MIRA INFORM REPORT
|
Report No. : |
317957.2 |
|
Report Date : |
30.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
BIOCON LIMITED |
|
|
|
|
Registered
Office : |
20th KM, |
|
Tel. No.: |
91-80-28422169/28523434/
28082808 / 40144014 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
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 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24234KA1978PLC003417 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRB00214E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB7461R |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturer of biotechnology products and also engaged
in research and development in the biotechnology sector. |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Maximum Credit Limit : |
USD 70000000 |
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|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company fine track record. The rating reflects company’s strong financial risk profile marked by adequate
liquidity position and decent profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
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 |
Long Term Rating : “AA+” |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
03.06.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating : “A1+” |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk |
|
Date |
03.06.2014 |
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
31-03-2014.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (TEL No.91-80-28082808/ Extension 2023)
LOCATIONS
|
Registered
Office /Factory 1 / Corporate Headquarters: |
20th
KM, Hosur Main Road, Hebbagodi, Electronics City, Bangalore – 560100,
Karnataka, India |
|
Tel. No.: |
91-80-28422169/28523434/
28082808 / 40144014 |
|
Fax No.: |
91-80-28422623/25531662/28523423 |
|
E-Mail : |
|
|
Website : |
http://www.biocon.com |
|
Area : |
15000
sq. ft. |
|
Locations : |
Owned
|
|
|
|
|
Sez Unit: (Special
Economic Zone) |
Plot No. 2 to 5 phase, IV-BIAA, Bangalore - 560 099, Karnatka, India |
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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 31.03.2014
|
Name : |
Ms. Kiran Mazumdar-Shaw |
|
Designation : |
Chairman 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 : |
Mr. John Shaw |
|
Designation : |
Vice Chairman |
|
Date of
Birth/Age : |
64 Years |
|
|
|
|
Name : |
Dr. Bala S. Manian |
|
Designation : |
Chairman and Founder |
|
Date of
Birth/Age : |
67 Years |
|
|
|
|
Name : |
Prof. Charles L. Cooney |
|
Designation : |
Director |
|
Address : |
35, |
|
Date of
Birth/Age : |
14.09.1961 |
|
Date of
Appointment : |
27.07.2001 |
|
|
|
|
Name : |
Ms. Mary Harney |
|
Designation : |
Director |
|
Date of
Birth/Age : |
60 Years |
|
|
|
|
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 : |
Mr. Russel Walls |
|
Designation : |
Director |
|
Date of
Birth/Age : |
69 Years |
|
|
|
|
Name : |
Mr. Suresh N. Talwar |
|
Designation : |
Director |
|
Date of
Birth/Age : |
74 Years |
|
|
|
|
Name : |
Prof. Catherine Rosenberg |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Peter Bains |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Daniel M. Bradbury |
|
Designation : |
Director` |
KEY EXECUTIVES
|
CORE
COMMITTEE |
|
|
|
|
|
Name : |
Ms. Kiran Mazumdar-Shaw |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Murali Krishnan |
|
Designation : |
President |
|
|
|
|
Name : |
Mr. John Shaw |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Dr. Abhijit Barve |
|
Designation : |
President |
|
|
|
|
Name : |
Dr. Arun Chandavarkar |
|
Designation : |
Chief Operating Officer |
|
|
|
|
Name : |
Mr. Rakesh Bamzai |
|
Designation : |
President |
|
|
|
|
Name : |
Mr. Ravi Dasgupta |
|
Designation : |
Group Head |
|
|
|
|
Name : |
Mr. Rahul Agrawal |
|
Designation : |
Finance Department |
SHAREHOLDING PATTERN
AS ON: 31.03.2015
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
80847694 |
40.42 |
|
|
80847694 |
40.42 |
|
|
|
|
|
|
1665558 |
0.83 |
|
|
39535194 |
19.77 |
|
|
41200752 |
20.60 |
|
Total shareholding of Promoter
and Promoter Group (A) |
122048446 |
61.02 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
6930213 |
3.47 |
|
|
9815657 |
4.91 |
|
|
21460044 |
10.73 |
|
|
38205914 |
19.10 |
|
|
|
|
|
|
5291631 |
2.65 |
|
|
|
|
|
|
15377790 |
7.69 |
|
|
9528148 |
4.76 |
|
|
9548071 |
4.77 |
|
|
1169738 |
0.58 |
|
|
8137898 |
4.07 |
|
|
240435 |
0.12 |
|
|
39745640 |
19.87 |
|
Total Public shareholding (B) |
77951554 |
38.98 |
|
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 |
100.00 |
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BUSINESS DETAILS
|
Line of Business : |
Manufacturer of biotechnology products and also
engaged in research and development in the biotechnology sector. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
· State Bank of India, Overseas Branch, No. 65, St. Marks Road, Bangalore - 560001, Karnataka, India · The Hongkong and Shanghai Banking Corporation Limited, 7 M.G.Road, Bangalore - 560001, Karnataka, India |
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Facilities : |
NOTE: LONG TERM
BORROWINGS (a) On February 9, 2000, the Company obtained an order from the Karnataka Sales Tax Authority for allowing an interest free 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 instalments 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 instalments of Rs. 0.3 starting from April 2009 and carry 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 instalments of Rs. 3 each, starting from April 1, 2013. (ii) In addition, during the FY 2010-11, the Company 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 instalments of Rs. 3 each. The said product has not yet been commercialised as at March 31, 2014. d) 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. The loan is repayable over 10 annual instalments of Rs. 7 each starting from July 1, 2012, and carries an interest rate of 3 percent per annum. (e) In respect of the financial assistance received under the aforesaid programmes (refer note (b) to (d) 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. SHORT TERM
BORROWINGS (i) The Company has obtained foreign currency denominated loans of Rs. 541 (US$ 9 million) [March 31, 2013 – Rs. Nil], carrying an interest rate of LIBOR plus 0.10% to1.50% p.a., from a bank as at March 31, 2014. These facilities are repayable on demand, secured by pari-passu first charge on inventories and trade receivables. (ii) The Company had obtained unsecured foreign currency denominated loans of Rs. 491 (US$ 9 million), carrying an interest rate of LIBOR plus 0.5% to1.50% p.a., from a bank as at March 31, 2013 and have been repaid during the year. (iii) The Company has working capital facilities with a bank carrying interest rate ranging from 11% - 13% per annum. These facilities are repayable on demand, secured by pari-passu first charge on inventories and trade receivables. |
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Associates Chartered Accountants |
|
Address : |
Bangalore, Karnataka, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
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|
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|
Subsidiary : |
·
Syngene International Limited ·
Clinigene International Limited ·
Biocon Biopharmaceuticals Limited ·
Biocon Research Limited ·
Biocon SA ·
Biocon Sdn.Bhd. |
|
|
|
|
Enterprise owned by key management personnel : |
Glentec International |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
220000000 |
Equity shares |
Rs.5/- each |
Rs. 1100.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity shares |
Rs.5/- each |
Rs. 1000.000 Million |
|
|
|
|
|
As on 31.03.2014
(a) Reconciliation of the shares outstanding at
the beginning and at the end of the reporting period
|
Equity Shares |
31.03.2014 |
|
|
|
No. |
Rs. In Million |
|
At the beginning of the year |
200,000,000 |
1000.000 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the end of the year |
200,000,000 |
1000.000 |
(b) 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, 2013, final
dividends proposed for distribution to equity shareholders was Rs. 7.5 (March 31, 2012 – Rs. 5) per share. 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.
(c) 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 |
31.03.2014 |
|
|
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.
(e) 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 Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1000.000 |
1000.000 |
1000.000 |
|
(b) Reserves & Surplus |
23177.000 |
21068.000 |
19964.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
24177.000 |
22068.000 |
20964.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
259.000 |
400.000 |
605.000 |
|
(b) Deferred tax liabilities (Net) |
400.000 |
302.000 |
349.000 |
|
(c) Other long term
liabilities |
1311.000 |
1083.000 |
649.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
1970.000 |
1785.000 |
1603.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
815.000 |
773.000 |
868.000 |
|
(b) Trade
payables |
2685.000 |
2650.000 |
2511.000 |
|
(c) Other
current liabilities |
899.000 |
679.000 |
769.000 |
|
(d) Short-term
provisions |
1639.000 |
2177.000 |
1488.000 |
|
Total Current
Liabilities (4) |
6038.000 |
6279.000 |
5636.000 |
|
|
|
|
|
|
TOTAL |
32185.000 |
30132
.000 |
28203.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
9410.000 |
8455.000 |
6757.000 |
|
(ii)
Intangible Assets |
83.000 |
59.000 |
93.000 |
|
(iii)
Capital work-in-progress |
1018.000 |
512.000 |
825.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1449.000 |
1660.000 |
1664.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5546.000 |
4713.000 |
5343.000 |
|
(e) Other
Non-current assets |
6.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
17512.000 |
15399.000 |
14682.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
3483.000 |
4530.000 |
4906.000 |
|
(b)
Inventories |
3576.000 |
3589.000 |
3404.000 |
|
(c) Trade
receivables |
4946.000 |
4270.000 |
4450.000 |
|
(d) Cash
and cash equivalents |
2042.000 |
1792.000 |
400.000 |
|
(e)
Short-term loans and advances |
568.000 |
510.000 |
302.000 |
|
(f) Other current
assets |
58.000 |
42.000 |
59.000 |
|
Total
Current Assets |
14673.000 |
14733.000 |
13521.000 |
|
|
|
|
|
|
TOTAL |
32185.000 |
30132.000 |
28203.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
22025.000 |
19380.000 |
15558.000 |
|
|
|
Other Income |
606.000 |
515.000 |
666.000 |
|
|
|
TOTAL (A) |
22631.000 |
19895.000 |
16224.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw materials and packing materials consumed |
8876.000 |
8300.000 |
6971.000 |
|
|
|
Purchases of traded goods |
1039.000 |
857.000 |
857.000 |
|
|
|
Employee benefits expense |
2664.000 |
2276.000 |
1916.000 |
|
|
|
Other expenses |
4741.000 |
4110.000 |
2893.000 |
|
|
|
Exceptional
items |
0.000 |
139.000 |
0.000 |
|
|
|
(Increase)/Decrease in
inventories of finished goods, traded goods and work-in-progress |
13.000 |
(179.000) |
(414.000) |
|
|
|
Recovery of Product
development costs from co-development partner |
(41.000) |
(41.000) |
0.000 |
|
|
|
|
|
|
|
|
|
|
TOTAL (B) |
17292.000 |
15462.000 |
12223.000 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
5339.000 |
4433.000 |
4001.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
9.000 |
12.000 |
17.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5330.000 |
4421.000 |
3984.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1244.000 |
951.000 |
940.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
4086.000 |
3470.000 |
3044.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
842.000 |
713.000 |
489.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
3244.000 |
2757.000 |
2555.000 |
|
|
|
|
|
|
|
|
|
Add |
Impact of scheme of merger for earlier year (L) |
55.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
14476.000 |
13750.000 |
12613.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
330.000 |
276.000 |
256.000 |
|
|
|
Dividend |
170.000 |
1500.000 |
1000.000 |
|
|
|
Tax on Dividend |
1000.000 |
255.000 |
162.000 |
|
|
BALANCE CARRIED
TO THE B/S |
16275.000 |
14476.000 |
13750.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
10669.000 |
9450.000 |
6661.000 |
|
|
|
Licensing and development fees |
37.000 |
114.000 |
27.000 |
|
|
|
Other
operating revenue |
97.000 |
342.000 |
79.000 |
|
|
|
Other
income |
0.000 |
0.000 |
5.000 |
|
|
|
Interest
on foreign currency loan given to subsidiary company |
0.000 |
0.000 |
1.000 |
|
|
TOTAL EARNINGS |
10803.000 |
9906.000 |
6773.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
5239.000 |
4917.000 |
3833.000 |
|
|
|
Packing materials |
247.000 |
177.000 |
193.000 |
|
|
|
Traded goods |
408.000 |
250.000 |
0.000 |
|
|
|
Maintenance spares |
66.000 |
49.000 |
44.000 |
|
|
|
Capital goods |
613.000 |
168.000 |
411.000 |
|
|
TOTAL IMPORTS |
6573.000 |
5561.000 |
4481.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
16.81 |
14.08 |
13.04 |
|
|
|
Diluted
|
16.62 |
13.95 |
12.92 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
Unaudited 30.06.2014 |
Unaudited 30.09.2014 |
Unaudited 31.12.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Revenue |
5,586.900 |
5,669.000 |
5,326.300 |
|
Other Income |
117.400 |
1,146.700 |
148.400 |
|
Total Income |
5,704.300 |
6,815.700 |
5,474.700 |
|
Expenditure |
(4,422.900) |
(4,440.800) |
(4,507.700) |
|
Interest |
(2.700) |
(1.800) |
(1.500) |
|
PBDT |
1,278.700 |
2,373.100 |
965.500 |
|
Depreciation |
(307.400) |
(323.000) |
(327.400) |
|
PBT |
971.300 |
2,050.100 |
638.100 |
|
Tax |
(225.000) |
(234.900) |
(65.300) |
|
Net Profit |
746.300 |
1,815.200 |
572.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
14.73 |
14.23 |
16.42 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
24.24 |
22.87 |
25.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.75 |
12.41 |
11.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.16 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.04 |
0.05 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.43 |
2.35 |
2.40 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
1000.000 |
1000.000 |
1000.000 |
|
Reserves & Surplus |
19964.000 |
21068.000 |
23177.000 |
|
Net
worth |
20964.000 |
22068.000 |
24177.000 |
|
|
|
|
|
|
long-term borrowings |
605.000 |
400.000 |
259.000 |
|
Short term borrowings |
868.000 |
773.000 |
815.000 |
|
Total
borrowings |
1473.000 |
1173.000 |
1074.000 |
|
Debt/Equity
ratio |
0.070 |
0.053 |
0.044 |
%2030-Oct-2015_files/image020.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
15558.000 |
19380.000 |
22025.000 |
|
|
|
24.566 |
13.648 |
%2030-Oct-2015_files/image022.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
15558.000 |
19380.000 |
22025.000 |
|
Profit |
2555.000 |
2757.000 |
3244.000 |
|
|
16.42% |
14.23% |
14.73% |
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 |
No |
|
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 |
|
ITA 435/2014 |
|
Petitioner/Appnt. |
THE COMMISSIONER OF INCOME - TAX |
|
|
Respondent/Defnt.
Name |
M/S BIOCON LIMITED |
|
|
Petnr./Appnt.
Advocate |
ARAVIND KV |
|
|
Respnt./Defnt.
Advocate |
|
|
|
Date Filed |
07/10/2014 |
Classification |
|
District |
Bangalore City |
|
|
Stage |
PENDING FOR ADMISSION Last Posted for: ORDERS |
|
Last Action Taken |
ADJOURNED Last Date of Action 06.04.2015 Next hearing date |
|
Before Hon'ble
Judge/s |
VINEET SARAN S.SUJATHA |
|
Case No |
Court name |
Disposal Dt |
|
ITA 248/2010 |
ITAT, BANGALORE |
30.04.2014 |
OUTLOOK:
The inherent growth drivers for their business remain intact and will play out over the course of this year. The progress in their development pipeline (across biosimilars and novel molecules) will help some of their molecules to enter the clinic. However, these milestones are subject to various external dynamics including the business and clinical trial environment in the country. They continue to make investments across infrastructure and people, to support their growth and work steadfastly to deliver strong, sustained value growth to their stakeholders.
CORPORATE INFORMATION
Subject
was incorporated at Bangalore in 1978 for manufacture of biotechnology
products. Subject 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 for operation of SEZ
Developer and for setting up SEZ Unit operations to be located within Biocon
SEZ.
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. As at March 31, 2014, 12.31% of the equity interest in
Syngene is held by third parties.
On
January 10, 2008, Biocon entered into an agreement with Dr. B.R. Shetty to set
up a joint venture Company NeoBiocon FZ-LLC, with a 50% equity interest
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.
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.
During the year ended March 31, 2014, the Company has established Biocon Academy, a not for profit company under Companies Act, 1956 to provide educational courses, training and research in the biosciences, life sciences and all fields of study.
MANAGEMENT DISCUSSION
AND ANALYSIS
Industry Landscape,
Opportunity and Outlook
Global pharmaceutical
market
Fiscal 2014 was an interesting phase in the evolution of the global pharma market; marked by increased regulatory oversight, continued pricing pressures and a sustained wave of pharma reforms in various developed markets. These externalities not only defined the growth momentum but also the strategies employed across the industry to return to sustainable growth. The slowdown in pharma growth in the developed markets due to various recessionary and fiscal prudence measures has largely been offset by the sustained momentum seen across developing markets. In fact, IMS expects this trend to continue for the next 5 years as well.
One of the key driver for this differential growth performance, beyond the respective economic engines, is the healthcare support system in these geographies. The developing markets have seen an increasing trend of government-sponsored healthcare initiatives aimed at decreasing the out-of-pocket (OOP) spend of patients. The developed markets on the other hand, are trying to do a balancing act between the current OOP spending from patients and the sustained pressure to decrease their healthcare spends. In both of these scenarios, the current drug pricing mechanisms have come under substantial scrutiny and criticism by various stakeholders.
To elaborate further: Barring a few exceptions, the list prices for high end medications including biologics does not vary substantially between the developed and developing markets. This is despite the disparity in income and the high OOP expenditure in developing markets, which makes these drugs unaffordable to a large section of the patient pool. As the above figure shows, the highest OOP expenditures take place in some of the countries with lowest GDP per capita. Several governments in these countries are looking to expand accessibility and affordability by expanding healthcare coverage, active patent regime management and encouraging local players to make generic versions of both small molecules and biologics.
This momentum in the developing markets has helped crystallise newer business models to help deliver affordable innovation with improved patient outcomes and value to the various stakeholders. The regulators are opening up further to the prospect of biosimilars, with regulatory guidelines gaining more clarity.
The scenario in the developed countries is not very different either. The increasing gap between drug prices and nationwide inflation rates has created an unaffordability gap. Given that the pharma companies have now begun to charge significant premiums for their latest novel drugs, the various stakeholders in the healthcare management process find themselves at crossroads when it comes to containing their healthcare expenditures.
Given that the next generics patent wave is at least 5 years away, countries are increasingly turning towards biosimilars to balance healthcare expenses. The European Union (EU) has been at the forefront of encouraging the uptake of biosimilars and shaping the regulatory landscape as well. A key event this year was the regulatory approval granted to a biosimilar monoclonal antibody (infliximab) for commercialization in EU.
The new biosimilar based business models, therefore focus on delivering quality biosimilars buoyed by the healthcare rationing initiatives being adopted across developed markets. The financial viability for a biosimilar based business model gains further veracity if they look at the uptake of biosimilars in the five key EU nations
They have seen differential rates of biosimilar uptake in various EU member nations, largely reflecting the variations in their local healthcare systems. On the one hand they have Germany, which saw quick adoption of biosimilars at launch; while other nations like Spain and Italy have slowly warmed up to biosimilars. This trajectory is remarkably similar to the adoption behaviour they saw when generic small molecules were introduced in the developed markets. This gives us further confidence that it is a matter of time and further experience, which will be the inflexion point for the global biosimilars market.
Despite these encouraging developments, the biggest caveat in the evolution of the pharma market still lies in the regulatory space. The cautious approach to biosimilars by certain regulators has helped delay Million of dollars’ worth of potential savings which could have accrued to both patients and healthcare systems worldwide. IMS predicts global pharma spending to exceed $1 Trillion in 2014, largely due to the delay in entry of biosimilars in the market place1.
The paradox for biosimilars lies in the fact that, in several cases, the clinical trial requirements for the biosimilar are significantly larger vis- ŕ-vis what were used to approve the reference innovator biologic in the first place. A fine balance is hence needed between the value of additional information gained from extensive clinical trials vis-ŕ-vis the level of safety, efficacy and biosimilarity data which would already be available from pre-Phase III analysis.
The next few years would be critical in shaping the debate around affordability and equality to access. The implementation of the Affordable Care Act in the US, coupled with the austerity measures across developed markets to support economic recovery should help open up further avenues of discussions between the various stakeholders in the pharma space. In addition, the expansion of healthcare coverage in developing nations along with the upward economic and social mobility will help propel more value-conscious pharma pricing decisions worldwide. The pharma landscape is now shifting to a more stringent cost-benefit analysis of drugs, thereby setting the stage for affordable innovation to make the value leap from developing to developed markets.
BUSINESS STRATEGY AND
OPERATIONAL PERFORMANCE
The year gone by
The shifting regulatory and business landscape in FY14 made for some interesting times for Biocon. While on the one hand they witnessed sustained momentum in Research Services, on the other they saw changing market dynamics impacting the Biopharmaceuticals segment as discussed further in the note below. They also made progress on their development pipeline encompassing their biosimilar and novel portfolio. In addition, the depreciation of the rupee vis-ŕ-vis the dollar also aided their growth momentum.
Despite the headwinds, they delivered broad based growth across all their verticals. Their diversified growth strategy focussing on the 5 verticals, helped us deliver a healthy growth of 16% this year to reach Rs.29,332 in FY14 up from Rs.25,380 in FY13. While Research Services grew at 28% YoY, Branded Formulations and Biopharma delivered growth of 13% and 15% respectively.
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs
in Million) |
31.03.2013 (Rs in Million) |
|
LONG TERM BORROWINGS |
|
|
|
Deferred sales
tax Liability |
195.000 |
324.000 |
|
Other
loans and advance |
|
|
|
NMITU – CSIR
Loan |
1.000 |
2.000 |
|
Financial
Assistance From DSIR |
14.000 |
18.000 |
|
Financial
Assistance From DST |
49.000 |
56.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
From
banks/Financial institutions |
|
|
|
Packing credit foreign currency
loan (unsecured) |
0.000 |
491.000 |
|
Total
|
259.000 |
891.000 |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
|
Claims against the Company not
acknowledged as debt (Includes taxation matters under dispute (Direct and Indirect taxes) Rs. 480.000 (March 31, 2013 – Rs. 464.000) The Company is involved in taxation and other disputes, lawsuits, proceedings etc. including patent and commercial matters that arise from time to time in the ordinary course of business. Management is of the view that such claims are not tenable and will not have any material adverse effect on the Company’s financial position and results of operations.) |
828.000 |
|
Guarantees |
|
|
Corporate guarantees given in favour of the Central Excise Department in respect of certain performance obligations of the subsidiaries. |
|
|
Syngene |
218.000 |
|
bbl |
0.000 |
|
Clinigene |
27.000 |
|
Corporate
guarantee given by Syngene in favour of the CED in respect of certain
performance obligations of Biocon. |
465.000 |
|
Corporate
guarantees given in favour of a bank towards loans obtained by Clinigene |
60.000 |
|
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. |
115.000 |
|
Includes
share of the Company in respect of guarantees issued by Neo Biocon (joint
venture), of Rs. 1 (March 31, 2013 – Rs. 3) |
|
|
Corporate
guarantees given in favour of a bank towards loans obtained by Biocon
Malaysia |
5804 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10300393 |
29/06/2011 |
44,267,000.00 |
DEPARTMENT OF BIOTECHNOLOGY |
6-8TH FLOOR, BLOCK
NO. 2, CGO COMPLEX, NEW DELHI, |
B18143230 |
|
2 |
10255822 |
12/11/2010 |
57,081,000.00 |
DEPARTMENT OF BIOTECHNOLOGY |
6-8TH FLOOR, BLOCK NO. 2, CGO COMPLEX, LODHI ROAD,, NEW DELHI, DELHI - 110003, INDIA |
B01390137 |
|
3 |
10059940 |
17/02/2007 |
650,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, NO. 65, ST. MARKS ROAD,, BANGALORE, KARNATAKA - 560001, INDIA |
A11660974 |
|
4 |
10060347 |
17/02/2007 |
650,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, NO. 65, ST. MARKS ROAD,, BANGALORE, KARNATAKA - 560001, INDIA |
A11661360 |
|
5 |
80022593 |
23/07/2010 * |
1,773,500,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMI |
7 M.G.ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
A90645920 |
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Leasehold Improvements
· Plant and Equipment
· Research and Development Equipments
· Furniture and Fixtures
·
Vehicles
Intangible Assets
· Intellectual Property Rights
·
Computer Software
·
Marketing Rights
Biocon Q3 FY15 Revenues at Rs. 779 Crore, PAT at Rs. 91 Crore
Research Services delivers 20% growth
Board approves listing Syngene via Offer for Sale
Bengaluru, India: January 22, 2015: Commenting on the quarterly performance and highlights, Chairman and Managing Director, Kiran Mazumdar-Shaw stated, “A significant ramp up in R&D expenses this quarter reflects advances made in multiple R&D programs. Two programs viz. trastuzumab and glargine are progressing well in global Phase III clinical trials, while two other biosimilar programs have entered the clinical stage globally. This clearly positions Biocon as having one of the largest portfolio of Biosimilars in the clinic. Their Research Services arm, Syngene, has reported the best quarter thus far at Rs. 2200.000 Million which bodes well as the company prepares for a public listing. I am also pleased to announce the expansion of Biocon’s Board with the induction of two new distinguished Board members: Dr. Jeremy Levin, former CEO of TEVA and Prof. Vijay Kuchroo, renowned immunologist and Director of the Evergrande Centre, Harvard Medical School. Biocon continues to invest in its uniquely differentiated Biosimilars portfolio, which straddles both Insulins and Monoclonal Antibodies. We are confident this will deliver short term growth in the emerging markets and drive long term value creation across global markets.”
Highlights: Biocon inducts former TEVA CEO Dr. Jeremy M. Levin and Harvard Medical School Professor Dr. Vijay K. Kuchroo, as additional independent directors on its Board. Ř Two additional global biosimilar programs enter the clinic. Ř Recruitment of patients for the India clinical trial of biosimilar bevacizumab has commenced. Ř Biocon, through its wholly owned subsidiary Biocon Research Limited (BRL), concludes the sale of its 10% stake in Syngene International Limited (Syngene) to M/s IVF Trustee Company Private Limited (on January 12, 2015) Ř Biocon Board approves initiation of the process of listing Syngene and appointment of merchant bankers for the purpose. Biocon to offload 10 - 15% from its majority stake via an offer for sale. Ř Biocon has entered into an agreement with US based Gilead Sciences to license its chronic hepatitis-C blockbuster product range including sofosbuvir and sofosbuvir/ledipasvir combination.
Business Performance
Financial Highlights: Q3 FY15 (In ₹ Million)
|
Revenue : 7790.000 R&D Expenses: 470.000
(6% of Biopharmaceutical sales) EBITDA: 1700.000 (EBITDA
Margin: 22%) PAT: 9100.000
(PAT Margin: 12%) |
Revenue Breakup: • Biopharmaceuticals: 5410.000 • Research Services: 2200.000 • Other Income: 180.000 |
Biopharmaceuticals
Biopharma
The Biopharma segment recorded revenues of Rs. 4360.000 Million in Q3FY15, growing 4% YoY.
The business continues to be impacted by previously highlighted issues like credit risk in the Middle East, reduced offtake of specialty API and capacity constraints. They are working towards shifting sales to other markets. The regulatory process for qualifying their products in newer geographies is ongoing and they expect approvals to come through in the coming quarters.
Their biosimilar programs continue to make progress. Two additional global programs have entered the clinic. They have also commenced recruitment of patients for the India clinical trial of their biosimilar bevacizumab.
Trastuzumab licensing in emerging markets is making progress. They have licensed the product in one key emerging market geography this quarter and are in the process of finalizing agreements for more emerging markets.
Branded Formulations
The Branded Formulations business recorded revenues of Rs. 1050.000 Million in Q3 FY15, registering a growth of 6% YoY. For 9M FY15, the vertical grew 11% YoY, in line with the Indian Pharmaceutical Market (IPM). (IPM Source: IMS)
The Branded Formulations business is being developed as a specialty franchise to drive greater profitability through product and portfolio rationalization. This strategy has resulted in substantial increase in profitability over the past few quarters. Key brands in the Oncology and Metabolics portfolio continue to do well. CANMAb™, their biosimilar trastuzumab for treatment of HER2+ metastatic breast cancer has been one of the most successful launches of an oncology product in India. They are also evaluating entering into new specialty segments in line with their focus on having a specialty formulations franchise.
Biocon has also entered into an agreement recently with US based Gilead Sciences to license its chronic hepatitis-C, blockbuster product range including sofosbuvir and sofosbuvir/ledipasvir combination.
Research Services
The Research Services segment recorded Q3 sales of Rs. 2200.000 Million, delivering a growth of 20% YoY.
Commenting on this performance, Peter Bains, Director, Syngene International, said, “They are pleased with this quarter’s robust performance which includes good traction from recent capacity expansions. Their order book is strong and they see this momentum continuing through Q4. They are on track to achieve their full year revenue growth guidance in the high teens.”
On January 12, 2015, Biocon, through its wholly owned subsidiary Biocon Research Limited (BRL), concluded the sale of its 10% stake in Syngene to M/s IVF Trustee Company Private Limited. Post this stake sale, the holding of Biocon (including stake held by Biocon Research Limited) in Syngene stands at 85.54%.
In the board meeting concluded today, the Board of Directors of Biocon has approved the initiation of the process of listing of Syngene and the appointment of merchant bankers for the purpose. The board has authorized Biocon to sell 10-15% stock from its majority stake in Syngene via an offer for sale. The timing of listing of Syngene on the Indian stock exchanges will be dependent on regulatory approvals and market conditions.
Appointments:
Dr. Jeremy M. Levin, Additional Independent Director: Dr. Levin, the former CEO of Teva Pharmaceuticals is currently the Chairman of Ovid Therapeutics Inc., a New York based private company developing novel medicines for orphan diseases of the brain and has deep experience in the global pharmaceuticals and biotechnology industry. He has played a significant role as a member of the Executive Committee at Bristol-Myers Squibb (BMS) where he had global responsibilities for strategy, alliances and transactions. Prior to that he was Head of Global Business Development & Strategic Alliances at Novartis and was the Chairman and CEO of Cadus Pharmaceuticals.
Dr. Vijay K. Kuchroo, Additional Independent Director: Dr. Kuchroo is the Samuel L. Wasserstrom Professor of Neurology at Harvard Medical School, Senior Scientist at Brigham and Women’s Hospital and Co-Director of the Center for Infection and Immunity, Brigham Research Institutes, Boston. He has just been named the Director of the newly formed Evergrande Center for Immunologic Diseases at Harvard Medical School and Brigham and Women’s Hospital. Dr. Kuchroo’s major research interests include autoimmune diseases and immuno oncology.
Dr. Kuchroo, was the first to describe the development of highly pathogenic Th17 cells, which have been shown to induce multiple different autoimmune diseases in humans. As an advisor to Biocon, he has made significant contributions towards scientifically positioning Itolizumab, developed by Biocon as a potential novel therapeutic for autoimmune diseases.
About Biocon
Biocon Limited, publically listed in 2004, (BSE code: 532523, NSE Id: BIOCON, ISIN Id: INE376G01013) is India’s largest and fully-integrated, innovation-led biopharmaceutical company. As an emerging global biopharmaceutical enterprise serving customers in over 85 countries, it is committed to reduce therapy costs of chronic diseases like autoimmune, diabetes, and cancer. Through innovative products and research services it is enabling access to affordable healthcare for patients, partners and healthcare systems across the globe. It has successfully developed and taken a range of novel biologics, biosimilars, differentiated small molecules and affordable recombinant human insulin and analogs from ‘Lab to Market’. Some of its key brands are INSUGEN®(rh-insulin), BASALOG® (Glargine), CANMAb™ (Trastuzumab), BIOMAb-EGFR™ (Nimotuzumab) and ALZUMAb ™(Itolizumab), a ‘first in class’ anti-CD6 monoclonal antibody. It has a rich pipeline of biosimilars and novel biologics at various stages of development including a high potential oral insulin. Visit: www.biocon.com
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 3:30 PM IST on January 23, 2015 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 ten minutes ahead of the scheduled start time. The dial-in number for this call is +91-22-3938 1081/ 6746 5891. 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. To receive reminders for the earnings call, you can register here. A replay of this call will also be available from till January 31, 2015 on +91 22 6181 3322, Playback ID: 311121. They will aim to post the transcript of the conference call on the company website within 7 working days of the investor conference call.
PRESS RELEASE:
Biocon Strengthens its Presence in Mexico; Receives Approval for Insulin Glargine through its partner PiSA Farmaceutica
April 09, 2015: Biocon Limited (BSE code: 532523, NSE: BIOCON), Asia's premier biopharmaceuticals company, announced today that its Insulin Glargine has been approved by COFEPRIS, the Mexican health authority, through its partner PiSA Farmaceutica (PiSA).
Mexico has been a very important market for Biocon since 2006, where it has been playing a significant role in enabling access to affordable rh-Insulin. Insulin Glargine will augment the affordable insulins therapy for diabetes management. 'GALACTUS' by PiSA is the first Insulin Glargine to be approved in Mexico as per the biocomparable approvals pathway defined in 2012.
Biocon is recognized as Asia's largest insulins producer and has been committed to affordable diabetes management through rh-Insulin (Insugen(R)) and Insulin Glargine (Basalog (R)) in India and several emerging markets. The company currently has marketing approvals in over 60 countries for rh-Insulin and in over 20 countries for Insulin Glargine.
Biocon Chairperson and Managing Director Kiran Mazumdar-Shaw said: "We are committed to make global impact with our affordable insulins therapy. Our Insulin Glargine, will now enable access to a basal insulin which will further expand the diabetes management therapy for patients in Mexico."
Ravi Limaye, President - Marketing, Biocon said: "With Insulin Glargine approval in Mexico we have expanded our insulins global footprint. Along with our partner PiSA we will be able to enhance the reach of our affordable insulins therapy in the country."
PiSA Group Executive Vice President Lic. Santiago Alvarez Vega said: "We are extremely excited to partner with Biocon to introduce GALACTUS, the long acting insulin glargine in Mexico, which has a disease prevalence of 12%, the second highest in the world*. We hope to enable the government to bring down its per capita expenditure on diabetes with the use of this cost effective, high quality biocomparable Insulin Glargine"
Diabetes is a major health risk in Mexico, over 70% of the Mexican population is overweight thus prone to developing diabetes. With over 9 million cases of diabetes, it poses a huge disease burden for the government with per capita expenditure on diabetes being as high as USD 892.5. As per available data it is a leading cause of mortality in the country. (Source: IDF)
Biocon's presence in Mexico, over the last eight years, has expanded the insulins market substantially by initiating many more patients onto insulin therapy. The increasing affordability of Insulin Glargine will now enable Biocon and PiSA to expand this reach further. The combined market for Insulin Glargine in Mexico is estimated to be in excess of USD 40 million.
Note: * Mexico ranks 6th globally with 9 mn diabetes cases and in the same pool of Top 10 countries, it ranks 2nd in disease prevalence.
About Biocon
Limited
Biocon Limited, publicly listed in 2004, (BSE code: 532523, NSE Id: BIOCON, ISIN Id: INE376G01013) is India's largest and fully-integrated, innovation-led biopharmaceutical company. As an emerging global biopharmaceutical enterprise serving customers in over 85 countries, it is committed to reduce therapy costs of chronic diseases like autoimmune, diabetes, and cancer. Through innovative products and research services it is enabling access to affordable healthcare for patients, partners and healthcare systems across the globe. It has successfully developed and taken a range of novel biologics, biosimilars, differentiated small molecules and affordable recombinant human insulin and analogs from 'Lab to Market'. Some of its key brands are INSUGEN(R)(rh-insulin), BASALOG(R) (Glargine), CANMAb(TM) (Trastuzumab), BIOMAb-EGFR(TM) (Nimotuzumab) and ALZUMAb(TM) (Itolizumab), a 'first in class' anti-CD6 monoclonal antibody. It has a rich pipeline of biosimilars and novel biologics at various stages of development including high potential oral insulin. Visit: www.biocon.com
About PiSA
Farmaceutica
PiSA Farmaceutica, est. in 1945, is a privately held leading Mexican pharmaceutical company that has its strong presence in the Mexican market and select Latin American countries. PiSA through its 16,000 employees is committed to excellence and its customers. Over years PiSA has created a robust infrastructure for quality pharmaceutical development and manufacturing which helps generate, assimilate and transform new technologies that impact the pharmaceutical industry. PiSA's manufacturing complies with various regulatory requirements and helps cater to the demand for quality products required by its customers. With products like AGRIFEN, CEFAXONA, ELECTROLIT, INSULEX and DEXTRIFYL PiSA has been successfully creating top brands in the Mexican markets. PiSA has also established itself as a leading company for treating renal diseases through its reliability in Peritoneal Dialysis and Haemodialysis
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.62.15 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.71.25 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
72 |
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.