MIRA INFORM REPORT
|
Report Date : |
04.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
BIOCON
LIMITED |
|
|
|
|
Registered Office : |
20th
KM, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
29.11.1978 |
|
|
|
|
Com. Reg. No.: |
08-003417 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1000.000 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L24234KA1978PLC003417 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRB00214E |
|
|
|
|
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. |
|
|
|
|
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 88000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Exist |
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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 |
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 |
|
E-Mail : |
|
|
Website : |
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|
Area : |
15000
sq. ft. |
|
Locations : |
Owned
|
|
|
|
|
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, |
|
Date of
Birth/Age : |
14.07.1940 |
|
Date of
Appointment : |
08.08.2000 |
|
|
|
|
Name : |
Prof.
Charles L. Cooney |
|
Designation : |
Director |
|
Address : |
14.09.1961 |
|
Date of
Birth/Age : |
35, |
|
Date of Appointment
: |
27.07.2001 |
|
|
|
|
Name : |
Dr.
Bala Manian |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr.
Suresh Talwar |
|
Designation : |
Director |
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|
|
|
Name : |
Prof Catherine Rosenberg |
|
Designation : |
Alternate Director |
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|
|
|
Name : |
Mr. John Shaw |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Peter Bains |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Russel Walls |
|
Designation : |
Director |
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|
|
|
Name : |
Mrs. Mary Harney |
|
Designation : |
Additional Director |
KEY EXECUTIVES
Core Committee:
|
Name : |
Mr. Kiran Kumar G |
|
Designation : |
Compliance Officer and Company Secretary |
|
|
|
|
Name : |
Dr. Arun Chandavarkar |
|
Designation : |
Chief Operating Officer |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Group
Head of Human I |
|
|
|
|
Name : |
Mr. Murali Krishnan |
|
Designation : |
President, Group Finance |
|
|
|
|
Name : |
Dr. Abhijit Barve |
|
Designation : |
President, Research and Development |
|
|
|
|
Name : |
Mr. Rakesh Bamzai |
|
Designation : |
President, Marketing |
|
|
|
|
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 31.03.2013
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
80981394 |
40.49 |
|
|
80981394 |
40.49 |
|
|
|
|
|
|
1407558 |
0.70 |
|
|
39535194 |
19.77 |
|
|
40942752 |
20.47 |
|
Total
shareholding of Promoter and Promoter Group (A) |
121924146 |
60.96 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
4079462 |
2.04 |
|
|
13838173 |
6.92 |
|
|
16168325 |
8.08 |
|
|
34085960 |
17.04 |
|
|
|
|
|
|
7042549 |
3.52 |
|
|
|
|
|
|
16122789 |
8.06 |
|
|
11151817 |
5.58 |
|
|
9672739 |
4.84 |
|
|
1292425 |
0.65 |
|
|
8022857 |
4.01 |
|
|
105374 |
0.05 |
|
|
252083 |
0.13 |
|
|
43989894 |
21.99 |
|
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 |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
200000000 |
0.00 |
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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GENERAL INFORMATION
|
No. of Employees : |
5585
(Approximately) |
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Bankers : |
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Facilities : |
NOTE: 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. 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. 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
apitalizationon 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. 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 apitalizationon of the project in five equal annual installments
of Rs. 3 each. The said product has not yet been apitalization as at March
31, 2012. 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. 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. In respect of the financial assistance received under the aforesaid
programmes (refer note (b) to (e) above), the Company is required to apital
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 : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R.Batliboi
and Associates Chartered Accountant |
|
Address : |
|
|
|
|
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Associates: |
|
|
|
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|
Subsidiaries/ Joint venture: |
|
|
|
|
|
Fellow
Subsidiaries: |
|
|
|
|
|
Enterprise
owned by Key Management |
|
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 |
|
|
|
|
|
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 |
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
apitaliza as distributions to equity shareholders was Rs. Nil and final dividends proposed for distribution
to equity shareholders was Rs. 5
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 Capitalization 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 |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1000.000 |
1000.000 |
1000.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
21068.400 |
19964.000 |
18468.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.0000 |
0.000 |
|
|
NETWORTH |
22068.400 |
20964.000 |
19468.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
56.000 |
740.000 |
|
|
2] Unsecured Loans |
|
1417.000 |
881.000 |
|
|
TOTAL BORROWING |
1172.300 |
1473.000 |
1621.000 |
|
|
DEFERRED TAX LIABILITIES |
302.000 |
349.000 |
396.000 |
|
|
|
|
|
|
|
|
TOTAL |
23542.700 |
22786.000 |
21485.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9026.000 |
6850.000 |
6796.000 |
|
|
Capital work-in-progress |
0.000 |
825.000 |
1027.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
6189.700 |
6570.000 |
4859.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3588.700
|
3404.000
|
2747.000 |
|
|
Sundry Debtors |
4269.800
|
4450.000
|
4181.000 |
|
|
Cash & Bank Balances |
1792.500
|
400.000
|
2103.000 |
|
|
Other Current Assets |
42.400
|
0.000
|
0.000 |
|
|
Loans & Advances |
5223.200
|
5704.000
|
4322.000 |
|
Total
Current Assets |
14916.600
|
13958.000
|
13353.000 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2650.400
|
2511.000
|
1997.000 |
|
|
Other Current Liabilities |
1762.400
|
1418.000
|
1266.000 |
|
|
Provisions |
2176.800
|
1488.000
|
1287.000 |
|
Total
Current Liabilities |
6589.600
|
5417.000
|
4550.000 |
|
|
Net Current Assets |
8327.000
|
8541.000
|
8803.000 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
23542.700 |
22786.000 |
21485.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
18374.800 |
15558.000 |
15611.000 |
|
|
|
Other Income |
1519.900 |
666.000 |
572.000 |
|
|
|
TOTAL (A) |
19894.700 |
16224.000 |
16183.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw materials and packing materials consumed |
8299.900 |
6971.000 |
6173.000 |
|
|
|
Purchases of traded goods |
857.000 |
857.000 |
503.000 |
|
|
|
(Increase)/
decrease in inventories of finished goods, traded goods and work-in-progress |
(179.000) |
(414.000) |
(278.000) |
|
|
|
Employee benefit expenses |
2276.200 |
1916.000 |
1456.000 |
|
|
|
Other expenses |
4069.000 |
2893.000 |
2245.000 |
|
|
|
Exceptional
Items |
138.500 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
15461.600 |
12223.000 |
10099.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I |
4433.100 |
4001.000 |
6084.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12.300 |
17.000 |
10.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4420.800 |
3984.000 |
6074.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
950.800 |
940.000 |
902.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3470.000 |
3044.000 |
5172.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
713.000 |
489.000 |
579.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2757.000 |
2555.000 |
4593.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
13750.267 |
12613.267 |
9470.267 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
256.000 |
459.000 |
|
|
|
Proposed Dividend |
NA |
1000.000 |
900.000 |
|
|
|
Tax on Dividend |
NA |
162.000 |
91.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
13750.267 |
12613.267 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
NA |
6661.000 |
5244.000 |
|
|
|
Licensing and development fees |
NA |
27.000 |
1658.000 |
|
|
|
Other
operating revenue |
NA |
79.000 |
0.000 |
|
|
|
Other
income |
NA |
5.000 |
0.000 |
|
|
|
Interest
on foreign currency loan given to subsidiary company |
NA |
1.000 |
33.000 |
|
|
TOTAL EARNINGS |
NA |
6773.000 |
6935.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
3833.000 |
3822.000 |
|
|
|
Packing materials |
NA |
193.000 |
45.000 |
|
|
|
Maintenance spares |
NA |
44.000 |
30.000 |
|
|
|
Capital goods |
NA |
411.000 |
502.000 |
|
|
TOTAL IMPORTS |
NA |
4481.000 |
4399.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
14.08 |
13.04 |
23.49 |
|
|
|
Diluted |
13.95 |
12.92 |
23.27 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
13.86
|
15.75
|
28.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.88
|
19.57
|
33.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.49
|
14.63
|
25.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.15
|
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Debt/Networth) |
|
0.05
|
0.07
|
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.26
|
2.58
|
2.93 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
LITIGATION DETAILS
High Court of Karnataka - Principal Bench at Bangalore
CEA 42/2011
CASE PENDING
|
Petitioner/Appnt. |
THE COMMISSIONER OF CENTRAL EXCISE |
|
Respondent/Defnt. Name |
M/S BIOCON LIMITED |
|
Petnr./Appnt. Advocate |
NR BHASKAR |
|
Respnt./Defnt. Advocate |
|
|
Date Filed |
15/12/2011 |
|
District |
Bangalore City |
|
Stage |
HEARING Last Posted
for ADMISSION |
|
Last
Action Taken |
ADMIT/ RULE Last Date of
Action 01/06/2012 Next hearing
date |
|
Before
Hon'ble Judge/s |
D.V. SHYLENDRA KUMAR B. SREENIVASE GOWDA |
CORPORATE INFORMATION
Subject was incorporated at Bangalore in 1978 for
manufacture of biotechnology products. Syngene International Limited
(‘Syngene’), promoted by Dr Kiran Mazumdar Shaw, was incorporated at Bangalore
in 1993. In March 2002, Biocon acquired 99.99 per cent of the equity shares of
Syngene and, resultantly, Syngene became the subsidiary of Biocon. Clinigene
International Limited (‘Clinigene’) was incorporated on August 4, 2000 at
Bangalore and became a wholly owned subsidiary of Biocon on March 31, 2001. In
February 2012, Biocon has sold its shareholding in Clinigene to Syngene.
On January 10, 2008, Biocon entered into an
agreement with Dr. B.R. Shetty to set up a joint venture Company NeoBiocon FZ-LLC,
incorporated in Dubai (‘NeoBiocon’).
The Company has also established Biocon Research
Limited (‘BRL’), a subsidiary of the Company to undertake research and
development in novel and innovative drug initiatives.
Effective April 30, 2008, Biocon acquired 71%
equity interest in AxiCorp GmbH, Germany (‘AxiCorp’) through its newly
incorporated wholly owned subsidiary company Biocon SA. Switzerland. In
February 2009, Biocon SA acquired an additional 7.4% equity interest in
AxiCorp. During the year ended March 31, 2012, Biocon SA sold its shareholding
in AxiCorp to third parties.
Biocon Biopharmaceuticals Private Limited (‘BBPL’)
was incorporated on June 17, 2002 as a Joint Venture between Biocon and CIMAB
SA (‘CIMAB’) with Biocon holding 51 per cent of the share capital. During the
financial year ended March 31, 2011, Biocon acquired the interest of the joint
venture partner, CIMAB. Consequently all the equity shares of BBPL are held by
Biocon.
During the year ended March 31, 2011, Biocon set up
a wholly owned subsidiary company in Malaysia, Biocon Sdn. Bhd. (‘Biocon
Malaysia’) for development and manufacture of bio-pharmaceuticals.
Biocon is an integrated healthcare company engaged
in manufacture of biotechnology products for the pharmaceutical sector. The
Company is also engaged in research and development in the biotechnology
sector. During the year ended March 31, 2007, the Company had received an
approval as the developer of Biocon SEZ at the Biocon Park facility and also
received an approval for SEZ unit to be located within Biocon SEZ.
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.
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, Subject (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 DELIVERS A STRONG PERFORMANCE OF 18% REVENUE GROWTH IN FY13
DRIVEN BY AN EVOLVING PRODUCT PORTFOLIO & RESEARCH SERVICES
Board recommends a dividend of Rs 5/share (100%) and a Special Dividend
of Rs 2.50/share (50%) following the re-licensing of insulin analogs portfolio
Revenues at Rs 25380.000 millions; EBITDA at Rs 5960.000 millions; PAT
at Rs 5090.000
millions
Bengaluru, India:
April 25, 2013
Commenting on the results, Chairman and Managing Director, Kiran Mazumdar-Shaw stated, "We are pleased to close fiscal 2013 on a very strong note. The key contributors to growth this fiscal have been Research Services, Branded Formulations and our growing biosimilar business, led by generic Insulins. Biocon's Insulin franchise continues to garner market share across India and emerging markets and now accounts for more than 10% of our sales. This quarter saw us enhance our partnership with Mylan through the re-licensing of our portfolio of generic insulin analogs. The partnership with Mylan endorses the intrinsic value of this asset and significantly reduces our burden of development costs involved in global commercialization. Looking ahead, we intend to sustain our growth momentum by optimizing our small molecules portfolio, further expanding our insulin footprint in emerging markets, and continuing to deliver robust growth in Branded Formulations and Research Services. I am also pleased to state that the Board has recommended a Dividend payout of Rs 5/share (100%) and a Special Dividend of Rs 2.50/share (50%) pursuant to the re-licensing of our insulin analogs portfolio, as our on-going commitment to building incremental shareholder value."
Highlights:
Ø Revenue growth in FY13 reflects the growing play in Emerging Markets:
v Biopharma Business: 10% YoY to Rs 15230.000 millions
v Branded Formulations: 34% YoY to Rs 3470.000 millions
v Research Services (Syngene and Clinigene): 36% YoY to Rs 5570.000 millions
Ø For FY13, the Group EBITDA and PAT margins at 23% and 20% respectively
Ø Mylan expands the scope of partnership to incorporate generic insulin analogs. Biocon received US$ 20 million as an upfront, for further development
Ø Global Phase III trial for Biosimilar Trastuzumab gains momentum in Europe
Ø Dan Bradbury, former CEO of Amylin Pharmaceuticals joins the board of Biocon Limited
Quarterly Business
Performance
Financial Highlights:
Q4 FY13 (In Rs millions)
|
Revenue : 6490.000 |
|
|
|
Sales Breakup: |
|
R&D Expenses: 430.000 (11% of biopharma sales) |
• Biopharma: 3800.000 |
|
EBITDA: 1240.000 (EBITDA Margin-19%) |
• Research Services: 1660.000 |
|
PAT*: 2490.000 (PAT Margin- 38%) |
• Branded Formulations: 840.000 |
*includes exceptional items
Biopharma: Small
Molecules and Biosimilars
Small Molecules
The small molecules portfolio was driven by strong sales in Fidaxomicin and Immunosuppressants. Our statins portfolio, with its evolving product mix, has remained robust despite industry headwinds. Our ANDA portfolio continues to make progress, and currently has 20+ products under its ambit.
Biosimilars
Insulins -The biosimilars vertical continues to be driven by the increasing footprint of our generic rh-Insulin and generic insulin glargine in Emerging Markets. We currently have approval in 40+ countries for generic rh-Insulin and in 5+ countries for generic insulin glargine.
In FY14, we intend to commence clinical and regulatory development for marketing registration of generic rh-Insulin in the US, under the purview of our existing US IND. We intend to take up the development responsibility on our own, in accordance with our discussions with the FDA.
We have planned meetings with the FDA where we propose to discuss the strategy associated with the commencement of the generic Insulin Glargine Phase III clinical trials. We also continue to engage with the EMEA prior to our dossier filing for generic rh-insulin in EU.
A key milestone this quarter was the further strengthening of our generic partnership with Mylan by the addition of 3 generic insulin analogs to the development portfolio. The co-development partnership entails sharing of development & capital costs for global commercialization. Mylan will have exclusive commercialization rights in key regulated markets whilst the two partners will have co-exclusive commercialization rights in the other regions. Through this collaboration, Biocon gains a stable co-development partner with strong marketing capabilities along with a profit share on commercialization.
Kiran Mazumdar-Shaw, Biocon's CMD commented on this development, "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."
Monoclonal Antibodies (MAbs) - Our global phase III trial for biosimilar trastuzumab has gained further traction with ongoing recruitment and trial approval in major European countries including Germany. We have also completed patient recruitment in a separate Phase III trial for biosimilar trastuzumab being conducted in India.
Novel Molecules
Our oral insulin candidate, IN-105, continues to make progress. The partnership with Bristol Myers-Squibb has enabled us to better structure the bridging trials to be completed prior to the initiation of Phase II. We intend to commence these trials shortly, in line with the receipt of approval from the regulators.
We continue our work on the novel anti-CD6 molecule Itolizumab, currently authorized for the treatment of chronic plaque psoriasis. Its novel and differentiated mechanism of action holds promise for other autoimmune indications as well. We have completed a pre-IND meeting for Itolizumab with the US FDA, where we have received encouraging feedback. We have initiated the process of tailoring our data package in line with the feedback for the US IND filing.
Branded Formulations
Our branded formulations business unit recorded an impressive performance in the last quarter delivering to 30% YoY growth. The principal growth drivers have been Oncology, Comprehensive Care, Diabetology and Bioproducts. Specifically our brands Insugen™, Basalog™, BioMab EGFR™, Evertor™, Abraxane®, IVNEX® and Erypro® have been the leading contributors. In FY14, we look forward to the successful launch of our brand Alzumab™, a novel anti CD6 for the treatment of moderate-to-severe Psoriasis. Alzumab™ is a differentiated biologic drug with a superior safety profile compared to other approved biologic therapies given its very low infection rates.
Commenting on this performance, Rakesh Bamzai, President- Marketing said, "The robust growth that Biocon has witnessed in Branded Formulations reflects our focus on building brands. Against the industry growth of 12%, we have grown by 34% in FY13. Biocon is committed to invest in its brands and people in India and other emerging markets. This will strengthen the foundation that will sustain these healthy growth rates. "
Research Services
The research services businesses have built strongly on the growth momentum from the previous quarters, to deliver a Q4 revenue growth of 41% YoY. For the full year, Syngene and Clinigene have posted combined revenues of Rs 5570.000 millions, reflecting early traction from the investments we have been making across our multiple platforms. We have also concluded the GE investment of Rs 1250.000 millions this quarter, with the funds earmarked for capital investments to fuel the next phase of growth. Commenting on this performance, Peter Bains, Director Syngene International, said, "FY13 has been a milestone year for us with research services' revenues crossing the US$ 100 million threshold for the first time. Our strategy has been to expand our discovery and development capabilities in small molecules and biologics, enabling us to offer more integrated and value added services to our customers. Our growth reflects a strong mix of retained and expanded clientele as well as the addition of important new customers across all our major platforms. The extensive nature of our scientific platforms has empowered us to diversify beyond biopharma helping us serve leading companies in the nutritional, consumer health, agrichemical, food science and electronics sectors. Today we have ~90 life-sciences customers including 16 of the top 20 pharma companies of the world. The current growth momentum and strong order book, indicates that we are moving in the right direction."
Outlook
The emphasis in FY14 will be on the execution of development plans for the generic biologics portfolio with a firm leash on costs and portfolio margins. We expect our R&D costs to increase in line with the progress being made by our generic biologics and novel molecules. Revenues should keep pace with the increasing R&D investments, as we gain further traction in emerging markets this fiscal. We intend to further optimize our small molecules portfolio to ensure healthy margins. Our Malaysian facility continues to advance and is poised to come on stream by FY15, helping Biocon transform into a leading generic insulin player.
Induction of a new
Board Member
Biocon announced the induction of Daniel M. Bradbury as an additional non-executive board member of Biocon Limited. Dan Bradbury is a Life Sciences Executive with over 30 years of experience in creating and implementing strategies that transform businesses, bring novel medicines to market and maximize shareholder value. He is the Managing Member of BioBrit, LLC, a Life Sciences Consulting and Investment Firm. Dan has spent 18 years at Amylin Pharmaceuticals and was the CEO at Amylin until its acquisition by Bristol Myers Squibb. He received a Bachelor of Pharmacy from Nottingham University and a Diploma in Management Studies from Harrow and Ealing Colleges of Higher Education in the United Kingdom.
FIXED ASSETS
Ø Land
Ø Buildings
Ø Plant and Equipment
Ø Research and Development Equipments
Ø Furniture and Fixtures
Ø Vehicles
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.53.95 |
|
|
1 |
Rs.83.81 |
|
Euro |
1 |
Rs.70.50 |
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 |
YES |
|
--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 |
|
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.