MIRA
INFORM REPORT
|
Report Date : |
19.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
BIOCON
LIMITED |
|
|
|
|
Registered Office : |
20th
KM, |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
29.11.1978 |
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Com. Reg. No.: |
08-003417 |
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Capital Investment
/ Paid-up Capital : |
Rs.1000.000 Millions |
|
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|
CIN No.: [Company
Identification No.] |
L24234KA1978PLC003417 |
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|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRB00214E |
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|
Legal Form : |
Public
Limited Liability Company. The Company's shares are listed on the Stock
Exchange. |
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Line of Business : |
Manufacturers,
Exporters and Importers of all kinds of Enzymes, Oleoresins, Catalytic Preparations,
Organic Chemicals and Organic and Bio-Chemicals, etc. |
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|
|
|
No. of Employees
: |
5585 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 83800000 |
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|
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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 The financial position of the company appears to be sound and healthy.
The management is known to be well experienced and knowledgeable people. Trade relations are reported to be trustworthy. Business is active.
Payment terms are regular and as per commitment. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA+ (Long term rating) |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
11.12.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ (Short term debt) |
|
Rating Explanation |
Very strong degree of safety and lowest credit
risk. |
|
Date |
11.12.2012 |
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 /Factory 1 / Corporate Headquarters: |
20th
KM, |
|
Tel. No.: |
91-80-28422169/28523434/
28082808 / 40144014 |
|
Fax No.: |
91-80-28422623/25531662/28523423 |
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E-Mail : |
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Website : |
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Area : |
15000
sq. ft. |
|
Locations : |
Owned
|
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Factory 2 : |
Plot No 113/C2, Bommasandra
Industrial Area, Bommasandra, |
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Factory 3 : |
Plot No 2,3,4 and
5, Bommasandra – |
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Factory 4 : |
Plot 213-215 IDA Phase
– II,pashamlaram Medak District – 502307, |
DIRECTORS
As on 31.03.2012
|
Name : |
Mrs.
Kiran Mazumdar |
|
Designation : |
Chairperson
and Managing Director |
|
Address : |
874/1,
7th Cross III Block, Koramangala, |
|
Date of
Birth/Age : |
20.11.1978 |
|
Qualification
: |
B.Sc.
(Hons.), PG Diploma in Malting and Brewing |
|
Date Of
Appointment : |
01.12.1978 |
|
|
|
|
Name : |
Dr.
Neville Bain |
|
Designation : |
Non
Executive and chairman Director |
|
Address : |
High
Trees, |
|
Date of
Birth/Age : |
17.04.1955 |
|
Date of
Appointment : |
08.08.2000 |
|
|
|
|
Name : |
Prof.
Ravi Mazumdar |
|
Designation : |
Director |
|
Address : |
706, |
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Date of
Birth/Age : |
14.07.1940 |
|
Date of
Appointment : |
08.08.2000 |
|
|
|
|
Name : |
Prof.
Charles L. Cooney |
|
Designation : |
Director |
|
Address : |
14.09.1961 |
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Date of
Birth/Age : |
35, |
|
Date of
Appointment : |
27.07.2001 |
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|
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|
Name : |
Dr.
Bala Manian |
|
Designation : |
Director
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|
Name : |
Mr.
Suresh Talwar |
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Designation : |
Director |
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|
Name : |
Prof Catherine Rosenberg |
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Designation : |
Alternate Director |
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Name : |
Mr. John Shaw |
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Designation : |
Director |
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Name : |
Mr. Peter Bains |
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Designation : |
Director |
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|
Name : |
Mr. Russel Walls |
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Designation : |
Director |
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|
Name : |
Mrs. Mary Harney |
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Designation : |
Additional
Director |
KEY EXECUTIVES
Core Committee:
|
Name : |
Mr. Kiran Kumar G |
|
Designation : |
Compliance Officer and Company Secretary |
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|
|
|
Name : |
Dr. Arun Chandavarkar |
|
Designation : |
Chief Operating Officer |
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|
|
Name : |
Mr. |
|
Designation : |
Group
Head of Human Resorces |
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|
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|
Name : |
Mr. Murali Krishnan |
|
Designation : |
President, Group Finance |
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|
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|
Name : |
Dr. Abhijit Barve |
|
Designation : |
President, Research and Development |
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|
Name : |
Mr. Rakesh Bamzai |
|
Designation : |
President, Marketing |
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|
|
|
Name : |
Mr.
Chinappa M. B. |
|
Designation : |
Chief
Executive Financer – Syngene |
|
Qualification : |
B.
Com. ACA |
|
Date of Appointment : |
12.07.1999 |
|
|
|
|
Name : |
Mr.
Sandeep Rao |
|
Designation : |
Vice
President – Business Development and Licensing |
|
Qualification : |
M. Sc.
PGDM |
|
Date of Appointment : |
15.06.1999 |
|
|
|
|
Name : |
Dr.
Harish V. Iyer |
|
Designation : |
President
|
SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
Individuals / Hindu Undivided Family |
80981394 |
40.49 |
|
Sub Total |
80981394 |
40.49 |
|
(2) Foreign |
|
|
|
Individuals (Non-Residents Individuals / Foreign
Individuals) |
1407558 |
0.70 |
|
Bodies Corporate |
39535194 |
19.77 |
|
Sub Total |
40942752 |
20.47 |
|
Total
shareholding of Promoter and Promoter Group (A) |
121924146 |
60.96 |
|
(B) Public
Shareholding |
|
|
|
(1) Institutions |
|
|
|
Mutual Funds / UTI |
6887681 |
3.44 |
|
Financial Institutions / Banks |
14053896 |
7.03 |
|
Foreign Institutional Investors |
10738443 |
5.37 |
|
Sub Total |
31680020 |
15.84 |
|
(2)
Non-Institutions |
|
|
|
Bodies Corporate |
8630659 |
4.32 |
|
Individuals |
- |
- |
|
Individual shareholders holding nominal
share capital up to Rs. 0.100 million |
16749046 |
8.37 |
|
Individual shareholders holding nominal
share capital in excess of Rs. 0.100 million |
11246033 |
5.62 |
|
Any Others
(Specify) |
9770096 |
4.89 |
|
Non Resident Indians |
1293131 |
0.65 |
|
Trusts |
8154341 |
4.08 |
|
Foreign Corporate Bodies |
105374 |
0.05 |
|
Clearing Members |
217250 |
0.11 |
|
Sub Total |
46395834 |
23.20 |
|
Total Public
shareholding (B) |
78075854 |
39.04 |
|
Total (A)+(B) |
200000000 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued-m |
- |
- |
|
(1) Promoter and Promoter Group |
- |
- |
|
(2) Public |
- |
- |
|
Sub Total |
- |
- |
|
Total
(A)+(B)+(C) |
200000000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers,
Exporters and Importers of all kinds of Enzymes, Oleoresins, Catalytic
Preparations, Organic Chemicals and Organic and Bio-Chemicals, etc. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2011):
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual
Production |
|
Pharmaceuticals |
Kg. |
* |
** |
15700047 |
* Exempted
from the licensing provisions of the Industries (Development and Regulation) Act,
1951 in terms of notification No. S. O. 477(E) dated July 25, 1991.
**
Installed capacity has not been disclosed as these are variable and subject to
changes in product mix, and utilization of manufacturing facilities, given the
nature of operations
GENERAL INFORMATION
|
No. of Employees : |
5585
(Approximately) |
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Bankers : |
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Facilities : |
NOTE: (a) On February 9,
2000, the Company obtained an order from the Karnataka Sales Tax Authority for
allowing deferment of sales tax (including turnover tax) for a period upto 12
years with respect to sales from its Hebbagodi manufacturing facility for an
amount not exceeding Rs. 649. This is an interest free liability The amount
is repayable in 10 equal half yearly installments of Rs..65 each starting
from February 2012. (b) On March 31,
2005, the Company entered into an agreement with the Council of Scientific
and Industrial Research (‘CSIR’), for an unsecured loan of Rs. 3 for carrying
out part of the research and development project under the New Millennium
Indian Technology Leadership Initiative (‘NMITLI’) Scheme. The loan is
repayable over 10 equal annual installments of Rs. 0.3 starting from April
2009 and carries an interest rate of 3 percent per annum. (c) (i) On March 31,
2009, the Department of Scientific and Industrial Research (‘DSIR’)
sanctioned financial assistance for a sum of Rs. 17 to the Company for part
financing one of its research projects. The assistance is repayable in the
form of royalty payments for three years post commercialisation of the
project in five equal annual installments of Rs. 4 each. The said projects
have been completed during the year ended March 31, 2010 and the repayments
would commence from April 1, 2013. (ii) In addition,
during the FY 2010-11, the Company has further received Rs. 4 towards a
development project out of sanctioned amount of Rs. 12. The assistance is repayable in the form of royalty payments for a period of five
years post commercialisation of the project in five equal annual installments
of Rs. 3 each. The said product has not yet been commercialised as at March
31, 2012. (d) On November 3,
2009, the Department of Biotechnology (‘DBT’) under the Biotechnology
Industrial Partnership Programme (‘BIPP’) has sanctioned financial assistance
for a sum of Rs. 53 to the Company for financing one of its research
projects. Of the said sanctioned amount, the Company had received a sum of
Rs. 37 during year ended March 31, 2011 and the remaining amount of Rs. 16
during the year. The loan is repayable over 10 half yearly installments of
Rs. 5 after two years from date of completion of the project and carries an
interest rate of 2 percent per annum. In addition, on May 23, 2011, the DBT
under the BIPP has sanctioned financial assistance of Rs. 40 to the Company
for financing another research project. Of the sanctioned amount, the Company
has received a sum of Rs. 12 during the year. The loan is repayable over 10
half yearly installments of Rs. 4 after one year from date of completion of
the project and carries an interest rate of 2 percent per annum. (e) On August 25,
2010, the Department of Science and Technology (‘DST’) under the Drugs and
Pharmaceutical Research Programme (‘DPRP’) has sanctioned financial assistance
for a sum of Rs. 70 to the Company for financing one of its research
projects. Of the said sanctioned amount, the Company has received the first
installment of Rs. 14 during the year ended March 31, 2011 and the remaining
amount during the year ended March 31, 2012. The loan is repayable over 10
annual installments of Rs. 7 each starting from July 1, 2012, and carries an
interest rate of 3 percent per annum. (f) In respect of
the financial assistance received under the aforesaid programmes (refer note
(b) to (e) above), the Company is required to utilise the funds for the
specified projects and is required to obtain prior approvals from the said
authorities for disposal of assets / Intellectual property rights acquired /
developed under the above programmes.
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
S.R.Batliboi
and Associates Chartered Accountant |
|
Address : |
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Associates: |
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Subsidiaries/ Joint venture: |
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Fellow
Subsidiaries: |
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|
Enterprise
owned by Key Management |
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CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
220,000,000 |
Equity shares |
Rs.5/- each |
Rs. 1100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000,000 |
Equity shares |
Rs.5/- each |
Rs. 1000.000 millions |
|
|
|
|
|
i. Reconciliation of
the Shares Outstanding at the beginning and at the end of the reporting period
|
Equity Shares |
31.03.2012 |
|
|
At the beginning of the year |
No. |
Rs. In millions |
|
Issued during the year |
200,000,000 |
1000.000 |
|
Outstanding at the end of the year |
200,000,000 |
1000.000 |
ii. Terms / rights
attached to equity shares
The
Company has only one class of equity shares having a par value of Rs. 5 per share. Each holder of equity
shares is entitled to one vote per share. The Company declares and pays
dividends in Indian Rupees. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing
Annual
General Meeting.
During
the year ended March 31, 2012, the amount of interim dividend per share
recognised as distributions to equity shareholders was Rs. Nil (March 31, 2011)
- Rs. 1.50)
and final dividends proposed for distribution to equity shareholders was
Rs. 5 (March 31, 2011 - Rs. 3).
In the
event of liquidation of the Company, the holders of equity shares will be
entitled to receive remaining assets of the Company, after distribution of all
preferential amounts, if any. The distribution will be in proportion to the
number of equity shares held by the shareholders.
iii. Aggregate
number of bonus shares issued during the period of five years immediately
preceding the reporting date On
September 15, 2008, the Company issued 100,000,000 equity shares of Rs. 5 each as fully paid bonus
shares by capitalisation of balance in the securities premium account of
Rs. 500.
iv. Details of shareholders holding more than 5% shares in the Company
|
Equity Shares |
March 31, 2012 |
|
|
Equity shares of
Rs. 5 each fully paid |
No. |
% holding |
|
Dr Kiran Mazumdar Shaw |
79,287,564 |
39.64% |
|
Glentec
International |
39,535,194 |
19.77% |
As per
of the Company, including its register of shareholders/members. The above
shareholding represents both legal and beneficial ownerships of shares.
v. Shares reserved for issue
under options
For details of shares reserved for issue under the employee
stock option (ESOP) plan of the Company,
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 |
1000.000 |
1000.000 |
1000.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
19964.000 |
18468.000 |
14662.867 |
|
|
4] (Accumulated Losses) |
0.0000 |
0.000 |
0.000 |
|
|
NETWORTH |
20964.000 |
19468.000 |
15662.867 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
56.000 |
740.000 |
896.834 |
|
|
2] Unsecured Loans |
1417.000 |
881.000 |
1021.228 |
|
|
TOTAL BORROWING |
1473.000 |
1621.000 |
1918.062 |
|
|
DEFERRED TAX LIABILITIES |
349.000 |
396.000 |
410.408 |
|
|
|
|
|
|
|
|
TOTAL |
22786.000 |
21485.000 |
17991.337 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6850.000 |
6796.000 |
6599.909 |
|
|
Capital work-in-progress |
825.000 |
1027.000 |
583.344 |
|
|
|
|
|
|
|
|
INVESTMENT |
6570.000 |
4859.000 |
4186.382 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
184.062 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3404.000
|
2747.000 |
2447.986 |
|
|
Sundry Debtors |
4450.000
|
4181.000 |
3836.444 |
|
|
Cash & Bank Balances |
400.000
|
2103.000 |
771.218 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
5704.000
|
4322.000 |
4030.711
|
|
Total
Current Assets |
13958.000
|
13353.000 |
11086.359 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2511.000
|
1997.000 |
1856.471 |
|
|
Other Current Liabilities |
1418.000
|
1266.000 |
1959.772 |
|
|
Provisions |
1488.000
|
1287.000 |
832.476 |
|
Total
Current Liabilities |
5417.000
|
4550.000 |
4648.719 |
|
|
Net Current Assets |
8541.000
|
8803.000 |
6437.640 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
22786.000 |
21485.000 |
17991.337 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15558.000 |
15611.000 |
11280.695 |
|
|
|
Other Income |
666.000 |
572.000 |
658.327 |
|
|
|
Licensing and Development Fees |
-- |
-- |
350.130 |
|
|
|
TOTAL (A) |
16224.000 |
16183.000 |
12289.152 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw materials and packing materials consumed |
6971.000 |
6173.000 |
8709.669 |
|
|
|
Purchases of traded goods |
857.000 |
503.000 |
|
|
|
|
(Increase)/
decrease in inventories of finished goods, traded goods and work-in-progress |
(414.000) |
(278.000) |
|
|
|
|
Employee benefit expenses |
1916.000 |
1456.000 |
|
|
|
|
Other expenses |
2893.000 |
2245.000 |
|
|
|
|
TOTAL (B) |
12223.000 |
10099.000 |
8709.669 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4001.000 |
6084.000 |
3579.483 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
17.000 |
10.000 |
19.910 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3984.000 |
6074.000 |
3559.573 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
940.000 |
902.000 |
797.290 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3044.000 |
5172.000 |
2762.283 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
489.000 |
579.000 |
278.713 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2555.000 |
4593.000 |
2483.570 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
12613.267 |
9470.267 |
8009.190 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
256.000 |
459.000 |
248.357 |
|
|
|
Proposed Dividend |
1000.000 |
900.000 |
700.000 |
|
|
|
Tax on Dividend |
162.000 |
91.000 |
74.136 |
|
|
BALANCE CARRIED
TO THE B/S |
13750.267 |
12613.267 |
9470.267 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
6661.000 |
5244.000 |
4828.653 |
|
|
|
Licensing and development fees |
27.000 |
1658.000 |
136.093 |
|
|
|
Other
operating revenue |
79.000 |
0.000 |
0.000 |
|
|
|
Other
income |
5.000 |
0.000 |
48.090 |
|
|
|
Interest
on foreign currency loan given to subsidiary company |
1.000 |
33.000 |
44.204 |
|
|
TOTAL EARNINGS |
6773.000 |
6935.000 |
5057.040 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3833.000 |
3822.000 |
3823.858 |
|
|
|
Packing materials |
193.000 |
45.000 |
30.784 |
|
|
|
Maintenance spares |
44.000 |
30.000 |
25.808 |
|
|
|
Capital goods |
411.000 |
502.000 |
208.571 |
|
|
TOTAL IMPORTS |
4481.000 |
4399.000 |
4089.021 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
13.04 |
23.49 |
12.77 |
|
|
|
Diluted |
12.92 |
23.27 |
12.57 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 1rd
Quarter |
30.09.2012 2nd Quarter |
31.12.2012 3rd Quarter |
|
Net Sales |
4474.400 |
5080.700 |
5067.000 |
|
Total Expenditure |
3634.600 |
3796.000 |
3996.600 |
|
PBIDT (Excl OI) |
839.800 |
1284.700 |
1070.400 |
|
Other Income |
218.300 |
96.800 |
195.300 |
|
Operating Profit |
1058.100 |
1381.500 |
1265.700 |
|
Interest |
5.600 |
1.700 |
0.100 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
1052.500 |
1379.800 |
1265.600 |
|
Depreciation |
238.300 |
234.200 |
239.200 |
|
Profit Before Tax |
814.200 |
1145.600 |
1026.400 |
|
Tax |
125.800 |
262.000 |
224.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
688.400 |
883.600 |
802.100 |
|
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 |
688.400 |
883.600 |
802.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
15.75
|
28.38 |
20.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.56
|
33.13 |
24.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.63
|
25.67 |
15.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.27 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.33
|
0.32 |
0.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.58
|
2.93 |
2.38 |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
FINANCIAL PERFORMANCE
Overview
The
financial statements have been prepared in compliance with the requirements of
the Companies Act, 1956 and Generally Accepted Accounting Principles (GAAP) in
BRANDED FORMULATIONS
Their Branded Formulations business has grown rapidly,
offering a large basket of products for chronic diseases to a sizeable patient population
in
Increasing patient needs are driving us to develop value added yet affordable treatment options. In order to meet these rising demands, their Branded Formulations India business has adopted a focused portfolio approach that caters to the key therapeutic segments of Diabetology, Nephrology, Cardiology, Oncology, Critical Care and Immunotherapy.
During FY 12, the Branded Formulations business achieved sales of Rs. 2594.000 million, recording strong growth of 39%. The Critical Care and Immunotherapy divisions, launched in mid-FY 11, have grown manifold within a short span of time and a significant number of products have been introduced by many other therapeutic divisions.
Diabetology
During FY 12, the Diabetology division registered robust growth of 38%, moving Biocon to the no. 4 position in the Insulins segment. Biocon’s INSUGEN® ranked no. 3 in the 40 IU Insulin space, with a growth of 31%, is outpacing market growth (ORG IMS
March 2012 MAT). Their Insugen 100 IU, launched in FY 11, also captured significant market share. In the Insulin Glargine market, Biocon’s BASALOG® vials continue to provide affordable insulin therapy options to diabetes patients.
INSUPen®, Biocon’s first reusable insulin delivery device
launched in the presence of eminent endocrinologists in mid- FY 12 was very
well received. A breakthrough in insulins delivery devices, INSUPen® offers
patients in
• Reusable, best-in-class, proprietary German technology based pen with user friendly features
• First pen with a choice of 3 colors for clear insulin differentiation INSUPen® has been a substantial value add to their basket of Insulin therapies in the market and enables us to compete in the cartridge segment.
To enhance patient experience with INSUPen, Biocon has introduced a patient support system for diabetics. A proactive team of Diabetes Care Advisors (DCAs) leads the on-field service arm, supported by a ‘7 days a week’ helpline that offers counseling to diabetics. Biocon’s ‘one call does all’ provides complementary, wide ranging support for INSUPen®, including at home product demos, counseling on lifestyle changes and answers to product related queries.
Oncotherapeutics
Biocon’s Oncotherapeutics division remains committed to unlocking the value of its oncology portfolio by providing access to affordable and differentiated anti-cancer therapies. EvertorTM, the first and only global generic of everolimus for the treatment of progressive neuro-endocrine tumors of pancreatic origin, completed one year of launch in FY 12. Indigenously developed using their proprietary platform technology, EvertorTM is available to patients at a competitive price.
Abraxane®, their best-in-class taxane used in the treatment
of metastatic breast cancer, is amongst the top three brands in its segment in
Biocon’s BIOMAb EGFR®, their first humanized monoclonal antibody for head and neck cancer, also grew significantly in FY 12. In line with their promise of affordable innovation, its cost of therapy remains competitive compared to other anti-EGFR MAbs.
Nephrology
Biocon’s Nephrology division addresses the therapeutic needs of chronic kidney disease (CKD) and transplant recipients with the most comprehensive, economical and innovative methods. The division posted strong growth in FY 12, with many brands featuring among the top three in their respective therapy segments. The ERYPRO™ group remains a flagship brand of the dialysis portfolio, catering to patients of various
Business Operations Overview and Outlook
The year marked the beginning of a crucial action phase for Biocon with the looming biologics patent expiries which commence from 2015. During this fiscal, the company delivered a 16% top line growth with revenues reaching ` 2,148 Crores vis-à-vis ` 1,858 Crores in FY11. This growth has been driven by strong performances in research services and branded formulations which grew at 29% and 39%, respectively. Biopharmaceutical sales excluding branded formulations grew about 10% YoY with sustained momentum from Immuno suppressants, speciality molecules like Fidaxomicin, Orlistat and resilient sales from Statins.
This fiscal witnessed large strides that they took in their key growth verticals as we crystallised their strategy to take the company to the next growth platform. Their five growth verticals namely Small Molecules, Branded Formulations, Biosimilars, Research Services and Novel Molecules are built with a firm focus on emerging markets. Emerging markets are currently growing at 13-18% compared to the almost flat growth in most developed markets.
They initiated supplies of Fidaxomicin API to Optimer Pharma this year. Optimer has launched the molecule in US markets to a very warm reception, thanks to its superior profile. They have also received commercialization approval for the molecule in the European markets. They are their sole suppliers for this molecule for both of these markets, an extension of their long association with Optimer over the development phase of this molecule.
The Indian healthcare market is being driven by chronic therapies, especially diabetes and dermatology. The two new divisions that they launched last year, Comprehensive Care and Immunotherapy, have done very well on the strength of their niche positioning and differentiated offerings.
They launched INSUPen ease®, a world-class, reusable
delivery device for insulin and analogs based on proprietary German technology,
in
The ground breaking for their new insulin facility in
In their Novels portfolio, they received positive news flow from Phase III trial in Psoriasis for Itolizumab, the anti-CD6 molecule targeted at autoimmune disorders like plaque psoriasis and rheumatoid arthritis. Itolizumab successfully met all primary and secondary endpoints in the 52- week, double blind, and placebo controlled trial. Their partner, Amylin had filed a US IND for phybrid: a novel biological entity targeted at diabetes and obesity. The molecule has entered into phase I clinical trials in US.
Their biosimilar Trastuzumab has commenced multi centric,
phase III trials in
Industry Landscape,
Global Pharmaceutical
Market
The global pharmaceutical industry clocked nearly $900 Billion in 20111, growing at about 5% YoY from $856 Billion in 20101. The pharma landscape underwent rapid transformation with the maturing patent cliff, rationalization of healthcare spends across developed markets (refer figure 1) and the growing clout of Pharmerging nations.
The year was marked by several high profile M and A deals, as the big pharma sought opportunities in emerging markets as well as synergies to augment its drug pipeline. Out of the 15 largest deals last year (contributing ~70% of the sum of disclosed transaction values), six were R and D-driven, with the target owning promising research assets4. The biosimilars space heated up as several alliances and joint ventures materialised to capitalise on the impending biologics patent cliff.
With these tectonic shifts, the global pharmaceutical market is expected to exceed $1 trillion in 20144. The growth for 2012, however, is expected to be muted in anticipation of further healthcare reforms in the developed markets and imminent patent expiries.
The spotlight thus, firmly shifts to BRIC-TM-K5 where an annual growth of 13-16% is anticipated6. The seven Pharmerging markets that constitute BRIC-TM-K5 are expected to contribute more than half of the global market growth in 2012 and sustain an average 40% contribution through 20136. The Pharmerging countries are expected to increase their pharma spending by nearly twofold of their current spend in the next 3 years
Indian Pharma Market
The Indian Pharmaceutical Market (IPM) grew by ~16% in FY12 to exceed ` 600 Billion8 (US $ 13 Billion). The strong double-digit growth is expected to sustain over the next 3 years as the industry reaches a size of $50 Billion plus by 2015 (illustrated in figure 3), with IPM becoming the 8th largest pharma market in the world.
The catalysts for this growth, as exemplified in figure 4, include rising household income levels, increasing prevalence of lifestyle related diseases, improving healthcare infrastructure as well as delivery systems and the increasing penetration in smaller towns and rural areas. With rising discretionary income at the household level, the share of wallet spent on healthcare is projected to reach 13% in 2020, up from 7% in 20059, considerably higher than its peers in BRIC-TM-K.
BUSINESS STRATEGY AND
OPERATIONAL PERFORMANCE
The year gone by
With major small molecule and biologic patent expiries’ on the anvil, FY12 marked the dawn of a crucial phase for Biocon. Over the year, they delivered a 16% top line growth with revenues reaching Rs. 21483 up from Rs. 18,576 in FY11. This growth reflected the coming of age of their investments in research services and branded formulations which grew YoY at 29% and 39%, respectively. The biopharma segment grew about 10% YoY with sustained impetus from Immuno suppressants, speciality molecules like Fidaxomicin, Orlistat and buoyant sales from Statins.
There were significant achievements in FY12 which fortified
their Insulin focus. The highlight of the year was the
A number of molecules from their R and D pipeline, both biosimilars and novels, moved into the clinics with positive news flow from Phase III trial in Psoriasis for Itolizumab, the anti-CD6 molecule targeted at auto-immune disorders like plaque psoriasis and rheumatoid arthritis.
Performance of Subsidiaries, Joint Ventures and Associates
Syngene International Limited
Syngene International Limited (Syngene) is the leading
contract and custom research enterprise in
In this fiscal, Syngene recorded a growth of 29% in top line with revenues touching Rs. 4182.000 millions against Rs. 3229.000 millions in FY11. Syngene’s EBIDTA margin for the year was 34%, with the operational margin at ` 1,404 compared to ` 1,006 last year, a growth of 40%.
Clinigene
International Limited
Clinigene undertakes complex bioavailability, bioequivalence
and clinical trials in all hues required for validation of drugs and
pharmaceuticals in
For the fiscal ended March 31, 2012; Clinigene earned revenues worth ` 291 and a net loss of ` 45.
Biocon
Biopharmaceuticals Private Limited
Biocon Biopharmaceuticals Private Limited (BBPL) is a wholly owned subsidiary engaged in the production of monoclonal antibodies and other biologics. This subsidiary was incorporated on June 17, 2002 and currently has a paid-up share capital of ` 176. During the year, BBPL earned revenues worth ` 398 and generated a net profit of ` 56.
Biocon Research
Limited
Biocon Research Limited (BRL), a wholly owned subsidiary,
undertakes discovery and development research work in biologics, antibody
molecules and proteins. The biosimilar monoclonal antibodies commercialization
alliance with Mylan is progressing well. Biosimilar Trastuzumab has commenced
Phase I trial in
For the current year BRL registered revenues of Rs.161.000 millions and has reported a net loss of Rs. 404.000 millions for the year ended March 31, 2012.
NeoBiocon
NeoBiocon FZ LLC., a research and marketing pharmaceutical
company based in
IATRICa Inc.
The company has made a strategic investment of Rs.138.000 millions in the US based research company, IATRICa Inc. The aim of this collaboration is to jointly develop bi-specific Immuno-Conjugates for the treatment of cancer and other infectious disorders. The research work has already been initiated with very encouraging results from one of the molecules, BISB, in preclinical studies. As of March 31, 2012 Biocon has a 30% stake in IATRICa.
Biocon SA
Biocon SA is their wholly owned subsidiary in
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
Particular |
31.03.2012 |
31.03.2011 |
|
(a) Claims against the Company not
acknowledged as debt Taxation matters under appeal (Direct and Indirect
taxes) |
287.000 |
236.000 |
|
(b) Guarantees |
|
|
|
(i) Corporate guarantees given in favour of the Central Excise Department in respect of certain performance obligations of the subsidiaries. |
|
|
|
Syngene |
218.000 |
218.000 |
|
BBPL |
131.000 |
131.000 |
|
Clinigene |
27.000 |
27.000 |
|
(ii) Corporate guarantee given by Syngene in favour of the CED in respect of certain performance obligations of Biocon. |
376.000 |
465.000 |
|
(iii) Corporate guarantees given in
favour of a bank towards loans obtained by Clinigene |
77.000 |
67.000 |
|
(iv) Guarantee given for securing
loan facilities granted to AxiCorp GmbH. |
271.000 |
-- |
|
(v) Guarantees given by banks on
behalf of the Company for financial and other contractual obligations of the
Company. The necessary terms and conditions have been complied with and no
liabilities have arisen. (refer note below) |
505.000 |
161.000 |
Note: Guarantees given by banks
include a bank guarantee of Rs. 377.000 millions (March 31, 2011 - Rs. Nil)
issued in favour of Bio-Xcell Sdn. Bhd. towards the balance consideration
payable on account of free hold land acquired by Biocon Malaysia in Johar,
Malaysia.
Highlights:
Q1 FY13 financials
reflect strong performance across business verticals:
- Biopharma Business grew 23% YoY on traction in all segments.
- Branded Formulations robust 52% YoY growth led by Oncology, Diabetology and Comprehensive Care.
- Research Services (Syngene and Clinigene) grew 40% YoY.
EBITDA and PAT margins at 23% and 13% respectively. EBITDA and PAT margins largely impacted by increased Research and Development spend. Global Phase I trial for biosimilar Glargine completed successfully.
Itolizumab: 52-week results from Phase III trial in
Psoriasis confirm achievement of primary endpoint and multiple secondary
endpoints. Inauguration of Abbott Nutrition Research and
Business Performance
and Outlook (Vertical-wise)
Biopharma: Small Molecules and Biosimilars The biopharma business built on the growth momentum from the previous quarters, with robust sales in Statins and increased traction in the Insulins and other biopharma portfolios.
Their Fidaxomicin commercialization partner, Optimer Pharma,
has introduced the product in
The global phase I study for biosimilar Insulin Glargine has been successfully completed with positive Pharmaco-Kinetic (PK) and Pharmaco-Dynamic (PD) data. The trial met all its primary and secondary endpoints to unequivocally establish PK-PD equivalence between their biosimilar Insulin Glargine and innovator product (Lantus(R)).
Expressing satisfaction at the outcome of this study, Dr. Abhijit Barve, President Research and Development, Biocon Limited said, "These successful results pave the way for biosimilar drug approvals for Biocon across the globe."
Branded Formulations
Their branded formulations vertical posted a robust YoY growth of 52% propelled by their Oncology, Diabetology and Comprehensive Care divisions. INSUPen(TM), their insulin pen, launched in November 2011 has garnered accolades from doctors and patients alike for its thoughtful design and usability. The patient care model spanning across the pen's features and the on-call/on-field support have also been well received.
This quarter was also marked by the launch of Xortib(R) and Genexor(R) in Oncology and Matabac(R) in the Comprehensive Care division.
Novel Molecules
Biocon continues to make excellent progress on its various novel assets. They continue their engagement with potential partners for their licensable assets: IN-105 and Itolizumab. The 52-week data from the Phase III trial in Psoriasis confirms the achievement of primary endpoint and multiple secondary endpoints. They intend to file for regulatory approval and marketing authorization for the treatment of Psoriasis, for this molecule in the Indian market shortly.
Research Services
(Syngene and Clinigene)
The first quarter of FY13 witnessed sustained impetus in their research services arm which grew 40% YoY. Commenting on this performance, Peter Bains, Director, Syngene International, said,"Syngene and Clinigene started the year well, with particularly strong performances in biology and custom synthesis". The highlight of the quarter was the inauguration of the Abbott Nutrition Research and Development (ANRD) center. ANRD is committed to developing products for maternal and child nutrition and diabetes care, attuned to the needs of the Indian sub-continent. A dedicated team of over 50 scientists will be working at this centre.
About Biocon
Biocon Limited (BSE code: 532523, NSE Id: BIOCON, ISIN Id:
INE376G01013) is
Disclaimer
Certain statements in this release concerning their future growth prospects are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those contemplated in such forward-looking statements. Important factors that could cause actual results to differ materially from their expectations include, amongst others general economic and business conditions in India, their ability to successfully implement their strategy, their research and development efforts, their growth and expansion plans and technological changes, changes in the value of the Rupee and other currency changes, changes in the Indian and international interest rates, change in laws and regulations that apply to the Indian and global biotechnology and pharmaceuticals industries, increasing competition in and the conditions of the Indian biotechnology and pharmaceuticals industries, changes in political conditions in India and changes in the foreign exchange control regulations in India. Neither their company, their directors, nor any of their affiliates, have any obligation to update or otherwise revise any statements reflecting circumstances arising after this date or to reflect the occurrence of underlying events, even if the underlying assumptions do not come to fruition.
Earnings Call
The company will conduct an hour long call at 12:30 PM IST on July 26, 2012 where the senior management will discuss the company's performance and answer questions from participants. To participate in this conference call, please dial the numbers provided below five to ten minutes ahead of the scheduled start time. The dial-in number for this call is 1800 425 4249 (India Toll Free number is accessible through all mobiles and landline services). Other toll numbers are listed in the conference call invite which is posted on the company website www.biocon.com. The operator will provide instructions on asking questions before the start of the call. A replay of this call will also be available from July 26, 2012 - August 2, 2012 on the same dial-in numbers provided above. The transcript of the conference call will be posted on the company website.
HISTORY
November 29, 1978
Subject Founding
Day - the start of a biorevolution in
Subject
1979
Subject is the first Indian company to manufacture and export enzymes to
1989
Unilever plc.
acquires Biocon Biochemicals Limited in
Subject is the first Indian biotech company to receive US funding for
proprietary technologies
1990
Subject scales up its in-house research programme, based on a proprietary solid
substrate fermentation technology, from pilot to plant level
1993
Subject R and D and manufacturing facilities receive ISO 9001 certification
from RWTUV,
1994
Subject establishes Syngene International Private Limtied as a Custom research
Company (CRC) to address the growing need for outsourced R and D in the
pharmaceutical sector
1996
The commercial success of Subject proprietary fermentation plant leads to a
3-fold expansion
Subject leverages
its technology platform to enter biopharmaceuticals and statins
1997
Subject spearheads initiatives in human healthcare through a dedicated
manufacturing facility
1998
Unilever inks a deal with ICI to sell its specialty chemicals division of which
Quest International is a part. Unilever agrees to sell its shareholding in
Subject to the Indian promoters. Subject becomes an independent entity
2000
Subject commissions its first fully automated submerged fermentation plant to
produce specialty pharmaceuticals
Subject establishes
2001
Subject becomes the first Indian company to be approved by US FDA for the
manufacture of lovastatin, a cholesterol-lowering molecule
Subject
proprietary bioreactor, PlaFractor™ is granted a
2002
Clinigene's clinical laboratory is the first in
2003
Subject is the first company worldwide to develop human insulin on a Pichia
expression system
2004
Subject creates a buzz in the stock market in March 2004 with its hugely
successful IPO. Day 1 on the bourses closes with a market value of $1.11
billion, making Biocon only the second Indian company to cross the $1 billion
mark on the first day of listing.
Syngene
establishes new research centre
Subject, announces
the launch of INSUGEN®, the new generation bio-insulin, manufactured
in
Subject and
Vaccinex, Inc. announce a broad strategic partnership to discover and
co-develop at least four therapeutic antibody products.
2005
Subject signs a commercial agreement for supply of insulin API to Asia, Africa
and the
2006
Subject inaugurates
Subject inaugurates
Subject announces
a licensing agreement with Bayer HealthCare (BHC) for the exclusive marketing
and trademark rights for INSUGEN® for the Chinese market.
Syngene and Innate
Pharmaceuticals AB,
Subject launches
2007
Subject and
Subject grants
exclusive license to Ferozsons Laboratories Limited for marketing BIOMAb EGFR®
in
Subject announces
the launch of its Nephrology Division and a comprehensive portfolio of renal
therapy products.
Syngene enters
into a research partnership with Bristol-Myers Squibb and completes the ground
breaking ceremony of new research facility at
Subject signs
Memorandum of Understanding with
Subject iocon
divests enzymes division for USD 115 million to Novozymes. Biocon business portfolio
to focus on biopharmaceuticals
Subject and Abraxis BioScience, announce an agreement wherein Abraxis will
license the right to develop a biosimilar version of G-CSF (Granulocyte-Colony
Stimulating Factor) in
Subject and
Neopharma sign an MoU to establish Neobiocon, a joint venture company in
Subject and
Abraxis BioScience Inc., announce a licensing agreement for the
commercialization of ABRAXANE® (paclitaxel protein-bound particles
for injectable suspension) (albumin-bound) in
Subject presents
the results of Phase 1 studies on its oral insulin product, IN-105 at the
European Association for Study of Diabetes (EASD) meeting held at
2008
Subject acquires a 78% stake in German pharmaceutical company, AxiCorp GmbH for
a consideration of €30 Million
Subject launches a Safety Device in the form of pre-filled syringes for two of
its life saving products, GCSF (granulocyte-colony stimulating factor) and EPO
(Erythropoietin) in collaboration with Safety Syringes Inc. ERYPRO Safe™ and
NUFIL Safe™ are the first two drugs that will marketed using this novel device
with other injectable products to follow in the future.
Subject and
Abraxis Bioscience launch ABRAXANE in
Subject is ranked
among the top 20 global biotechnology companies (Med Ad News).
Subject is the 7th
largest biotech employer in the world (Med Ad News).
Subject announced
the results of an ascending dose study on its oral insulin drug (IN-105) at the
European Association for the Study of Diabetes (EASD) meeting in
NeoBiocon and
Abraxis Bioscience launch Abraxane in The UAE for the treatment of Breast
Cancer.
2009
Subject Syngene partners with Sapient Discovery to expand integrated drug
discovery offerings
Subject Syngene
and DuPont Crop Protection Forge
Bristol-Myers
Squibb and Biocon's Syngene open new R&D Facility at
Subject launches
BASALOG - long lasting basal insulin for Type 1 and Type 2 Diabetics
Subject inks
partnership with ISB to launch the Biocon Cell for Innovation Management
Subject Announces
Strategic Collaboration with Mylan to enter the Global Generic Biologics Market
Subject Limited
and Amylin Pharmaceuticals entered into a Global Development and
Commercialization Agreement for a Novel Peptide Hybrid. The Program will focus
on the potential treatment of diabetes.
Subject and HCG
group of hospitals join hands to fight against cervical
2010
Subject explores
investment in
Subject and Bayer
join hands to create awareness for self monitoring for diabetics
Syngene and Endo
Pharmaceuticals,
Subject acquires
stake of its Cuban partner CIMAB
Subject and
Optimer Pharmaceuticals announce manufacturing and supply agreement for a novel
API, first-in-class anti-infective (C. difficile)
Subject and the
Center of Molecular Immunology (CIM), based in
Subject announces
a strategic foreign direct investment in
2011
Subject divests
its stake in its German subsidiary, AxiCorp GmbH, to the existing group of
promoter shareholders, AxiCorp was the licensee for Biocon's biosimilar
Insulin and Glargine in
Subject launches
INSUPen®, a convenient and affordable reusable insulin delivery
device
AWARDS
Kiran
Mazumdar-Shaw has received several awards on behalf of Biocon and in her
personal capacity as one of
Biocon:
2012
Subject wins Best Exhibitor Award in the category of Biocontent and Information
at
Subject wins Golden Peacock National Quality Award
2011
Subject wins Biospectrum BioPharma Company of the year award
2010
Biocon wins Bio-Excellence Award for Outstanding Achievement in the Healthcare
Sector at Bangalore India Bio
2009
Subject among Top 20 Indian companies in Forbes ‘Best Under A Billion’ list.
Subject wins
Bio-Excellence Award for Outstanding Achievement in the Healthcare Sector at
Bangalore Bio
Syngene wins
Bio-Excellence Award for outstanding achievement in the Biotech Service Sector
at Bangalore Bio
Subject bags IDMA
"Best Patent of the year" award
BIOMAb EGFR® was
voted ‘Bio-Spectrum Asia-Pacific Product of the year’, 2008
Subject wins
prestigious BioSingapore Asia Pacific Biotechnology Award for Best Listed
Company
2008
Subject is ranked among the top 20 global biotechnology companies (Source: Med
Ad News, June 2008)
Subject is the 7th largest biotech employer
in the world (Source: Med Ad News, June 2008)
2007
Syngene receives
"BioServices Company of the Year", BioSpectrum Awards
Subject BIOMAb
EGFR® wins "Product of the Year", BioSpectrum Awards
2006
Best IT User Award
in the Pharmaceutical Sector, NASSCOM
2004
Subject in
Best Reinvention
of HR Function Award, Indira Group, Mumbai
Best Employer of
2003
Bio-Business Award for bio-entrepreneurship, Rabo
Express Pharma
Pulse Award for excellence in the pharmaceutical industry
2001
Biotech Product, Process Development and Commercialisation Award, Department of
Biotechnology, Ministry of Science and Technology, Government of
2000
Technology Pioneer Recognition, World Economic Forum
1985
Export Performance
Award,
National Award for
Best Small Industry, Government of
Kiran Mazumdar-Shaw:
2012
Featured on Forbes
Fierce Biotech,
Biotech industry's daily monitor placed Kiran Mazumdar-Shaw among 25 most
influential people in Biopharma Business.
2011
Featured on the Financial Times ‘Top 50 Women in Business’ list.
2010
Featured on the Forbes list of ‘The World’s 100 Most Powerful Women’.
Featured on the
Financial Times ‘Top 50 Women in Business’ list.
Named among TIME
magazine’s 100 most influential people in the world.
2009
Honoured with 'Nikkei Asia Prize' for Regional Growth
Honoured with
'Express Pharmaceutical Leadership
2008
Honorary Degree of Doctor of Science from the
Honorary Degree of
Doctor of Science from the
2007
Honoured with the, 'Veuve Clicquot Initiative for Economic Development for
Honorary Doctor of
Technology,
2005
Padmabhushan Award , one of India's highest civilian honours, from the
President of India, Dr. APJ Abdul Kalam
Honorary Degree of Doctor of Science (Honoris Causa) from Indian Institute of
Technology, Roorkee
The Indian Chamber
of Commerce Lifetime Achievement Award
Honorary Doctorate
from Manipal Academy of Higher Education (MAHE), in recognition of outstanding
achievements in biotechnology and industrial enzymes
Rotary Award for
Corporate Citizenship
Business Leader of
the Year Award - Biotechnology, Chemtech-Pharma Bio Awards
2004
Honorary Doctorate of Science from Ballarat University, in recognition of
pre-eminent contribution to the field of biotechnology
Business Woman of The Year Award, The Economic Times
2003
Alumni High
Achiever Award, Australian Alumni Association
2002
Karnataka Rajyotsava Award for pioneering biotechnology in
Best Entrepreneur:
Healthcare and Life Sciences Award, Ernst and Young
Sir M.
Visvesvaraya Memorial Award for contribution to biotechnology, Federation of
Karnataka Chambers of Commerce and Industry (FKCCI)
1999
Woman of the Year Award, International Women's Association, Chennai
1998
Golden Jubilee Felicitation,
1989
Padmashri for pioneering biotechnology in
1987
Outstanding Young
Person Award, Jaycees
1983
Best Small Scale
Industry in Karnataka Award, Rotary Club, Karnataka
Best Model
Employer Award, Rotary Club, Karnataka
Outstanding
Contribution Award, AWAKE
1982
Best Woman Entrepreneur Award, National Institute of Marketing Management,
PRESS RELEASES :
BIOCON
ENHANCES PARTNERSHIP WITH MYLAN THROUGH STRATEGIC COLLABORATION FOR INSULIN
PRODUCTS...
FEBRUARY
14, 2013
Biocon,
Biocon's Chairman and Managing Director, Kiran Mazumdar-Shaw said "Mylan
is a natural preferred partner for our portfolio of generic Insulin analogs and
this collaboration further strengthens our existing successful partnership. We
are excited to team up with Mylan to be able to cost effectively address the
disease and economic burden that diabetes poses to global health. We are
confident that together we can build a strong global presence in generic
Insulin analogs and thereby provide access to affordable therapy options to
physicians, healthcare providers and diabetes patients worldwide."
Mylan CEO Heather Bresch commented, "This
collaboration builds off of our existing successful partnership for generic
biologics with Biocon and brings Mylan a portfolio of high-value insulin analog
products. This collaboration further expands and diversifies our pipeline of
complex, difficult-to-manufacture products with strong future growth potential.
Importantly, we believe we have the opportunity to be one of the first generic
entrants in developed markets into the rapidly growing diabetes area, helping
to address unmet needs and reduce the economic burden to those battling the
disease and to the global healthcare system."
Mylan President Rajiv Malik added, "Biocon has served as a trusted development
partner for the past three years and we are very excited about this expanded
relationship. Our thorough review of the development work completed by Biocon
to date on these products gives us great confidence in the company's
capabilities in this area and in the quality and value of this program. Our
confidence in the potential of this program is supported by our proven ability
to drive value from our partnership with Biocon and we believe Mylan is
uniquely positioned to work with Biocon to bring these products to
market."
Under the terms of this collaboration, Mylan will have the rights to develop
and market Biocon's Glargine (the generic version of Sanofi's Lantus(R)),
Lispro (the generic version of Eli Lilly's Humalog(R)) and Aspart (the generic
version of Novo Nordisk's NovoLog(R)).
Mylan and Biocon will share development, capital and certain other costs to
bring the products to market. Mylan will have exclusive commercialization
rights in the
All other transaction terms remain confidential.
According to public filings, reported worldwide net sales of Lantus, Humalog
and NovoLog for 2012 were approximately $11.5 billion.
About Biocon Limited
Established in 1978, Biocon Limited (BSE code: 532523, NSE Id: BIOCON, ISIN Id:
INE376G01013) is India's largest biotechnology company by revenue. The Group,
promoted by Ms. Kiran Mazumdar-Shaw, is a fully-integrated, innovation-driven
healthcare enterprise with strategic focus on biopharmaceuticals and research
services. Biocon's value chain traverses the entire length of discovery,
development and commercialization of novel therapeutics. Biocon delivers
affordable solutions to partners and customers in over 75 countries across the
globe. Biocon's robust product offering includes the world's first Pichia-based
recombinant human Insulin, INSUGEN(R), Glargine, BASALOG(R) and India's first
indigenously produced monoclonal antibody BIOMAb-EGFR(TM) for head and neck
cancer. www.biocon.com
About Mylan Inc
Mylan is a global pharmaceutical company committed to
setting new standards in health care. Working together around the world to
provide 7 billion people access to high quality medicine, we innovate to
satisfy unmet needs; make reliability and service excellence a habit, do what's
right, not what's easy and impact the future through passionate global
leadership. We offer a growing portfolio of more than 1,100 generic
pharmaceuticals and several brand medications. In addition, we offer a wide
range of antiretroviral therapies, upon which approximately one-third of
HIV/AIDS patients in developing countries depend. We also operate one of the
largest active pharmaceutical ingredient manufacturers and currently market
products in approximately 150 countries and territories. Our workforce of more
than 18,000 people is dedicated to improving the customer experience and
increasing pharmaceutical access to consumers around the world. But don't take
our word for it. See for yourself. See inside. mylan.com
BIOCON’S NINE MONTHS
REVENUE CONTINUES TO DELIVER STEADY GROWTH IN FY13
Revenues at Rs
.18890.000 Millions; EBITDA at Rs 4720.000 Millions; PAT at Rs 2600.000
Millions
Commenting on
the results, Chairman and Managing Director,
Kiran Mazumdar-Shaw stated, “Our
9M performance has seen a 23% YoY increase in revenues and an 11% EBITDA growth
attributable to a combination of volume expansions, price increases and
improved export realizations. We have performed well across all our business
verticals. We continue to gain market share for Biosimilar Insulins in ROW
markets which now accounts for a significant part of our business. I am also
pleased to announce that we have received approval from the DCGI for our novel
Monoclonal antibody, Itolizumab indicated for Psoriasis. This is a significant
milestone that enhances the value of this late stage asset.”
Highlights:
9M FY13 financials reflect the continued momentum across
verticals:
Biopharma Business: 17% YoY
Branded Formulations: 35% YoY
Research Services
(Syngene and Clinigene): 34% YoY
EBITDA and PAT
margins at 25% and 14% respectively
Novel Programs: Marketing Authorization received from DCGI for AlzumabTM, our novel anti-CD6 biologic
(Itolizumab) indicated for psoriasis
Option Agreement with Bristol Myers Squibb for the novel
oral Insulin program: IN 105
Phase I trial
initiated for BVX 20, our Novel Anti CD-20 molecule for Non-Hodgkin’s Lymphoma
Biosimilars:
Completion of the second part of the EU Phase III trials for biosimilar
rh-Insulin
Initiation of
Global Phase III clinical study for Biosimilar Trastuzumab
Financial Highlights: Q3 FY13
|
Revenue : 660 |
Revenue Breakup |
|
EBITDA : 167 (EBITDA Margin :25%) PAT: 92 (PAT Margin: 14%) |
Biopharma: 409 Research Services: 140 Branded Formulations: 86 |
Biopharma: Small Molecules & Biosimilars
The biopharma business delivered a strong performance of 22% YoY growth this
quarter, led by an improved product mix. Small Molecules sales to US and
We have initiated
patient enrollment for the global phase III clinical trials for biosimilar
trastuzumab, post the successful completion of global phase I study. The
ongoing phase III trial being conducted in
We have recently
concluded the second part of our EU Phase III trial for biosimilar rh-Insulin,
aimed at establishing comparable immunogenicity & safety with the innovator
products, over a 12 month evaluation period. This data is being compiled along
with the efficacy data obtained in the first part of the study. This will
enable our dossier submission with the regulatory authorities, thus paving the
way for marketing authorization.
Novel Molecules
The 3rd Quarter of FY13 witnessed major advancements in our novel
molecules program with significant progress across all lead programs. We
received Marketing Authorization from the Drugs Controller General of India
(DCGI) for our Novel Biologic Itolizumab, an anti CD6 molecule, for the
treatment of chronic plaque Psoriasis. Itolizumab is a first-in-class therapy
with a unique mechanism of action and an excellent safety profile as indicated
during the 52 week Phase III study conducted in
We have signed an
option agreement with Bristol Myers Squibb (BMS) for the global clinical
development of our oral Insulin program: IN-105. This alliance with BMS is a
strategic partnership which will help us undertake targeted global trials under
a US IND. BMS has the right to exercise an option for exclusive worldwide
license post the completion of these trials.
BVX 20, our novel anti CD-20 therapy, has entered the clinic in
Branded Formulations
The branded formulations business delivered a growth of 35% in 9MFY13,
outpacing the Indian Pharmaceutical Market which grew at 13% for the same
period. Several product introductions were made in this quarter, across
Cardiology, Immunology and Comprehensive Care.
Research Services
Our research services arm continues to grow robustly, delivering 34% YoY
growth for 9M FY13. We expect the recent partnership with GE to leverage novel
platform technologies, thereby creating further value differentiators.
Commenting on this performance, Peter Bains, Director Syngene International,
said, “We are pleased with Syngene and
Clinigene’s Q3 results and the maintenance of the strong momentum we have seen
in the first half of the year. This performance is clearly underpinned by our
ongoing strategy of building a broader and strengthened platform of discovery
and development service capabilities to support our customers' evolving needs.
We are particularly encouraged to see strong performances coming from Syngene’s
Manufacturing and Formulation services and Clinigene’s Large Molecule
Bio-analytical services. Our order book position has been further strengthened
with retention of existing business as well as expansion with existing
clients, and acquisition of new customers. We are well positioned to see
momentum continue through Q4 and into the next fiscal”
Outlook
The business outlook remains positive as we are fully geared to accelerate
growth of all our business verticals. Going forward we aim to have higher
contribution from Biosimilars, Research Services and Branded Formulations to
the overall revenue. Our increasing R&D investments are reflective of the
progress being made in this direction with all our research assets of novel
molecules and biosimilars progressing well on the development pathway. We
continue discussions with potential partners for taking our insulins &
novel portfolio to the global markets.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
|
1 |
Rs.89.11 |
|
Euro |
1 |
Rs.72.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
69 |
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.