MIRA
INFORM REPORT
|
Report Date : |
13.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
SERUM INSTITUTE OF INDIA LIMITED |
|
|
|
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Registered
Office : |
212/2, Off Soli Poonawalla Road, Hadapsar, Pune – 411028, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 (Profit and Loss Account) |
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Date of
Incorporation : |
22.05.1984 |
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Com. Reg. No.: |
11-032945 |
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Capital
Investment / Paid-up Capital : |
Rs.48.192 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U80903PN1984PLC032945 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNES15736A/ PNES00023C |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCS4225M |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer
and Exporter of Vaccines and Immuno. |
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|
|
|
No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (78) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 82200000 |
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|
|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old, well established and reputed company having an
excellent track record. It is specialized in producing preventive and
curative medicinal products. Financial position of the company appears to be sound.
Profitability of the company is growing from past several years. Fundamentals
appear to be strong and healthy. Directors are reported to be experienced and
respectable businessmen. Trade relations are trustworthy. Business is active. Payments are reported
to be regular and as per commitments. The company can be considered excellent
for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
AAA (Long Term Bank Facilities) |
|
Rating Explanation |
Highest degree of safety and lowest credit
risk. |
|
Date |
9 January 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A1+ (Short Term Bank Facilities) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
9 January 2013 |
INFORMATION PARTED BY
|
Name : |
Mr. Prakash Kothawle |
|
Designation : |
Senior Manager |
|
Contact No.: |
91-20-26993900 |
|
Date : |
12.06.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Human Resources/ International Marketing Division :
|
212/2, Off Soli Poonawalla Road, Hadapsar, Pune – 411028, Maharashtra,
India |
|
Tel. No.: |
91-20-26993900/ 26993904 |
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Fax No.: |
91-20-26993921/ 26133228 |
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E-Mail : |
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Website : |
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Domestic Marketing Division : |
501, Dalamal Tower, 211, Nariman Point, Mumbai – 400021, Maharashtra,
India |
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Tel. No.: |
91-22-22840370 |
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Fax No.: |
91-22-22044389 |
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E-Mail : |
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|
|
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Finance Division: |
Sarosh Bhavan, 16-B/1, Dr. Ambedkar Road, Pune – 411001, Maharashtra,
India |
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Tel. No.: |
91-20-26137221 |
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Fax No.: |
91-20-26133228 |
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E-Mail : |
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Administrative Office : |
Mittal Court, 3rd Floor, A Wing, Dr. Ambedkar Road, Pune – 411001, Maharashtra, India |
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Branch Office : |
Located at: · Chennai · Kolkata ·
·
·
Vishakapatnam ·
Trivandrum |
DIRECTORS
As on: 07.08.2012
|
Name : |
Mr. Adar Cyrus Poonawalla |
|
Designation : |
Whole Time Director |
|
Address : |
11, Poonawalla Park, Pune – 411037, Maharashtra, India |
|
Date of Birth/Age : |
14.01.1981 |
|
Qualification : |
B.B.A.(Finance) UK |
|
Date of Appointment : |
01.04.2011 |
|
PAN No.: |
AFEPP9955N |
|
DIN No.: |
00044815 |
|
|
|
|
Name : |
Mr. Behroze Zavareh Poonawalla |
|
Designation : |
Director |
|
Address : |
12, Poonawalla Park, Pune – 411037, Maharashtra, India |
|
Date of Birth/Age : |
08.12.1946 |
|
Qualification : |
B.A. |
|
Date of Appointment : |
01.02.1986 |
|
DIN No.: |
00044877 |
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|
|
|
Name : |
Dr. Cyrus Soli Poonawalla |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
11, |
|
Date of Birth/Age : |
11.05.1941 |
|
Date of Appointment : |
30.01.2009 |
|
PAN No.: |
AAXPP9204A |
|
DIN No.: |
00044650 |
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|
|
|
Name : |
Dr. (Mrs.) Mrudula Arvind Phadke |
|
Designation : |
Director |
|
Address : |
181, Buena Vista Society, Jagannath Bhosale Marg, Near Mantralaya, Mumbai – 400021, Maharashtra, India |
|
Date of Birth/Age : |
22.12.1944 |
|
Qualification : |
M.D., D.C.H. |
|
Date of Appointment : |
25.08.2008 |
|
DIN No: |
01959083 |
|
|
|
|
Name : |
Dr. Rajeev Mhalasakant Dhere |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No. 3, Mahalaxmi Niwas, 146, Shaniwar Peth, Pune – 411030, Maharashtra, India |
|
Date of Birth/Age : |
11.11.1954 |
|
Date of Appointment : |
07.08.2012 |
|
DIN No: |
05174953 |
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|
|
|
Name : |
Dr. Satish Damodar Ravetkar |
|
Designation : |
Whole Time Director |
|
Address : |
4, Sadashanti Apartments, Prabhat Road, Lane No 9a, Pune - 411004, Maharashtra, India |
|
Date of Birth/Age : |
14.07.1951 |
|
Date of Appointment : |
07.08.2012 |
|
DIN No: |
05175036 |
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|
|
|
Name : |
Mr. Satish Ramchandra Mundra |
|
Designation : |
Whole Time Director |
|
Address : |
401, Clover Court, Opposite Guruprasad Society, Pune – 411001, Maharashtra, India |
|
Date of Birth/Age : |
04.06.1943 |
|
Qualification : |
M.Com. |
|
Date of Appointment : |
01.04.2010 |
|
PAN No.: |
ABFPM7101E |
|
DIN No.: |
00416654 |
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|
|
|
Name : |
Dr. Suresh Sahkaram Jadhav |
|
Designation : |
Whole Time Director |
|
Address : |
16, Sadhana Society, Near Akashwani, Pune – 411028, Maharashtra, India |
|
Date of Birth/Age : |
24.01.1950 |
|
Qualification : |
M. Pharm, Ph D |
|
Date of Appointment : |
01.04.2010 |
|
PAN No.: |
ABAPJ9475D |
|
DIN No.: |
00056701 |
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|
|
|
Name : |
Mr. Zavareh Soli Poonawalla |
|
Designation : |
Director |
|
Address : |
12, |
|
Date of Birth/Age : |
04.12.1943 |
|
Date of Appointment: |
01.07.2007 |
|
PAN No.: |
AAJPP5268N |
|
DIN No.: |
00044760 |
KEY EXECUTIVES
|
Name : |
Mr. Makarand Shrikrishna Karkare |
|
Designation : |
Company Secretary |
|
Address : |
A 507, Shilpa Housing Society, 124/ 15A/ 2, Off |
|
Date of Birth/Age : |
30.05.1963 |
|
Date of Appointment : |
08.06.2006 |
|
PAN No.: |
ACDPK4983F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 07.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Poonawalla Investments and Industries Private Limited, |
|
3244617 |
|
Adar Cyrus Poonwawalla |
|
249808 |
|
Cyrus Soli Poonwalla |
|
993578 |
|
Corpint Investments Private Limited, |
|
40 |
|
Fortune Intercontinental Private Limited, |
|
40 |
|
Zavareh Soli Poonawalla |
|
240963 |
|
Adar Cyrus Poonwawalla |
|
57600 |
|
Chanda Investments and Trading Company Private Limited, |
|
40 |
|
Adurjee and Bros Private Limited, India |
|
32567 |
|
|
|
|
|
Total |
|
4819253 |
Equity Share Break up (Percentage of Total Equity)
As on: 07.08.2012
|
Category |
|
Percentage |
|
Bodies corporate |
|
68.00 |
|
Directors or relatives of directors |
|
32.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Exporter of Vaccines and Immuno. |
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Products : |
· Bacterial Vaccines · Viral Vaccines · Antisera · Anticancer Products · Plasma Products · Vaccines · Hepatoprotective · Hormones · Plasma Substitute · Fertility · Bacterial Vaccines · Antisera ·
Anticancer |
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Exports : |
|
||||
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Products : |
Vaccines
and Immuno |
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Countries : |
·
Europe ·
Asian Country ·
Middle East ·
Gulf Country ·
US UK ·
Italy ·
Japan ·
Switzerland |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
Europe ·
USA |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS
ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Preventive |
Million Doses |
N.A. |
** |
730.06 |
|
Curative |
Million Doses |
N.A. |
** |
4.70 |
** Installed
capacities has not been disclosed as these are variable and subject to changes
in product mix, and utilization of manufacturing facilities, given the nature of
operations.
GENERAL INFORMATION
|
No. of Employees : |
3000 (Approximately) |
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|
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Bankers : |
·
Bank of · Citi Bank N.A., Citi Bank Center, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India · Corporation Bank · The Hongkong and Shanghai Banking Corporation Limited · The Shamrao Vithal Co-operative Bank Limited ·
Bank of · Union Bank of India, 284, M. G. Road, Pune - 411001, Maharashtra, India ·
American Express Bank Limited, ·
Sadhana Sahakari Bank ·
Axis Bank, Deccan Branch ·
ICICI Bank, Bangalore, Karnataka, India |
|||||||||||||||
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Facilities : |
(Rs.
In Millions)
|
|
|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Patki Shyamkant Madhukar Chartered Accountants |
|
Address : |
639, Sadashiv Peth, Kumthekar Road, Pune - 411030, Maharashtra, India |
|
PAN No.: |
AACFP3742Q |
|
|
|
|
Holding Company (As on:
31.03.2011): |
Poonnawalla Investments and Industries Private Limited CIN No.: U65993MH1974PTC017311 |
|
|
|
|
Subsidiaries (As on: 31.03.2011): |
Poonawalla
Aviation Private Limited ·
CIN No.:
U35301PN2005PTC020721 ·
SEZ Biotech Services Private Limited CIN No.: U74999PN2006PTC021820 |
CAPITAL STRUCTURE
As on: 07.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
54750000 |
Equity Shares |
Rs.10/- each |
Rs.547.500 Millions |
|
250000 |
Preference Shares |
Rs.10/- each |
Rs.2.500 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.550.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4819253 |
Equity Shares |
Rs.10/- each |
Rs.48.192 Millions |
|
|
|
|
|
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4819253 |
Equity shares |
Rs.10/- each |
Rs.48.192
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
48.192 |
47.473 |
|
|
2] Equity Share Suspense |
|
0.000 |
0.719 |
|
|
3] Reserves & Surplus |
|
20514.263 |
16223.310 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
20562.455 |
16271.502 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
2366.248 |
2245.000 |
|
|
2] Unsecured Loans |
|
2343.581 |
1756.807 |
|
|
TOTAL BORROWING |
|
4709.829 |
4001.807 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
25272.284 |
20273.309 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
8779.733 |
5586.593 |
|
|
Capital work-in-progress |
|
1535.208 |
2498.629 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
8476.930 |
5362.550 |
|
|
DEFERREX TAX ASSETS |
|
363.670 |
165.957 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
3329.672 |
2680.167 |
|
|
Sundry Debtors |
|
1664.929 |
1942.457 |
|
|
Cash & Bank Balances |
|
508.589 |
1205.488 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
2242.265 |
1901.300 |
|
Total
Current Assets |
|
7745.455 |
7729.412 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
533.533 |
319.922 |
|
|
Other Current Liabilities |
|
724.804 |
556.715 |
|
|
Provisions |
|
370.375 |
193.195 |
|
Total
Current Liabilities |
|
1628.712 |
1069.832 |
|
|
Net Current Assets |
|
6116.743 |
6659.580 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
25272.284 |
20273.309 |
|
NOTE: Balance sheet for the year 2012 is not
available, only profit and loss account is available.
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
16887.809 |
9071.287 |
7058.449 |
|
|
|
Other Income |
191.492 |
1346.599 |
1190.538 |
|
|
|
TOTAL (A) |
17079.301 |
10417.886 |
8248.987 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2081.692 |
1665.481 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(452.478) |
(621.496) |
|
|
|
|
Employee benefit expense |
2532.002 |
1657.317 |
|
|
|
|
Other expenses |
2376.270 |
2518.124 |
|
|
|
|
TOTAL (B) |
6537.486 |
5219.426 |
4456.902 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10541.815 |
5198.460 |
3792.085 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
242.699 |
101.686 |
202.149 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10299.116 |
5096.774 |
3589.936 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1089.406 |
673.072 |
536.085 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
9209.710 |
4423.702 |
3053.851 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
928.897 |
(2.117) |
182.351 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
8280.813 |
4425.819 |
2871.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
7689.146 |
6317.646 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
NA |
1500.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
7689.146 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
NA |
4470.412 |
|
|
TOTAL EARNINGS |
NA |
NA |
4470.412 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
471.888 |
341.980 |
|
|
|
Spare Parts & Components |
|
92.159 |
129.204 |
|
|
|
Capital Goods |
|
1163.292 |
391.135 |
|
|
TOTAL IMPORTS |
NA |
1727.339 |
862.319 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1718.00 |
932.00 |
604.79 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total
Income |
(%) |
48.48 |
42.48 |
34.81
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
54.53 |
48.77 |
43.27
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
26.77 |
22.93
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
0.22 |
0.19
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
NA |
0.23 |
0.25
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
NA |
4.76 |
7.22
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
|
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Creditors due small micro enterprises |
|
0.000 |
0.000 |
|
Creditors due others |
|
533.533 |
319.922 |
|
|
|
|
|
|
Total |
|
533.533 |
319.922 |
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOANS
(Rs. In Millions)
|
Particular |
|
As
on 31.03.2011 |
|
Rupee Term Loans Banks Unsecured |
|
2199.778 |
|
Rupee Term Loans Others Unsecured |
|
143.803 |
|
|
|
|
|
Total |
|
2343.581 |
CONTINGENT
LIABILITIES NOT PROVIDED FOR
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Bank Guarantees |
114.035 |
121.239 |
|
Disputed Liabilities |
|
|
|
i. Excise / Service Tax |
39.698 |
35.489 |
|
ii. Income Tax |
8.659 |
68.146 |
The Company has given corporate guarantee for external commercial borrowing made by its Subsidiary Poonawalla Aviation Private Limited Outstanding Loan amount as on 31st March, 2011 is Rs.1051.500 Millions
FIXED ASSETS:
·
·
Buildings (Including
Technical Know-How)
·
R and D
·
Others
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipment
·
Aircraft/ Helicopters
·
Vehicles
·
Computer Software
·
Intellectual Property
Rights
AS PER WEBSITE DETAILS
PRESS RELEASE
SERUM INSTITUTE OF INDIA BUILDS CGMP FACILITY
17 January 2013
This facility, targeted for completion in
2014, will be the largest dedicated CRM197 production facility in the world
with annual capacity to produce in excess of 50 kilograms of cGMP grade CRM197
Bangalore: Pfenex's reagent proteins division announced
that its CRM197 manufacturing partner, Serum Institute of India, has commenced
the construction of a new large scale cGMP CRM197 production facility.
This
facility, targeted for completion in 2014, will be the largest dedicated CRM197
production facility in the world with annual capacity to produce in excess of
50 kilograms of cGMP grade CRM197. The additional capacity will enable reagent
proteins to meet the increasing global demand for CRM197 and to continue to
support conjugate vaccine products currently being developed by its partners.
Serum Institute utilizes Pfenex expression
technology as the production platform, enabling high titers of this high
quality conjugate vaccine carrier protein. The Pfenex CRM197 currently being
manufactured at Serum Institute is also being used by Serum Institute as the
carrier protein for its own internal pneumococcal polysaccharide conjugate
vaccine programs.
"CRM197 is increasingly being used by the
global vaccine development community, and this new facility allows us to not
only meet the growing needs of our current partners, but also allows us to
support new research and development efforts," said Dr Bertrand Liang, CEO
of Pfenex.
"By leveraging our long standing
relationship with Serum Institute of India, we are able to further provide our
partners with access to high quality vaccine components produced using the
powerful Pfenex Expression Technology, all the way from early stage research
through the clinic and into commercialization," he added.
SERUM INSTITUTE OF
INDIA LIMITED ACQUIRES BILTHOVEN BIOLOGICALS OF NETHERLANDS
JULY 4, 2012
Serum Institute of India Limited, India’s largest vaccine company, has acquired Bilthoven Biologicals of Netherlands. Through the acquisition, the Serum Institute will get access to technology and expertise for making the Injectable Polio Vaccine (Salk), a unique capability and expertise that is currently possessed by a mere three other vaccine manufacturing plants globally.
This first overseas acquisition by the Poonawalla Group will also provide the Group and Serum Institute, an important manufacturing base in Europe, with access to the important European and US markets.
Bilthoven Biologicals is located in the city of Bilthoven which is 45 minutes from Amsterdam. The manufacturing facility is spread over 20 acres and employs over 200 people. The facility has a manufacturing capacity of over 20 million doses of vaccines in a year and the company sells these vaccines to Europe and developing countries.
Announcing the acquisition, Dr Cyrus Poonawalla, chairman of the Poonawalla Group and Serum Institute said, “The Poonawalla Group, as indeed Serum has constantly striven hard to provide the highest quality vaccines at affordable prices to the world. This acquisition will significantly strengthen our position in the global vaccines market, while giving us access to the technology and production facility of Injectable Polio Vaccine (Salk), which is the only logical solution available to the world for the eradication of polio. More importantly it also gives the Poonawalla Group an important operational and strategic beachhead in Europe and the US, with the important manufacturing base in the Netherlands. This will also significantly enhance our earlier offerings in the pediatric vaccines segment including DPT, Measles and MMR vaccines where we are the global leaders today.”
Serum Institute, the Group’s flagship company, has business dealings with Bilthoven Biologicals for the last 35 years. Bilthoven Biologicals was owned by the Govt. of The Netherlands.
Serum Institute of India has acquired 100 per cent shares of the Company from the Govt. of Netherlands. Chairman of the Group, Cyrus Poonawalla, said that “The total deal size is 80 million euros or (Rs 550 crore). We have already paid 32 million euros. The remaining amount will have to be paid over a period of two to three years because of the liabilities and assets, which are pending.”
Sharing the future outlook for the company, Adar Poonawalla, executive director of the Poonawalla Group and Serum Institute said, “The Poonawalla Group is committed to investing over Euros 70 - 80 million over the next three years to augment the infrastructure and enhance the manufacturing capacity of the Bilthoven’s facilities. Serum Institute has one of the world’s largest Vaccine manufacturing facilities at Pune, India and with this second manufacturing facility based in Europe, the company aims to access the developed markets of Europe and USA for its existing and future products in the pipeline.”
MEETING MINUTES WITH
BILL GATES
Charity has different
faces, and the Microsoft founder wears one defined by humility, found the Poonawallas
as they showed him around their vaccine manufacturing facility.
Sunday, June 3, 2012
It is easy to be overawed by a man like Bill Gates, especially when he is your private guest on his second visit to the city. Healthcare, sanitation and education for the underprivileged across the world have been his priority since Gates unconsciously declared himself as one of the rare billionaire philanthropists. Once the Poonawallas, his hosts in the city last Thursday, got over their awe and admiration for the man, they decided to watch him closely, if only to learn what makes him tick.
Time management is Gates’s equity, his hosts decided
“Anybody can donate money for charity but this man is not doing only that. He is educating himself by spending his precious time visiting every village which is on his radar of providing healthcare and sanitation facilities,” said Cyrus Poonawalla. “Humility is his hallmark. The most important lesson I learnt from him is that charity has different faces. For him it is saving lives of children in the Third World where poverty does not allow them to get even basic healthcare. The time that he spent at Serum Institute of India was a memorable experience for all of us. Gates had added a few more admirers to his already huge list. Let me be honest, it simply was a humbling experience for me,” said the man who Gates considers as one of his “seven vaccine heroes”.
Cyrus was not alone in being left awestruck by the modesty shown by the former chief of Microsoft. His son Adar, who was constantly by Gates’s side as he showed him around Serum, was clearly mesmerised by the 57-year-old guest’s passion for philanthropy.
“Gates has developed a passion for saving lives around the world mainly, his interest being the Third World, particularly. He wants to source affordable vaccines for the 20 most common diseases, which he believes can save millions of lives,” Adar revealed.
Adar added, “His quiet demeanor speaks. It projects the face of a man who is on a mission. What struck me most during our interaction was his eye for detail and his belief that every minute is ‘very precious’, hence never to be wasted.”
Before he arrived, the Poonawallas thought that they might interest him in other ideas and happenings around the country. Gates, though, was focused. Right now medicines and vaccines were his objective; and he was more interested in learning how fast the company could manufacture the new Injectable Polio Vaccine and what clinical trials were in progress to create more vaccines.
“I don’t know about anybody else, but Gates has surely taught me that apart from donating money, there can many more ways in which charity can be done. How does a man like him work so tirelessly for the development of medicines, I wondered. I was really curious to know where he draws such bountiful energy from, and most importantly, how does he keep his motivation going,” said Adar.
Adar recalled that when they were at dinner, savouring some silken smooth butter chicken and naan, Gates only wished to speak about healthcare and not the origins of one of the country’s favourite food exports to the West.
“Watching him at such close quarters I am now inspired to do more for the needy in Pune and the surrounding areas. After the Azim Premji-organised get-together in Bangalore, attended by a few high-ranking Indians on the Forbes List on Friday in honour of Gates, we have decided to acquire a hospital and build new ones too around the city.
We are already funding a few schools in the rural areas but now we want to implement the Premji model for building primary schools on a larger scale as the cost is less,” said Adar.
No chance to indulge in small talk and valuable frivolities, the Poonawallas, we are sure will be astute in the way they divide their time between work and pleasure, thanks to the Gates touch.
BILL GATES VISITS
SERUM INSTITUTE, MEETS VACCINE HERO POONAWALLA
Friday, June 1, 2012
Pune: Bill Gates on Thursday visited the Serum Institute of India in Pune, met its CMD Dr. Cyrus Poonawalla whom he referred to as one of the seven vaccine heroes, and evinced interest in several products it is developing, “It’s great to be here and there are many new products the Foundation is interested in,” he Microsoft founder and co-chair of the Bill and Melinda Gates Foundation said in an interaction with the media.
Gates is likely to cement ties with the Institute for developing an injectable polio vaccine, more effective than polio drops.
Gates expressed interest in the Human Papilloma Virus (HPV) vaccine being developed at the Institute. “There is a need for cost-effective vaccines against various infectious diseases and the Foundation is interested in several new products developed at the Serum Institute...,” Gates said.
The Institute which exports to 130 nations is also developing affordable rotavirus and pneumococcal vaccines for Global Alliance for Vaccines and Immunization (GAVI). Clinical trials are being funded by the Foundation. “Serum has played an important role in offering the vaccines at low prices,” Gates said.
“Cyrus Poonawalla is among the seven vaccine heroes and is a multiple winner with vaccines against measles and others. He has deeply affected the vaccine world and people are dependent on the quality work done at Serum,” Gates said.
SERUM AND MERCK
ANNOUNCE COLLABORATION TO DEVELOP AND EXPAND GLOBAL ACCESS TO PNEUMOCOCCAL
CONJUGATE VACCINE
August 5, 2011
Serum Institute of India Limited and Merck (known outside the United States and
Canada as MSD), have entered into an agreement to develop and commercialize a
pneumococcal conjugate vaccine (PCV) for use in the emerging and developing
world countries of the world
Pneumococcal disease is a bacterial infection that causes pneumonia,
meningitis, sepsis and other life-threatening ailments. Current estimates show
that at least 1 million children die of pneumococcal disease every year,
including mostly young children in developing countries.
"Serum Institute is committed to improving access to and affordability of vaccines for children throughout the world. In working closely with Merck in the development of this collaboration it became clear that we share parallel public health goals and that our passion for getting vaccines to everyone who needs them is made even stronger by working together".
Dr. C. S. Poonawalla, Chairman and Managing Director
Together, Merck and Serum will form a Product Advisory Committee to oversee the activities required to develop and seek approval for PCV and pursue World Health Organization (WHO) prequalification. Under the terms of the agreement, Merck, through an affiliate, will receive specific rights to market PCV in certain designated territories and Serum will receive specific rights in other territories. Both companies will contribute to the development and manufacture of PCV. Specific financial details of this agreement are confidential. This collaboration does not impact the on-going pneumococcal vaccine development programs in both the organizations.
"Working side by side with Serum gives us the best chance of developing and bringing a product to the market that will help to protect more babies and children," said. Expanding vaccine access to emerging and developing markets is a top priority and we feel strongly that this collaboration will be a giant step toward impacting the devastation of pneumococcal disease".
Julie L. Gerberding, President, Merck Vaccines
SERUM INSTITUTE OF INDIA BUYS DUTCH VACCINE
MAKER FOR $40.3 MLN
July 04, 2012,
Serum Institute of India, the country's top vaccine maker, has bought polio vaccine maker Bilthoven Biologicals from the government of Netherlands for 32 million euros, a top executive said.
The acquisition gives Serum a manufacturing base in Europe and greater access to European and U.S. markets, the company said in a statement on Wednesday.
Serum plans to invest about 70 million to 80 million euros, inclusive of the acquisition amount, over the next three years to expand Bilthoven's manufacturing capacity and meet working capital requirements, Adar Poonawalla, executive director, Serum, told Reuters over the phone.
Based in Pune, Serum Institute is the world's fifth-largest vaccine maker by volume.
The company plans to fund the acquisition by a combination of cash and debt, he said.
POONAWALLA GROUP
ACQUIRES NETHERLANDS-BASED CO FOR RS 5500.000 MILLIONS
Mumbai July 4, 2012
Leading vaccine firm Serum Institute of India, the flagship company of the over $1-billion Poonawalla Group, today said it has acquired the Netherlands- based Bilthoven Biologicals for Rs 5500.000 Millions.
This is the company's first overseas acquisition and inolves acquiring 100% stake in Bilthoven Biologicals, the company said.
The group chairman Cyrus Poonawala told PTI in Pune, "The total deal size is 80 million euros or (5496.000 Millions as of todya's value). We have already paid 32 million euros. The remaining amount will have to be paid over a period of two to three years because of the liabilities and assets, which are pending."
Through the acquisition, the Serum Institute will get access to technology and
expertise for making the Injectable Polio Vaccine (Salk), the company said in a
release here.
Through this, the Poonawalla Group will also provide the Group and Serum
Institute, an important manufacturing base in Europe, with access to the
important European and US markets.
"This acquisition will significantly strengthen our position in the global vaccines market, while giving us access to the technology and production facility of Injectable Polio Vaccine (Salk), which is the only logical solution available to the world for the eradication of polio," Poonawalla said.
More importantly, it also gives the Poonawalla Group an important operational
and strategic beachhead in Europe and the US, with the important manufacturing
base in the Netherlands, he said.
"This will also significantly enhance our earlier offerings in the
paediatric vaccines segment, including DPT, Measles and MMR vaccines where we
are the global leaders today," he added.
Bilthoven Biologicals was owned by the Netherlands government, from which the Serum
Institute of India (Cyrus Poonawalla Group) has acquired 100% shares.
The Netherlands Company employs over 200 and has a manufacturing capacity of
over 20 million doses of vaccines in a year and the company sells these
vaccines to Europe and developing countries.
Sharing the future outlook for the company, Poonawalla Group and Serum
Institute Executive Director Adar Poonawalla said, "We are committed to
invest over Euros 70-80 million over the next three years to augment the
infrastructure and enhance the manufacturing capacity of the Bilthoven's
facilities."
Serum Institute has one of the world's largest vaccine manufacturing facilities
at Pune and with this second facility based in Europe, the company aims to
access the developed markets of Europe and the US for its existing and future
products in the pipeline, he added.
SERUM INSTITUTE OF
INDIA LIMITED ACQUIRES BILTHOVEN BIOLOGICALS OF NETHERLANDS
July 4, 2012
Serum Institute of India Limited India’s largest vaccine company has acquired Bilthoven Biologicals of Netherlands. Through the acquisition, the Serum Institute will get access to technology and expertise for making the Injectable Polio Vaccine (Salk), a unique capability and expertise that is currently possessed by a mere three other vaccine manufacturing plants globally.
This first overseas acquisition by the Poonawalla Group will also
provide the Group and Serum Institute, an important manufacturing base in
Europe, with access to the important European and US markets.
|
|
Bilthoven Biologicals is located in the city of Bilthoven
which is 45 minutes from Amsterdam. The manufacturing facility is spread over
20 acres and employs over 200 people. The facility has a manufacturing capacity
of over 20 million doses of vaccines in a year and the company sells these
vaccines to Europe and developing countries.
Announcing the acquisition, Dr Cyrus Poonawalla, chairman of the Poonawalla
Group and Serum Institute said, “The Poonawalla Group, as indeed Serum has
constantly striven hard to provide the highest quality vaccines at affordable
prices to the world. This acquisition will significantly strengthen our
position in the global vaccines market, while giving us access to the
technology and production facility of Injectable Polio Vaccine (Salk), which is
the only logical solution available to the world for the eradication of polio.
More importantly it also gives the Poonawalla Group an important operational
and strategic beachhead in Europe and the US, with the important manufacturing
base in the Netherlands. This will also significantly enhance our earlier
offerings in the pediatric vaccines segment including DPT, Measles and MMR
vaccines where we are the global leaders today.”
Serum Institute, the Group’s flagship company, has business dealings with Bilthoven Biologicals for the last 35 years. Bilthoven Biologicals was owned by the Govt. of The Netherlands.
Serum Institute of India has acquired 100 per cent shares of the Company from
the Govt. of Netherlands. Chairman of the Group, Cyrus Poonawalla, said that
“The total deal size is 80 million euros or (Rs 550 crore). We have already
paid 32 million euros. The remaining amount will have to be paid over a period
of two to three years because of the liabilities and assets, which are pending.”
Sharing the future outlook for the company, Adar Poonawalla, executive director
of the Poonawalla Group and Serum Institute said, “The Poonawalla Group is
committed to investing over Euros 70 - 80 million over the next
three years to augment the infrastructure and enhance the manufacturing
capacity of the Bilthoven’s facilities. Serum Institute has one of the world’s
largest Vaccine manufacturing facilities at Pune, India and with this second
manufacturing facility based in Europe, the company aims to access the
developed markets of Europe and USA for its existing and future products in the
pipeline.”
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.27 |
|
|
1 |
Rs.91.16 |
|
Euro |
1 |
Rs.77.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
78 |
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.