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Annual Report 2020 Date: 08.12.2020 To, Vivimed BSE Limited Phiroze Jeejeebhoy Towers, National Stock Exchange of India Limited Dalal Street, Fort, Exchange Plaza, Sandra Kurla Complex, Mumbai 400 001 Bandra (E), Mumbai - 400 051 Scrip Code: 532660 Symbol: VIVIMEDLAB Dear Sir, Sub: Notice of 32nd Annual General Meeting (AGM), Annual Report for the financial year 2019·20 and Book Closure for AGM. This is to inform you that the 32nd Annual General Meeting (AGM) of the Company will be held on Wednesday, December 30,2020 at 3.00 p.m. The Company is conducting meeting through VC I OAVM. For details please refer to the Notice of this AGM. Pursuant to Regulation 34(1) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached a copy of Annual Report for the financial year 2019-20 along with notice of the AGM for your information and records which is being dispatched to the shareholders of the Company. We also hereby inform you that pursuant to Section 91 of the Companies Act, 2013 and Regulation 42 of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015, the Register of Members and Share Transfer books of the Company will be closed December 25, 2020 to December 30, 2020 (both days inclusive) for the purpose of AGM. Please take the information on record. Thanking you, Yours faithfully, For Vivimed Labs Limited 60 K.Yugandhar Company Secretary Encl: As above Vivimed Labs Limited. Corporate Office: CIN:L02411KA1988PLC009465 North End, Road No.2 Registered Office: #78/A, Kolhar Industrial Area, Banjara Hills, Hyderabad. Bidar, Karnataka - 585403, India. Telangana - 500 034, India. T +91 (018482-232045, F +91 (01 8482-232436 GSTIN : 36AAACV6060A1ZQ Email: contactrclvivimedlabs.com I www.vivimedlabs.com T +91[0140-6608-6608, F +91 (0140-6608-6699 Unlocking Potential. Unleashing Value. Vivimed Labs Limited Annual Report 2019-20 Corporate Overview Unlocking potential 01 About Vivimed 12 Contents Key Performance Indicators 14 From the MD’s desk 16 Statutory Reports Management Discussion & Analysis 20 Corporate Information 38 Board’s Report 39 Financial Statements Corporate Governance Report 80 Standalone Financial Statements 111 Consolidated Financial Statements 157 Agenda to AGM Notice 205 It’s not that you don’t like what you have been doing, it’s just that you suspect there’s something much 2019-20 Report Annual more. 1 Something that is hidden within the shadows of the evident and which possesses the potential of providing a greater sense of meaning; unleashing significant value. New possibilities. New adventures. New excitements. New returns. This something new does not mean that we stop doing what we have been doing altogether, it points to doing more than what we have been doing with our existing infrastructure and capitalisation. Our new does not involve creating a new vertical that guzzles cash and time. It is more about adding new muscles to our existing verticals that deliver returns in the short term as well as in the long term. VIVIMED LABS LIMITED The new does not imply that we unlearn and relearn new skills. It is primarily about harnessing and deploying our niche more deftly and skilfully. 2 At Vivimed, we are excited about this something more that promises to make our tomorrow better than it 2019-20 Report Annual ever was. 3 Business model innovation is undoubtedly here to stay. And that isn’t surprising. The economic slowdown, and the drive to optimise healthcare costs in the developed world is forcing companies catering to these markets to relook and modify their business model. The workable strategy that is gaining acceptance is to look beyond the developed to the developing world. VIVIMED LABS LIMITED 4 So, even as developed In keeping with this economies labour to sort reality, we, at Vivimed out internal and external Labs, have sharpened challenges, developing our focus on growing nations emerge as the our presence in these 2019-20 Report Annual near-term opportunity promising geographies. havens. 5 CIS Markets We are entrenching ourselves in the CIS markets. We have filed 18 dossiers of which 10 have been approved and supplies are expected to commence in FY21. Canada We are strengthening our presence in Canada as a reliable CDMO player. We have partnered with multiple pharmaceutical companies. About 15 products are under various stages of development and evaluation. MENA We plan to launch niche products in the Middle East countries and Northern Africa by forging alliances with partners in this region. South-East Asia We are working to forge multi- product CDMO agreements with a leading pharmaceutical Company which promises to strengthen our presence in this region. VIVIMED LABS LIMITED 6 These efforts, as they fructify, will strengthen our presence in the global pharma space, and create a robust platform for us to leapfrog into the regulated markets over 2019-20 Report Annual the medium term. 7 Every day contains within it countless opportunities, all dictated by the choices you make. Some of those choices may seem inconsequential when you face them. Because they are little things. But there is a certain adventure in doing it, for the possibility. Because the truth is, those possibilities are always within your reach. The possibility that if you make minor tweaks you may set the stage for major fulfilment. Because, sometimes even the smallest shift can build the platform for sustained success. VIVIMED LABS LIMITED At Vivimed, we have made an important choice, one that promise to give wings to our growth aspirations. 8 Annual Report 2019-20 Report Annual 9 We have decided to widen our delivery platform base from solid dosages to sterile dosages (nasal sprays and ophthalmic products). We are making the insignificant, yet necessary, tweaks to our manufacturing and distribution infrastructure and resource base to transform this Board Room strategy into an on-ground reality. VIVIMED LABS LIMITED 10 Eye drops Nasal sprays We have developed eight eye drops We have filed for multiple nasal for the CIS markets which are under products in Cambodia and Nepal. registration. We expect to received We have received the Cambodian approval for these products shortly. GMP and approvals for the Haridwar site for nasal sprays and expect We have engaged with a customer the shipment of these products to for 11 eye drop products for supplies commence shortly. We plan to file to the African markets; commercial these products in certain African supplies of some products are markets soon. expected in FY21. We are talking with a Switzerland- A reputed Australian pharma major based pharmaceutical company for has shown interest in registering a nasal spray product. We should be some of our ophthalmic products in able to make some headway in this that country. zone this year. We, at Vivimed, are convinced that this platform addition will significantly expand our product offering for the global and Indian market, translating into increased business traction, as and when we secure approvals for these 2019-20 Report Annual products. 11 Our business We are a globally renowned supplier of niche molecules and formulations across healthcare, pharmaceuticals and specialty chemicals consumers in nearly 50 countries. Our Values and Principles WE FOCUS ON OPPORTUNITIES WE EMBRACE CHANGE WE ENDEAVOUR TO RISE AND At Vivimed, we believe that there At Vivimed, we consider the only SHINE is no room for a second chance. An constant to be, is change itself. We work towards efficient and opportunity presents itself only once, smart execution of our plans in a and we usually make it ours. WE STRIVE FOR CONTINUOUS methodical way with intense focus IMPROVEMENT on precision and teamwork. VIVIMED LABS LIMITED WE BUILD ON OUR CAPABILITIES There are others; and there is Capability building is the key to our Vivimed. We strive for continuous Company’s performance and growth. improvement in our quality At both individual and organisational standards, operational efficiency and level, there is a consistent effort to customer service. build up on our competencies. 12 Our verticals Finished Dosage Specialty APIs Formulations Chemicals Generic APIs CDMO projects Generics Branded Generics CDMO projects Active ingredient Our key assets Our presence 11 India Mexico Kashipur Manufacturing facilities Haridwar Cuernavaca Kolkata Balarum 5 Bidar Joodimetla (2 Unit) R&D facilities Spain Hungary Sant Calony Llica Do Vall 1,600+ Budapest Team size Our reputed global customers Annual Report 2019-20 Report Annual 13 14 indicators indicators performance Key FY 2016-17 1,462 Revenue ( FY 2017-18 1,186 R crore) FY 2018-19 1,315 FY 2019-20 1,059 FY 2016-17 411 EBITDA ( R FY 2017-18 222 crore) FY 2018-19 200 FY 2019-20 16 FY 2016-17 222 Net profit Net ( R FY 2017-18 76 crore) VIVIMED LABS LIMITED FY 2018-19 57 FY 2019-20 (109) FY 2016-17 734 Networth ( R FY 2017-18 1,239 crore) FY 2018-19 944 FY 2019-20 835 FY 2016-17 95 Cash flow from from Cash flow operations ( R FY 2017-18 63 crore) FY 2018-19 437 FY 2019-20 99 FY 2016-17 91 Book value value Book per share FY 2017-18 150 ( R ) FY 2018-19 114 Annual Report 2019-20 Report Annual FY 2019-20 101 15 From the Managing Director’s table “At Vivimed, when we arrive at our Board of Innovation, the most common question that comes on the table is: How can the Company generate new revenue?” VIVIMED LABS LIMITED 16 Dear Shareholders, It is that time of the year where I The positive among this was the common question that comes on get to engage with you my fellow performance of Soneas (the unit we the table is: How can the Company shareholders, ink my thoughts on acquired in the previous year).
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