MIRA INFORM REPORT
|
Report Date : |
15.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
JUBILANT LIFE SCIENCES LIMITED (w.e.f.01.10.2010) |
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Formerly Known
As : |
JUBILANT ORGANOSYS LIMITED |
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Registered
Office : |
Bhartiagram, Gajraula, Jyotiba Phoolay Nagar – 244 223, Uttar Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
21.06.1978 |
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Com. Reg. No.: |
20-004624 |
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Capital Investment
/ Paid-up Capital : |
Rs.159.300 Millions |
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CIN No.: [Company Identification
No.] |
L24116UP1978PLC004624 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MRTJ00275C |
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PAN No.: [Permanent Account No.] |
AABCV0200H |
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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
: |
Manufacturing of basic and specialty chemicals such as acetaldehyde, acetic
acid, acetic anhydride, vinyl acetate monomer and pyridine bases and their
derivatives. |
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No. of Employees
: |
5763 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 79590000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having good track.
There appears loss in the current year due to increase in interest. However, general financial position of the company appears to good.
Liquidity position appears to be strong. Fundamentals are healthy. Trade
relations are reported to be fair. Business is active. Payments are reported
to be regular and as per commitments. The company can be considered for normal business dealings usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced controls
on foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of
persistently high inflation and interest rates and little progress on economic
reforms. High international crude prices have exacerbated the government's fuel
subsidy expenditures contributing to a higher fiscal deficit, and a worsening
current account deficit. Little economic reform took place in 2011 largely due
to corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
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Rating |
A+ (Long Term Rating) |
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Rating Explanation |
Rating denotes low risk of default the capacity for payment of
financial commitment is considered strong. |
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Date |
September 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Bhartiagram, Gajraula, Jyotiba Phoolay Nagar–244 223, |
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Tel. No.: |
91-5924-252351/ 252353-60 |
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Fax No.: |
91-5924-252352 |
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E-Mail : |
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Website : |
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Corporate Office : |
Plot No.1A, Sector – 16-A, Noida–201 301, |
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Tel. No.: |
91-120-2516601-11 |
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Fax No.: |
91-120-2516628-30 |
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E-Mail : |
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Website : |
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Mumbai Office: |
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Factory 1 : |
Bhartiagram,
District Jyotiba Phuley Nagar – 201 304, |
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Tel. No.: |
91-5924-252351
/ 252353-360 |
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Fax No.: |
91-5924-252352 |
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Factory 2 : |
Village
Nimbut, Near Nira Railway Station, District Pune, |
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Tel. No.: |
91-2112-269155-57 |
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Fax No.: |
91-2112-269154 |
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Factory 3 : |
56 / 57 Industrial Area, Nanjangud, District
Mysore - 571 302 Karnataka, India |
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Tel. No.: |
91 8221 228402-08 |
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Fax No.: |
91 8221 228410-11 |
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Factory 4 : |
Block
No. 133, P. O. Samlaya, |
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Tel. No.: |
91-2667-251306
/ 251281 / 251326 / 251361-63 |
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Fax No.: |
91-2667-251305 |
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Factory 5 : |
Sikanderpur
Bhainswal Bhagwanpur, Roorkee, District Haridwar, |
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Tel. No.: |
91-332-235161-66 |
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Fax No.: |
91-332-235169 |
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Factory 6 : |
N-34,
MIDC, Anand Nagar, Ambernath, Thane-421506, |
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Tel. No.: |
91-251-2620437
/ 438 |
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Fax No.: |
91-251-2620439 |
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International
Manufacturing Facilities : |
Add : Jubilant DraxImage, Inc 16751, Tel. : 91-514- 630 7030 Fax : 91-514 -694 9295 Add : Jubilant HollisterStier LLC 3525, N. Regal, Tel. : 91- 509 -489 5656 Fax : 91- 509 -484 4320 Add : Jubilant Cadista Pharmaceuticals Tel. : 91- 410- 860 8500 Fax : 91- 410- 860 8719
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R and D
Facilities : |
Located at:
·
Uttar Pradesh
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Branch Office : |
Located At:
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DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Shyam S Bhartia |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Hari S Bhartia |
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Designation : |
Co-Chairman and Managing Director |
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Name : |
Mr. Shymsundar Bang |
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Designation : |
Executive Director (Manufacturing and Supply Chain Operations) |
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Qualification : |
M.Tech (Chem Engg.) |
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Date of Appointment : |
02.06.2003 |
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Name : |
Mr. Surendra Singh |
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Designation : |
Director |
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Name : |
Mr. H K Khan |
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Designation : |
Director |
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Name : |
Dr. Naresh Trehan |
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Designation : |
Director |
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Name : |
Mr. Abhay Havaldar |
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Designation : |
Director |
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Name : |
Dr. Inder Mohan Verma |
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Designation : |
Director |
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Name : |
Mr. Shardul S Shroff |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Marcelo Morales |
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Designation : |
CEO – Contract Maufacturing and Services, Jubilant Hollisterstier |
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Name : |
Mrs. Lalita Jain |
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Designation : |
Company Secretary |
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Name : |
Mr. Pramod Yadav |
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Designation : |
CEO- Advance Intermediates and Nutritional Products |
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Name : |
Mr. Rajesh Srivastava |
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Designation : |
CEO-Fine Chemicals and CRAMS |
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Name : |
Mr. Neeraj Agrawal |
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Designation : |
CEO-Generics |
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Name : |
Mr. Chandan Singh |
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Designation : |
President – Acetyls and Ethanol |
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Name : |
Mr. Scott Delaney |
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Designation : |
CEO- Jubilant Cadista |
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Name : |
Dr. Ashutosh Agarwal |
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Designation : |
Chief Scientific Officer – Chemicals and Life Science Ingredients |
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Name : |
Dr. Goutam Muthuri |
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Designation : |
President – R and D – Dosage Form. |
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Name : |
Mr. MNartyn Coombs |
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Designation : |
President Jubilant Draxlmage |
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Name : |
Mr. Kevin Garrity |
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Designation : |
President Allergy Business |
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Name : |
Dr. Sudhir Kumar Basak |
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Designation : |
President-Jubilant Drug Discovery Services |
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Name : |
Mr. Nayan Nanavati |
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Designation : |
CEO-Jubilant Clinsys |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
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(A) Shareholding of Promoter and Promoter Group |
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|
1903435 |
1.20 |
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70641176 |
44.35 |
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|
72544611 |
45.55 |
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|
5570445 |
3.50 |
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5570445 |
3.50 |
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78115056 |
49.04 |
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Total shareholding of Promoter and Promoter Group (A) |
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(B) Public Shareholding |
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|
2015413 |
1.27 |
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|
1106054 |
0.69 |
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|
31094011 |
19.52 |
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11707200 |
7.35 |
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|
11707200 |
7.35 |
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45922678 |
28.83 |
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|
15843420 |
9.95 |
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|
13489534 |
8.47 |
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|
504730 |
0.32 |
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|
5405721 |
3.39 |
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|
495296 |
0.31 |
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|
4910425 |
3.08 |
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35243405 |
22.13 |
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|
81166083 |
50.96 |
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Total Public shareholding (B) |
159281139 |
100.00 |
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Total (A)+(B) |
0 |
0.00 |
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(C) Shares held by Custodians and against which Depository Receipts have
been issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
159281139 |
0.00 |
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Total (A)+(B)+(C) |
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BUSINESS DETAILS
|
Line of Business : |
Manufacturing of basic and speciality chemicals such as acetaldehyde, acetic
acid, acetic anhydride, vinyl acetate monomer and pyridine bases and their
derivatives. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Alcohol |
KBL |
161000 |
23278 |
|
Organic including Specialty Chemicals and its
Intermediates |
MT |
656001 |
314727 |
|
Dry and Acqueous Choline
Chloride and Ethyoxylates |
MT |
21604 |
15246 |
|
Feed Premixes |
MT |
1800 |
1777 |
|
Active Pharmaceuticals Ingredients [API] |
MT |
680 |
414 |
|
Tablets and Capsules |
No. in Millions |
891 |
75 |
GENERAL INFORMATION
|
No. of Employees : |
5763 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
Statutory Auditors K N Gutgutia And Company, 11K IFRS Auditors KPMG, Building No. 10, 8th Floor, Tower B, Cost Auditors J K Kabra And Company, 552/1B, Internal Auditors Ernst And Young Private Limited, Hindustan Times Building, 6th
Floor, 18-20, Kasturba Gandhi Marg, New Delhi – 110 001, India. |
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Subsidiaries
including Step-down subsidiaries : |
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Other Entities: |
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Enterprise over
which certain key management personnel have significant influence: |
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CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
655000000 |
Equity Shares |
Rs.1/- each |
Rs. 655.000 Millions |
|
|
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|
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Issued, Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
159313139 |
Equity Shares |
Rs.1/- each |
Rs. 159.310 Millions |
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|
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Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
159281139 |
Equity Shares |
Rs.1/- each |
Rs. 159.280
Millions |
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Add |
Equity Shares forfeited (Paid Up) |
|
Rs. 0.020
Million |
|
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TOTAL |
|
Rs. 159.300
Millions |
NOTES
- Paid up capital includes, 501,364, equity shares of Rs. 1 allotted
and issued pursuant to the Scheme of Amalgamation and Demerger, to the
shareholders of erstwhile Pace Marketing Specialities Limited for
consideration other than cash during the year 2010-11.
- The Company has only one class of shares referred to as equity
shares having par value of Rs. 1. Each holder of equity shares is entitled
to one vote per share.
- The details of shareholders holding more than 5% shares is set out
below:
|
Name of the shareholder |
As at 31st March, 2012 |
|
|
No of shares |
% held |
|
|
Jubilant Stock Holding Private Limited |
21,740,992 |
13.65% |
|
Jubilant Capital Private Limited |
21,007,665 |
13.19% |
|
Jubilant Securities Private Limited |
18,698,979 |
11.74% |
|
GA Global Investments Limited |
11,707,200 |
7.35% |
- The reconciliation of the number of shares
outstanding is set out below:
|
Particulars |
As at 31st March, 2012 |
|
|
No of shares |
Rs. In Millions |
|
|
Numbers of shares at the beginning |
159,281,139 |
159.280 |
|
Add: Shares issued pursuant to scheme of amalgamation and demerger |
-- |
-- |
|
Numbers of shares at the end |
159,281,139 |
159.280 |
- a) 114,835, equity shares of Rs. 1 each
allotted on exercise of the vested stock options in accordance with the
terms of exercise under the “Jubilant Employees Stock Option Plan”
b) Under the Jubilant Employees Stock Option
2005 Plan , as at 31st March,2012- 164,562 options are outstanding convertible
into 822,810 shares.
c) Under the Jubilant Employees Stock Option
2011 Plan, as at 31st March,2012- 860,580 options are outstanding convertible
into 860,580 shares.
- In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive any of the remaining assets of the
Company, after distribution of all preferential amounts. However, no such
preferential amounts exist currently. The distribution will be in
proportion to the number of equity shares held by the shareholders.
- The Company declares and pays dividends in Indian rupees. The
dividend proposed by the Board of Directors is subject to the approval of
shareholders in the ensuing Annual General Meeting.
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 |
159.300 |
159.300 |
158.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
19739.100 |
21246.600 |
21569.720 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
19898.400 |
21405.900 |
21728.520 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
25831.550 |
19465.820 |
10012.840 |
|
|
2] Unsecured Loans |
3237.890 |
10336.950 |
10109.890 |
|
|
TOTAL BORROWING |
29069.440 |
29802.770 |
20122.730 |
|
|
DEFERRED TAX LIABILITIES |
2114.130 |
1899.020 |
2049.750 |
|
|
|
|
|
|
|
|
TOTAL |
51081.970 |
53107.690 |
43901.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
18400.680 |
15385.130 |
14592.520 |
|
|
Capital work-in-progress |
4189.580 |
4170.130 |
2721.930 |
|
|
|
|
|
|
|
|
INVESTMENT |
19597.240 |
18640.550 |
18692.030 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
58.620 |
|
|
OTHER NON CURRENT ASSETS |
720.110 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5933.260
|
4047.000
|
4247.100 |
|
|
Sundry Debtors |
4038.25
|
3345.170
|
3073.050 |
|
|
Cash & Bank Balances |
2031.970
|
9852.590
|
4342.210 |
|
|
Other Current Assets |
176.400
|
42.030
|
0.000 |
|
|
Loans & Advances |
7381.730
|
7368.280
|
5843.380 |
|
Total
Current Assets |
19561.610
|
24655.070 |
17505.740 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7067.00
|
4158.850
|
3051.150 |
|
|
Other Current Liabilities |
1867.860
|
1432.250
|
2144.410 |
|
|
Provisions |
2452.390
|
4152.090
|
4474.280 |
|
Total
Current Liabilities |
11387.250
|
9743.190 |
9669.840 |
|
|
Net Current Assets |
8174.360
|
14911.880
|
7835.900 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
51081.970 |
53107.690 |
43901.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
26410.670 |
22084.770 |
24560.600 |
|
|
|
Other Income |
89.410 |
51.450 |
149.320 |
|
|
|
TOTAL (A) |
26500.080 |
22136.220 |
24709.920 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of
materials consumed |
12399.520 |
9014.250 |
0.000 |
|
|
|
Purchase of
traded goods |
2436.790 |
2248.190 |
18633.600 |
|
|
|
Other
manufacturing expenses |
4618.120 |
3498.420 |
0.000 |
|
|
|
Employee
benefits expenses |
2072.320 |
1728.110 |
0.000 |
|
|
|
Other expenses |
1700.320 |
1449.720 |
0.000 |
|
|
|
Exceptional
Items |
1800.840 |
45.530 |
0.000 |
|
|
|
Change in
inventories of finished goods, work-inprogress and traded goods |
(932.610) |
(313.070) |
(164.550) |
|
|
|
TOTAL (B) |
24095.300 |
17671.150 |
18469.050 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2404.780 |
4465.070 |
6240.870 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1544.210 |
466.520 |
997.130 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
860.570 |
3998.550 |
5243.740 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1320.030 |
999.070 |
651.050 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
(459.460) |
2999.480 |
4592.690 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
349.690 |
203.220 |
961.690 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(809.150) |
2796.260 |
3631.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9228.000 |
8819.000 |
7557.840 |
|
|
|
|
|
|
|
|
|
|
Adjustment
on implementation of Scheme of Amalgamation and Demerger |
0.000 |
1017.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
1000.000 |
2000.000 |
|
|
|
Dividend |
478.000 |
318.000 |
317.560 |
|
|
|
Tax on Dividend |
77.000 |
52.000 |
52.740 |
|
|
BALANCE CARRIED
TO THE B/S |
7863.850 |
9228.260 |
8818.540 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
13576.020 |
11356.890 |
11001.600 |
|
|
|
Other Operating Income |
103.130 |
34.500 |
13.870 |
|
|
|
Interest Income |
0.210 |
1.130 |
0.000 |
|
|
TOTAL EARNINGS |
13679.360 |
11392.520 |
11015.470 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4761.490 |
3987.490 |
4385.300 |
|
|
|
Traded Goods |
1729.250 |
1544.990 |
1584.790 |
|
|
|
Stores & Spares |
129.340 |
192.580 |
229.100 |
|
|
|
Capital Goods |
227.100 |
158.390 |
147.120 |
|
|
TOTAL IMPORTS |
6847.180 |
5883.450 |
6346.310 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(5.08) |
17.56 |
24.60 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
7425.700 |
7446.900 |
8168.200 |
|
Total Expenditure |
6220.600 |
6213.600 |
6878.800 |
|
PBIDT (Excl OI) |
1205.100 |
1233.300 |
1289.400 |
|
Other Income |
17.400 |
29.500 |
18.400 |
|
Operating Profit |
1222.500 |
1262.800 |
1307.800 |
|
Interest |
450.500 |
432.300 |
395.900 |
|
Exceptional Items |
(1042.400) |
492.200 |
(726.000) |
|
PBDT |
(270.400) |
1322.700 |
185.900 |
|
Depreciation |
360.700 |
368.600 |
378.500 |
|
Profit Before Tax |
(631.100) |
954.100 |
(192.600) |
|
Tax |
104.900 |
118.100 |
58.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(736.000) |
836.000 |
(251.400) |
|
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 |
(736.000) |
836.000 |
(251.400) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(3.05)
|
12.63 |
14.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.74)
|
13.58 |
18.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.19)
|
7.49 |
14.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02)
|
0.14 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.14
|
1.94 |
1.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.72
|
2.53 |
1.81 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
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) |
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 |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
STANDALONE FINANCIALS
INCOME FROM OPERATIONS
In FY2012, the
Company recorded income from operations of Rs. 26,410 million, which grew by 20%
over last year.
INTERNATIONAL REVENUES
International
business contributed 53% to the net revenue from operations at Rs. 13,982
million.
PHARMACEUTICAL BUSINESS
This comprises
revenue lines of APIs, Generics, Speciality Pharma, CMO, DDDS and Healthcare.
In FY2012, Income from operations of this business was Rs. 21,753 million
contributing 51% to the total revenue and recorded a growth of 41%. EBITDA
stood at Rs. 5801 million, up from Rs. 1674 million in previous year, reporting
growth of 247%. EBITDA margins stood at 26.7% in FY2012.
LIFE SCIENCES INGREDIENTS BUSINESS
This business
comprises Proprietary Products and Exclusive Synthesis, Nutrition Ingredients
and Life Science Chemicals. In FY2012, Income from operations at Rs. 21,029
million recorded an increase of 11% over last year same period. EBITDA stood at
Rs. 3542 million with 16.8% margins for the year compared to Rs. 4680 million
and 24.6% margins in previous year. The margin reduction is mainly on account
of competitive pricing to enhance market share and higher input material costs.
The situation is expected to be corrected during FY2013 due to cost
rationalization and operating leverage.
SUBSIDIARIES
Brief particulars of principal subsidiaries are given below:
JUBILANT HOLLISTERSTIER LLC
This subsidiary is
based in Spokane, State of Washington, USA. It is a wholly owned subsidiary of
HSL Holdings Inc. It is a recognized contract manufacturer of sterile
injectables (vials and ampoules), lyophilized products, liquid fills,
Biologics, Suspensions, WFI/Diluents and provides a complete range of services
to support the pharmaceutical and biopharmaceutical industries. Additionally,
it is a manufacturer of allergenic extracts, targeted primarily at treating
allergies and asthma.
Its contract manufacturing
capabilities include aseptic liquid fill / finishing and lyophilization in
three distinct cGMP areas designated as Small Volume Parenteral (SVP), Small
Lot Manufacturing (SLM) and Clinical Trial Manufacturing (CTM). Its
capabilities can be applied to a variety of projects from preclinical through
commercial scale across a multitude of dosage forms including microspheres,
suspensions, WFI/diluents, biologics (proteins), lyophilized products and
liposomes. Jubilant HollisterStier maintains an outstanding regulatory record
with the FDA (CBER and CDER), EMA and Japan’s and Brazil’s regulatory agencies.
Its contract manufacturing business serves customers including innovators
ranging from small biotechnology to large pharmaceutical companies.
JUBILANT DRAXIMAGE
INC
This company is a
wholly owned subsidiary of the Company through Jubilant Pharma Pte. Limited. It
deals in radiopharmaceuticals which is a niche, high entry barrier business.
DraxImage develops, manufactures and markets innovative diagnostic imaging
radiopharmaceuticals solutions and therapeutic radiopharmaceutical products for
the global market. The application of these products extends to cardiology,
thyroid uptake and scan, lung scan, kidney imaging, bone scan etc.
This company is
the major supplier of lyophilized radiopharmaceutical kits for use with
Technetium – 99m including DRAXIMAGE MAA, MDP, DTPA, Glucoheptonte and
Sestamibi. It’s I-131 products are the market leaders in the US with more than
70% market share. These 131 products are currently the major revenue drivers.
Radiopharmaceuticals are used for both therapeutic and diagnostic molecular
imaging applications to customers comprising hospitals, imaging centres and
cardiology / oncology clinics.
DraxImage also
markets non-radioactive products, which are solid in lyophilized form.
This company
operates a US FDA and Health Canada approved manufacturing facility at Montreal
in Canada. It is recognized globally for its quality and execution
capabilities, strong regulatory track record and has an established customer
base comprising large innovator and specialty pharmaceutical companies.
JUBILANT BIOSYS
LIMITED
This company is a
subsidiary of the Company through Jubilant Biosys (Singapore) Pte. Limited,
wholly owned subsidiary of the Company, which holds 66.98% of the equity of
this company.
This company
provides Drug Discovery Services to global Pharmaceutical and Biotech companies
in:
-
Stand alone Service Model
• Functional
services in area of Discovery Informatics, Structural Biology and In Vivo and
Invitro Biology on FTE or Fee based model.
-
Collaborative / Partnership Model
• Integrated
discovery program across a single or a portfolio of molecules
• Risk / Reward sharing option
-
Research Funding
-
Payments for scientific milestones including bonus
achieved through Discovery and Development phase
-
Royalties on successful commercialization of drug.
During 2011-12, this company has:
• Consolidated its
position in the Drug Discovery Services by providing services in integrated
drug discovery programmes, functional service in structural biology, High thru
put screening, Insilco modeling and In Vivo Biology
and Invitro
Biology;
• Signed
integrated programs deal with another major Pharma Janssen Pharmaceutical NV
and Biotech companies Mnemosyne Pharmaceutical Inc and Norgine BV, Netherlands;
• Successfully
delivered a number of scientific milestones including a drug candidate in the
Oncology Therapeutic
Area.
JUBILANT DISCOVERY
SERVICES INC
This Delaware
based USA corporation, is a wholly owned subsidiary of Jubilant Biosys Limited.
Until June 2011 this company was primarily providing sales, marketing and
liaising services to Jubilant Biosys Limited for its US based customers. During
the year, this company has entered into research collaboration agreement with
Jansen Pharmaceutical NV, and is also supporting electrophysiology services to
Mnemosyne.
Jubilant Discovery
Services Inc. has completed an important step in the realization of a long term
strategy to extend capabilities in prosecuting ion channel targets and
expanding the capabilities in other targets including GPCRS and Kinases. As
part of company’s strategy to extend its capabilities, company started the
‘state of the art Discovery Center’ in North America for ion Channel targets.
This center is enabled with comprehensive discovery biology capabilities with a
focus in Voltage gated and ligand gated ion channels, GPCRs and Kinases.
JUBILANT CHEMSYS
LIMITED
This company is a subsidiary
of the Company through Jubilant Drug Development Pte. Limited, wholly owned
subsidiary of the Company, which holds entire equity of this company. This
company offers following services to drug discovery companies based out of US,
Europe and Japan on Full Time Equivalent and molecule basis:
• Discovery
Chemistry Functions
• Hit to Lead and
Lead Optimization
• Medicinal
Chemistry Services
• Scaling up from mg to kg in kilo lab and pilot plant
It also works
closely with Jubilant Biosys Limited in collaborative drug discovery research
services arena.
JUBILANT CLINSYS
LIMITED
This company is a
subsidiary of the Company through Jubilant Drug Development Pte. Limited,
wholly owned subsidiary of the Company, which holds entire equity of this
company. This company offers following services to
pharmaceutical, biotechnology and medical device companies:
• Bio-analytical,
Bio equivalence and Pharmacokinetics studies with 80 bed facility at Noida
• Clinical Trials
from Phase I-IV
• Clinical Data Management studies
During 2011-12,
this company has been able to sign major Clinical Trial (CT) contracts with
Otsuka Pharma Development and Commercialization Inc., US, as part of its
endeavor to enhance CT business.
JUBILANT CLINSYS
INC
This New Jersey
based USA corporation, is a wholly owned subsidiary of Jubilant Life Sciences
Holdings Inc. and is a therapeutically focused full service clinical research
organization.
This company has
expertise in a wide range of highly specialized therapeutic areas including
oncology, cardiovascular, central nervous system, respiratory, dermatology and
allergy/ immunology. It offers broad range of clinical research services to
pharmaceutical, biotechnology and medical device companies in support of Phase
II-IV drug and device development including project management, clinical
monitoring, scientific and medical support, patient and investigator
recruitment, site management, biostatistics, data management, drug safety,
quality assurance, regulatory affairs and medical writing. This company has
operations in Bedminster, New Jersey, Raleigh, North Carolina, Ottawa, Ontario
and Dusseldorf.
JUBILANT
INFRASTRUCTURE LIMITED
This wholly owned
subsidiary of the Company had entered into a Memorandum of Understanding (MOU)
with the Government of Gujarat during the ‘Vibrant Gujarat’ conference in 2007
for development of sector specific Special Economic Zone (SEZ) for Chemicals in
Gujarat. About 107 hectares land was taken on lease from GIDC in Bharuch
District, Gujarat.
During the year,
this SEZ became operational and the Company commenced commercial production of
Unit-1. The finished products from this facility would be fully backward
integrated and based on in-house developed innovative technologies, making it a
hub for world class quality offering value to all stakeholders.
The global scale
plants of Vitamin B3 and 3-Cyanopyridine, at SEZ make the Company the largest
producer of Vitamin B3 in India and second largest globally.
The Company is
also setting up Unit-2, a manufacturing plant for Symtet, a crop science
ingredient for one of the
world’s largest
and safest low cost insecticide through an environment friendly process. This
will make the Company the world’s largest producer of the crop science
ingredient for the insecticide through green route.
JUBILANT FIRST
TRUST HEALTHCARE LIMITED
This company is in
the business of healthcare and is involved in setting up an integrated
hub-and-spoke network. The company owns two hospitals in West Bengal and a
modern dialysis unit. Consequent upon acquisition of entire shareholding of
First Trust Medicare Private Limited by the Company, this Company has become
wholly owned subsidiary of the Company, 95.8% of its capital being held
directly by the Company and 4.2% through First
Trust Medicare Private Limited.
ASIA HEALTHCARE
DEVELOPMENT LIMITED
This company is a
subsidiary of the Company through Jubilant First Trust Healthcare Limited,
which holds 100% of its capital. This company runs a hospital in Behrampur, on
a Public-Private- Partnership with Government of West Bengal.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY SCENARIO
–
PHARMACEUTICALS AND LIFE SCIENCES
The demand for
pharmaceutical products is seeing an uptrend and is expected to continue growth
in line with longer life expectancy and higher prevalence of infectious and
chronic diseases. Healthcare is acknowledged as an integral part of every
government’s official manifesto, across developed world as well as the emerging
markets. The clear stated objective of these manifestos is to deliver lower
cost healthcare services with improved
access for all sections of society.
According to a
study by IMS Healthcare, the total spending on medicines will cross US$ 1 trillion
by the year 2015. This is likely to be driven by growing share of emerging
nations, which are expected to account for 28% of this spending and greater
allocation for generic medicines, where the contribution to these spends is
expected to stand at 39%.
Branded
formulations could see a dip in line with patent expiries of major drugs in the
next few years, resulting in about US$ 120 billion savings over the next 5
years in the developed markets alone. This signals substantial value depletion
of existing portfolios of major pharmaceutical companies even though some of
them will have generic versions of the products going off patent. Innovators
typically earmark around 20% of their sales to R and D activities in order to
maintain a portfolio of patented products. Outsourcing provides a way to
optimize these spends. The evolving dynamics of the healthcare industry favour
outsourcing and companies like Jubilant Life Sciences stand to be a major
beneficiary.
Meanwhile, the
requirement for agrochemicals in the coming years is expected to be governed by
the demand for food grains which will be in turn driven by a growing global
population, paucity of arable land for cultivation of food
grains, declining
productivity of existing fields and novel applications for agrochemicals such
as production of biofuels. It has been estimated that the global agrochemical
market will increase in size from US$ 134 billion in 2010 to US$ 223 billion in
2015. Thus the crop science market is expected to continue on growth path as
farmers rely more and more on crop protection and crop nutrition products. As a
result, the demand for life science products is expected to generate
sustainable growth for Jubilant.
Indian companies
are today regarded as collaborators demonstrating capabilities that match
global expectations. They have been recognised as the 6th largest
contract manufacturing and services outsourcing player in the pharmaceutical
industry by United Nations Conference on Trade and Development (UNCTAD) in its
World Investment Report 2011.
Jubilant Life
Sciences today offers a substantial footprint in life science and
pharmaceutical products and services
through its
presence across the value chain. Its integrated operating set-up makes it
feasible to deliver advantages of scale and quality required by its global
clients in the chosen verticals. While the opportunity in outsourcing is large,
the requirements from products and service solutions providers in this sector
are often stringent. Jubilant enjoys a sterling reputation as a ‘Partner of
Choice’ to almost all top players within these industries.
JUBILANT LIFE
SCIENCES - GROWTH ACROSS THE VALUE CHAIN
Their strategy of
continuously moving up the value chain into life sciences and pharmaceutical
business with expanded geographic reach and ongoing investments in R and D has
yielded excellent results. They enjoy long standing relationships with all the
top 20 pharmaceutical and 7 of the top 10 agrochemical companies of the world.
Over the years the company has consolidated its position and has truly
transformed itself into global life sciences player.
Business evolution
has enabled the need for reclassification of verticals into Pharmaceuticals and
Life Science Ingredients (LSI) for clarity and better understanding of the operating
matrix. The Pharmaceuticals business comprises of Active Pharmaceutical
Ingredients (APIs), Generics and Specialty Pharmaceuticals
(Radiopharmaceuticals and Allergy Therapy Products) and Contract Manufacturing
Outsourcing (CMO), Drug Discovery and Development Solutions (DDDS) and
Healthcare services. The Life Science Ingredients vertical constitutes
Proprietary Products and Exclusive Synthesis (PPES), Nutrition Ingredients and
Life Science Chemicals (LSC) businesses.
The
Pharmaceuticals vertical today contributes 51% of their revenues and balance
comes from Life Science Ingredients space. Their corporate strategy for growth
is based on four key pillars outlined below while influencing
human lives through their multiple products and services.
BUSINESS VERTICALS
ANALYSIS
I.
PHARMACEUTICALS
The
Pharmaceuticals business comprises revenue lines of APIs, Generics, Specialty
Pharmaceuticals, CMO, DDDS and Healthcare. In FY 2012, this vertical recorded
Income from operations of Rs. 21,753 million, a growth of 41% YoY, contributing
51% to the revenue mix. EBITDA stood at Rs. 5,801 million, up from Rs. 1,674
million in
previous year
reporting growth of 246% year on year. EBITDA margins stood at 26.7% in FY
2012, up from 11% in the previous year.
- ACTIVE
PHARMACEUTICALS INGREDIENTS (APIS)
BUSINESS USP
Their APIs
business boasts of a market-leading portfolio of existing bulk drugs that is
complemented by a strong pipeline of planned launches. These products are
manufactured using non-infringing processes and are aimed at sales post patent
expiry in respective markets. This business leverages their strong research and
manufacturing capabilities and is geared for association with global peers.
BUSINESS OVERVIEW
APIs represent the
most crucial component of a drug. Commonly known as bulk actives or bulk drugs
they are mixed with other components to produce tablets, capsules or liquids.
They partner with manufacturers of generic drugs such that their APIs become
part of their formulation. They have a clear focus on production of APIs for
Cardiovascular System (CVS) and Central Nervous System (CNS) therapeutic areas
besides few Anti-infective and Anti-ulcer ants.
PRODUCT DEVELOPMENT AND FILINGS
They enjoy
leadership positions in Carbamezepine, Citalopram, Donepezil, Irbesartan,
Lamotrigine, Meclizine, Oxcarbazepine and Valsartan with 24 commercialised
products across the globe. They also figure among top 3 in Azithromycin,
Olanzapine and Risperidone. US, Europe and Emerging Markets are their key
markets for this business. During the year, they filed 7 US Drug Master Files
(DMFs), 10 CEPs, 2 filings in Canada amongst their focused regulated markets.
Their cumulative filings so far stand at 58 DMFs in the US, 29 filings in
Canada, 29 CEPs in Europe and 6 filings in Japan, besides over 65 filings in
Rest of World (ROW). Their Nanjangud, India facility for APIs received ANVISA
(Brazil) approval during the year. The same facility is already FDA (US),
AFFSAPPS (France) and PMDA (Japan) approved. Hence it has potential to tap
markets across the globe based on product opportunities.
PERFORMANCE OVERVIEW
Revenues in FY
2012 came in at Rs. 4,485 million compared to Rs. 3,378 million in same period
last year. APIs delivered growth of 33% with the help of higher sales of
existing products and additional sales from 4 new product launches. The API
segment continues to show encouraging signs of growth in its chosen therapeutic
areas. They are optimistic in the prospects of Sartans and are seeing good
momentum in Irbesartan in Europe and Canada and Valsartan in Europe.
GROWTH OUTLOOK
The overall market
for APIs has been valued at US$ 101 billion in 2010, which is expected to grow
at 7.9% Compounded Annual Growth Rate (CAGR) from 2011 to 2016. The demand for
APIs will continue to thrive in line with the broader shift from patented to
generic products. They are looking to garner significant market share in
selected products by leveraging their in-house
capabilities in
Generics. Further, focus would be on scaling up and commercialising new
molecules through effective product development and DMF filings portfolio.
Moreover efforts are on to improve the contribution from the 23 launches in
multiple geographies in the past year along with garnering growth from about 35
new launches planned in the next 3 years. The Company would continue
strengthening its position in the regulated markets of Europe, Japan and North
America from where it currently garners over 50% sales while exploring new
opportunities in Emerging Markets.
In their pursuit
to improve efficiencies, they are investing in optimising and debottlenecking
their facilities to increase throughput. Having commissioned the Sartans
facility in FY 2011, their primary objective is to achieve a higher capacity
utilisation from the plant which has a revenue potential of US$ 60 million at
full capacity.
- GENERICS
BUSINESS USP
An integrated
operation with key competencies in the production of APIs is the hallmark of this
business. They offer support activities such as development, formulation,
regulatory affairs in addition to core strength in the form of manufacturing.
They have a manufacturing presence in US that helps us meet the requirements of
the local regulated market to garner better margins. Their Roorkee, India
facility got approved by major regulatory bodies across the world including FDA
(US), MHRA (UK), ANVISA (Brazil) and PMDA (Japan), there by opening
opportunities to tap many more geographies from low cost and high quality
location.
BUSINESS OVERVIEW
They are focussing
on primarily CVS, CNS, Anti-allergic and Steroids categories. They undertake
manufacture and sale of Solid Dosage Formulations on their own and through
their subsidiaries Jubilant Pharmaceuticals and Jubilant Cadista. Their
innovative range of Proprietary Products includes value-added formulations and
special formulations, taste masking, flash tablets, oral dispersible forms,
chewable tablets and modified release forms.
They derive substantial
business from the US market where products are also supplied under the Veterans
Health Administration initiative. They enjoy leadership in the US for Terazosin
and Methylprednisolone and figure among the top 3 in Cyclobenzaprine,
Hydrochlorothiazide capsule, Lamotrigine and Meclizine and among the top 5 in
Donepezil and Prochlorperazine. Their key strengths in Europe also include
regulatory affairs services, formulation development, licensing of marketing
authorisations in addition to supplies of Solid Dosage Forms to makers of
generic products.
PRODUCT DEVELOPMENT AND FILINGS
They have 27
commercialized products across US, Europe and Japan. During the year, they
filed 13 ANDAs in the US and 9 each in Canada and Europe along with 245 in ROW.
Till end of FY 2012, they have 48 cumulative ANDAs in the US of which 19 are
approved whereas there are 35 cumulative Dossier filings in Europe out of which
31 are approved. The filings in Canada stand at 9. Filings in the ROW stand at
over 260, out of which 38 have been approved.
Their development
centre in Noida, which focuses on bringing out drugs through the non-infringing
process route is the fountain of their commitment to innovation. On-going work
involves value-added generics like oral disintegration and chewable tablets.
PERFORMANCE OVERVIEW
Revenues for FY
2012 stood at Rs. 5,366 million, up 161% from Rs. 2,058 million in the previous
year aided by favourable pricing environment and niche positioning of key
products. The FDA (US) approved their ANDA for Risperidone ODT tablets for the
application in CVS therapeutic area this year. They also received ANDA approval
for Donepezil, indicated for CNS and Pantoprazole Sodium Delayed Release Tablets
20 mg and 40 mg indicated for Gastrointestinal (GI) application, both products
are to be supplied from the Roorkee facility. All three products are based on
in-house APIs and would be valuable in their vertical integrated operations.
They also received 13 Dossier approvals, paving the way for faster growth in
the European geography.
GROWTH OUTLOOK
Besides
demonstrating growth in the existing US operation through new launches and
higher sales of existing products, this business aims to leverage the Roorkee
facility within India. The contract with a Japanese generic firm for supply of
formulated CVS drug, based on in-house APIs continues to show promise. They
expect strong growth across geographies led by Europe, Japan and Emerging
Markets, backed by over 60 new launches in the latter.
Growth in
performance is expected to accrue from robust product pipeline of 48 ANDAs and
35 Dossier filings in regulated markets of US and Europe alone. This is
expected to be further fuelled by about 100 launches over the next 3 years
representative of a huge market opportunity, especially post the patent
expiries. They shall continue filing higher ANDAs and Dossiers to give further
strength to the swelling product pipeline.
- SPECIALTY
PHARMACEUTICALS
BUSINESS USP
Specialty
Pharmaceuticals business focuses on Radiopharmaceuticals and Allergy Therapy
Products segments.
They offer a
portfolio of products and complementary equipments in the niche segment of
nuclear imaging. The business exhibits excellent skills in R and D,
manufacturing, quality and regulatory affairs. It enjoys an established
presence in North
America and is poised to expand geographically into other Emerging Markets,
India and Middle-East Asia. I-131 (used for treatment of Thyroid Cancer) is the
sole US FDA product in its class, resulting in leadership for them.
This business also
undertakes the development, manufacture and distribution of Human Allergen
Extracts for Pollen, Environmental, Venom, Mites, Mold and Food and has the
benefit of nearly 90 years of experience. They are the second leading player in
Allergy Immunotherapy in the US and are one of the 2 producers of stinging
insect venom immunotherapy products in the US.
BUSINESS OVERVIEW
They are engaged
in the creation of a range of nuclear imaging products for therapeutic and
diagnostic purposes. The diagnostic applications focus on Thyroid, Bone, Lung,
Kidney, Brain and Myocardial Perfusion Imaging. These products are often sold
along with the kit that is used to administer the product. The key aspect of
this business is that it is highly regulated. Products are directly retailed to
radiopharmacies and hospitals with which they have tie-ups.
In Allergy Therapy
Products segment, their line-up includes over 200 US FDA approved human
allergen extracts used in wide range of differentiated products marketed for
diagnosis and immunotherapy both in bulk and against customer prescriptions.
Focus is on big 5 antigens plus skin test devices. The target user-base covers
conventional allergists, ENT, regular physicians and managed care/hospital
based clinics across the US and Canada besides other international markets.
PRODUCT
DEVELOPMENT
They retail
Smart-FillTM, a dispenser for I-131 which includes therapeutic application in
the treatment of Thyroid Cancer. The diagnostic products in the portfolio
include Macro Aggregates of Albumin (MAA) used in Lung Imaging, Diethylene
Triamine Penta Aceticacid (DTPA) suitable both for Lung and Renal Imaging,
Methyl Diphosphonate (MDP) used in Bone Scanning, Gluceptate that is used in
Kidney and Brain Imaging and Sestamibi that finds application in Myocardial
Perfusion Imaging. There is a growing demand for these competencies globally
and they are the leading player for I-131, MAA and DTPA in the North American
region and enjoy leadership position for MDP in Canada.
Their new product
line-up includes a New Molecular Entity for treatment of Neuroendocrine Tumors
in children that has been introduced in the North American market. Their
Positron Emission Tomography (PET) product Ruby-Fill (Rubidium Generator used
for Myocardial Perfusion Imaging) will be launched in the US and Canada in the
coming financial year. They plan to support this by making inroads in related
areas including their maiden Single Photon Emission Computed Tomography (SPECT)
product, Moly-Fill and Generic Ceretec, both of which they expect to launch in
the US. Another important planned launch in the North American region is that
of Gadopentetate, a contrast agent.
In the Allergy
Therapy Products business, along with 200 diagnostic Allergen Extracts the
range includes skin-testing devices for Allergy Scratch and Intradermal
Testing. Key products include ComforTenTM and QUINTIPTM range of devices and
Venomil® which is a venom product and line of Acetone Precipitated (APTM)
extracts.
PERFORMANCE
OVERVIEW
Revenues in FY
2012 stood at Rs. 3,111 million, up 25% from Rs. 2,495 million in the previous
year. The revenues in this business segment continue to show traction helped by
product launches in new geographies especially in the Radiopharmaceutical
business and volume growth in current markets in both business lines.
GROWTH OUTLOOK
The global market
for radiopharmaceutical products for therapeutic usage and PET and SPECT imaging
stood at US$ 3 billion in 2010 and is likely to increase to US$ 5 billion by
2015. PET and SPECT diagnosis account for 90% of the global
radiopharmaceuticals market and this trend is likely to continue. Being a niche
business with high-entry barriers, they are in a favourable position to grow
their Radiopharmaceutical business. Geographic expansion into India, Middle
East as well as other Emerging Markets and new product introduction will drive
growth rates while all the existing products are also expected to grow to their
optimal potential. During the course of the year India’s Atomic Energy
Regulatory Board has permitted us to commission a radio pharmacy at Noida, UP
which should be another revenue driver for the business. They have filed for
Ruby-Fill generator in the US and Canada, where approvals and launches are
expected during FY 2013 to tap the US$ 60 million market opportunity. They are
set to enjoy first mover advantage in Canada, where they would be one of the
two suppliers in the US mar ket.
Aggressive growth
strategies have been instituted in the allergen extracts business in the US
aided by lower cost skin testing devices, unique products and an effective
marketing program. US would continue to be the focus market though share of
revenues is expected from Canada and international regions as well. R and D
efforts on product development of Sublingual Immunotherapy continues with one
study completing Phase II. Their Allergenic Extracts division has seen double
digit growth and is poised to continue its growth trajectory based on the US
and international expansion including expansion in India and ROW. The Skin
Testing Device is now being manufactured in lower cost locations that act as a
lever in attracting new business.
- CONTRACT
MANUFACTURING OUTSOURCING (CMO) OF STERILE INJECTABLES AND NON-STERILE
PRODUCTS
BUSINESS USP
They follow a
partnership approach to contract manufacturing of Sterile Injectables and
Non-sterile products (comprising ointment, cream and liquids) where the primary
clientele is innovator companies. They are among top 5 CMO players in North
America and have been strengthening their presence with manufacturing
facilities at two locations in US and Canada with multiple service
capabilities.
BUSINESS OVERVIEW
They have integrated
operations at their US and Canadian facilities. The business benefits from a
strong order book and there are multiple contracts under execution for supplies
to US and European geographies.
PERFORMANCE
OVERVIEW
Revenues in FY
2012 stood at Rs. 6,211 million compared to Rs. 5,301 million in the previous
year. A new multi-year contract of US$ 70 million has been signed with a
leading US based pharmaceutical company to produce a prominent OTC product for
women’s health and personal care to be targeted at the US market. In addition,
4 long term contracts for multiple products with combined value of over US$ 90
million were also won during the year. Backed by new order execution, the CMO
business exhibited significant improvement in revenues on a year on year basis
building superior channels for growth in the future. Focus on cost-saving
helped Jubilant to improve margins. Necessary measures to improve capacity
utilisation have been taken which in turn will support growth in the future.
GROWTH OUTLOOK
Better capacity
utilisation given optimised basket of products is expected to shape outlook.
They are employing a superior marketing strategy and have strengthened their
business development team, which is helping them secure commercial
manufacturing opportunities as well as mid to late stage clinical
opportunities. A new line of analytical laboratory services will also be on
offer, allowing a broader complement of service capabilities such as lab
services and clinical trial quantities that will deepen the engagement with key
customers. Efforts would also be towards vertically integrating into Sterile
dosage development.
They will target a
top 3 ranking in the North American CMO market for their existing Sterile
injectable products. They are also seeking to launch self branded products such
as sterile evacuated Vials and Diluents to broaden revenue base and will expand
their geographic reach from the core North American market to European region.
- DRUG DISCOVERY AND
DEVELOPMENT SOLUTIONS (DDDS)
BUSINESS USP
They offer an
integrated play of Drug Discovery and Development Solutions where the focus is
on Oncology, Metabolic Disorders, Pain and Inflammation. There are certain
projects being executed under partnerships with leading pharmaceutical
companies which are complemented by delivery capabilities across the US,
European and Indian markets. The model is inherently flexible and offers
optimal solutions in terms of costing and time-to-market.
BUSINESS OVERVIEW
They conduct
collaborative and integrated drug discovery programs under this business.
Within functional services, they offer drug discovery services in the areas of
Medicinal Chemistry, Discovery Informatics, Computational Chemistry, Structural
Biology, and In- Vivo and In-vitro Biology. The developmental services on offer
include Clinical Research from Phase I to Phase IV including Clinical Trials
and Data Management in chosen
therapeutic areas.
Their unique model provides Drug Discovery Services to multinational
pharmaceutical and biotech companies through stand alone service model with
respect to functional services in Discovery Informatics, Computational
Chemistry, Structural Biology and In-Vivo and In-Vitro biology on Full Time
Employee (FTE) or fee basis; and collaborative or partnership model with
respect to integrated discovery programs across a single or a portfolio of
molecules as well as a risk/ reward sharing option for research funding,
payments for scientific milestones including bonus in discovery and development
phase and royalties on successful commercialization of the drug. Development
milestones would typically include milestones at various stages of
pre-clinical, clinical and regulatory submission stages of drug development.
The research
facilities under the DDDS business are located in Malvern, US and at Bengaluru
and Noida in India. They also maintain a global presence in the Clinical Trial
operations and have facilities both in the US and in India with presence in
Canada as well as in Germany.
PERFORMANCE
OVERVIEW
Revenues in FY 2012
stood at Rs. 2,440 million from Rs. 2,107 million in the previous year. The
performance in this business was muted in terms of profit primarily on account
of depressed results from US Clinical Trials business. They have taken various
measures to realign costs in line with its top line and were able to improve
margins in the year.
GROWTH OUTLOOK
The global
pharmaceutical industry continues to consolidate in the R and D space with a
volatile portfolio that is strategically challenging in the near term. The
collaborations continue to impose greater risk or success based models while
strategic initiatives are driven by a Build Operate model that is capital
intensive. The emphasis is on higher rewards for the right innovation. In
effect the externalization strategy continues to evolve and the 3 year horizon
does look promising for players like Jubilant in value added capabilities that
deliver optimal outcomes.
They are well
positioned as one the top 5 preferred integrated discovery collaborator to major
pharmaceutical and biotech companies, accelerating their global discovery
efforts across multiple therapeutic areas. Alongside, they are expanding the
integrated model which continues to generate the highest potential for growth
and value creation with an optimal size portfolio. A multipronged strategy will
be pursued to sustain growth by:
- Continuing to enhance the Therapeutic
Verticals, consolidating existing portfolio partnerships while expanding
new partnerships to attain an optimal balance between early stage programs
and late stage candidate deliveries thereby ensuring a balanced EBIDTA
- Continuing to build balance between FTE based
relationships and shared risk relationships thereby de-risking the
portfolio partnerships while driving the profitability higher via stickier
partnerships
- Pursuing proprietary drug discovery programs
whereby they are engaged in exploratory research and discovery of new
molecules via fast follower targets that will continue to fuel the
pipeline efforts of their partners. This in turn will be licensed at a
potentially higher value thereby enhancing the value creation in the
midterm
Financial year
2012-13 looks quite promising as they execute multiple integrated programs
thereby optimising the capacity of running integrated programs in existing drug
discovery facility. They also expect to achieve significant milestones
including a number of drug candidates and developmental milestones during next
year thereby establishing a viable research business. An on-going integration
process of subsidiaries in the US and in India will seek to deliver a better
product profile that translates into stronger margins.
f. HEALTHCARE
Jubilant First
Trust Healthcare (JFTH) is engaged in providing ‘Better Care at Affordable
Cost’ to the middle-income population in the districts and towns of Paschim
Banga, India. JFTH operates hospitals each at Baharampur (with 50 beds) and at
Barasat (with 120 beds), which provide services under Neurosurgery, Neonatal
and Paediatric Intensive Care. This facility is operated by a team of full-time
doctors representing major medical disciplines. These doctors are also
available on-call to extend emergency care to patients.
OPERATING REVIEW AND OUTLOOK
Revenues in FY
2012 came in at Rs. 140 million compared to Rs. 119 million in the previous
year showing a growth of 17% year on year. They are looking at improving
profitability without additional investments in the venture.
II.
LIFE SCIENCE INGREDIENTS
Their Life Science
Ingredients business comprises revenue lines of Proprietary Products and
Exclusive Synthesis, Nutritional Ingredients and Life Science Chemicals
segments. Life Science Ingredients business revenues continued to chart their
growth trajectory at Rs. 1,029 million in FY 2012, contributing to 49% of their
revenue mix. This amounts to 11% growth YoY, mainly driven by both price and
volume uptick in Life Science Chemicals.
- PROPRIETARY
PRODUCTS AND EXCLUSIVE SYNTHESIS (PPES)
BUSINESS USP
PPES business is a
fully-integrated operation where Pyridine, Picolines and a range of Pyridine
derivatives are manufactured. The business benefits from over 3 decades of
experience in Pyridine chemistry. There is continuous development of new
products with pharmaceuticals and agrochemicals being the main focus areas.
They enjoy global leadership across range of products including Pyridines, Beta
Picolines and 14 other derivatives. These products find application in over 100
active ingredients in pharmaceutical, agrochemical and other industries like
food and personal care.
BUSINESS OVERVIEW
Key product range
includes Pyridine, Picolines and its derivatives, like Piperidines,
Cyanopyridines, Aminopyridines, Chloropyridines and Bromopyridines and many
more. These products are categorised as Fine Chemicals, Advance Intermediates
and Crop Science Chemicals business divisions and are primarily used as basic
building blocks in production of active ingredients. Their competitive
advantage stems from the level of integration in this operation, which is down
to the basic raw materials. They offer unique platforms in chemistry such as
Vapour Phase Catalytic Reaction, High Pressure Reaction, High Temperature (more
than 25000C) Reaction, Amination, Chlorination, Bromination, Fluorination
Reactions. Proprietary Products are manufactured using these and other skills
that they possess in chemistry. In Exclusive Synthesis division, they partner
innovator companies through the life cycle of their products, from the
developmental stages to commercialization, offering
developmental work
on key Advance Intermediates, APIs and even New Chemical Entities (NCEs) and
then take it through commercialization at large scale .
PERFORMANCE
OVERVIEW
This business
reported revenues of Rs. 9,322 million in FY 2012 compared to Rs. 9,543 million
in the previous year. The 2% sales de-growth that they witnessed was primarily
on account of higher internal demand for the products consequent upon increased
vertical integration. With focus on improving and maintaining the Company’s
leadership
position in key Proprietary Products they have managed to win new orders in a
competitive environment.
GROWTH OUTLOOK
They are seeing
significant interest in their PPES offerings and have invested considerably for
Pyridine capacity enhancement to the tune of 20% during the year. This will
support additional sales of existing products and planned launches of new
products alike. The growing emphasis on utilisation of in-house Pyridine and
its derivatives to offer value-added downstream products should also drive
growth. This includes the utilization of Beta Picoline to produce
3-Cyanopyridine (3CP) and Niacinamide and Pyridine to produce Symtet. The
introduction of agrochemical active, Symtet (2,3,5,6-Tetrachloropyridine) is
expected to provide substantial revenue upside. They plan to address Symtet
market at peak capacity utilisation from their global scale facility being set
up at Bharuch SEZ which has annual revenue potential of over US$ 80 million.
They are looking
at expanding their developmental activities to include new applications in
electronics, agrochemicals and consumer care products. They are also targeting
new applications of Beta Picoline in emerging specialty polymers.
Growth should come
from over 20 new launches with primary thrust on Emerging Markets and China
which are seeing strong expansion. They won a major three year contract to the
tune of US$ 80-100 million in this space, supplies for which would begin in FY
2013, adding to the growth.
- NUTRITION
INGREDIENTS
BUSINESS USP
Their Nutrition
Ingredients business is a fully-integrated operation where production of
Vitamin B3 is based on input materials manufactured in-house. They are known
for quality products and are able to manufacture them at a competitive cost due
to benefits from vertical integration. The portfolio of products includes
Animal Nutrition products too, especially in the poultry space.
BUSINESS OVERVIEW
The biggest
advantage they have is their integrated nature of operations. This provides
them with the cost-advantage that is difficult for any player in the industry
to match. Beta Picoline manufactured under the Proprietary Products is the
precursor to Niacin and Niacinamide (Vitamin B3) produced and is used by
international companies in the field of animal nutrition, human food
fortification and enrichment, pharmaceuticals,
agrochemicals and personal care. Within Animal Nutrition they cater to
the needs of breeding farmers, feed-millers and commercial – broiler and layer
farmers who buy products for their poultry.
PERFORMANCE
OVERVIEW
Revenues in FY
2012 stood at Rs. 2,108 million from Rs. 1,915 million in the previous year.
Going forward, they foresee ourselves standing on firm ground to garner better
volumes in this particular segment as a result of ramp up capacity from the
recently commissioned manufacturing facility at Bharuch SEZ, Gujarat for
Niacinamide.
GROWTH OUTLOOK
Recent
enhancements to capacities combined with close integration with PPES business
should deliver growth. As utilisation of the new Niacinamide capacity improves
during the year to over 60%, it will pave the way for its peak annual revenue
potential of US$ 75 million. Launches of over 5 new products in the ensuing
period are also expected to improve sales. Strong growth can be expected from
China, followed by the regulated markets of the US and Europe.
- LIFE SCIENCE
CHEMICALS (LSC)
BUSINESS USP
Life Science
Chemicals is a capital intensive business in which scales of operations is
imperative. They have leadership position in Acetyls in India and sizeable
presence globally. They enjoy economies of scale and with the recent round of
capacity expansion, they have further augmented this position. The business
produces ‘Green Solvent’ Ethyl Acetate, which is being preferred by customers
in all markets as Ethyl Acetate is fast replacing the petroleum-based solvents
such as Toluene, MEK (Methyl Ethyl Ketone), MIBK (Methyl Iso Butyl Ketone) etc.
The other major product in LSC business is Acetic Anhydride, in which Jubilant
has a significant share of global market.
BUSINESS OVERVIEW
They manufacture
and trade in products in the Acetyl value-chain. These organic intermediates
are precursors to Advanced Intermediates and Fine Chemicals used in a range of
applications such as pharmaceuticals, aromatics, adhesives, food, packaging,
beverages, crop protection chemicals, textiles and other solvents. Parts of
these Acetyls are also consumed by their other business verticals for instance
in production of value added Fine Chemicals and APIs. Strong integration and
manufacturing efficiencies have helped them rank within the top 10 in key
Acetyl products across the world. These Acetyls are produced using green
feedstock, i.e. molasses or alcohol. They have created large storage capacities
at their plants and ports to ensure continued supplies of feedstock to the
operation and to benefit from lower feedstock prices which are cyclical in
nature, especially with respect to Ethyl Alcohol.
PERFORMANCE
OVERVIEW
Revenues in FY
2012 stood at Rs. 9,599 million compared to Rs. 7,540 million last year,
growing at 27% YoY. The business continues to show uptick with demand coming
from domestic as well as international markets. Volumes have remained healthy
in the business through the year. They continue to work on increasing capacity
and utilisations to keep up with the growth in volumes in its key products,
Ethyl Acetate and Acetic Anhydride. During FY 2012, they expanded their Acetic
Anhydride manufacturing capacity to become a supplier to global producers of
mainly pharmaceuticals and crop protection chemicals and to expand their
foot-print in newer markets.
Infrastructure was
also strengthened in terms of providing end to end supply chain solutions for
their global customers, logistics for storage at ports as well as for bulk
exports. With their entry into Europe through marketing and sales alliance with
a Swedish firm, they are now regarded as a European seller in market place
rather than just an Indian exporter. They also happen to be the only Indian
player to have registered Ethyl Acetate and Acetic Anhydride under REACH
Regulations.
GROWTH OUTLOOK
They expect their
expanded capacities to help them address increased demand in Europe and
Emerging Markets
and also help
maintain their leadership position in India. They are determined to increase
the geographic reach of
their products and
expect to show substantially higher growth coming from the European and other
underpenetrated regions in the next 3 years. They are cognizant of the
importance of utilising the right mix of feedstock and plan to make investments
to ensure that their present advantage and flexibility in usage of feedstock
perpetuates in their long term vision to be a formidable global Life Science
Chemicals player.
UNSECURED LOAN
|
Unsecured Loan |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
LONG TERM
BORROWINGS |
|
|
|
Term loans |
|
|
|
From Banks |
|
|
|
Indian rupee
loan |
0.000 |
4000.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loan repayable on demand |
|
|
|
From Banks |
|
|
|
- Cash
credit/working capital demand loans |
2572.890 |
0.000 |
|
Loans from
related parties |
65.000 |
0.000 |
|
Zero coupon
foreign currency convertible bonds - FCCB 2011 |
0.000 |
6336.950 |
|
Commercial
Papers |
600.000 |
0.000 |
|
|
|
|
|
TOTAL |
3237.890 |
10336.950 |
FIXED ASSETS
- Land (Freehold and Leasehold)
- Building (Factory and Others)
- Railway Sidings
- Plant and Machienry
- Vehicles
- Office equipments
- Furniture and Fixtures
STATEMENT OF
UNAUDITED RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH
SEPTEMBER, 2012
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
Half Year Ended |
|
|
|
|
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
|
|
Unaudited |
||
|
1. |
Net Sales/Income
from Operations |
7446.900 |
7425.700 |
14872.600 |
|
|
|
|
|
|
|
2. |
Expenditure |
6582.200 |
6581.300 |
13163.500 |
|
|
Cost of Materials Consumed |
3747.100 |
3543.500 |
7290.600 |
|
|
Purchase of Traded Goods |
494.400 |
472.700 |
967.100 |
|
|
Change in Inventories of Finished goods, Work-in-progress
and Traded Goods |
(261.300) |
(171.800) |
(433.100) |
|
|
Power and Fuel |
811.300 |
836.900 |
1648.200 |
|
|
Employee Benefits Expenses |
608.800 |
560.800 |
1169.600 |
|
|
Depreciation and Amortization Expenses |
368.600 |
360.700 |
729.300 |
|
|
Other Expenses |
813.300 |
978.500 |
1791.800 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
864.700 |
844.400 |
1709.100 |
|
|
|
|
|
|
|
4. |
Other Income |
29.500 |
17.400 |
46.900 |
|
|
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
894.200 |
861.800 |
1756.000 |
|
|
|
|
|
|
|
6. |
Interest |
432.300 |
450.500 |
882.800 |
|
|
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
461.900 |
411.300 |
873.200 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
(492.200) |
1042.400 |
550.200 |
|
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
954.100 |
(631.100) |
323.000 |
|
|
|
|
|
|
|
10. |
Tax Expense |
118.100 |
104.900 |
223.000 |
|
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
836.000 |
(736.000) |
100.000 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
836.000 |
(736.000) |
100.000 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
159.300 |
159.300 |
159.300 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
5.25 |
(4.62) |
0.63 |
|
|
b) Basic and diluted EPS after extraordinary items |
5.25 |
(4.62) |
0.63 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
81166083 |
81166083 |
81166083 |
|
|
- Percentage of Shareholding |
50.96 |
50.96 |
50.96 |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
3374000 |
3374000 |
3374000 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
4.32 |
4.32 |
4.32 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
2.12 |
2.12 |
2.12 |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
74741056 |
74741056 |
74741056 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
95.68 |
95.68 |
95.68 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
46.92 |
46.92 |
46.92 |
|
Particulars
|
30.09.2012 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
9 |
|
Disposed of during the quarter |
9 |
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. in millions)
|
Sl. No. |
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2012 |
30.06.2012 |
30.09.2012 |
||
|
|
(Unaudited) |
||||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
Pharmaceuticals |
1871.700 |
1724.100 |
3595.800 |
|
|
|
Life Sciences Ingredients |
5582.000 |
5708.400 |
11290.400 |
|
|
|
|
|
|
|
|
|
|
Total |
7453.700 |
7432.500 |
14886.200 |
|
|
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue |
6.800 |
6.800 |
13.600 |
|
|
|
|
|
|
|
|
|
|
Net Sales / Income
from Operation |
7446.900 |
7425.700 |
14872.600 |
|
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
Pharmaceuticals |
1871.700 |
1724.100 |
3595.800 |
|
|
|
Life Sciences Ingredients |
5575.200 |
5701.600 |
11276.800 |
|
|
|
|
|
|
|
|
|
|
Total |
7446.900 |
7425.700 |
14872.600 |
|
|
|
|
|
|
|
|
|
|
Less :Interest |
432.300 |
450.500 |
882.800 |
|
|
|
Less : Other Un-allocable Expenses (Including Exceptional Items) |
(576.800) |
1415.500 |
838.700 |
|
|
|
Less: Un-allocable Income (Including Exceptional Items) |
(29.500) |
(17.400) |
(46.900) |
|
|
|
|
|
|
|
|
|
|
Total Profit /
(Loss) Before Tax |
954.100 |
(631.100) |
323.000 |
|
|
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
|
|
Pharmaceuticals |
9863.700 |
9496.100 |
9863.700 |
|
|
|
Life Sciences Ingredients |
16513.600 |
16725.300 |
16513.600 |
|
|
|
|
|
|
|
|
|
|
Total Capital
Employed in Segments |
26377.300 |
26221.400 |
26377.300 |
|
|
|
|
|
|
|
|
|
|
Add: Un-allocable corporate assets less liabilities |
26746.000 |
24570.200 |
26746.000 |
|
|
|
|
|
|
|
|
|
|
Total Capital Employed in the Company |
53123.300 |
50791.600 |
53123.300 |
STATE OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
PARTICULARS |
30.09.2012
UN-AUDITED |
|
Equity and
liabilities |
|
|
Shareholders'
fund |
|
|
Share capital |
159.300 |
|
Reserve &
surplus |
20233.600 |
|
Sub-total - Shareholders' funds |
20392.900 |
|
Non - current
liabilities |
|
|
Long term
borrowings |
24230.300 |
|
Deferred tax
liability (net) |
2337.200 |
|
Long term
provisions |
1908.000 |
|
Sub-total - Non-current liabilities |
28475.500 |
|
Current
liabilities |
|
|
Short term
borrowings |
5591.900 |
|
Trade payables |
6746.800 |
|
Other current
liabilities |
1948.700 |
|
Short term
provisions |
593.700 |
|
Sub-total - Current liabilities |
14881.100 |
|
Total - Equity & Liabilities |
63749.500 |
|
|
|
|
Assets |
|
|
Non-current
assets |
|
|
Fixed assets |
23572.200 |
|
Non-current
investment |
19655.200 |
|
Long term loans
& advances |
4212.700 |
|
Other
non-current assets |
1004.400 |
|
Sub-total - Non-current Assets |
48444.500 |
|
Current assets |
|
|
Current
Investments |
156.000 |
|
Inventories |
6106.000 |
|
Trade
receivables |
4127.800 |
|
Cash & bank
balances |
1324.600 |
|
Short term loans
& advances |
3178.600 |
|
Other current
assets |
412.000 |
|
Sub-total - Current Assets |
15305.000 |
|
Total – Assets |
63749.500 |
NOTES
- The Company
has opted for accounting of exchange difference arising on reporting of
long term monetary items under clause 46 A of AS 11 “The Effects of
Changes in foreign Exchange Rates”. Accordingly exchange differences
amounting to Rs. 63.700 Million for Q2-FY 2013 and Rs. 231.500 Millions
for H1-FY 2013 has been amortized during the year. The accumulated debit
balance as on 30th September, 2012 in Foreign Currency Monetary
Items Translation Difference Account (FCMITDA) Rs. 824.500 Million, and in
Capital Work in Progress Rs. 51.600 Millions is to be amortized over the
balance life of loans and assets respectively.
- The company
has applied hedge accounting on respect of certain transactions including
forward contracts under Accounting Standard 30 issued by the Institute of
Chartered Accountants of India and the credit balance in hedge reserve as
at 30th September, 2012 is Rs. 543.400 Millions.
- Exceptional
items include:
i)
Amortization of foreign
Currency Monetary Item Translation Difference Account-loss /(gain) Rs. 63.700
Millions and Rs. 231.500 Millions for H1-FY 2013.
ii)
Mark to Market in respect
of Currency and Interest rate swap contracts at the quarter end resulting in
loss / (reversal of loss) amounting to (Rs. 555.900 Millions for FY 2013 and
Rs. 318.700 Millions) for H1 FY 2013.
- The
Compensation Committee of the Board on 23rd July, 2012, has
granted 34161 options to eligible Employees / Directors of the Company and
its subsidiaries as per JLL Employee Stock Option Plan, 2011. Each option
shall entitle the holder to acquire 1 equity of Rs. 1 each fully paid up
at Rs. 170.20, being the market price as per SEBI guidelines. There is no
dilution envisaged on account of grant.
- Tax Expenses
are net after considering the Deferred Tax charge / credit and MAT Credit
Entitlement.
- Previous year / periods figures have been
regrouped / reclassified wherever necessary.
- The above
un-audited results were, subject to limited review by the auditors of the
Company, reviewed by the Audit Committee and approves by the Board of
Directors at its meeting held on 5th November, 2012.
WEB SITE DETAILS
PROFILE
Subject is an integrated pharmaceutical and life sciences company. The
Company Pharmaceuticals and Life Sciences Products and Services include custom
research and manufacturing services (CRAMS), pharmaceutical products, life
sciences chemicals, nutrition ingredients and healthcare. CRAMS includes
proprietary products, active pharmaceuticals ingredients (APIs), drug discovery
and development services (DDDS). Pharmaceutical products include specialty
pharmaceuticals, radio pharmaceuticals, allergenic extracts and generics.
Nutrition ingredients include ingredients for pharma, human and animal
applications. Healthcare includes hospital units. As of March 31, 2010, it had
eight manufacturing facility in
HISTORY
|
2012 Jubilant receives USFDA approvals for 4
Dosage Formulations in CVS and CNS therapeutic areas Hon’ble Chief Minister of Gujarat , Shri
Narendra Modi inaugurates Jubilant SEZ at Bharuch, Gujarat Drug Discovery Collaboration with
Mnemosyne Pharmaceuticals 2011 Late stage discovery milestone in oncology program with Endo
Pharmaceuticals Receives USFDA approval for Donepezil Hydrochloride tablets 5mg and 10
mg Sets up global scale capacities for Symtet developed through in
house R and D |
|
2010 Jubilant
Organosys Limited changes to Jubilant Life Sciences Limited Board approves scheme of amalgamation and demerger Strengthens
global leadership position in vitamin B3 |
|
|
|
2008 Jubilant
Organosys and Lilly to Form Drug Development Joint Venture, Indian J.V. expands
companies drug discovery and development collaboration Augments Clinsys
Clinical Research® through acquisition of TrialStat ClinicalAnalytics®, an
EDC platform Acquires
Speciality Molecules Private Limited Engaged in the manufacturing of Fine
Chemicals used by Life Science Industry including pharma, agro and cosmetic
industry |
|
2007 |
|
2005 Acquires full
service Clinical Research Organization in USA involved in providing clinical
research services, data management, biostatistics and contract staffing. Acquires Target
Research Associates, Inc., renamed Clinsys Inc.; a US based Clinical Research
Organisation (CRO) Enters Clinsys
Clinical Research Limited business by setting up wholly owned subsidiary
Jubilant Clinsys Limited |
|
2004 Set up a Contract Clinical Research Organization
named Jubilant Clinsys to conduct bioavailability, bioequivalence,
pharmacokinetic and phase 1 studies.
|
|
2003 |
|
2002 |
|
2001 |
|
2000 |
|
1998 Forms marketing
subsidiary in the USA. Acquires acetyl
plant in western India. |
|
1997 |
|
1995 |
|
1990 |
|
1988 |
|
1987 |
|
1985 |
|
1983 |
|
1981 |
|
1978 |
AWARDS
|
2012
|
|
2011 Winner of (2nd
Prize) National Energy Conservation Awards – 2011, in the chemicals sector,
for their Gajraula Unit, India
|
|
2010
|
|
2009 PHD Chamber
Annual Excellence Award 2009 - for Good Corporate Citizen
|
|
2008
|
|
2007
|
|
2006
|
|
2005 |
|
2004
|
|
2003 The Greentech Foundation
Award for Environment Excellence The Energy
Conservation Award (Chemical sector) from the Government of India for the
Gajraula unit Best Managed
Manufacturing Plant for Single super phosphate by FAI Top 5 Best
Managed Workforce in India - Hewitt Award The DSIR Award
for Innovation in Chemicals and Allied Industries |
MANAGEMENT
SHYAM SUNDER
BHARTIA - EXECUTIVE CHAIRMAN OF THE BOARD, MANAGING DIRECTOR - CHAIRMAN
Shri. Shyam Sunder Bhartia is an Executive Chairman of the Board,
Managing Director of Jubilant Organosys Limited. After graduating in Commerce,
he did his ICWA from the
Education
B Commerce,
HARI S. BHARTIA - EXECUTIVE
CO-CHAIRMAN OF THE BOARD, MANAGING DIRECTOR- CHAINRMAN
Shri. Hari S. Bhartia is an Executive Co-Chairman of the Board, Managing
Director of Jubilant Organosys Limited. He is an industrialist of
Education
B Chemical Engineering, Indian Institute of Technology
SHYAMSUNDAR BANG -
EXECUTIVE DIRECTOR - MANUFACTURING AND SUPPLY CHAIN, DIRECTOR
Mr. Shyamsundar Bang is an Executive Director - Manufacturing and Supply
Chain, Director of Jubilant Organosys Limited. He graduated as Chemical
Engineer from
Education
M Chemical Engineering,
Chemical Engineering,
ABHAY HAVALDAR -
NON-EXECUTIVE INDEPENDENT DIRECTOR - NOMINEE OF GA EUROPEAN INVESTMENTS LIMITED
Mr. Abhay Havaldar is Non-Executive Independent Director - Nominee of GA
European Investments Limited of Jubilant Organosys Limited. He is currently the
Managing Director at General Atlantic LLC, a global private equity firm, where
he has worked since 2002. He established General Atlantic's
Education
M Management,
B Electrical Engineering,
HAMIDULLA KABIR
KHAN - NON-EXECUTIVE INDEPENDENT DIRECTOR
Mr. Hamidulla Kabir Khan is Non-Executive Independent Director of
Jubilant Organosys Limited. He has served in the Indian Administrative Service
since 1956, and from the early 1970s until 1985, he was heavily in industrial
development policy in the state of
SHARDUL SURESH
SHROFF - NON-EXECUTIVE INDEPENDENT DIRECTOR
Shri. Shardul S. Shroff is Non-Executive Independent Director of
Jubliant Organosys Limited. He is a Corporate Attorney, has experience in areas
of infrastructure, projects and project finance, privatisation and disinvestment,
mergers and acquisitions, joint ventures, banking and finance, capital markets
and commercial contracts. He is the Managing Partner of reputed law firm,
Amarchand and Mangaldas and Suresh A Shroff and Company.
Education
LLB,
B Commerce,
SURENDRA SINGH -
NON-EXECUTIVE INDEPENDENT DIRECTOR
Mr. Surendra Singh is Non-Executive Independent Director of Jubilant Organosys
Limited. He is a reputed member of the Civil Services for 35 years and held key
senior positions in the Indian government, earlier as Special Secretary to the
Prime Minister of India and then as Cabinet Secretary to the Government of
India. He also held the prestigious position of Executive Director at the World
Bank where he chaired a Committee of the World Bank Directors on Development
Effectiveness. He is Director on other Indian public limited companies i.e NHT
Limited, NIIT Technologies Limited, CMC Limited, UTI Bank Limited, Andhra Bank
Paper Mills Limited, BAG Films Limited, Nagarjuna Chemicals and Fertilizers
Limited, West Bengal Power Development Corporation Limited, and VLS Finance
Limited.
Education
MS,
NARESH KUMAR
TREHAN - NON-EXECUTIVE INDEPENDENT DIRECTOR
Dr. Naresh Kumar Trehan is Non-Executive Independent Director of
Jubilant Organosys Limited. He is an eminent cardiologist instrumental in
changing the scenario of Cardiothoracic and Vascular Surgery in
Education
INDER MOHAN VERMA
- NON-EXECUTIVE INDEPENDENT DIRECTOR
Dr. Inder Mohan Verma is Non-Executive Independent Director of Jubliant
Organosys Limited. He is a professor in the Laboratory of Genetics and American
Cancer Society at Salk Institute,
Education
PHD Biochemistry, The Weizmann Institute of Science
Biochemistry,
NEERAJ AGRAWAL -
CHIEF EXECUTIVE OFFICER – GENERICS
Mr. Neeraj Agrawal is Chief Executive Officer - Generics of Jubilant Organosys
Limited. He holds B. Tech. (Elect.), MBA. He has 14 years of experience. He is
a Business Strategy of Mckinsey and Company.
GOUTAM MUHURI -
PRESIDENT – R AND D DOSAGE FORMS
Dr. Goutam Muhuri is President – R and D Dosage Forms of Jubilant Life Sciences
Limited. He holds M. Pharma, Ph.D. He has 20 years of experience.
CHANDAN SINGH
SENGAR – PRESIDENT - ACETYLS AND ETHANOL
Mr. Chandan Singh Sengar is President - Acetyls and Ethanol of Jubilant
Life Sciences Limited. He holds B.Sc., MBA. He has 25 years of Experience
RAJESH KUMAR
SRIVASTAVA - CHIEF EXECUTIVE OFFICER - FINE CHEMICALS AND CRAMS
Mr. Rajesh Kumar Srivastava is Chief Executive Officer - Fine Chemicals
and CRAMS of Jubilant Organosys Limited. He holds B. Tech., MMM. He has 24
years of experience.
PRAMOD YADAV -
CHIEF EXECUTIVE OFFICER - ADVANCE INTERMEDIATES AND NUTRITIONAL PRODUCTS
Mr. Pramod Yadav is Chief Executive Officer - Advance Intermediates and
Nutritional Products of Jubilant Organosys Limited. He holds B. Sc. (Tech.),
MMM. He has 24 years of experience.
WEB DETAILS
PRESS RELEASE
Q3 FY'13
Income from Operations - Rs. 13060.000 millions, up 19%YoY
EBITDA - Rs. 2630.000 millions, up 24%YoY, Margins at 20.2%
PAT at Rs 270.000 millions (up 134%) after exceptional loss of Rs 710.000 millions
9 Months FY'13
Income from Operations - Rs. 37690.000 millions, up 22%YoY
EBITDA - Rs. 8110.000 millions, up 26%YoY, Margins at 21.5%
PAT at Rs 1840.000 millions (up 135%) after exceptional loss of Rs 1320.000 millions
January 29, 2013
The Board of Jubilant Life Sciences Limited, an integrated pharmaceutical and
life science industry player met today to approve financial results for the
quarter and nine-months ended December 31, 2012.
Commenting on the Company's performance, Mr. Shyam S Bhartia, Chairman and
Managing Director and Mr. Hari S Bhartia, Co-Chairman and Managing Director,
Jubilant Life Sciences said:
"During the nine months period,
the Company delivered a strong revenue growth of 22% with 26% EBITDA growth,
driven by pharma segment top line growth of 26% and business EBITDA growth of
46%. Our strategy of enhancing presence in identified international markets is
delivering results with 28% growth and high 73% contribution to revenue mix. We
believe this momentum is sustainable due to strong product pipeline and order
book position along with leveraging benefits from vertical integration."
In Q3 FY2013, Income from Operations was at Rs 13060.000 millions growing over
19% YoY. This was led by volume increase of 23%. The EBITDA stood at Rs.
2630.000 millions, up by 24% YoY with EBITDA margins at 20.2%, compared to
19.4% last year. The Profit before exceptional items, tax and minority interest
stood at Rs. 1460.000 millions, higher by 44% YoY. The Reported Profit after
Tax grew 134% at Rs. 270.000 millions after considering the Rs 710.000 millions
impact of exceptional items. Normalised PAT was higher at Rs 980.000 millions,
up 27%.
In 9M FY2013, the Income from Operations stood at Rs 37690.000 millions with 22%
growth on YoY basis with volume increase of 18%. EBITDA saw enhancement of 26%
to Rs. 8110.000 millions. EBITDA margins stood at 21.5% compared to 20.8% in
the same period last year.
The Profit before exceptional items, tax and minority interest in the period
was Rs. 4550.000 millions, up 34% YoY. The Reported Profit after tax was at Rs.
1840.000 millions after adjusting exceptional items of Rs.1320.000 millions.
The Normalised PAT stood at Rs 3160.000 millions, up 13% from same period last
year.
Pharmaceuticals Segment Review
The Pharmaceutical segment comprises of APIs, Generics, Speciality Pharma, CMO,
DDDS and Healthcare. In Q3 FY2013, Income from operations of the segment stood
at Rs 6650.000 millions, up over 18% YoY thereby accounting for a share of 51%
in the revenue mix. The segment EBITDA came in at Rs 1950.000 millions, and was
up 29% YoY. Segment EBITDA margins stood at 29.3%, 240 basis points higher than
26.9% witnessed last year in the same period.
In 9M FY2013, the Income from operations of the segment stood at Rs 19560.000
millions, up 26% YoY and contributing 52% to the revenue mix. The segment
EBITDA was 46% higher at Rs 5750.000 millions, up from Rs 3940.000 millions
last year. The corresponding EBITDA margins stood at 29.4% compared to 25.3% in
the previous period.
Strong volume growth in Generics and Specialty Pharma continued to drive
performance for the segment. While APIs witnessed flattish YoY growth in Q3'
FY13, CMO services witnessed some deferment of sales which are expected to be
realised in the current quarter.
As of December 31st, 2012, the Company has 50 cumulative US ANDA filings, of
which 25 are approved, 41 Dossier filings in the EU of which 33 are approved,
17 filings in Canada of which 4 are approved and 469 in ROW of which 77 are
approved. The Company also has 58 DMF filings in the U.S., 29 CEPs in Europe,
33 in Canada, 7 in Japan and 90 filings in ROW.
Life Science Ingredients Segment Review
The Ingredients segment comprises of Proprietary Products and Exclusive
Synthesis, Nutrition Ingredients and Life Science Chemicals.
In Q3 FY2013 the Income from operations was at Rs. 6410.000 millions, showing a
growth of 20% YoY with a 49% contribution to revenues overall. The segment
EBITDA stood at Rs 980.000 millions, up from Rs. 800.000 millions last year.
The EBITDA margins stood at 15.4% in Q3 FY’13, compared to 15.0% in the same
period last year.
9M FY2013, the Income from operations was at Rs. 18130.000 millions, up 17% YoY
with a 48% share to the overall revenues. The segment EBITDA was at Rs 2860.000
millions with EBITDA margin 15.8% compared to Rs. 2980.000 millions in the
corresponding period in previous year.
The incremental Pyridine and Beta Picoline capacities have served to
consolidate the company's global leadership position in the segment, driving
excellent volume growth in the PPES segment. Owing to the integrated nature of
the operation, the SEZ facility is expect to support growth both in the captive
business of downstream products and in terms of external demand. Nutrition
Ingredients prices were low but stable during the quarter. Some early signs of
consolidation are expected to bring improvement in pricing and consequently
higher margins in the coming year, especially with our low cost manufacturing
base and vertical integration benefits. Life Science Chemical business
witnessed good volume growth with improved margins due to lower input material
costs.
Geographical Overview
With focus on strategic geographic expansion in key markets across business
lines, the Company's products and services have reach across 90 countries in
the world.
In Q3 FY2013 the contribution from regulated markets of the U.S., Canada,
Europe and Japan remained robust with growth at 26% YoY. Revenues from the
North American market stood at Rs. 5390.000 millions, up 26% YoY, contributing
over 41% to revenue mix. Revenues from Europe and Japan markets were at Rs.
2660.000 millions, growing 28% YoY and contributing over 20% to the revenue
mix. Revenue from ROW stood at Rs. 1580.000 millions, with 19% YoY growth and
Domestic revenues at Rs. 3440.000 millions, up 5% YoY accounted for a share 26%
in the revenue mix.
In 9M FY2013, the revenues from North America were at Rs. 15540.000 millions,
up 29% YoY, contributing 41% to the revenue mix; revenues from Europe and Japan
were at Rs. 7570.000 millions, thus higher by 31% and contributing 20% to the
revenue mix. Revenues from ROW were at Rs. 4430.000 millions, up 19% accounting
for 12% of the revenue mix. The domestic revenues stood at Rs. 10150.000
millions, thereby growing 8% YoY and contributing 27% to the revenue mix.
Outlook
The Company maintains its stance on revenue growth of over 20% and EBITDA
margins around 21% for the year. Jubilant's performance has been driven by
higher volumes and stable pricing across the strong product portfolio in the
Pharmaceuticals business. In Life Science Ingredients, higher capacity
utilisation levels together with greater vertical integration are expected to
drive growth and profitability.
About Jubilant
Jubilant Life Sciences Limited is a global Pharmaceutical and Life Sciences
Company engaged in manufacture and supply of APIs, Generics, Specialty
Pharmaceuticals and Life Science Ingredients. It also provides Services in
Contract Manufacturing and Drug Discovery and Development. The Company's
strength lies in its unique offerings of Pharmaceutical and Life Sciences
products and services across the value chain. With 10 world-class manufacturing
facilities in India, US and Canada and a team of ~6400 multicultural people
across the globe, the Company is committed to deliver value to its customers
spread across over 90 countries. The Company is well recognized as a Partner of
Choice by leading pharmaceuticals and life sciences companies globally. For
more info: www.jubl.com
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggestthat 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. 54.44 |
|
|
1 |
Rs. 81.33 |
|
Euro |
1 |
Rs. 70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.