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Vivimed Labs Limited | Annual Report 2012-13

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Vivimed Labs Limited | Annual Report 2012-13 [email protected] • Product A Registered Office harnessing growth 78/A, Kolhar Industrial Area, Bidar – 585403, Karnataka Vivimed Labs Limited | Annual Report 2012-13 www.vivimedlabs.com PDF processed with CutePDF evaluation edition www.CutePDF.com Safe Harbour In this annual report may contain such statements by any discussion believe we have or uncertainties report we have forward-looking using words such on future been prudent in materialise, or disclosed forward- statements that as ‘anticipates’, performance. our assumptions. should underlying looking information set out anticipated ‘estimates’, We cannot The achievement of assumptions prove to enable investors results based on ‘expects’, ‘projects’, guarantee that results is subject to inaccurate, actual to comprehend the management’s ‘intends’, ‘plans’, these forward- risks, uncertainties results could vary our prospects and plans and ‘believes’, and looking statements and estimates taken materially from take informed assumptions. We words of similar will be realised, as assumptions. those anticipated, investment have tried wherever substance in although we Should known estimated or decisions. This possible to identify connection with or unknown risks projected. Contents 02 Corporate 14 The CEO’s 20 Management 42 Directors’ report 65 Financial section snapshot statement discussion and 49 Corporate 116 Notice 12 2012-13 in 18 Chemistry at analysis Governance report retrospect the core 41 Corporate information Vivimed invested strategically in building assets and capabilities across its global and Indian businesses over the past 24 months. Vivimed’s focus for the next 24 months will be in extracting synergies of integration and capitalising on a larger addressable market. Reflected in a number of prospective results. Higher utilisation. Greater synergy. Stronger innovation. More customers. Better returns. This strategy revolves around a single theme... harnessing growth. ivimed (established 1988) is a Vivimed is headquartered in Hyderabad of home, personal care and industrial Vdiversified global company with a (India) with eleven manufacturing products, whereas the Pharmaceutical unique business portfolio comprising facilities (eight in India and three Segment is engaged in the manufacture specialty chemicals and pharmaceuticals. overseas), five R&D facilities (three in of Active Pharmaceutical Ingredients (API) India and two overseas) and a marketing and Finished Dosage Formulation (FDF). presence in over 50 countries. Within the FDF business, it provides contract manufacturing services and the The Specialty Chemicals segment is a manufacture of branded formulations. provider of active ingredients for a range Our select clients A 02 B 03 01 C G D E F A multinational global platform that provides Vivimed access to market and significant cost advantage WORLD INDIA D Bonthapally, Facilities Mexico Spain UK China USA India Total 01 Cuernavaca, Mexico A Kashipur, Hyderabad Healthcare – API 1 2 3 02 Saint Celoni, Spain Uttarakhand E Bollarum, 03 Llica de Vall, Spain B Haridwar, Hyderabad Healthcare – FDF 6 6 Uttarakhand F Jeedimetla, C Kolkata, Hyderabad (2) Active Ingredients 2 2 West Bengal G Bidar, Karnataka Total Facilities 1 2 8 11 R&D Facilities 1 1 3 5 Global Support Offices 1 1 1 1 1 5 global footprint. Indian core. 2 3 VIVIMED LABS LIMITED | ANNUAL REPORT 2012-13 HARNESSING GROWTH fter having created a valuable repository of knowledge, innovative products, quality manufacturing platform and global customer relationships, Vivimed is now focused on Aenhancing its profitability. A superior mapping of its product portfolio around customer needs and market trends represents the foundation of its strategic approach. Global recognition We focused on gaining access to new We entered the select ‘Partner-to-Win’ list of technologies which will help us build upon vendors working closely with Unilever; we are our differentiated positioning. developing significant new products which We entered into a joint venture with a will be commercialised in the next 12 to 18 leading fragrance manufacturing company. months. Initially, we will market imported products in We were adjudged ‘Strategic Partner’ for India and subsequently upgrade facilities to P&G, Unilever and L’Oreal, which will enable manufacture those products in-house. us to access their innovation platform; in turn, We entered into an exclusive agreement this will enable us to attract a larger number with a partner to supply silicones for the of Tier-II partners. personal care industry and market the Company’s products globally. Products, markets and customers We focused on launching new products Manufacturing facility flexibility (sun care, peptide for anti-ageing and skin A quality and flexible manufacturing whiteners). platform is an advantage. We established a direct marketing presence We realigned our production unit in Bidar to in Africa, Latin America, the Middle East and manufacture a new anti-dandruff compound Asia. and a new sunscreen product. We focused on customer mining and creating more business opportunities through Value-driven strategy our unique ‘Key Customer Account Manager’ We are in discussions with large consumer model. MNCs to commercialise ‘applied-for’ patents for innovative natural products. We strengthened our focus towards our goal – ‘More products per customer, more We will focus on markets and customer- customers per product’. driven needs through proprietary, differentiated products as opposed to a Innovative R&D commoditised ‘go-to-market’ approach. Our innovative in-house R&D, alliances and exclusive licensing agreements will define our approach. SPECIALTY CHEMICALS - PERSONAL & HOME CARE Product pipeline the next 12 to 24 We expect to We have a months, which receive approvals robust product include peptides for high-value pipeline comprising for anti-ageing and molecules from a through global molecules to be skin whiteners. key customer in the relationships launched over next 12-24 months. 4 5 VIVIMED LABS LIMITED | ANNUAL REPORT 2012-13 HARNESSING GROWTH ollowing the acquisition of Uquifa in 2011, Vivimed integrated its global operations to generate higher returns. The integration of our API business centres on various themes: Fbackward integration, expanding our addressable market, investing in innovative R&D and a renewed business development focus. Backward integration Innovation We invested in an intermediate block and We built a state-of-the-art R&D facility API unit in Bidar (Karnataka), which was in Hyderabad operated by more than 75 commissioned in January 2013. qualified and experienced scientists. Vivimed The intermediate block will begin to supply possesses a commitment to build IP and its some key intermediate inputs for our Spanish technical workforce. and Mexican facilities leading to enhanced This facility will complement our existing cost competitiveness. R&D team in Spain, delivering process improvement, product development and new Expanding our addressable market regulatory filings. We undertook repairs of certain integral The result: We expect to widen our customer constituents of key products; this should base, optimise our manufacturing processes help us become more competitive and grow and enhance profitability. our addressable markets (customers and geographies). We re-appraised our product portfolio and will substitute select low-margin products with high-growth, high-value products over the next 24 months. Areas of potential value, high-margin orders across niche pace of new DMF HEALTHCARE - API BUSINESS Benefits of and high-demand therapy areas for filings as R&D greater cost products. large innovators efforts deliver a competitiveness; Ramp up high and generic larger addressable larger revenue value custom customers. market and greater through shares from high- manufacturing Accelerate the pricing power. integration 6 7 VIVIMED LABS LIMITED | ANNUAL REPORT 2012-13 HARNESSING GROWTH aving enjoyed success with finished formulations in the semi- regulated markets, Vivimed expects to grow its footprint in the regulated generic markets. With a quality in-house API Hplatform and growing R&D investments, Vivimed is now an integrated player in healthcare business, ready to target the global generics market. Infrastructure-ready We enjoy a significant advantage in this We invested in upgrading our Jeedimetla particular MRP given the presence of an in- facilities in line with demanding regulatory house competitive API. Our approval allows standards; we are awaiting requisite approvals us to market the product in nine European which will open the CIS export markets for countries. We have also created a robust our formulations. pipeline of finished products to be launched in Europe over 24 months. The same facility received regulatory approval from key African markets; we filed Through our in-house R&D services unit, we dossiers for four products and they are at are developing formulations for regulated and advanced approval stages and are expected to semi-regulated markets. The team of scientists yield results in 2014-15. possesses a rich repository of dossiers filed across the world. They have to their credit One of our facilities in Jeedimetla focused more than 30 dossiers with various regulatory on the differentiated delivery platform authorities like the Canadian FDA and USFDA of nasal sprays; this gained approvals to (approved or pending approval). commence exports to regulated markets like Europe. We will initially utilise filings which allow us to add value to
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