Source: My Himachal | www.himachal.us
July 23rd, 2009
By Ravinder Makhaik
Shimla: Ship building company, ABG Shipyard, has come out on top in global bidding for three hydropower projects in Himachal, with other two projects being bagged by Calcutta Electric Supply Company and Chandigarh based Surya Pharmaceutical, government sources disclosed.
The new term bids for five projects with a generation potential of 496 MW, which were invited a year ago, were opened recently, an official from the power department disclosed.
For three projects – Rashil 102 MW, Tandi 104 MW and Bardang 126 MW, all located in high altitude valley of Lahaul, ABG Shipyard out bid other competitors.
Shedding the earlier policy of inviting upfront money per MW of generation capacity, the Prem Kumar Dhumal government last year had affected changes by allotting new projects on the basis of additional free power offered by the bidding company beyond the royalty power demanded for handing over the project site.
ABG Shipyard has offered to pay 8.10 % additional power for Rashil project, 11.10% more power for Tandi project and 10.10% extra power for Bardang project, the government source said.
For the 104 MW Lara Sumta project, also in Lahaul valley, Calcutta Electric Supply Company out bid others by offering 10.54% extra free power after the plant starts generating electricity.
The highest offer of free power was made by Chandigarh based Surya Pharmaceutical, who have bid to give 12.60 % free power to Himachal government for the 60 MW Patam project in Spiti valley, the official said.
In all there were 13 bidders for the 5 projects, which included Larsen & Tuboro, Moser Baer and Himachal Power Corporation.
The free power offered by the bid winning company’s for each project is over the 12 percent free power that has be given as royalty for the first 12 years, which increases to 18 % till 30 years of the plant life and goes upto 30 % for the next ten years.
The project sites are offered for 40 years of generation period after which the ownership passes to the state government.
While the larger projects are allotted on basis of global bidding process, the government is offering smaller projects with a generation capacity upto 5 MW to local entrepreneurs.
Himachal has an identified hydropower potential of 20,416 MW of which only 6,419 stands harnessed.
Friday, July 31, 2009
Sunday, July 12, 2009
2003 Dec News Archive | Surya Pharma to Enter Market in Dec 2003
Source: The Hindu Business Line Internet Edition http://www.thehindubusinessline.com/Mumbai , November 19th, 2003
The Chandigarh-based Surya Pharmaceuticals Ltd. will list on the NSE and the BSE to issue an initial public offering (IPO) in December.
The issue will comprise 30 lakh equity shares of Rs 10 each for cash at a premium of Rs 35 each aggregating Rs 13.5 crore.
While 30 per cent of the proceeds from the IPO would be ploughed into infrastructure and machinery for continued research and development activities, the balance will be used towards enhancing the company's working capital.
After the IPO, the working capital would be increased to Rs 35 crore-40 crore, up from Rs 22 crore and paid-up capital to Rs 10.5 crore from Rs 7.5 crore.
Also, the promoters' stake would come down to 72 per cent with the balance being held by the public, Mr Rajeev Goyal, Managing Director, Surya Pharmaceuticals, told presspersons here on Wednesday.
Currently, the bulk drug manufacturer is utilising 60 per cent of the plant capacity and expects to increase this to 80 per cent by the year-end. With its four manufacturing units catering to bulk drug manufacture coupled with the production of antibiotics and drug intermediates, the company is now looking at improving processes involved in drug formulation.
According to Mr Goyal, Surya Pharmaceuticals will also focus on research and development activities to optimise cost, increase process yield, invent better process (reverse engineering) and waste recovery methods.
The company's plans to make the manufacturing units FDA (Food and Drug Administration) compliant are on the cards.
"From its inception, the company had expanded its presence to four manufacturing units across Baddi I & II in Himachal Pradesh, Banur in Punjab and Panchkula in Haryana. Of these units, we have obtained the WHO GMP certification for two of the units in Banur and Baddi. This is a step away from complying to the US-FDA requirements," Mr Goyal said.
With a turnover of Rs 140 crore for 2002-03 and a profit before tax of Rs 6.4 crore, the company expects to record a growth of 25-30 per cent with a thrust on the domestic market, he added.
Surya Pharmaceuticals Ltd. (SURPHA) | ICICI Pick of the Week
Source: ICICI Bank ICICI Direct content.icicidirect.com
Surya Pharmaceuticals, which is positioning itself as a low cost manufacturer of API and formulations, is set to be a key beneficiary of the emerging CRAMS opportunity. A change in revenue mix towards higher margin products coupled with commissioning of Jammu facility are the other key triggers for the stock.
Company background
Chandigarh-based Surya Pharmaceutical, Incorporated in 1992, manufactures and markets a range of active pharmaceutical ingredients (APIs), drug formulation and bulk intermediates that address various therapeutic segments. It is among the top five Indian players in betalactum and cephalosporin range of anti-infectives. It has four manufacturing units located in Himachal Pradesh, Punjab and Haryana and has increased its API capacity from 67 MTA in 1993 to 1263 MTA in 2004.
Investment Rationale & Expansion to drive growth
Surya Pharma has chalked out an ambitious Rs 90-crore expansion plan of setting up a facility in Jammu and upgrading its existing plants to the US Food and Drug Administration, (US FDA) standards. The new facility is expected to go on stream by June 2006 and will manufacture high-margin products such as statins, sterile cephalosporins & advanced intermediate and formulations. In addition, it would also help the company in servicing MNC companies through the contract-manufacturing route. This facility will be US FDA complaint and is expected to result in significant savings due to excise & income tax exemptions.
MRP-based excise regime to benefit Surya
The recent notification of the government to charge excise on maximum retail price (MRP) is expected to trigger a shift in the outsourcing business which is touted as a big opportunity for Indian companies in the years to come. Surya Pharma is expected to benefit immensely from this new regime as there could be a heavy flow of new orders from both MNCs and other domestic companies to take advantage of its units operating in duty exempted states like Himachal, J&K etc.
Contract manufacturing foray
The company has made impressive foray into contract research and manufacturing (CRAMS) space with order worth Rs 350 crore to be executed over the next few years. It is positioning itself as a low cost manufacturer and has bagged several contract manufacturing orders in the API and formulations stages. The company has recently signed a contract with a UK based pharma company for supplying off-patent API supplies worth Rs 220 crore spread over a period of 5 years starting FY07. We expect the company to notch up record profits in the coming years on the back of impressive order book which is likely to increase further with the commissioning of new facility in Jammu.
Improving revenue mix to expand margins 
Financials:
For the financial year ending March '05, Surya Pharma posted a marginal growth of 5.10% in revenues to Rs 170.33 crore, up from Rs 162.07 crore in the previous year. Operating margins improved substantially by 327 basis points to 17.26% in FY05 from 13.99% on the back of company’s focus on high margin products as compared to traditional penicillin G based antibiotics viz Ampicillin, Amoxicillin, Cloxacillin. The bottom-line of the company surged by 88.52% to Rs 11.50 crore as compared to Rs 6.1 crore in FY04 despite 28% & 19% jump in employee cost & depreciation, respectively.
Valuations
Surya Pharmaceuticals is expected to notch up significant profitability over the next 2-3 years on the back of impressive order book to the tune of Rs 350 crore and growing prowess in the CRAM space. The changing product-mix & benefits accruing from units operating in duty exempted states would become visible in the bottomline of the company. Surya currently trades attractively at 8.2x FY06E EPS of Rs 15.80 & 4.45x FY07E EPS of Rs 29.22 on expanded equity base. We believe investors can look for significant upside from current levels of Rs 129 to Rs 230 levels (upside of 78%) over the next 12 months.
May 2009
By: Pankaj Pandey
Surya Pharmaceuticals, which is positioning itself as a low cost manufacturer of API and formulations, is set to be a key beneficiary of the emerging CRAMS opportunity. A change in revenue mix towards higher margin products coupled with commissioning of Jammu facility are the other key triggers for the stock.
Company background
Chandigarh-based Surya Pharmaceutical, Incorporated in 1992, manufactures and markets a range of active pharmaceutical ingredients (APIs), drug formulation and bulk intermediates that address various therapeutic segments. It is among the top five Indian players in betalactum and cephalosporin range of anti-infectives. It has four manufacturing units located in Himachal Pradesh, Punjab and Haryana and has increased its API capacity from 67 MTA in 1993 to 1263 MTA in 2004.
Investment Rationale & Expansion to drive growth
Surya Pharma has chalked out an ambitious Rs 90-crore expansion plan of setting up a facility in Jammu and upgrading its existing plants to the US Food and Drug Administration, (US FDA) standards. The new facility is expected to go on stream by June 2006 and will manufacture high-margin products such as statins, sterile cephalosporins & advanced intermediate and formulations. In addition, it would also help the company in servicing MNC companies through the contract-manufacturing route. This facility will be US FDA complaint and is expected to result in significant savings due to excise & income tax exemptions.
MRP-based excise regime to benefit Surya
The recent notification of the government to charge excise on maximum retail price (MRP) is expected to trigger a shift in the outsourcing business which is touted as a big opportunity for Indian companies in the years to come. Surya Pharma is expected to benefit immensely from this new regime as there could be a heavy flow of new orders from both MNCs and other domestic companies to take advantage of its units operating in duty exempted states like Himachal, J&K etc.
Contract manufacturing foray
The company has made impressive foray into contract research and manufacturing (CRAMS) space with order worth Rs 350 crore to be executed over the next few years. It is positioning itself as a low cost manufacturer and has bagged several contract manufacturing orders in the API and formulations stages. The company has recently signed a contract with a UK based pharma company for supplying off-patent API supplies worth Rs 220 crore spread over a period of 5 years starting FY07. We expect the company to notch up record profits in the coming years on the back of impressive order book which is likely to increase further with the commissioning of new facility in Jammu.
Improving revenue mix to expand margins
The company is changing its product-mix towards high margin products from current low margin, high volume products. The addition of sterile range of cephalosporin and other high margin products to its stable would enable the company lower its share of Semi-Synthetic Penicillin (SSP) from current 50% levels to 15-18% over the next 2-3 years. Besides, company’s cost of funds is expected to decline by about 275-300 basis points this financial due to renegotiation on rates and low cost funds from ECB which will result in significantly higher net profits.
Financials:For the financial year ending March '05, Surya Pharma posted a marginal growth of 5.10% in revenues to Rs 170.33 crore, up from Rs 162.07 crore in the previous year. Operating margins improved substantially by 327 basis points to 17.26% in FY05 from 13.99% on the back of company’s focus on high margin products as compared to traditional penicillin G based antibiotics viz Ampicillin, Amoxicillin, Cloxacillin. The bottom-line of the company surged by 88.52% to Rs 11.50 crore as compared to Rs 6.1 crore in FY04 despite 28% & 19% jump in employee cost & depreciation, respectively.
Outlook
The commissioning of its Jammu facility & up-gradation of its existing four plants to the US Food and Drug Administration, US FDA, standards could results in company achieving a turnover of Rs 260 crore & Rs 432 crore by FY06 & FY07 respectively. Introduction of MRP based excise duty regime & commencement of production of a complex molecule (cephalosporin intermediate) is expected to improve Surya Pharma's margins by more than 300 basis points to 9.93% in FY07 from 6.72% in FY05. The bottomline of the company is set to grow exponentially to Rs 23.2 crore & Rs 42.3 crore in FY06 & FY07, respectively.
Technical analysis
Technical analysis
Valuations
Surya Pharmaceuticals is expected to notch up significant profitability over the next 2-3 years on the back of impressive order book to the tune of Rs 350 crore and growing prowess in the CRAM space. The changing product-mix & benefits accruing from units operating in duty exempted states would become visible in the bottomline of the company. Surya currently trades attractively at 8.2x FY06E EPS of Rs 15.80 & 4.45x FY07E EPS of Rs 29.22 on expanded equity base. We believe investors can look for significant upside from current levels of Rs 129 to Rs 230 levels (upside of 78%) over the next 12 months.
Surya Pharmaceutical Limited - Company Profile & Products
Source: India BizClub | pharmaceuticals.indiabizclub.com
Surya - Pharmaceutical Manufacturer and Exporter, Public Limited Firm Since 1992
Surya - Pharmaceutical Manufacturer and Exporter, Public Limited Firm Since 1992
It is our belief that if we take care of the present, a better future follows automatically. The commitment lies in moving towards a disease free world, a cleaner environment and a healthier people. At Surya Pharma, the focus is on care. 1993 saw us take our first step into the pharmaceutical industry as manufacturers of penicillin derivatives. Eleven years on has seen Surya Pharma record a spectacular thirty five fold growth rate as a multi-product and multi-unit pharmaceutical company with an approx. Turnover exceeding Rs. 780 million and a reputation built on the cornerstones of continous process upgradation. When it comes to the manufacturing and marketing of our core products - our formula for success has been the quality of our products, backward integration and waste recycling. Comprehensive research and development facilities, skillful application of the latest processes and innovative production techniques ensure that our four units at Panchkula, Banur and Baddi - located in the foothills of the Himalayas, operate to their full manufacturing capacity of over 75, 000 kg a month, with more than 60% of the production exported to bulk buyers in the international market. The climate here is very conducive for the manufacturing of basic drugs.Our extensive range of analytical tools is available to support the work undertaken by our chemists. Our quality control department and R&D labs are fully equipped with the latest state-of-the-art anaytical instruments for quantitative analysis, structural determination of products and continuous research.Commercial production is carried out in plants operating as per cGMP standards and equipped with glass lined, graphite and stainless steel equipment capable of carrying reactions at temperatures ranging from -70o C to 200o C, with a total capacity exceeding 400, 000 litres.Surya Pharma has a well established marketing network in India and across the globe. More than half of the total production is exported to Europe, SE Asia, the Far East, Middle East, Latin America and Africa. Achieving high quality cost effective manufacturing solutions for our customers? Needs is the basis of our business and essential to our success. Great emphasis is placed on the timely delivery of drugs within given time frames. Safeguarding the competitive interests of our customers with the highest professional integrity has built up a partnership of trust. And to satisfy the needs of as many customers as possible, we are working to enhance and strengthen our research capabilities as well as to expand our manufacturing facilities. Specialized facilities have helped us to earn a reputation for the expert handling of hazardous materials in the form of reactants and products. Teams from the Ministry of Health regularly inspect our plants. Every care is taken for treatment of solid wastes, discharged liquids and atmospheric releases.
Surya Pharma Products:
Manufacturers & Exporters of Betalactum Antibiotics : Ampicillin Trihydrate [IP/BP/USP/EP/JP] Ampicillin Anhydrous [IP/BP/USP/EP/JP] Amoxycillin Trihydrate [IP/BP/USP/EP/JP] Cloxacillin Sodium [IP/BP/USP/EP/JP] Dicloxacillin Sodium [IP/BP/USP/EP/JP] Flucloxacillin Sodium [IP/BP/USP/EP/JP] Oxacillin Sodium [IP/BP/USP/EP/JP] Cephalosporins : Ampicillin Trihydrate [IP/BP/USP/EP/JP] Ampicillin Anhydrous [IP/BP/USP/EP/JP] Amoxycillin Trihydrate [IP/BP/USP/EP/JP] Cloxacillin Sodium [IP/BP/USP/EP/JP] Dicloxacillin Sodium [IP/BP/USP/EP/JP] Flucloxacillin Sodium [IP/BP/USP/EP/JP] Oxacillin Sodium [IP/BP/USP/EP/JP] Antihistamines : Cephalexin Monohydrate [IP/BP/USP/EP/JP] Cephadroxil Monohydrate [IP/BP/USP/EP/JP] Cephradine Monohydrate [IP/BP/USP/EP/JP] Cefuroxime Axetil [IP/BP/USP/EP/JP] Cefixime Trihydrate [IP/BP/USP/EP/JP] Cefdinir Trihydrate [IP/BP/USP/EP/JP] Cefprozil Monohydrate [IP/BP/USP/EP/JP] Ceftriaxone Disodium [IP/BP/USP/EP/JP] Cefotaxime Sodium [IP/BP/USP/EP/JP] Drug Intermediates : Loratadine [IP/BP/USP/EP/JP] Fexofenadine [IP/BP/USP/EP/JP] Desloratedine [IP/BP/USP/EP/JP] Anti-ulcerants : Omeprazole [IP/BP/USP/EP/JP] Drug Intermediates : 6-Amino Penicillanic Acid(6-APA) (for semi synthetic penicillins) 7-Amino Desacetoxy Cephalosporanic Acid (7-adca) (for cephalosoprins) Cefuroxime Acid (for cefuroxime axetil) Cefotaxime Acid Ceftriaxone Crude. D(-) PHPG Dane Salt (for amoxycillin & cefadroxil) D(-) PGEP Dane Salt (for ampicillin & cephalexin) D(-) PHPG Base 8-Chloro-5, 6-di-hydro-11H-Benzo{5, 6} Cyclo Hepta (1, 2-b) Pyridine-11-one (for loratadine) Azacylonol (for fexofenadine) Neophillic Acid (for fexofenadine) Methyl Nicotinate (for loratadine) 7-AVCA (for cefdinir & cefixime) 7-ACT (for Ceftriaxone) Formulations (Tablets & Capsules) of all above APIs are available.
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