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Chairman cum Managing Director
My Dear Shareowners,
The financial year 2012–13 was a tough year in the history of the Company as we had to take some harsh decisions in view of the severe liquidity crisis perpetuated by various reasons like forex losses, high debt burden and lesser return from the investment made by the Company on Fixed Assets and R&D. The Company went into CDR with the support of its lending banks, which came at a right time and enabled the Company to consolidate its operations and focus on plan to put it back on the track .
The CDR package stands implemented and the Company is performing as per the projections laid down in the CDR. The financial year saw the Company achieving a turnover of ? 11,005 millions and EBIDTA of ? 883 millions. The financial year saw Company recording a major net loss of ? 1,190 millions.
All this time, when the Company was focusing on the CDR and managing the difficult times, we were focused on one thing – operations. The operations of the Company were stalled not even for a single day inspite of the challenging situation. The plants ran smoothly, the workers morale was kept boosted at all times and the desired production levels were achieved .
Ind–Swift at present is one of the largest generic manufacturers of bulk drugs across the globe. We have one of the largest accredited facilities having all the required certifications like USFDA, TGA, MHRA, PMDA, KFDA etc. We have the best generic manufacturers across the globe as our clients. The Company has been determined at providing the best materials with top–class quality to its customers. The Company has a big global footprint covering customers spread across the major economies of the world and is ever increasing as the Company explores new markets for its products.
The Company has established a strong foothold in the highly regulated market of Japan where it ventured in the last two years. Presently, four of our products are commercially supplied to this market and two more are in the pipeline. The formulation of largest selling drug – Atorvastatin was launched in Japan with our API. Similarly, in Europe the formulation of Atorvastatin was launched on the very first day of its generic launch with our API.
Exports constitute 54% of the total sales. The Company's Derabassi manufacturing facility for API is focussing on exports. The facility comprises of 19 blocks and is one of the largest API manufacturing facility in Asia.
The Company has a strong R&D set up with a dedicated state of the art R&D centre at Mohali. Last year, Ind–Swift filed total of nine patent applications. Of these, five applications have been filed in India, three as PCT applications and one application has been filed in USA. In 2012–13, the Company has also been awarded two patents, one in USA and one in Russia for Ivabradine Oxalate.
The in–house Chemical Research and Development (CRD) works on the process development of molecules going off patent in coming years.
The patent non–infringing processes have been developed for Saxagliptin Monohydrate, Dabigatran Etexilate, Fesoterodine Fumarate, Raltegravir Potassium, Tapentadol Hydrochloride, Minodronic Acid and Silodosin. All these molecules have a great business potential upon patent expiry.
CRD has also carried out extensive process and operational improvements in the existing commercial products like Aripiprazole, Ivabradine Hydrochloride, Fexofenadine and Atorvastatin.
These efforts have helped the organisation bring down the cost of manufacturing and remain competitive in global markets.
Given the strong track record of process development, process research and manufacturing expertise from GMP plants, Ind–Swift has started offering Contract Research and Manufacturing services to global pharmaceutical companies. Ind–Swift has started offering Early Phase Drug Development Services, Process Development / Research Services, Custom Chemical Synthesis (CCS), Contract Manufacturing and Full Time Equivalents (FTEs) for Chemistry, Analytical, Regulatory and IPR services.
Within a short span of time, Ind–Swift has been able to establish relationships with various global innovators, Generics and biotech companies. The Company has successfully completed initial feasibility & evaluation of projects. This new SBU has already received business from reputed companies from the EU and Japan.
Ind–Swift has started offering Contract Research and Manufacturing services to global pharmaceutical companies.
Economis all over the world had foreseen hard times during the last financial year and this year it is our domestic economy which is under tremendous pressures and is now being termed as "ECONOMIC SLOW DOWN". The rising value of the US dollar has its own impacts on the Company with high exports turnover. But despite these factors, the future appears stable and offers opportunities terms of increasing market share in the new markets and increasing turnover of new products launched recently.
Besides this, efforts are continuously being guided towards the process improvement and cost effectiveness in our current products and maintaining costs in the Company to ensure that difficult times are faced effectively.
We appreciate the support provided by our customers, bankers, creditors, fixed deposit holders, shareholders and our employees who have stood by us during this testing time for the Company. We are confident that with their support these difficult times will soon be a thing of the past in the coming two to three years. Till that time, we shall strive to achieve what we are destined to achieve with firmness and conviction
constantia et virtute
N. R. Munjal
Cum Managing Director