease. The SBU is focused on
Renal Anemia Management, Hyperuricemia, Renal Nutrition and CKD-MBD (Mineral
Bone Disorders) therapy areas being the key growth drivers in the coming years.
It currently has a brand portfolio of Epotrust (Erythropoietin), Overcom (Iron
Sucrose), Alphadol (Alfacalcidol BP), SevBait (Sevelamer Carbonate), Fosbait
(Lanthanum Carbonate), Mimcipar (Cinacalcet Hydrochloride), K-bait (Calcium
Polystyrene Sulphonate BP), Proseventy (Nutritional Protein Powder), Renhold
(Protein for Dialysis Patients) and Febarto (Febuxostat).
The Anemia segment is the largest of the Nephrology SBU comprising of
46% of the Nephrology business. Financial Year 2011-12 witnessed the SBU
entering into a new therapeutic segment with launch of Febarto (Febuxostat) in
hyperuricemia segment and consolidated its position in hyperphosphatemia
segment with launch of SevBait. Epotrust is amongst the fastest growing brands
in the erythropoietin market. Vials were launched to increase the reach and
penetration of Epotrust.
This SBU is planning to introduce many new products to ensure its
commitment of providing an end-to-end solution for the Chronic Kidney Disease
(CKD) patients which will add to the extraordinary growth it is attaining in
the segment taking fast growth path.
OncoTrust SBU
Cancer is the second leading cause of death worldwide. Like the western
world, the peril of cancer has reached huge proportions in India with nearly 1
million new cancer cases getting added every year to the existing cancer
burden. The increasing cancer incidence has witnessed the Indian oncology
community fighting this battle against cancer with more dedication.
Oncotrust, the third Super Specialty SBU, one of the fastest growing in
the Oncology segment, is working with an object to make existing cancer
treatment more affordable and also to develop NDDS cytotoxic drugs that enable
the patients to get high quality and affordable medicine with improved efficacy
and safety.
Being a part of this crusade against cancer and partner with the oncologists
to fight this dreaded disease, OncoTrust has completed five successful years in
the market, gaining the familiarity and wisdom to compete in the highly
competitive oncology market of India. The position of OncoTrust as an ethical
and scientific organisation has been cemented in the oncology community with
the several initiatives including entry into the NDDS segment of chemotherapy.
Panacea Biotec has an offering of robust portfolio of targeted
therapies, cytotoxic and supportive care products that Oncologists can rely on
to ensure a better quality of life for their patients.
The new product launch during the year, included, the Company's cost
effective and Novel Drug Delivery nano-particle based albumin bound Product
PacliALL (Paclitaxel), meant to be used as chemotherapeutic agent for the
treatment of Breast Cancer. The product has been a grand success and became No.
2 brand with Market Share of >38% in volume and 26% in Value within the
niche segment of nab-Paclitaxel in the 1st year of launch.
The OncoTrust SBU has also achieved break even in FY12 and joined the
profitable BU segments of Panacea Biotec with a growth of 67% in the year .
This SBU has 14 products encompassing the major therapy area in cancer like
Lung, Breast and Colorectal Cancer, Gliomas, Haematology and Supportive care.
PacliALL has also received two prestigious awards in this year:
·
"Product
of the Year award 2011" by BioSpectrum
·
"India Nanotech Innovation Award 2011"
initiated by the Government of Karnataka
Diacar Alpha and Diacar
Delta SBUs
Today, India is the diabetes and hypertension capital of the world and
Indians are further heading towards becoming the CAD (coronary artery disease)
capital of the world. WHO further estimates that diabetes related mortality may
increase upto 35% by 2015. Today, India is poised at the ascending limb of
epidemic diabetes. By the end of year 2025, 70 million will suffer from
diabetes and associated complications. Similarly, cardiovascular segment is
consistently showing high growth every year.
Diacar Alpha and Diacar Delta SBUs together are highest revenue
contributing SBU of the company with dedicated marketing and sales
infrastructure for Diabetes and Cardiovascular therapy management.
Diacar focuses on Endocrinologists, Diabetologists, Cardiologists and
Physicians in a fiercely competitive scenario and have achieved significant
leadership position in oral anti-diabetic segment. The SBU has now initiated an
increase in focus on Nephrologists as well. To tap the complete market
potential, Diacar two strategic arms Diacar Alpha and Diacar Delta focusing on
Diabetology and Cardiology respectively.
The flagship brand of Diacar Alpha is Glizid-M (Gliclazide + Metformin)
which is the No. 1 brand within the Company across all SBUs. The brand
portfolio of Diacar Alpha and Diacar Delta includes:
Oral Hypoglycemic agents: Glizid, Glizid MR (Gliclazide modified
release), Glizid-M OD (Gliclazide Modified release), Betaglim (Glimepiride),
Betaglim M (Glimepiride + Metformin), Metlong and Metlong DS (Metformin),
Pioryl (Pioglitazone + Glimepiride), Oglo (Pioglitazone), Gliben Total, Glizid
Total and Glim Total (Glimepiride +Metformin + Pioglitazone). New product
launches during the year include the most promising statin Rosuvastatin under
the brand name of Exeroz.
Cardiovascular agents: World's 1st Modified Release and patented
Ramipril - RAMY24 (modified release Ramipril with double peaks) developed
through in-house patented technology, Lower A (Atorvastatin), Lower TG
(Atorvastatin + Fenofibrate), OGLIBO (Voglibose), Teltor (Telmisartan), Teltor
AM (Telmisartan + Amlodipine), Tecbeta (Metoprolol Succinate) and Tecbeta AM
(Metoprolol Succinate + Amlodipine).
Co-prescriptives: In co-morbid conditions like Diabetic peripheral
neuropathy Diacar Alpha has Myelogen Forte range which has gained wide spread
usage and is fast growing. Brand was given an extension this year with Myelogen
powder which is ideal supplement for diabetics. Stamicar (L-Carnitine L-Tartrate)
was launched in Diacar Delta which is gaining fast acceptance in the very first
year.
Procare SBU
Procare SBU of the Company caters to chronic care segment of Orthopedic
and Gastroenterology therapy through focus on specific disease management with
deep rooting in pain management.
Within Orthopedics, SBU's focus is on Osteoporosis, Osteoarthritis and
Rheumatoid Arthritis Management and within the Gastroenterology focus is on
Constipation, Anorectal disorders and product range in liver disease management.
This SBU promotes a portfolio of brands with special focus on Orthopaedicians,
Surgeons and Gastroenterologists along with Consulting and General Physicians.
·
The
brand portfolio of Procare includes:
·
Gastrointestinal:
Sitcom (Euphorbia Prostrata) Tablets and Cream, Livoluk (Lactulose), Livoluk
Fibre, Gush (Lactitol Monohydrate + Ispaghula Husk) and ODpep
·
Chronic liver diseases: Uciro (Ursodeo Xycholic
Acid)
·
Anti-osteoporosis: Vacosteo (Zoledronic acid, 3rd
generation injectable bisphosphonate), Alphadol-C (Alfacalcidol),
·
Calcom and Monthiba (ibandronic Acid)
·
Anti-arthritis : Willgo, Kondro OD and Kondro Acute
((Glucosamine Sulphate Potassium Chloride)
·
Pain Management: Nimulid, Nimulid SP, Nimulid MR,
Nimulid HF, Dolzero, and newly launched Delupa (Aceclofenac)
·
Gout and Hyperuricemia: Febarto (Febuxostat)
launched during the year
Sitcom has evolved as the first choice among anti-hemorrhoidals within
Gastroenterologists and Surgeons. This success has motivated the SBU to launch innovative
formulations in the form of Sitcom Forte tablets and Sitcom LD cream for the
first time in India in current financial year.
The future plans of the SBU include launching of high end molecules in
the field of orthopedics (both osteoporosis and osteoarthritis), complete range
of pain management Delupa-P, Delupa-SP, Delupa-CR and Delupa-TH as well as
gastroenterology and encash the built up equity in both these segments. The SBU
is fully geared for multiple launches in this financial year with radical
expansion plans in near future.
Growcare SBU
Growcare SBU focuses on Gastro-Intestinal (GI), Anti hemorrhoidal, Cough
and Cold, Vitamins and Minerals and Pain Management therapies.
Committed to reduce the burden of these diseases, Growcare marks the Company's
presence in therapy areas like Anorectal Disorders (Piles and Hemorrhoids),
Gastro-Intestinal, Respiratory (Cough, Cold and Allergy), Anti-Infectives, Pain
Relievers, Vitamins and Minerals. The different specialties serviced by
Growcare SBU are General Physicians, Consulting Physicians, ENT Surgeons,
Pediatricians and General Surgeons.
The brand portfolio of Growcare includes:
·
Anti
hemorrhoidal: Thank OD and Thank OD Cream
·
Anti-infective: Ocimix (Ornidazole), ValueCef,
ValueCef-O and ValueThral (Azithromycin Dihydrate)
·
Anti-Allergic: Zomont AL, Zomont AL Kid Tablet
(Montelukast Sodium)
·
Cough, Cold and Fever: Cough syrups range Corton,
Toff MD, Toff DC, Toff-lix and Toff expectorant, Orangemol Suspension. TECPara
(technological advanced Paracetamol) an in house R and D patented product) is a
new launch which is gaining acceptance
·
Pain Management: Nimulid and Nimulid MD (Mouth
dissolving) tablets, Nimulid-ER, Nimulid Suspension and Nimulid Transgel
·
Gastro-Intestinal: EnBa, EnBa-Rab, FiberFOS, HiFibre
and Livoluk kid
·
Vitamins and Minerals: Wholesum
·
Anti TB: Myser (Cycloserine) and Myobid
(Ethionamide)
The plans are to launch during the year complete Tecpara range to
strengthen Panacea Biotec equity in fever and pain management.
Brands Review
Over the years, Panacea Biotec has established leading brands that enjoy
top of the mind recall by the medical fraternity. The Company's brands command
excellent market share in their therapeutic segments. According to ORG IMS (TSA
MAT Jun'12) Sales value, Panacea Biotec is among top 50 companies in the Indian
Pharmaceutical Market with Nephrologists, Dentists, Orthopaedicians and
Diabetologists giving the best support. As per Stockist Secondary Audit of ORG
IMS (MAT Jun'12), Glizid-M stands at 278th rank among top brands in the Indian
Pharmaceutical market and retain number one position within its category.
Panimum Bioral, Mycept and PanGraf are also leading brands in the Organ
Transplantation segment but have a poor reflection in ORG IMS audit, as ORG IMS
SSA audit does not track institutional and hospital sales.
CONTINGENT LIABILITY
(Rs. In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
i) Disputed demands/ show-cause notices under |
|
|
|
a) Income Tax cases |
4.800 |
1.800 |
|
b) Customs Duty cases |
4.000 |
4.000 |
|
c) Central Excise Duty cases |
6.600 |
6.600 |
|
d) Service Tax |
9.700 |
8.300 |
|
ii) Bank Guarantee |
|
|
|
iii) Labour cases (in view of large number of cases, it is impracticable to disclose each of them) |
1.200 |
1.200 |
NOTES:
a) In respect of income tax demand, the Assessing Officer disallowed certain expenses in respect of A.Y. 2007-08, A.Y. 2008-09 and A.Y. 2009-10 which were computed in accordance with the provisions of Income Tax Act, 1961. The matters are pending with tax and judicial authorities. The Company believes that it has merit in its case, hence no provision is required.
b) In respect of custom duty demand, the Assessing Officer levied custom duty on certain exempted items imported by the Company. The Company has deposited the entire amount of demand under protest and the matter is pending before Hon’ble Customs, Excise and Service Tax Appellate Tribunal. The Company believes that it has merit in its case, hence no provision is required.
c) In respect of central excise duty demand, the Assessing Officer levied excise duty on common inputs used in manufacture of exempted and taxable products. The Company has deposited the entire amount of demand under protest and the matter is pending before the Hon’ble Customs, Excise and Service Tax Appellate Tribunal. The Company believes that it has merit in its case, hence no provision is required.
d) In respect of service tax demand, the Assessing Officer levied service tax on foreign services rendered and delivered outside India by the Company and certain others services on which there was no liability to pay service tax. The Company believes that it has merit in its case, hence no provision is required.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
L33117PB1984PLC022350 |
|
Name of the company |
PANACEA BIOTEC LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
Ambala-Chandigarh Highway, Lalru – 140501, Punjab, India E-mail Id : companysec@panaceabiotec.com
|
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of charge holder |
Ministry of Science and Technology (Department of Biotechnology), 6-8th
Floor, Block No.2, CGO Complex, Lodhi Road,, New Delhi – 110003, India E-mail Id : swarup@dbt.nic.in |
|
Nature of instrument creating charge |
Deed of hypothecation dated 20th April 2012 read with the original
agreement executed between the department of biotechnology and subject. |
|
Date of instrument Creating the charge |
20.04.2012 |
|
Amount secured by the charge |
Rs.32.830 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest
2% p.a. upto Rs.100.000 Millions and 3% p.a. exceeding Rs.100.000
Millions. Terms of
Repayment Ten equal half yearly installments payable one year after closure of
the project. Margin 59.26% Extent and
Operation of the charge The agreement provides that any and all equipment, apparatus
machineries, machineries spares, tools and other accessories, goods and/or
other movable property of subject including those acquired for the project
through contribution by panacea and/or by Debt to a value equivalent to
Rs.32.830 Millions which includes Rs.30.000 Millions as loan and Rs. 2.830
Millions as interest thereon shall be hypothecated to Debt till the entire amount
of loan with interest accrued is repaid by panacea |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
The agreement provides that any and all equipment, apparatus
machineries, machineries spares, tools and other accessories, goods and/or
other movable property of subject including those acquired for the project
through contribution by panacea and/or by debt to a value equivalent to
Rs.32.830 Millions which includes Rs.30.000 Millions as loan and Rs. 2.830
Millions as interest thereon shall be hypothecated to debt till the entire
amount of loan with interest accrued is repaid by subject |
FIXED ASSTES
· Land – Leasehold
· Land – Freehold
· Buildings
· Leasehold
Improvements
· Plant and
Machinery
· Vehicles
· Furniture and
Fixtures
· Office Equipments
· Computer
Equipments
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER / NINE MONTHS ENDED DECEMBER 31ST, 2012
(Rs. In Millions)
|
Particulars |
31.12.2012 |
30.9.2012 |
31.12.2012 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
PART – I |
|
|
|
|
1. Income from
operations |
|
|
|
|
a. Net sales / income from operations (net of excise duty) |
1662.800 |
966.700 |
3460.500 |
|
b. Other operating income |
178.200 |
361.100 |
595.100 |
|
Total income from operations (net) |
1841.000 |
1327.800 |
4055.600 |
|
2. Expenditure |
|
|
|
|
a. Cost of materials consumed |
876.700 |
832.600 |
1900.200 |
|
b. Purchase of stock in trade |
35.700 |
90.700 |
177.200 |
|
c. (Increase)/Decrease in inventories |
(62.300) |
(500.600) |
(506.200) |
|
d. Employees benefits expense |
341.800 |
339.700 |
1025.200 |
|
e. Depreciation and amortisation expese |
215.800 |
209.400 |
625.200 |
|
g. Other expenses |
776.300 |
702.700 |
1910.400 |
|
Total expenses |
2184.000 |
1674.500 |
5132.000 |
|
3. (Loss)/Profit from operations before other income, finance cost, foreign exchange fluctuation gain/ (loss) & exceptional items (1-2) |
(343.000) |
(346.700) |
(1076.400) |
|
4. Other income |
25.700 |
0.200 |
27.100 |
|
5. (Loss)/Profit from ordinary activities before finance cost, foreign exchange fluctuation gain / (loss) & exceptional items (3+4) |
(317.300) |
(346.500) |
(1049.300) |
|
6. Finance cost |
269.800 |
155.500 |
700.400 |
|
7. Foreign exchange fluctuation loss/ (gain) |
35.700 |
(79.800) |
93.100 |
|
8. (Loss)/Profit
from ordinary activities after finance cost before exceptional items (5-6-7) |
(622.800) |
(422.200) |
(1842.800) |
|
9. Exceptional income/(exp) - Refer note 7(i) & (ii) |
|
164.000 |
164.000 |
|
10. Profit / (loss)
from ordinary activities before tax (8+9) |
(622.800) |
(258.200) |
(1678.800) |
|
11. Tax expenses |
. |
(67.100) |
(205.000) |
|
12. Net profit /
(loss) from ordinary activities after tax (10-11) |
(622.800) |
(191.100) |
(1473.800) |
|
13. Extraordinary items (net of tax expenses) |
|
|
|
|
14. Net profit /
(loss) for the period (12-13) |
(622.800) |
(191.100) |
(1473.800) |
|
15. Paid up equity share capital (face value of Re.1 per share) |
61.300 |
61.300 |
61.300 |
|
16.Reserves excluding revaluation reserves |
|
|
|
|
17.Earning per
share (EPS) |
|
|
|
|
- Basic (in Rs.) |
(10.17) |
(3.12) |
(24.06) |
|
- Diluted (in Rs.) |
(10.17) |
(3.12) |
(24.06) |
|
A. Particulars of
shareholding |
|
|
|
|
1. Public
shareholding |
|
|
|
|
- No. of shares |
15,427,192 |
15,426,992 |
15,427,192 |
|
- Percentage of shareholding |
25.19 |
25.19 |
25.19 |
|
2. Promoters and
promoter group Shareholding |
|
|
|
|
a) Pledge /
encumbered |
|
|
|
|
- No. of shares |
- |
- |
- |
|
- % of Shares (as a % of the total shareholding of promoter & promot |
- |
|
|
|
- % of Shares (as a % of the total share capital of the Company) |
- |
|
|
|
b) Non-encumbered |
|
|
|
|
- Number of shares |
45,823,554 |
45,823,754 |
45,823,554 |
|
- % of Shares (as a % of the total shareholding of promoter & promoter group) |
100.00 |
100.00 |
100.00 |
|
- % of Shares (as a % of the total share capital of the Company) |
74.81 |
74.81 |
74.81 |
|
B. Investor
complaints |
|
|
|
Pending at the beginning of the quarter |
|
- |
|
Received during the quarter |
|
- |
|
Disposed of during the quarter |
|
- |
|
Remaining unresolved at the end of the quarter |
|
- |
UNAUDITED SEGMENT-WISE REVENUE, RESULTS, AND CAPITAL EMPLOYED FOR THE
QUARTER / NINE MONTHS ENDED ON 31.12.2012
|
Particulars |
31.12.2012 |
30.9.2012 |
31.12.2012 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1. Segment revenue |
|
|
|
|
(a) Vaccines |
708.900 |
104.400 |
872.600 |
|
(b) Formulations |
971.800 |
1083.700 |
2873.100 |
|
(c) Research & development |
146.600 |
125.100 |
271.700 |
|
(d) Unallocated |
13.700 |
14.600 |
38.200 |
|
Gross sale/Income
from operation |
1841.000 |
1327.800 |
4055.600 |
|
Less : Inter segment revenue |
|
|
|
|
Net sales/income
from operations |
1841.000 |
1327.800 |
4055.600 |
|
2.Segment results |
|
|
|
|
Profit (+)/ loss
(-) before tax and interest from each segment |
|
|
|
|
(a) Vaccines |
(268.200) |
(289.600) |
(785.200) |
|
(b) Formulations |
337.900 |
277.500 |
815.600 |
|
(c) Research & development |
(215.100) |
(112.600) |
(504.400) |
|
Total |
(145.400) |
(124.700) |
(474.000) |
|
Less : i) Finance cost |
269.800 |
155.500 |
700.400 |
|
ii) Other un-allocated expenditure net off un-allocated income |
207.600 |
(22.000) |
504.400 |
|
Total profit before
tax |
(622.800) |
(258.200) |
(1678.800) |
|
3. Capital Employed |
|
|
|
|
(Segment
assets-segment liabilities) |
|
|
|
|
(a) Vaccines |
6383.200 |
6970.000 |
6383.200 |
|
(b) Formulations |
3057.600 |
2751.300 |
3057.600 |
|
(c) Research & development |
1986.300 |
2352.100 |
1986.300 |
|
(d) Unallocated |
(4861.600) |
(4858.000) |
(4861.600) |
|
Total capital
employed |
6565.500 |
7215.400 |
6565.500 |
Notes:
1. The above financial results were reviewed by the Audit Committee of the Board and approved by the Board of Directors at their meetings held on February 7, 2013 and February 8, 2013, respectively.
2. Tax expense includes income tax and deferred tax liability.
3. The Company has got Government of India's orders for supply of Trivalent Oral Polio Vaccines (TOPV) and Bivalent Oral Polio Vaccine (BOPV) worth Rs.1876.100 Millions, to be supplied during the period December 2012 till May 2013 to meet the requirements of National Immunisation Days (NIDs) and Supplementary National Immunisation Days (SNIDs).
4. The Company has for the first time launched its product in US by way of launch of Tacrolimus Capsules through its strategic partner Kremers Urban Inc. (part of UCB Group).
5. During the quarter, the Company has invested an amount of Rs.33.800 Millions towards payment of call money in respect of partly paid shares held in its Indian subsidiary, New Rise Healthcare Private Limited and an amount of Rs.0.600 Millions has been invested in Adveta Power Private Limited, a joint venture Company. Further, an amount of US$ 52,000 (around Rs.2.800 Millions) was| remitted to the Company's WOS, Rees Investments Limited, Guernsey in terms of existing loan agreement.
6. The Company and its JV partner Novartis Vaccines and Diagnostic Srl have mutually decided to dissolve their joint venture for marketing of vaccines in India. Accordingly, the JV company, viz. Chiron Panacea Vaccines Private Limited has now stopped selling products. Now each JV Partner shall be free to market, distribute and sell any products in India.
7. As at March 31, 2012, an amount of Rs. 654.300 Millions (previous year Rs. 490.500 Millions) including interest of Rs 36.300 Millions (previous year Rs. 6.100 Millions) was receivable from its wholly owned subsidiary viz. Rees Investment Ltd. Pursuant to the diminution in the value of investment temporarily in US based company 'Pharmathene Inc.' by Rees through its| subsidiary and losses in Rees and its other subsidiaries, loan repayment capability of Rees Investment Limited came under pressure. Therefore, based on conservative prudence approach, an amount of Rs. 421.400 Millions was provided for as 'Provision for bad and doubtful advances' which was shown as an exceptional expense in the year ended March 31, 2012.
8. In terms of the Accounting Standard -16 "Borrowing Costs", the foreign exchange differences arising from foreign currency borrowings to the extent regarded as an adjustment to interest cost were treated as borrowing cost. In pursuance of the clarification issued by Ministry of Corporate Affairs vide its circular no. 25/2012 dated August 9, 2012, the Company] changed its accounting policy w.e.f. from April 1, 2011 and accounted for the aforesaid foreign exchange differences arising from foreign currency borrowings as per AS-11 - "The Effects of Changes in Foreign Exchange Rates". Consequent to the above, exchange difference of Rs. 173.100 Millions which was earlier recognized as borrowing cost pertaining to the financial year 2011-12 was reversed and shown as an exceptional income amounting to Rs. 164.000 Millions (net of depreciation of Rs. 9.100 Millions) and Rs. 27.800 Millions pertaining to the quarter] ended June 30, 2012 were also reversed during the quarter ended September 30, 2012. Out of the aforesaid amount of exchange differences of Rs. 200.900 Millions, Rs. 131.700 Millions (net of depreciation of Rs. 9.100 Millions) were capitalized to the cost of fixed assets and Rs. 60.100 Millions has been accumulated in the "foreign currency monetary item translation difference account" in the quarter ended September 30,2012.
9. During the quarter, the Company has launched three new products namely Kondro Flex (Osteoarthritis), Glizid Total P 7.5 (Anti diabetic), Epotrust 5000 PFS (Renal failure).
10. The Company had manufactured and offered supply of certain vaccines manufactured against the Confirmed Order. Some quantities of vaccines were supplied during December 2011, the balance could not be supplied in view of disputes with respect to delivery dates and in the meantime the stock of such vaccines has expired. Further, the Company has also received advance market commitment (AMC) amount against these vaccines. In view of above disputes, the Company has obtained a stay order from the Hon'ble Delhi High Court against recovery of said amount, till the disputes are finally resolved through arbitration. While the arbitral proceedings are on, the Company believes that the entire amount in respect of above supplies (after adjusting the AMC amount) and applicable interest thereon is recoverable and no interest is payable on the said AMC amount. Based on legal opinion, no adjustment in respect of the expired stock and the interest amount has been made in the above results.
11. The Statutory Auditors have also carried out limited review of these results and have given their observations in their report in respect of para 11 (i), (ii), &12 (i) below.
12. As regards Auditors' observations in their report on the audited accounts for the Financial Year 2011-12 and in their limited review report on the above results:
13. With regard to capitalization of expenditure on clinical trials for the purpose of registration of Company's products outside India, the management believes that these products would be commercially viable and there is no reason to believe that there is any uncertainty that may lead to not securing registration for the products from the regulatory authorities. The total amount of such capitalization up to December 31, 2012 is Rs.28.100 Millions.
14. During the quarter ended September 30, 2011, following a routine site audit, WHO had delisted the Company's DTP-based combination and monovalent hepatitis B vaccines from its list of pre-qualified vaccines on account of deficiencies in quality management system. The Company has stock of raw material and finished goods of Rs.293.900 Millions and Rs.328.300 Millions, respectively as at December 31, 2012 of the above said vaccines. Fixed Assets related to the products delisted cannot be separately identified. The Company has already initiated its corrective and preventive measure to ensure compliance with the WHO pre-qualification guidelines. The Company is in touch with WHO in this respect and is confident that with these corrective and preventive measures, the Company will be able to get re-listing of above said vaccines in the list of WHO pre-qualified vaccines in due course. Further, the Company expects orders for the sale of these products from other customers at values higher than cost, and so no adjustment to Net Realisable Value of the existing stock of these products is expected to be required.
15. Due to the absence of profits during Financial Year 2011-12, the total remuneration of Managing/Joint Managing and Whole Director Directors had exceeded ceiling prescribed in Section II of Part II of Schedule XIII to the Companies Act, 1956. The approval of the Central Government in respect of excess remuneration of Joint Managing Directors and Director! Operations & Projects were received in the quarter ended September 30,2012 and the approval of the Central Government in respect of excess remuneration of Managing Director and Whole Time Director has also been received in the current quarter.
16. As regards Auditors' observations in their limited review report on the above results:
17. The managerial remuneration of Rs.9.050 Millions paid during the quarter (in spite of voluntary reduction in remuneration approved in previous Board Meeting), may exceed the limits specified under relevant provisions of the Companies Act, 1956, in view of losses during the current quarter. In the event the profits for the current financial year are inadequate, the Company will file requisite applications for obtaining approval from Central Government for excess remuneration, if any.
18. The necessary certificate in respect of above results in terms of requirement of clause 41 of the listing agreement, has been placed before the Board of Directors. Previous period / year figures have been regrouped/ reclassified to make them comparable with those of current Quarter. For and on behalf of the Board
19. New Delhi Dr. Rajesh Jain February 8, 2013 Joint Managing Director Panacea Biotec Limited.
WEBSITE DETAILS:
PRESS RELEASES:
PANACEA BIOTEC GETS
GOVERNMENT OF INDIA'S ORDER FOR SUPPLY OF ORAL POLIO VACCINE WORTH RS. 1876.100
MILLIONS
New Delhi: 17th December 2012: Panacea Biotec, India's 2nd largest producer of vaccines and a highly progressive research based health management company gets Government of India's orders for supply of 345 million doses of Trivalent Oral Polio Vaccines (tOPV) and Bivalent Oral Polio Vaccine (bOPV) worth Rs. 1876.100 Millions, to be supplied during the period December 2012 till May 2013 to meet the requirements of National Immunisation Days (NIDs) and Supplementary National Immunisation Days (SNIDs).
As per Government, of India's orders, Panacea Biotec will supply 125 Million doses of tOPV in the month of December 2012 and 70 Million doses of tOPV in the month of January 2013 for the National Immunisation Days (NIDs). Panacea Biotec will also supply a total of 150 Million doses of bOPV to meet the requirements of Supplementary National Immunisation Days (SNIDs) -100 Million doses in the month of February 2013 and 50 Million doses in the month of May 2013.
Commenting on the development Dr. Rajesh Jain, Joint Managing Director, Panacea Biotec Limited said "We are pleased with this opportunity of supplying OPV vaccines to meet the requirements of NIDs and SNIDs programs. These programs have played a major role in eradication of polio in the country. WHO's Global Polio Eradication Initiative (GPEI) has made great progress based on use of oral poliovirus vaccine (OPV) with a live, attenuated form of Sabin poliovirus strains. India, once known as the world's epicenter of polio, has successfully achieved two years polio-free since its last case, recorded on 13th January 2011. In this gigantic task, Panacea Biotec contributed by producing and supplying more than 9.2 billion doses of OPV over two decades (1990-2011). In fact, Panacea Biotec was the first to develop monovalent types 1 and 3 oral polio vaccines (mOPVl and mOPV3) and bivalent (1 + 3) oral polio vaccines (bOPV), which have become the most critical weapons in the arsenal of WHO and the Indian Ministry of Health and Family Welfare to prevent the crippling disease. Panacea Biotec has been playing a leadership role in the Vaccine R and D, Manufacturing and Supply to meet demands of National and International agencies for the developing world. Panacea Biotec continues to be committed to polio eradication programme and its objectives as laid down in GPEI and will do all that is needed and is under its control to support the efforts of global community."
PANACEA BIOTEC
ANNOUNCES STRATEGIC ALLIANCE WITH KREMERS URBAN FOR 11 HIGH BARRIER TO ENTRY
GENERICS; AND THE LAUNCH OF TACROLIMUS CAPSULES IN US
Synopsis:
• The strategic alliance includes 11 high barrier to entry generics, representing a total business potential of USD 4 billion of innovator sales. The first product to reach the market from this portfolio is Tacrolimus Capsules.
• Panacea Biotec's ANDA for Tacrolimus Capsules was approved on 28th Sep 2012.
• Apart from Tacrolimus; ANDA for one out of the 10 remaining products has been filed in Sep 2012 and subsequent ANDAs will be filed over the next 16 months.
• Tacrolimus will be launched in USA in November, 2012 and would be manufactured in Panacea Biotec's USFDA approved facility.
• The total market size of Tacrolimus capsules in US is USD 892 Mn.
New Delhi: 19th November 2012: Panacea Biotec, India's highly progressive research based health management company has entered into a strategic alliance with Kremers Urban Inc. (part of UCB Group) for 11 high barrier to entry generics, whose market size in US at the innovator lever is around USD 4 billion.
The first product in this portfolio to reach the market is Tacrolimus Capsules that is being launched in US in Nov 2012. Panacea Biotec was granted approval of the product from the United States Food and Drug Administration (FDA) in September 2012. Tacrolimus is used along with other medications to prevent rejection (attack of a transplanted organ by the immune system of a person receiving the organ) in people who have received organ transplants. Tacrolimus is in a class of medications called immunosupressants. It works by decreasing the activity of the immune system to prevent it from attacking the transplanted organ.
The total market size of Tacrolimus is approximately USD 892 million in US. Currently there are 5 generic players in US; namely Sandoz, Dr Reddy's, Mylan, Watson and Accord Healthcare. The innovator brand Prograf® accounts for approximately 43% of Tacrolimus sales in terms of units sold and generics account for the remaining 57%.
Commenting on the development, Dr. Rajesh Jain, Joint Managing Director, Panacea Biotec Ltd said "Panacea Biotec's proven track record in building strong, collaborative working relationship is a key driver for this strategic alliance with Kremers Urban that will accelerate the company's growth plans in the US. Approval of Tacrolimus from US-FDA is the first milestone achieved in Panacea Biotec's long term plan for USA; the largest pharmaceutical market in the world. This would be followed by a series of high barrier to entry generic product launches that are being developed by the company. The commercialization strength of Kremers Urban for high barrier to entry generics perfectly synergizes with Panacea Biotec's research, development and manufacturing capabilities for such complex products forming a true win-win strategic alliance."
Under the terms of the agreement Panacea Biotec would be responsible for research, development, registration and commercial supplies of the products while Kremers Urban would be responsible for marketing, sales and distribution. The business collaboration is based on long term profit sharing by both companies.
Submission of the first ANDA within this basket of 10 additional products was done in Sep 2012. The remaining 9 ANDAs would be submitted with USFDA over the next 16 months' time period.
PANACEA BIOTEC
ENTERED INTO STRATEGIC ALLIANCE WITH OSMOTICA PHARMACEUTICAL
SIGNS AGREEMENT FOR
DEVELOPING HIGH BARRIER TO ENTRY GENERIC AND BRANDED PHARMACEUTICALS FOR US
& KEY STRATEGIC MARKETS
New Delhi: 11th September 2012: Panacea Biotec, India's highly progressive research based health management company has entered into a strategic alliance for the research, development and commercialization of drug delivery based, high barrier to entry generic and branded pharmaceutical products in US and key strategic markets across the globe, with Osmotica Pharmaceutical, a global pharmaceutical company specializing in drug delivery technologies. The collaboration is designed to build upon each company's highly complementary strengths and quality assets.
Under the collaboration, Panacea Biotec would lead product identification, research, development and manufacturing while Osmotica would lead product registration, legal matters, marketing, sales and distribution. The collaboration products are expected to be sold under an Osmotica and Panacea Biotec label. This collaboration is based on a 50:50 risk, investment and profit sharing by both companies and starts with a portfolio of 18 products across a broad range of therapeutic categories, with a provision to add new products by the Joint Steering Committee represented by both Osmotica and Panacea Biotec.
According to the agreement, Panacea Biotec will receive initial research fee from Osmotica. Moving forward, Panacea Biotec will receive agreed amounts of milestone payments representative of 50% share of development costs from Osmotica upon achievement of development milestones. For each new product added to the collaboration and for each new market thereof, Panacea Biotec shall receive a fixed research fee besides receiving the 50% share of development costs. Post commercialisation of the products in USA and other markets as may be added from time to time, both Panacea Biotec and Osmotica shall share the profits equally.
Commenting on the development Mr. Forrest Waldon, CEO, Osmotica Pharmaceuticals said "Osmotica is pleased to join hands with Panacea Biotec to jointly bring high quality pharmaceutical products to patients in medical need. We believe this opportunity affords patients and our shareholders, employees and other stakeholder's significant value."
This collaboration reflects the shared belief that the development and commercialization of drug delivery based, high barrier to entry products will not follow a typecast brand or generic model, and will require significant innovation, technical expertise, infrastructure and investment to achieve the desired ends.
Speaking on the occasion Dr. Rajesh Jain, Joint Managing Director, Panacea Biotec Limited said "We are pleased with this unique opportunity to collaborate with Osmotica to meet the never-ending demand for high barrier to entry and high-quality pharmaceuticals in United States. We believe this collaboration will enable both partners to complimentarily build upon each other's core competencies and capabilities to help meet the needs of more patients in United States than ever before."
The strategic alliance with Osmotica Pharmaceutical shows the world market has acknowledged Panacea Biotec's vision and technology. This collaboration places Panacea Biotec and Osmotica Pharmaceutical in an unparalleled position in the global generic market by capitalizing on best-in-class capabilities in innovative drug delivery development, specialty branded pharmaceuticals and generics.
Panacea Biotec's existing businesses and products would continue to function outside of this agreement and maintain their current unique structure and character. Both companies believe that this alliance is based on a unique hybrid business model which crystallizes the positive aspects of a traditional "strategic partnership" and "joint venture" relationships between two corporate entities.
PANACEA BIOTEC INAUGURATES STATE OF THE ART ONCOLOGY PRODUCTION UNIT
Highlights:
1. Panacea
Biotec inaugurates new state-of-the-art Oncology facility at Baddi, Himachal
Pradesh
2. Annual
production capacity of 1.2 million vials
3. The
plant has a project cost of around Rs. 550.000 Millions.
4. The
unit enjoys various fiscal incentives like Excise Duty exemption, Sales Tax
concession, leading to better competitive positioning for Panacea Biotec
Baddi, Himachal Pradesh / New Delhi, India, March 28, 2012: Panacea Biotec, India's leading health care management company has
inaugurated its new state-of-the-art Oncology facility at Baddi, Himachal
Pradesh to meet the growing demand of anti-cancer products in the country.
This new manufacturing facility will entail an
annual production capacity of around 1.2 million vials, and being set up in
compliance with various international regulatory standards like cGMP, USFDA and
UK-MHRA. The plant has been set up with a project cost of around Rs. 550.000
Millions.
On this occasion, Dr. Rajesh Jain, Joint
Managing Director, Panacea Biotec Said: "We are delighted to announce the
inauguration of our new facility for manufacturing Anti-Cancer products. It
will not only enable us to scale up production of our innovative range of
Anti-Cancer products, but also offer substantial affordable innovative medicine
to consumers at large".
Panacea Biotec has been aggressively ramping
up its production capacity, as well as introducing new business lines to cater
to emerging business opportunities in various therapeutic segments. The company
has released products for sales from commercial production from March 2012.
Adding further, Dr. Rajesh Jain said,
"With this new facility, Panacea Biotec has taken another leap towards
becoming one of the prominent players in anti-cancer formulation business
globally. This new facility will improve our ability to develop and deliver
world class affordable Medicine, and will also equip us to keep pace with the
growing demand for anticancer products globally. For certain oncology products,
due to insufficient manufacturing capacity, industry consolidation, lack of
redundancy and complex manufacturing process, the US market regularly faces
shortages. In the year 2011, US FDA had to resort to multiple temporary
importations from unapproved sources to mitigate drug shortages. In recent
years use of Oncology products has gone up by 20% while the production capacity
hasn't grown correspondingly. We are thus optimistic about contributing to
mitigate the supply constraints of oncology products not only in India but also
globally".
India accounts for 7.5 per cent of the total
new cases of cancer globally. In India, cervical and breast cancer are the most
common, contributing over 26 per cent to the total cases, followed by lung,
mouth, pharynx and esophagus cancer. The oncology market in India is about $186
million, and is expected to reach $693 million by end of 2013 with a Compound
Annual Growth Rate (CAGR) of nearly 21%.
Panacea Biotec is in process of registering
its range of Anti-Cancer products in emerging RoW markets and in Europe and US
market.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.87 |
|
|
1 |
Rs.87.65 |
|
Euro |
1 |
Rs.74.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.