Jenburkt Pharmaceuticals Ltd.BSE Code - 524731 Current Market Price - ` 81.25 Market Capitalisation – ` 37.78 cr. Fair Valuation - ` Dividend Yield on FY11e Dividend – 158 % 6.15 % Last 10 Years' Avg. Div.Payout Ratio w.r.t. N.Profit – 68.53 Industry – Pharmaceuticals (Branded Formulations) No. of Products - 81 (Domestic Market) No. of Products - 25 (International Market) FY10 Sales – ` 51.41 cr. FY10 Operating Profit - ` 6.24 cr. FY10 Net Profit - ` 3.77 cr. 1stHalf FY11 Sales ` 28.38 cr. 1stHalf FY11 Operating Profit ` 5.48 cr. st 1stHalf FY11 Net Profit ` 3.37 cr. ` 7.27 FY10 EPS - ` 8.1 1 Half FY11 EPS (Not Annualised) - RoCE – 41.14 3.41 RoE – 35.97 Debt-to-Equity - 0.47 EV/EBITDA - P/E Ratio (xAnnualised FY11 EPS) Contents of the Report :- 5.57 Theme of the Report Investment Rationale Brief Industry Overview Brief Company Overview Management Management Quality Management Capability Products Overview Current Product Portfolio & Distribution Network Product Strategy Product Pipeline Financials Past Financial Track Record of Last 10 Years Key Financial Ratios like RoCE, RoE & D/E for last 5 Years Likely Future Financials Current Valuation Valuation Commanded by Peers alongwith Comparision of Key Financial Parameters Conclusion Tabular Data depicting competitive Brands, Pricing, and Overview of most of the products of Jenburkt High Margin Products Unique Combination – Niche Products Other Products Theme of the Report : Companies with historical high dividend payout ratio w.r.t. to net profit are interesting investment candidates once their business cash generation begins an up-cycle, as investors invested in it at the start of the up-cycle not only get steady returns on their investment but multiply their capital manifold within a short period of time. Jenburkt Pharmaceuticals Ltd. is one such company which is like an undiscovered gem in the recession-proof industry viz. Pharmaceuticals. It has all the ingredients required to qualify for a low-risk-high-return investment with : ➢ ➢ ➢ a credible management at the top, great financial stability which is evident from highest rating of CRISIL at SE1A, a good growth track-record with last 10 years' CAGR in Topline at 23.4 % while that in EBITDA at a whooping 69.4 %, a sound product strategy with clear focus on high margin products, opportunistic postioning in the business cycle with the start of expansion in margins, expanding export presence with a lot of scope to expand further as current no. of countries being exported to are only 13, improving utilisation in company's cGMP certified plant at Sihor, Gujarat a strong domestic distribution network of 26 Superstockists and Consignee Agents, about 1,000 Stockists, 45,000 retailers and 480 medical representatives and front line managers, generous payout track-record with last 10 years' avg. payout at a whooping 68.5 % of net profit wherein company has not skipped the dividend even when the profits were dismally low which indicates management's commitment and concern towards minority shareholders. ➢ ➢ ➢ ➢ ➢ ➢ All said in brief, lets now evaluate the company in slight detail : Investment Rationale : What we look for when we invest in a company ?-- There are six most important aspects to it which are like six pillars on which any succesful investment decision hinges. They are Management Credibility, Product Strategy, Past Fiancial Track Record & Likely Future Financials, Current Valuation and Peer Valuation. Starting below we have focussed on each and every aspect in slight detail and so we have divided this report into following sections : Brief Industry Overview Brief Company Overview (1) Management Credibility (a) Management Quality (b) Management Capability Products Overview (a) Current Product Portfolio & Distribution Network (2) (b) Product Strategy (c) Product Pipeline (3) Financials (a) Past Fiancial Track Record of Last 10 Years (b) Key Financial Ratios like RoCE, RoE & D/E over last 5 Years (c) Likely Future Financials Current Valuation Valuation Commanded by Peers alongwith Comparision of Key Financial Parameters Conclusion Tabular Data depicting competitive Brands, Pricing, and Overview of most of the products of Jenburkt High Margin Products Unique Combination – Niche Products Other Products So, lets start.... (4) (5) Brief Industry Overview : The pharmaceutical formulations market includes the domestic and the export market. The domestic market accounts for approximately 61 per cent of total formulation sales. The share of exports has steadily risen from 30 per cent in 2005‐06 to around 39 per cent (market size: $5.2 billion in 2009‐10) in 2009‐10. The domestic formulations market has expanded at a CAGR of 14‐15 per cent over the last three years and reached a size of Rs 417 billion in 2009‐10. This was primarily driven by robust growth witnessed in the anti‐diabetic, cardiovascular, gynecology, respiratory and Neuro/CNS segments. In 2009‐10, the lifestyle diseases segment grew by nearly 25 per cent as compared to the overall industry growth of 17.7 per cent. In the domestic market, lifestyle segments such as anti‐diabetic, cardiovascular and gastrointestinal have emerged as chief growth drivers over the last 3‐4 years. Acute segments, mainly anti‐infectives, have continued to expand at a steady rate due to inadequate sanitary and hygiene conditions. The domestic market is concentrated at the top with the top ten players controlling about 38 per cent of the total formulations sales. Within exports, entry barriers are significantly higher in the regulated markets as compared to semi‐regulated markets due to stringent regulatory norms in the regulated market. Brief Company Overview : Incorporated in 1985, Jenburkt Pharmaceuticals Ltd. Is promoted by Bhuta Family, a family of repute whose forefathers had a large contribution in building Sihor town in Gujarat and even today, under family's umbrella, various hospitals, colleges and schools are running in Sihor. Jenburkt is engaged in manufacturing of branded formulations, which is promoted ethically through its own field force. It has a state-of-the-art ISO 9000 & WHO-GMP Certified manufacturing plant at Sihor-Gujarat,in India with a fully equipped, DSIR recognised in-house R&D Unit. It currently has in its basket around 81 products & its variants for the domestic market while it exports around 25 products to 13 countries. (1) Management Credibility Management credibility is one of the most important factor while deliberating on an invesment argument for a company. While evaluating management, we need to look deeply into the past to assess whether the management we are referring to is credible or not. We will do this in two ways as follows : (a) Management Quality (b) Management Capability (a) Management Quality : The management quality of Jenburkt is almost unquestionable with its forefathers involved in building an entire town like Sihor in Gujarat. Even today, following organisations are managed either actively or passively by the key directors of Jenburkt : • • • • • • Nandlal Mulji Bhuta Medical Foundation Jamnaben Bhuta General Hospital Maniben Mulji Bhuta Charitable Dispensary Nandlal Bhuta College of Commerce and Management Jamnaben Bhuta College of Arts Nandlal Bhuta School Apart from such high repute background, we need to assess the management's commitment towards Jenburkt as after all it is this company that we are concerned with. Here, we need to first look at last 10 years' promoters' shareholding pattern wherein an interesting pattern throws up : Sep. 2010 March 2010 March 2009 March 2008 March 2007 March 2006 March 2005 March 2004 March 2003 March 2002 March 2001 43.94 % 42.75 % 41.67 % 40.85 % 40.45 % 40.11 % 39.84 % 37.98 % 36.50 % 36.15 % 35.13 % Management/Promoters buying own company's shares from the open market is a signal of highest commitment and confidence in the company's business. From above, it is evident that management of Jenburkt has steadily made purchases via open markets since last 10 years and upped their holding in the company from a meagre 35.13 % in 2001 to the respectable 43.94 % in 2010. It is worthwhile to note here that in the span of last 10 years, company has not made any fesh issuances of equity capital and so the equity capital of Jenburkt is same at 4.64 cr. since 2001. Apart from such commitment, the other thing an investor needs to look at is management's concern towards its shareholders, especially minority shareholders. Here, we need to look at last 10 years' dividend payout ratio w.r.t. reported Net Profit wherein again an interesting pattern throws up : March 2010 March 2009 March 2008 March 2007 March 2006 March 2005 March 2004 March 2003 March 2002 March 2001 Dividend (%) Reported Net Profit (in cr.) Dividend Outgo (in cr.) 30 % 18 % 12.5 % 12.5 % 12.5 % 10 % 7% 7% 10 % 0 3.77 1.39 1.63 0.84 1.3 0.58 1.2 0.58 1.04 0.58 0.74 0.46 0.63 0.33 0.35 0.33 0.45 0.46 0.1 0 Dividend Payout 43.90 % 59.86 % 52.19 % Ratio w.r.t. N.P. 56.5 % 66.07 % 71.6 % 58.73 % 94.28 % 102.22 % 0 A management's concern towards its shareholders, especially minority shareholders, gets aptly tested in the initial phase of a business where costs are mounting and there is every need to conserve resources for the growth of the business. It is worthwhile to note here that it was only FY04 when Jenburkt's only plant in Sihor got cGMP certification and before that the plant was being upgraded to meet international standards. Also, between the year 2000 to 2003 the company launched 40 brands and so pressure on operational costs was also mounting (Source – ARs from 2000 onwards). Inspite of all these, the management demonstrated highest governing standards by showing concern towards minority shareholders by distributing dividend from FY02 onwards. If one observes closely, in the intial two years, the payout was almost 100 % which means almost the entire profit was distributed as dividend amongst shareholders which depicts the confidence the management had in growth of business going forward as also concern they had towards returns of investors. Another important thing that needs to be mentioned here is the fact that promoters held only 35-36 % equity of the company at that time and so any other management with such low promoter holding would have easily skipped the dividiends but Jenburkt's management didn't do so which depicts the highest governing standards adopted by the management of the company which are hard to see in many other small cap companies. (b) Management Capability : A company run by a quality management could easily derail if the management lacks the capability to run the business with profitable growth. Hence, capability of management is equally important assessing parameter as is quality. To adjudge the capability of management to enable profitabile growth of the company, we need to first look at past 10 years' financials : FY'10 (in ` cr.) FY'09 42.45 4.42 3.74 1.63 FY'08 38.38 3.77 3.12 1.3 FY'07 35.42 3.55 2.88 1.2 FY'06 29.09 2.89 2.35 1.04 FY'05 23.53 2.23 1.81 0.74 FY'04 22.58 1.96 1.6 0.63 FY'03 20.71 1.65 1.32 0.35 FY'02 17.49 1.51 1.22 0.45 FY'01 15.16 0.89 0.58 0.1 Sales EBIDTA Operating Profit Net Profit 51.41 7.07 6.24 3.77 As can be seen from the above, in not a single year in last 10 years, the company has reported negative growth in topline or EDITDA which shows the capability of the management to chart out a steady profitable growth for the company. Apart from the financial track record, we need to keep tab on key expenses, especially financial expenses as well as tax expenses to check whether the management has the capability to manage the growth effectively with high quality earnings : FY'10 ( in % ) FY'09 FY'08 FY'07 FY'06 FY'05 FY'04 FY'03 FY'02 FY'01 Fin. Exp. (% EBIDTA) Tax (% EBIDTA) 7.36 19 25.73 23.94 23.88 30.04 33.16 36.36 33.77 47.19 27.43 28.5 22.54 23.09 21.79 17.93 16.32 22.42 16.55 10.11 As can be seen from the above, the management has channelised the steady growth towards rationalisation of financial expenses which has come down from a high of 47.19 % of EBITDA in FY01 to just 7.36 % of EBITDA in FY10. Although on specific terms, financial expenses have increased only marginally from 0.42 cr. in FY01 to 0.52 cr. in FY10, if one looks at it as a % of EBITDA they have come down drastically which shows that management has handled a CAGR of 23.4 % in topline and 69.4 % in EBITDA over the span of last 10 years quite effectively without burdening the balance sheet. Similarly, the tax expense has gone up from just 10.11 % in FY01 to 27.43 % in FY10 which depicts the high quality earnings earned by the company. Now, apart from assessing such financial growth capability as well as financial management capability via such above-stated figures, it is worthwhile to look at the recognition, management has got, from respectable organisations vindicating their capability of business growth and financial management : • • Recognition of R&D Unit by Department of Science and Technology, Government of India, in 2009-10. Crisil Rating (Highest Category) by NSIC-CRISIL rating as “SE1A”, indicating “Highest Performance Capability and High Financial Strength” for consecutive three years, since 2007. • Received National Award (1st rank) for Cost Management from Institute of Cost and Works Accountants of India (ICWAI) by the hands of Honourable Minister of State of Corporate Affairs, Mr.Salman Khurshid, under the category of manufacturing (small) 2009. (2) Products Overview : For a pharmaceutical company, products are the critical factor determining their success in the marketplace. As far as formulations are concerned, the combinations used are sometimes crucial to make a product an ultimate winner. Equal importance has to be put on distribution and marketing network as Indian market is still very much dependent on doctors' prescription. Hence, we will evaluate Jenburkt products on following counts : (a) Current Product Portfolio & Distribution Network (b) Product Strategy (c) Product Pipeline Apart from covering Jenburkt's products from above-mentioned angles, we have made a detailed analysis of most of the current products of Jenburkt w.r.t. competitive brands in the market, their pricing w.r.t. Jenburkt's pricing, etc. which can be found at the end of the report. (a) Current Product Portfolio & Distribution Network : Jenburkt currently has 81 products and its variants in the domestic market while it exports around 25 products to 13 countries. It has 3 of its products currently under DPCO. As far as company's network goes, in the domestic market its network consists of 26 Superstockists and Consignee Agents, about 1,000 Stockists and 45,000 retailers. Company's marketing team consists of 480 medical representatives and front line managers. While we briefly speak regarding Jenburkt's products here, a special mention needs to be given to its flagship product Nervijen – used primarily for nerve damage. Within one and a half years of its launch in 2004, it became the most preferred brand amongst Diabetologists and Neurologists ranking 5 th and 6th in respective categories (Source – CMARC CPR Nov.2004-Feb.2005). The unique therapeutic combination used by Jenburkt for the product was the first in India at that time which followed launches by many other pharma companies thereafter. Although Jenburkt's marketshare declined because of cheap launches by other companies on lines of Jenburkt since last few years, but even today, it hardly faces any serious competition for the product except from Mankind Pharma. Likewise, Jenburkt has many high margin products under its kitty like Cartisafe, Infartin, Jencer, Powergesic, Tinor, Trapidol, etc. A couple of unique products which are first in India are under development and are expected to be launched in FY12, FY13. The details of all the major current products of Jenburkt can be found at the end of the report where we have provided detailed tabular analysis on each one of them. (b) Product Strategy : Jenburkt's focus has been on promoting speciality fixed dose combination products, targeting speciality doctor segments. Management has, right from the inception, focussed on high margin products. The process of moving up the value chain has started showing results since last two years, which is a slow and an enormous effort consuming affair, especially when it comes to building brands, through the ethical channel. Unlike generics and contract manufacturing activity, the model offers better margins and most importantly it calls for brand building exercise, which increases the intrinsic value of the Company. Their recent launches in cardiovascular segment has been very well accepted and management has carefully chosen niche products where either there is no competition or the market is huge. For ex., company's recent product Infartin-60 is a replica of Aggrenox, a blockbuster drug of US and there are just four competitors in India for it in the form of Sun, Torrent, USV and Intas. On the other hand, company's other recent product in this segment, viz., Tenase has many competitors including Sun, Lupin, Indoco, Torrent, Themis, Pfizer, Glaxo, Zydus, Cipla, Ipca, JB, Max, etc. but here the market is huge and the pricing of Jenburkt is such that it can be part of the market. Similarly in their recent launch in antibiotic segment, viz. Tinor, company has used such combination which is matched by only 10-11 other companies in the market and considering the market size of India, each company will have its fair share. (c) Product Pipeline : Post DSIR-recognition of R&D Unit of the company, various products are under development. Going forward, the Company is hopeful to sustain the growth, with introduction of new specialized products through it’s own R&D Unit. Couple of products are under various stages of clinical trial studies, right from seeking to conduct clinical trials to submission of clinical trial reports- awaiting marketing permission. FY12 is likely to see few unique products' launch, many of which will be first time in India. (3) Financials : Here we come at the main aspect – the Financials aspect of the company. We will put Jenburkt to rigorous test by evaluating its financials for last 10 years as also looking at key ratios like RoCE, RoE, Debt-to-Equity for last 5 years to assess the financial management and stability aspect of the company and then arrive at forecast for future financials of Jenburkt. Lets start... (a) Past Fiancial Track Record of Last 10 Years : Lets look at topline, EBITDA, Operating Profit and Net Profit reported by Jenburkt for last 10 years as also the margins' picture in the same period : Yearly Performance of Jenburkt Pharma FY'08 FY'07 FY'06 FY'05 FY'04 38.38 3.77 3.12 1.3 35.42 3.55 2.88 1.2 29.09 2.89 2.35 1.04 23.53 2.23 1.81 0.74 22.58 1.96 1.6 0.63 FY'10 (in ` cr.) FY'09 42.45 4.42 3.74 1.63 FY'03 20.71 1.65 1.32 0.35 FY'02 17.49 1.51 1.22 0.45 FY'01 15.16 0.89 0.58 0.1 Sales EBIDTA Operating Profit Net Profit 51.41 7.07 6.24 3.77 FY'10 ( in % ) FY'09 10.41 8.81 3.83 Yearly Margin Scenario for Jenburkt Pharma FY'08 FY'07 FY'06 FY'05 FY'04 9.82 8.12 3.38 10.02 8.13 3.38 9.93 8.07 3.57 9.47 7.69 3.14 8.68 7.08 2.79 FY'03 7.96 6.37 1.69 FY'02 8.63 6.97 2.57 FY'01 5.87 3.82 0.65 EBIDTA Margins OPM NPM 13.75 12.13 7.33 Between FY01 to FY05, the company spent heavily on building the state-of-the-art plant at Sihor to make it cGMP certified. Once certification happened, from FY05 to FY08, the company built a strong marketing team of 400+ MRs as also strengthened its R&D Unit to make it DSIR-recognised and spent heavily on product registrations in foreign countries. Product registrations as well as approvals is an ongoing process but in the initial period, every pharmaceutical company needs to incur a lot on filing dossiers and since approval is a time-consuming process, there is a lag period between the cash to start rolling in the international market. Thus, so far in the first decade till FY09, Jenburkt has built a strong base to grow aggresively in domestic as well as international market in the coming decade. The strong foundation that the company has built since last so many years has started yielding results and that is why we are seeing an uptick in topline coupled with good expansion in margins. (b) Key Financial Ratios like RoCE, RoE & D/E over last 5 Years : Now, we will look at key financial ratios like RoCE, RoE and Debt-to-Equity Ratios to assess the quality of growth achieved by the company so far : Last 5 Years' RoCE, RoE & Debt-to-Equity Ratio of Jenburkt Pharma FY'10 FY'09 FY'08 FY'07 ( in % ) FY'06 16.62 14.99 0.98 RoCE RoE D/E Ratio 41.14 35.97 0.47 29.17 19.83 0.56 20.87 16.67 0.92 19.82 16.67 0.96 As can be seen from the above, management has shown a great amount of efficiency in managing the sustainable steady growth of the company over last many years and that too without raising a single amount from equity markets via any kind of share issuances. FY10 RoCE and RoE are likely to get bettered in FY11 if we look at robust financials reported by the company in the first half of FY11 wherein it has almost surpassed entire FY10 reported profit in fist half itself. To achieve a RoCE of 40 % + and a RoE of close to 40 % for consecutive two years is not an easy feat to achieve and management needs an applaud for this. These ratios make Jenburkt an attractive acquisition target in booming Pharmaceuticals space which is already facing hightened M&A activities in the recent past. (c) Likely Future Financials : Considering the business traction as well as the product pipeline Jenburkt has, as also making part consideration for the fruits expected from the investments made by the company so far, we will arrive at a conservative estimate for next 3 years so that management has an opportunity to surpass them. Financials forecast for next 3 years is given below : FY'11 (in ` cr.) FY'12 74.3 13.28 12.3 9.1 FY'13 99.6 19.4 17.8 13.4 Sales EBIDTA Operating Profit Net Profit 55.8 8.88 8.1 5.3 It is worthwhile to mention here the vision of the management to chart on the self-sustainable growth plan while turning a zero-debt company within few years. We expect Jenburkt to turn zero-debt in FY13 and expect no meaningful fund-raising via equity issuances unless any major expansion is planned which is not talked till date. Based on the projected financials, Jenburkt is expected to end current FY11 with an EPS of Rs. 11.4, FY12 with an EPS of Rs. 19.57 and FY13 with an EPS of Rs. 27.5. (4) Current Valuation : Based on the projected financials for next 3 years, Jenburkt is currently trading at a P/E of just 7.19 based on FY11E EPS of Rs. 11.4, at a P/E of just 4.19 based on FY12 expected EPS of Rs. 19.57 and at a P/E of just 2.98 based on expected FY13 EPS of Rs. 27.5. If we look at market-cap-to-sales ratio, Jenburkt is currently trading at a mcap-to-sales of just 0.68x FY11 expected sales of Rs. 55.8 cr., at 0.51x FY12 expected sales of Rs. 74.3 cr. and at 0.38x FY13 expected sales of Rs. 99.6 cr. (5) Valuation Commanded by Peers alongwith Comparision of Key Financial Parameters : Although Jenburkt is a very small company at present with a topline of just 55 odd crores but it is present in the high margin formulations space which is the fact no investor can ignore. Jenburkt has a unique business model of self-sustainance which is not adopted by many pharma companies of India as most of them expand aggresively by burdening their balance sheet. Hence, strict comparison might not be possible but still we will provide here key financial evaluation as well as valuation parameters of most of the similar pharma companies below : Market Cap. RoCE RoE Debt/Equity P/E EV/EBITDA (xFY11eEPS) Dividend Paid (FY10) Dividend Yield at Current Rate (FY10 Div.) 3.69 % Jenburkt Pharma Lincoln Pharma Bafna Pharma Ind-Swift Ltd. Bliss GVS 38.12 cr. 41.14 % 35.97 % 0.47 7.19 3.41 30.00 % 71.93 cr. 15.2 % 13.7 % 0.51 7.8 5.1 12.00 % 2.73 % 77.42 cr. 9.8 6.2 0.68 12.1 10.97 0.00 % 0.00 % Albert David 88.02 cr. 135.65 cr. 17.2 11.8 17.3 14.2 0.96 1.74 7.1 3.6 3.73 6.12 45.00 % 20.00 % 2.90 % 1.14 % 356.21 cr. 39.7 17.9 36.2 11.3 0.04 0.01 6.51 35.8 6.81 13.98 50.00 % 150.00 % 1.44 % 2.08 % Amrutanjan 217.81 cr. Health Ajanta Pharma 251.43 cr. 13.7 17.4 1.35 7.3 5.71 35.00 % 1.65 % As can be seen from the above, we have considered here only those companies whose business is heavily skewed towards formulations as also whose valuations commanded are lowest in the industry. Pharmaceutical industry is a very broad sector and so it is meaningless to compare much larger companies whose valuations commanded are also super-rich which is the reason why average industry P/E for Pharmaceutical sector works out to be 25 +. Also, each company has its own business model and is present in other areas too where Jenburkt is not present. For ex., Ajanta Pharma has low-margin API component in its business while Bafna and Ind-Swift are present in CRAMS in addition to formulations. Similarly, Bliss-GVS has its business model focussed around contraceptives and Nutraceuticals while Amrutanjan has high alternative medicine component in the business. Now, coming to the comparision, Jenburkt offers the highest dividend yield as well as is available at lowest EV/EBITDA which signifies its gross undervaluation in the marketplace. If such low EV/EBITDA would have coupled with low RoCE and RoE then Jenburkt could have lost its attractiveness but this is not the case so as Jenburkt possesses highest RoCE and RoE amongst the industry peers with a very low D/E ratio. Bliss-GVS and Amrutanjan are the only players with a D/E ratio lower than Jenburkt but Amrutanjan loses out in terms of RoCE, RoE and EV/EBITDA while Bliss-GVS loses out in terms of EV/EBITDA which makes Jenburkt the most undervalued while at the same time reasonably growing company amongst the lot as also most attractive takeover target. Conclusion : We rarely come across a mouth-watering investment opprtunity when the markets are close to their alltime highs. That too, if such investment opportunity is in a fancied sector which is almost recession-proof, its an added bonus. Now comes the question as to what can be termed as a mouth-watering investment opportunity – When you have a company ---➔ with a RoCE and RoE of 35 % + ; ➔ with a debt-to-equity ratio below 0.5 with a vision to bring it to 0.00 within few years; ➔ with a dividend-yield of 3.69 % based on TTM declared dividend and a dividend-yield of 6.15 % based on FY11E dividend; ➔ is available at a P/E of just 7.19; ➔ at EV/EBITDA of just 3.41 ----an investment opportunity into such company is termed as the mouth-watering opportunity. However, apart from the financial parameters, we need to look at the prospects of the business before investing in it and on that count too Jenburkt scores very well. This is because, so far, in last many years, product registration expenses as well as R&D expenses were a real drag on Jenburkt's margins. But, now the company has entered into a phase which is charecterised by returns outstripping investments and so one is seeing healthy expansion in margins. Hence, here we have an opportunity to invest in a company with healthy financial parameters at the start of a phase when its investments have started yielding fruits with prospect of a rise in intrinsic value of the company to a considerable extent in the medium term. The markets which are so shrewd to let any compelling investment opportunity remain an opportunity for long, are bound to rerate Jenburkt on getting the first sign of certainity regarding FY12 growth. The players of domestic formulations industry are now being looked at with a lot of respect than before post Abbott's acquisition of Piramal's formulations business at more than 5 times its sales opportunity. The deal has proven that companies which grow steadily and build a strong high margin product portfolio get a valuation which can surpass even the most optimistic expectations. Jenburkt is also on the same path with a singular focus on high margin products and recent expansion in margins is an indication of the same. If in the next couple of years Jenburkt is able to launch few unique products as are in the pipeline which can be very well accepted in the market, its strong financial parameters will make it the most attractive acquisition target for bigger players which are on the constant lookout for such targets. By that time, its dividend yield of 6.15 % will take care of constant returns and the prospect of posting better than projected FY11 numbers can very well provide a strong upside to the company's share price. One thing is clear, such a company can not trade at a EV/EBITDA of just 3.41 for long. Hence, we put the fair valuation of Jenburkt at Rs. 158 at which rate it will still be only reasonably valued. High Margin Products Cartisafe (Glucosamine Sulphate-Vit D3-Calcium Carbonate) Nutritional Supplement Useful in Joint Pains Competitive Product Mfg. Company Name Duckbill Drugs. Faith Pharma. Admac Pharma Kim Lab. Oyster Lab. Zee Lab. Biomax Lab. Welbe Life Brand Name Lycal-G Cartiwin Arthar Cartigrow Cartitone Glucovit Plus Arthmax Cartigain Pricing w.r.t. Jenburkt's Product Price (+) 74.00 % (+) 81 % 0.00% (-) 20 % (+) 4.4 % (+) 63 % (+) 51.2 % (+) 63 % Cartisafe Forte (Glucosamine Sulphate-Calcium Carbonate) Nutritional Supplement Useful in Joint Pains Competitive Product Mfg. Company Name Finecure Pharma Prompt Cure Pure Win Lab. Brand Name Glortho Cartiglu 500 Glucomade – 500 Pricing w.r.t. Jenburkt's Product Price (-) 8.5 % 0.00% (+) 6.1 % Efelac DT (Cefixime - Lacto Bacillus Sporegens ) Indicated In :• • • • • • Urinary tract infections Respiratory tract infections Typhoid Otitis media Gonorrhea (cervical/urethral) Switch therapy (switch from parenteral to oral therapy) Competitive Product Mfg. Company Name Zetek Pharma. Wallace Pharma. Cocept Pharma. Zuventus Heathcare Lifeline Bio. DR Jhons Labs. Anvik Biotech Elder Pharma RPG Life Aglowmed Comed Chemicals Blue Cross Lab. Indoco Remedies Zota Healthcare MMC Healtcare Captab Biotek Centaur Pharma. Dr. Alson Lab. Cipla Rax Healthcare Brand Name Zefix LB Cef Lafix C-Tax-O Cefline Jidox DT Alfi 200 Formic-O Ceftobac Pancef O Comtrix-O Extacef LB DT Fevorit LB DT Cifivar LB Cefodin FC L-Cef Cefocef LB Cefson DT Cefix LB Cefirax – L Pricing w.r.t. Jenburkt's Product Price (+) 74 % (+) 24 % (+) 25 % (+) 28 % (+) 33 % (+) 34.5 % (+) 79.8 % (-) 12 % (+) 81 % (+) 12 % (+) 12 % (+) 22 % (+) 22 % (+) 26 % (+) 26 % (+) 26.5 % (+) 27 % (+) 30 % (+) 90 % (+) 83 % Infartin-60 (Dipyridamole-Aspirin ) Indicated In :• To reduce the risk of stroke in patients who have had transient ischemia of the brain or completed ischemic stroke due to thrombosis Competitive Product Mfg. Company Name Sun Pharma. Intas Lab. Torrent Pharma. USV Brand Name Thrombosprin-75 Arreno Cardiwell Plus Dynasprin Pricing w.r.t. Jenburkt's Product Price (+) 94 % (+) 41 % (-) 8 % (+) 33 % Jencer (Diacerein ) Indicated In :• Knee & hip osteoarthritis Competitive Product Mfg. Company Name Hamax Pharma. IPCA Lab. Cadila Pharma Mankind Pharma Micro Labs. True Care Pharma Intra Labs Torrent Pharma Macleods Pharma El Pharma Brand Name Diccrex Diasol Diacer Gudcerin Ostogard Inosteo Icerin Joincerin Orcerin Cartrodar HG Rasin Vende Arthocerin Flexibel D Hilin Cartidin Arthromuv Carticerin Pricing w.r.t. Jenburkt's Product Price (-) 14.4 % 0.00% 0.00% (-) 14.4 % (-) 15.8 % (+) 3.2 % (+) 19.6 % (+) 5.8 % (+) 5.8 % 0.00% (-) 3.2 % (-) 3.2 % (-) 14.4 % (-) 14.4 % (-) 15.8 % (-) 16.1 % (-) 16.2 % (-) 16.2 % Rass Healthcare Vensat Bio Pulse Pharma Bluebell Pharma Dr. Reddy Ranba Aristo Pharma Oyster Lab. Unichem Lab. Active Healthcare Indoco Remedies Aamorb Pharma. Zuvista FDC Glenmark Pharma. Diasten Ostorin Diosteo Jaizzy Serina Artifit Dycerin (-) 16.2 % (-) 18 % (-) 18 % (-) 18.1 % (-) 18.1 % (-) 23.4 % (-) 23.6 % Nervijen (Capsule) (Methylcobalamin{B12}-Vit B1 -Calcium Panthenol -D-Panthenol-Folic Acid-Nicotinamide -Vit B6 ) Indicated In :• • • • • • • • • Diabetic Neuropathy Alcoholic Neuropathy Post Herpetic Neuralgia Bell's Palsy Alzheimer's Disease Dementia Parkinson's Disease Optic Neuritis Post Surgical Nerve Damage Competitive Product Mfg. Company Name Mankind Pharma Karnataka Antibiotics Unimarck Pharma. Bestochem Formulations Indoco Remedies Intra Labs Zuvista Unichem Wisdom Pharma Lupin Lab. Psycotropics Piramal Healthcare Brand Name Nurokind More Cyfolac Nervic Bigvin-F MCBM 69 FE CobalVIT Plus Mecovon Unicobal Plus Nuvolt Plus Matilda Plus Mecopil Nerv Up Forte Pricing w.r.t. Jenburkt's Product Price (-) 54.8 % (-) 57 % (-) 14.6 % (-) 15 % (-) 13.8 % (+) 28 % (-) 14.6 % (-) 6.5 % (-) 14.6 % (-) 13.8 % (-) 13.6 % (-) 5.8 % Nervijen (Injectible) (Methylcobalamin{B12}-Vit B1 -D-Panthenol-Nicotinamide -Vit B6 ) Indicated In :• • • • • • • • • Diabetic Neuropathy Alcoholic Neuropathy Post Herpetic Neuralgia Bell's Palsy Alzheimer's Disease Dementia Parkinson's Disease Optic Neuritis Post Surgical Nerve Damage Competitive Product Mfg. Company Name Mankind Pharma Unimarck Pharma. Wisdom Pharma Micro Labs Glenmark Pharma Unimarck Pharma Bestochem Formulations Bestochem Formulations Brand Name Nurokind Plus Acvit-12 Nuvolt Plus Meconerv Methovit Nervic Bigvin PLUS Bigvin FC Pricing w.r.t. Jenburkt's Product Price (-) 54.5 % (-) 41 % (-) 34.5 % (-) 28.3 % (-) 38.6 % (-) 32 % (-) 45.4 % (+) 43.8 % Powergesic (Paracetamol-Diclofenac Sodium-Chlorzoxazone) Indicated In :• • • • Soft Tissue Injuries with Spasm & Inflammation Neck/Shoulder/Back Pain Tendonitis/Tenosynovitis/Bursitis Musculoskeletal Disorders Competitive Product Mfg. Company Name Zota Healthcare. Waksman Se Brand Name E-Fen-CZ Selclo-MR Pricing w.r.t. Jenburkt's Product Price (-) 24.5 % (-) 24 % Venus Remedies Karnataka Antibiotics Micro Labs Novus Pharma Taurus Lab. Oyster Lab Asian Pharma. Zota Pharma Zota Health Megavision Pharma Mac Lab Vivid Lab. Zota Health Paras Lab. Zetek Pharma El Pharma Zoflam Numol-MR Dolozox Gladden Clopar-MR Butapur MR Trio-MR Diclozed CM Diclovar CZ Integ-MR Zoxapar Zoxavid Dicyclozed Dipot MR Dolozak Ontac Plus Spazobid Acefon Plus Muscodac MR Mezafen-D Zocxafen Norplus-H Piramal Healthcare Allied Chemicals Ind-Chemie Health Rekvina Pharma Raffles Pharma NB Pharma (-) 23.8 % (-) 12.3 % (-) 12 % (-) 3.1 % (-) 24.6 % (-) 25 % (-) 23 % (-) 23 % (-) 22.5 % (+) 4 % (-) 24.6 % (-) 23 % (-) 22.2 % (-) 16 % (-) 15.8 % (-) 24.4 % (-) 17 % (-) 15.8 % (+) 8 % (-) 13.2 % (-) 15.8 % (-) 3 % Powergesic-MR (Paracetamol-Diclofenac Sodium-Chlorzoxazone) Indicated In :Soft Tissue Injuries with Spasm & Inflammation, Neck/Shoulder/Back Pain, Tendonitis/Tenosynovitis/Bursitis, Musculoskeletal Disorders Competitive Product Mfg. Company Name Ind Swift. Comed Shreya Brand Name Agile MR Lipcy MR Maxigesic MR Pricing w.r.t. Jenburkt's Product Price (-) 21 % (-) 19 % (-) 21 % Aglowmed Ranba Sun Pharma Vista Health. Indoco Remedies Winsome Lab. Cadila Health. Torrent Lab. Medicamen Bio. Taurus Lab. Wings Pharma Novaduo Pharma Mezonac Mobizox Mofax Petzox Osteoflam MR Tridolo Oxylgin Plus Diclogesic MR Flemizone MR Clopar Plus Wingesic Forte Combinac MR (-) 23.4 % (+) 32 % (-) 14.5 % (-) 14 % (-) 14.8 % (-) 14.1 % (-) 13.2 % (+) 14 % (-) 15 % (-) 15 % (-) 11 % (-) 11.5 % R.T. Cure (Tablet) (Roxithromycin ) Indicated In :• • • • Respiratory infections like pneumonia, acute and chronic bronchitis, and bronchopneumonia ENT infections like tonsillitis, pharyngitis, sinusitis and otitis media Skin infections like folliculitis, furuncles, cellulitis, carbuncles, pyoderma, impetigo and infected dermatitis Genital infections like urethritis, prostatitis, cervicitisand salpingitis Competitive Product Mfg. Company Name Zydus Cadila Sun Pharma Zota Pharma. Torrent Pharma Ortin Lab. Shreya Healthcare Ind Swift DWD Pharma Active Healthcare IPCA Lab. Zota Pharma Dion Pharma Brand Name Cadithro Roxetomin Roxmed Roximol Roxe Rockcin Roxy KT Derox Actirox Roxeptin Roxized Dt Iorox Pricing w.r.t. Jenburkt's Product Price (+) 18 % (+) 16 % (+) 6 % (+) 1 % (+) 1 % (-) 1 % (-) 11 % (-) 11 % (-) 12.3 % (-) 12.5 % (-) 12.5 % (-) 21 % Oyster Lab. Unimax Lab. Bal Pharma Lupin Lab. Cadila Pharma. Lincoln Pharma Cipla Cipla Aristo Kopran Shreya Life Intas Lab. Taurus Lab. Ranba Rallis Alembic Aurobindo Lyka Hetero Zota Healthcare Aglowmed Cadila Vanguard Lab. Concept Pharma Alkem Lab. Inga Lab. Oysirox Erythrox Rox Luprex Roxivista Roxilin Roxee Odirox Roxem Roxitem Rokcin Roxinta Taurix Roxithro Ralox Roxid Aurox Arbid Sayoxid Troxy Roxibid Leolide FC Roxyrol Throx Roxinga (-) 23 % (-) 12.3 % (+) 21 % (+) 14 % (+) 13.2 % (+) 14.8 % (+) 15 % (+) 15 % (+) 12.4 % (-) 0.5 % (-) 0.8 % (-) 1 % (-) 8 % (-) 1.6 % (-) 2.1 % (-) 6.5 % (-) 8 % (-) 8 % (-) 8.1 % (-) 10.5 % (-) 13.2 % (-) 14 % (-) 14.3 % (-) 16 % (-) 22 % Rabera (Rabeprazole) Indicated In :• • • • • Healing and symptomatic relief of erosive or ulcerative gastroesophageal reflux disease (GERD) Maintaining healing and reduction in relapse rates of heartburn symptoms in patients with erosive or ulcerative GERD (GERD Maintenance). Treatment of daytime and nighttime heartburn and other symptoms associated with GERD Healing and symptomatic relief of duodenal ulcers Pathological hypersecretory conditions, including Zollinger-Ellison syndrome Competitive Product Mfg. Company Name Neiss Lab. Ind Swift DR Jhon Lab. Alpic Bio. Magbro Health. Zytras Life Indilina Pharma Kentreck Lab. Chemo India Invision Medi Dr. Alson Lab. Welcure Drugs Nexgen Pharma Marc Lab. Neiss Lab. Zee Lab. Panm Labs. Venus Remedies Athens Lab. Taurus Lab. Mankind Pharma Tablets (India) German Remedies Alkem Lab. Lupin Dr. Reddy Intra Lab Torrent Lab. Emcure Pharma Symbiosis Lab. Enzo Bio. Cadila Pharma Sanjeevani Bio. Royal Scottish Brand Name Rabium Rabifin Strovo Rabzo Muratac Rabix Indizole Epistric MR Tab Rabin Nucid Rabicure Rabigen Rabefit Antuc RB-Care Rapan Venorab Rezlove Rebap Rabekind-Fast Depump Happi Rapeed Rablet Razo Razep Veloz Zen-Prazole Rabepol Rabonik Rabeloc Rebzole Rabicom Pricing w.r.t. Jenburkt's Product Price (+) 43 % (+) 41 % (+) 40 % (+) 35.6 % (+) 35.6 % (+) 35.6 % (+) 11.5 % (+) 11 % (+) 10.8 % 0.00% 0.00% 0.00% 0.00% (-) 3 % (-) 3.2 % (-) 8 % (-) 8.1 % (-) 8.8 % (-) 11.5 % (-) 12.4 % (-) 13.1 % (-) 14 % (+) 38.4 % (+) 38 % (+) 38 % (+) 36 % (+) 32 % (-) 14 % (+) 38 % (+) 32.6 % (+) 32.5 % (+) 30 % (+) 28 % (+) 28 % Cipla Elder Pharma Unichem :Lab. Vertex India Ethix healthcare Captab Bio. Novo Nordisk Glenmark Pharma Sanjeevani Bio Khandelwal Lab. Rishab Oyster Lab Daksh RPG Life Biomax Accord Pharma Active Healthcare Shreya Life Piramal Healthcare Pulse Pharma Alembic Zydus Cadila Indoco Remedies Indoco remedies Flamingo JB Chemical Wallace Pharma Rabicip Repral Acistal Verab Rabest Elrab Novorab Rabefine Frizbee Rab Kurab & Reorab Oysirab Rozy Rabee Raver Greb Rabep Rabepro Value Pepzera Rekool Rioz Razogard Zolorab Rabeto Rantac PP Rabzer (-) 12 % (+) 21.5 % (+) 13.4 % (+) 16 % (+) 11 % +) 11 % (+) 11 % (+) 8 % (+) 8 % (+) 8 % (+) 8 % (+) 7.5 % (+) 2 % (+) 2 % 0.00% 0.00% (-) 2 % (-) 6 % (-) 10 % (-) 11.5 % (-) 12 % (-) 14 % (-) 16 % (-) 16 % (-) 18 % (-) 21 % (-) 21 % Tinor (Norfloxacin-Tinidazole ) Indicated In :• Treatment of diarrhoea and dysentery of amoebic, bacterial or mixed origins Competitive Product Mfg. Company Name Cipla. IPCA Lab. Mankind Pharma Sun Pharma Panacea Bio. Parenteral Drugs RPG Life Biochem Pharma Dey's Medical Blue Cross Brand Name Norflox TZ Normax TZ Noragyl Flontin TN-DD PD-NOR-TZ Duonor Bioflox TZ Enteroflox-T Norspan-TN Pricing w.r.t. Jenburkt's Product Price (+) 40.50% (-) 12 % (-) 11 % (+) 13.5 % (+) 21 % (-) 13.5 % (+) 0.2 % (-) 1.5 % (-) 12 % (-) 8 % Trapidol Tablet (Paracetamol-Tramadol ) Indicated In :• Short-term treatment (i.e. three days or less) of mild to moderate acute pain Competitive Product Mfg. Company Name Embiotic Lab. Anvik Bio. Alchemist Life Ion Healthcare Piramal Health. Ind Swift Crescent Therap. Wellkind Pharma El Pharma Enzo Bio. Taurus Lab. Piramal India FDC Karnataka Antibiotics Brand Name Orogesic-TM Tramec Tram-P Metazac-P Acuvin Pentazen Freze Cincro Plus Opi OT Victadol P Tramataur P Esgipyrin T Painadol P Kamadol P Pricing w.r.t. Jenburkt's Product Price (+) 15 % 0.00% (+) 15 % (+) 26.5 % (+) 24 % (+) 23.5 % (+) 24 % (+) 15 % (+) 14 % (+) 12 % (+) 11 % (+) 8.5 % (-) 6 % (-) 21.5 % Win Medicare Active Healthcare Invision Medi Biomax Lab. Cipla Unichem Lab. Neiss Lab. Aristo Pharma Urgendol P Traceta Tramoflex P Contraflam P Tramacip Plus Domadol Plus Trany P Ultramol (+) 15 % (+) 15 % (+) 15 % (+) 6 % (+) 30 % (+) 18 % (+) 8 % (+) 5 % Trapidol (Injectible) (Tramadol ) Indicated In :• Management of moderate to moderately severe pain Competitive Product Mfg. Company Name Odin Healthcare. Unimarck Health Laborate Pharma Zota Health. Admac Pharma Jollen Medi. Andic Life. Malody Health. Karnataka Antibiotics FDC Zota Health Alpic Bio Celon Lab. Molekule India Neiss Lab Piramal India Piramal Healthcare Brand Name Darol Meridol Tramadex Vardol Leedol & Cadol TMD Lodam Malodol Kamadol Painadol Sayodol Cradol Transic Paxmax Trany Nobligan Contramal Pricing w.r.t. Jenburkt's Product Price (-) 14 % (+) 8 % 0.00% (-) 2 % (-) 2 % (-) 4 % (-) 4.1 % (-) 4.1 % (-) 10 % (+) 12 % (-) 1 % (-) 2 % (+) 18 % (+) 18 % (+) 12 % (+) 1 % (-) 0.2 % Ind Swift Cadila Healthcare Intra Labs Madhav Bio. Venus Remedies Kopran Sun Pharma Oyster Lab. RPG Life Zydus Cadila Alchemist Global Medi. Pentazen Tramazac Tramex Treat Sedate Trasic Dolotram DBMOL Veeradol Adamon Tram Trapain (-) 1 % (-) 1.2 % (-) 2 % (-) 2 % (-) 2 % (-) 2 % (-) 2.3 % (-) 2.3 % (-) 2.4 % (-) 5 % (-) 14 % (-) 16 % Trapidol-D Tablet (Paracetamol-Tramadol-Domperidone ) Indicated In :• • • Postoperative nausea and vomiting Diagnostic procedure pain Migraine Competitive Product Mfg. Company Name Alchemist Life. Donnel Health Biocare Remedies PHC Health Unicorn (India) Aspire Life Anvi Pharma Supermax Lab. Tidal Lab. Corona Remedies Unimarck Health Brand Name Tram-PD Tramadol Combitel Doff-TD Tramacorn Riptram PD Dolosec Biotram PD Dolosafe Tacil D Meridol-D Pricing w.r.t. Jenburkt's Product Price (+) 2 % (+) 31 % (+) 10 % (+) 42 % (+) 28 % (+) 24 % (+) 23 % (+) 23 % (+) 5 % (+) 5 % (+) 2 % Biomax Donnel Health Elysium Pharma Indo Pacific Worth Medicines Ravenbhel Pharma Obsurge Bio. FS-D Tramadol Nopidol-DP Ingesic Forte Decotram-PD Dolfre Plus Actidol DP (+) 0.5 % (+) 44 % (+) 22 % (+) 24.6 % (+) 21.5 % (+) 22 % (+) 21 % Zenglobin FC (Iron (III) Hydroxide Polymaltose -Folic Acid ) Indicated In :• Latent iron deficiency • • Manifest iron deficiency Prophylactic therapy of iron and folic acid deficiency before during and after pregnancy (during lactation) Competitive Product Mfg. Company Name Osho Pharma Briskon Lab. Indoco remedies Lincoln Pharma Ben Pharma Apex Lab Emson Medichem Brand Name Selofer-iii Fersol Fevorit Feton Spemores Trifer Emron Pricing w.r.t. Jenburkt's Product Price (-) 28 % (+) 8 % (+) 2 % (-) 8 % (-) 8 % (+) 8 % (+) 8 % Zix-S (Paracetamol-Serratiopeptidase-Aceclofenac) Indicated In :• • • Osteoarthritis Rheumatoid arthritis Ankylosing spondylitis Competitive Product Mfg. Company Name Brand Name Pricing w.r.t. Jenburkt's Product Price Rishab Helath. Madhav Bio Novo Nordisk BMW Pharmaco Biomax Bio Emar Health. Intra Labs Sanat Products Zuvista Indoco Pharma. Tablets India Zydus Alidac Cadila Pharma Intas Pharma FDC Mankind Pharma St. Morrison Lincoln Pharma Globus Remedies Neiss Lab Indoco Remedies Morpen Lab. Globin Pharma Radix JB Chemicals Torrent Pharma Nestor Pharma Unichem Lab. IPCA Lab Ortin Lab. Svizera Health Lupin Alpa Lab. Micro Labs. Zenetica Pharma (+) 51 % (+) 62 % Abdal-SP (+) 54 % Novodase (+) 53 % Aceden-SP (+) 54 % Flamace-SP (+) 51 % Leofenac-SP (+) 43 % Acec Plus (+) 38 % Acemove Plus (+) 36 % Mahanac PRO (+) 26 % Doloroff-ASP (+) 26 % Dublace SP (+) 21 % Zynac SP (+) 4 % Acota-3 (+) 4 5 Hifenac-D (-) 14 % Arflur-3D Flozen-AA & Dolokind- (+) 11 % AA Samonec-SP Vivian-A Plus Lorato-AP Nismol-S Acecloren Acloflam Flanc EX Flaxinac-SP Moviz 3D Toroxx-SP Nespower SP Aroff-EZ Movon SP Acefinac SP Arrestin-SP Signoflam AP Dase Dolowin Forte Aphen-SP Powernac-SP (+) 48 % (+) 44 % (+) 42 % (+) 41 % (+) 36 % (+) 11 % (-) 8 % (+) 44 % (+) 46 % (+) 24 % (+) 1.5 % 0.00% (+) 28 % (+) 52 % (+) 14 % (+) 21 % (+) 68 % (+) 51 % (+) 51 % Emcure Pharma Biocare Remedies Dr. Also Lab. Bestochem Formulation Molekule India Piramal Healthcare Cadila Pharma Maneesh Health. Cadila Healthcare Fico SP Combinac-S Acloson SP Best-3 Nusaid SP Acevah PS Terioflam Fenbest Plus Trioflam (+) 48 5 (+) 47 % (+) 34 % (+) 26 % (+) 24 5 (+) 11 % (+) 10 % (+) 8 % (+) 1 % Unique Combination - Niche Products Triben-MN Cream (Fluocinolone-Miconazole-Neomycin) Indicated In :• Mixed Skin Infections due to Bacteria & Fungi Competitive Product Mfg. Company Name Brand Name Pricing w.r.t. Jenburkt's Product Price Concept Pharma Flucreme-NM (+) 41 % Triben Plus Cream (Beclomethasone-Clotrimazole-Gentamycin-Iodochlorhydroxyquinoline ) Indicated In :• • • • Mixed fungal & bacterial infections Eczematous Mycosis Intertrigo Vulvo vaginitis Competitive Product Mfg. Company Name Karnataka Antibiotics Gufic Shreya Cadila Brand Name Fubac Lotril-BG Epicort-GC Beclotis-CG Pricing w.r.t. Jenburkt's Product Price (+) 41 % (+) 5 % (-) 21 5 (-) 8 % Mobitide (Tinidazole -Diloxanide Furoate ) Indicated In :• • • Intestinal, hepatic and extraintestinal amoebiasis Chronic intestinal amoebiasis Amoebic colitis Competitive Product Mfg. Company Name Indamed Pharma.. Alicon Pharma Vostok & Wilcure Remedies Pans Lab. Hinglaj Lab. Dynamic Lab. Zydus Cadila Zota Healthcare Zydus Alidac Wockhardt Swastik Formulations Brand Name Nidalox Dyranil Tinifur Tinco Tonid DF Dycos Amebis Forte Tinil TDF Forte Wotinex Ambilan Pricing w.r.t. Jenburkt's Product Price (+) 1 % (+) 6 % (-) 8 5 (-) 8 % (+) 31 % (+) 2 % (+) 2.2 % (+) 32 % (+) 34 % (+) 41 % (+) 2 % Topcal-M (Elemental Magnesium-Calcium Citrate-Vit D3-Elemental Zinc) Indicated In :• For higher Calcium demands in women during – Hypoparathyroidism during Pregnancy & Lactation • • Post-Menopausal Osteoporosis Low Vitamin D in Pregnancy-induced Hypertension Competitive Product Mfg. Company Name Waves Bio. Helios Pharma Laksun Life. Zota Pharma FDC Orange Health. Zota Health Brand Name Cal-Z Ocal-C Calsun ZM Zotacal Plus Zium Morecal Sayocal Forte Pricing w.r.t. Jenburkt's Product Price (+) 24 % (+) 2 % (+) 28 % (+) 11 % (+) 11 % (+) 25 % (+) 10 % Other Products Glucotrol (Glipzide – 5 mg.) Indicated In :• Diabetes Competitive Product Mfg. Company Name Bal Pharma Cipla Micro Labs Aristo La Pharma Franco (India) Alembic USV Intra Labs Wallace Pharmaceuticals Stadmed Dey's Medical Brand Name Diacon Diaglip Dibizide Glez Glibetic Glide Glipy-5 Glynase Tranase Glucolip Glyzip Lipi RPG (Acumed) Lincoln Glutop-SR Glylin-5 Glucotrol - MF (Glipizide – 5 mg. + Metformin – 500 mg.) Indicated In :• Diabetes Competitive Product Mfg. Company Name Bal Pharma Cipla Micro Labs Aristo La Pharma Franco (India) USV Intra Labs Sun Pharmaceuticals Wockhardt Taurus Laboratories Novartis Ind-Swift Madhav Biotech Brand Name Diacon-M Diaglip-M Dibizide-M MetaGlez Forte Glibetic-MF Glimet-DS Glynase-MF Tranase-MF Glipimet Forte Zidmin Metmin-500 Dibimet Plus Swiglip-M Grip-M Piril-DX Syrup (Chlorpheniramine-Dextromethorphan) Indicated In :• Dry cough, allergic cough, post-operative cough, smokers cough, night-time cough Competitive Product Mfg. Company Name Cipla Khan Laboratories Brand Name Cheston-CS Exiplon-DM Piritexyl-BR Syrup (Ambroxol-Guaiphenesin-Menthol-Terbutaline ) Indicated In :• cough associated with bronchitis, bronchial asthma, emphysema and other bronchopulmonary disorders where bronchospasm, mucous plugging and problems of expectoration co-exist Competitive Product Mfg. Company Name Arlak Biotech Zota Alkem Alkem Azine Flamingo Dyota Meyer CFL Comed Brand Name Zyrex Xpect-B Indikof-B Mucoresp Plus Munorm Coldman Cofaid-EX Cosyp-E Sudex-AR Triben Ointment (Clotrimazole) Indicated In :• • Athlete's foot, jock itch, and ringworm To relieve itching, burning, cracking, scaling and discomfort which accompany these conditions Competitive Product Mfg. Company Name Bal Pharma Cipla Glenmark Bayer Franco (India) Ind-Swift Ranba Comed Emcure Pharmaceuticals Ochoa Lab. Lyka Hetro Labs. Gufic Lupin Lab. Glaxo Neon Lab. Centaur Lab. Chemo Pharma Lab. (Intermed) Brand Name Lotrim Clocip Candid Canesten Surfaz Cazol Statum Decand Endid Cream Canstat Imidil Lotril Canazole Nifugal Ctzole Translipo-C Mycocid Triben-B Cream (Beclomethasone-Clotrimazole.) Indicated In :• inflamed fungal skin infections such as ringworm, athlete's foot, and jock itch Competitive Product Mfg. Company Name Brand Name Cipla Glenmark Bayer Ind-Swift Ranba Comed Clocip-B Candid-B Canesten-S Cazol-B Statum-B Decand-B Emcure Pharmaceuticals Lyka Hetro Labs. Gufic Glaxo Fulford Indoco Remedies Bombay Tablet Cadila Beclasone-C Imidil-B Lotril-B Nifugal-B Lotriderm Clonben Clomax-B Beclotis-C Triben-F (Fluconazole – 150 mg.) Indicated In :• Cryptococcal meningitis and maintenance therapy to prevent relapse of cryptococcal disease in patients with • • • • • AIDS Systemic candidiasis Oropharyngeal and oesophageal candidiasis Vaginal candidiasis Candidial balanitis Dermatomycosis Competitive Product Mfg. Company Name Glenmark Win Medicare Emcure Pharmaceuticals Ochoa Lab. Unison Pharma. Systopic Lab. Syntro Healthcare Wallace Pharmaceuticals Inga Pharma. Avalanche Pharma Micro Labs. DWD Pharma Radicura Pharma. Psychotropics India Brand Name Glenflu Logican Flunova Ultican Fole AF-150 Flucoside Onecan Fungal-F AviFlu Fungina-150 Funspor Fluzole Myconorm- F150 Numox (Injection) (Amoxycillin-Cloxacillin ) Indicated In :• Respiratory Tract Infections • Gynaecological Infections Urinary Tract Infections Skin and Soft Tissue Infections Bone Infections Serious Infections • • • • Competitive Product Mfg. Company Name Brand Name Sanjivani Lincoln Panacea Cipla Osper Ranba Cadila Zydus Cadila Broadcure Klomox Mytimox Novaclox Osoclox Suprimox Symbiotik Hipenox Numox (Capsule/Tablet) (Amoxycillin-Cloxacillin ) Indicated In :• Respiratory Tract Infections • Gynaecological Infections Urinary Tract Infections Skin and Soft Tissue Infections Bone Infections Serious Infections • • • • Competitive Product Mfg. Company Name Brand Name Piramal Piramal Alicon Pharma Ind Swift Ajanta Bal Pharma Panacea Sun Cipla Ranba Torrent Aurobindo Amclo Tresmox Amolac Plus-DT Amyclox Betaclox Dynaclox Mytimox Nataclox Novaclox Suprimox Tormoxin Plus Z Plus Numox LB (Capsule/Tablet) (Amoxycillin-Cloxacillin-Lactobacillus ) Indicated In :• • • • • Respiratory Tract Infections Urinary Tract Infections Skin and Soft Tissue Infections Bone Infections Serious Infections Competitive Product Mfg. Company Name Brand Name Centaur Active Healthcare Alicon Pharma Ind Swift DWD FDC Intra Lab Meridian Abclox Amclox-LB Amolac Plus Amyclox-LB Clodax-L Flemiklox-LBX Inloxy Laclomox Comed Alkem Cipla Ranba Cadila Piramal HealthCare Aurobindo Lacom Nodimox Plus-LB Novaclox-LB Suprimox-P Symbiotik Caps Tresmox-LB Z Plus L Metmin (Metformin - 500 mg.) Indicated In :• Diabetes Competitive Product Mfg. Company Name Wallace Pharma. Cipla Bayer (India) Indoco Remedies Cadila Alembic Emcure Pharma Stadmed Ipca Lab. Aristo RPG Life Intas Pharma Brand Name Walaphage Glumet-XR Baymet Metchek Insumet Forminal SR Glyrep Emfor Emnorm Bigomet Serformin Zomet Zix (Aceclofenac ) Indicated In :- • • • • • • • • • • Osteoarthritis Rheumatoid Arthritis Ankylosing Spondylitis Arthrosis Cervicalgia, lumbago Tendinitis Odontalgia Myalgia Post-episiotomy pain Primary Dysmenorrhoea Competitive Product Mfg. Company Name Genesis. Anthus Pharma Aristo Medley Pharma Mankind Pharma Cadila Wockhardt Indoco Remedies Emcure Pharmaceuticals Emcure Pharmaceuticals Unichem Lab. Sanat Products Micro Labs Alembic Cipla JB Chemicals Piramal Healthcare Lupin Torrent Glenmark Zydus IPCA Brand Name Abate-SR Aceclan Aceclo Acenac Dolokind Acota Aceroc Dolochek Mahanec Fico Aroff Acemove Dolowin Fortafen Movexx Moviz Niplonac Singoflam-SR Toroxx-A Valus-A Xadoo Zerodol Procisa (Cisapride) Indicated In :- • • • • Intestinal pseudo-obstruction in children, associated with motility dysfunction resulting in insufficient propulsive peristalsis and in stasis of gastric and intestinal contents Gastroparesis, idiopathic or associated with diabetic neuropathy Symptoms of X-ray or endoscopy negative upper digestive discomfort characterised by early satiety, postprandial fullness, bloating, excessive belching, anorexia, vomiting or by ulcer-like complaints (epigastric burning or pain). Gastro-oesophageal reflux disorders including oesophagitis and the maintenance treatment thereof Competitive Product Mfg. Company Name Centaur. La Pharma Unichem Wallace Panacea Intas Reliance Sun Ranba Dr.Reddy J&J RPG Aurobindo Piramal Health Care Cadila Torrent Brand Name Alipride Cenz Cisade Cisawal Cispel Ciza Cizap Esorid Moten Peristil Prepulsid Prokine Pryde Rhonepride Santiza Unipride Tenase (Atenolol) Indicated In :• Hypertension • • Angina Pectoris Due to Coronary Atherosclerosis Acute Myocardial Infarction Competitive Product Mfg. Company Name Brand Name Lupin. Aglowmed Core Healthcare Indoco Remedies Sun Dabur Themis Zydus Pfizer Torrent Svizera Healthcare Glaxo El Pharma. Atenova Agloten Aloten Altol Atcardil Atecard Atelol Aten Atpark Betacard Beten Biduten BP-Nol Catenol Hipres Lakten-50 Lonol Pertenol Telol Tenolol Tensicard Tensimin Lab. Zydus Medica Cipla Shalaks Pharma. Khan Karnataka Antibiotics Max Life IPCA Lab. Troikaa JB Chemical Allerzine (Cetirizine) Indicated In :• Treatment of allergic conditions, which respond to histamine H1- receptor antagonists • Cutaneous: Allergic skin conditions associated with pruritus, e.g. urticaria • Respiratory: Allergic rhinitis, hay fever Competitive Product Mfg. Company Name Lincoln. Atoz Pharma Brand Name Satrin Atcet Mamta Pharma Chemo Drugs Panjon Pharma Max India Intas Svizera Healthcare Centaur Ikon remedies Zota Healthcare Torque Pharma Mankind Pharma Novamed Pharma Khan Lab. Metriz-10 Zacet Pancet Xero-SED Intazin Rintrin Z-Cet Cetmac E-Cet-MD Cetramac Cope Cefid Cetnaz CTZ LRG Incez DT Cetaz Okacet Alerbloc Alid Setri Allercet Cetrine Unicet Cetoz Zetop Instabs Siacet Elgnil Cetrizine Zirtin Hisnofil CZ-3 Cetcip Cetiriz Alerid Lergi Taurcet Cetriwal Psychotropics Vivid Labs. Intra Labs. Aztec Life. Cipla Karnataka Antibiotics Ortin Lab. Swisskem Healthcare Micro Labs Dr. Reddy Bal Pharma Marc Lab. Zydus Cadilla Willow Pharma. Cadila Healthcare Cadila Pharmaceuticals Torrent Labs. Ranba Lupin Cipla Alkem Cipla Aurochem Taurus Lab. Wallace Pharma Arvind Lab. Hamax Pharma Minova Life. Wintech Pharma Khushal Pharma Symbiosis Lab. Torino Lab. Glenmark Pharma. Ortin Lab. Active Healthcare Unichem Glaxo Indoco Fulday Cetrila Rhynal Olcet Sit-10 Cetriken Cetrino Cetridoc Alergid Cetract Zyncet Cetzine Triz Ecoprot Plus (Ferrous Fumarate -Folic Acid -Vit B12 -Vit D3 -Vit B1 -Niacinamide -Vit B2 - Vit B6 -Calcium Pantothenate -Copper Sulphate -Vit A -Vit E -Manganese Chloride -Di-Calcium Phosphate -Protein Hydrolysate ) Nutritional Supplement Competitive Product Mfg. Company Name Excare Lab Zydus Cadila Newtramax Health. Aglomed Alkem Scortis Lab. Brand Name Exfit Energex Ashwita Aglofit Alprovit Tispro Ojen (Ofloxacin) Indicated In :• • Acute bacterial exacerbations of chronic bronchitis Community-acquired Pneumonia • • • • • • • • Uncomplicated skin and skin structure infections Acute, uncomplicated urethral and cervical gonorrhea Nongonococcal urethritis and cervicitis Mixed infections of the urethra and cervix Acute pelvic inflammatory disease Uncomplicated cystitis Complicated urinary tract infections Prostatitis Competitive Product Mfg. Company Name Novartis India.. Total Healthcare GR Healthcare True Care Pharma. Oyster labs. Ind Swift Plet Pharma Brand Name Mexaflo Gyrofix Obact Quinox Oyxin Oxo Offtex Genflox Asoflox Romiflox Ocin Loft Oflocos Floxaquin C-Off Essox Qubid Pifoxacin Sperg Ofloter Oflaset Opax Floxur Ofbact Ofladol Smiflox Nida Oltaur Zanof Cadila Healthcare Aspire Life. Roman Lifesciences Grandix Pharma Admac Pharma Symbiosis Labs. Health Guard Aztec Life. Esskay Bee Pharma Flamingo Pifer Pharma Ortin Lab. Gujarat Terce lab. Wintech Pharma Baxter India Wockhardt Medix lab. Biomax Lab Smithcare Remedies Unicure India `Taurus Lab. Pegasus Farmaco Glenmark Pharma. NPS Pharma IPCA Lab. Syntro healthcare Brawn Lab. Glenmark Pharma West Coast Pharma JB Chemicals Wallace Pharma. Jubilant Pharma JVD Pharma Raddison Healthcare Zydus Cadila Cipla Sun Pharma Lupin Cipla Glyco Labs. Piramal Healthcare Intas Lab. Ranba Willow Pharma Cadila Healthcare Zota Healthcare Zuvista Marc Lab. Daksh Mankind Pharma Merck India Alembic Chemical FDC Indoco remedies Bal Pharma Bliss Chemicals Zydus cadila Emcure Pharma Deys Medical Aglowmed Flox-O Sinox Olfi QXT Bru-O Oflomil Ofcin OF Oxwal Joflox ZOF Promiflox Oflin Okaflox Doact Eufox Tariflox Gkon Checkmet-O Oflotas Zanocin Siaflox Oflostar Varflox Zeof Moflox Duflox Zenflox Harpoon O Win Zo Ofloren Zanovid Megaflox Oflatoon Timcin Entof Oflamed Max Life. Novo Nordisk Zota Healthcare Maxflo Neva Sayoflox R.T. Cure (Suspension) (Roxithromycin) Indicated In :• • • • Respiratory infections like pneumonia, acute and chronic bronchitis, and bronchopneumonia ENT infections like tonsillitis, pharyngitis, sinusitis and otitis media Skin infections like folliculitis, furuncles, cellulitis, carbuncles, pyoderma, impetigo and infected dermatitis Genital infections like urethritis, prostatitis, cervicitisand salpingitis Competitive Product Mfg. Company Name Kinson Pharma Cipla Medley Pharma. Taurus Lab. Intas Lab. Genetic Pharma IPCA Lab. Lifeon Paediatrics Biochem Pharma. Piramal Pharma Cadila Ind Swift Cipla Rhombus Pharma Aristo Pharma Zota Healthcare Redson Pharma. Aglowmed Blue Cross Lab. Swiss Medicare Alkem Lab. Shreya Life Brand Name Roxikin Odirox Roxitis Taurix Roxinta Susp. Roxibact Roxeptin Susp. Roxipower Biorox Roxisara Roxivista Roxy Roxee ERO Susp. Roxem Sayoxid Roxson Troxy Roxibest Roxitab Throx Ralrox Rabera-DSR (Rabeprazole-Domperidone ) Indicated In :• • • • • Dyspepsia GERD Nausea associated with acid peptic disorders Post-operative nausea and vomiting Chronic gastritis Competitive Product Mfg. Company Name PMV Healthcare. Wockhardt Torrent Pharma. Solitaire Pharmacia Symbiosis Lab. Aamorb Pharma Symbiosis Lab. Lupin Gujarat Terce Lab. Emcure Pharma Taurus Lab. Alkem Lab. Alkem Lab. Micro Lab. Flamingo Aristo Pharma Positif Life. Midas Biotek Royal Scottish Enzo Bio. Novo Nordisk Sanjeevani Bio. El Pharma Intra Lab. Piramal India Brawn Lab. Brand Name Venrab-D Prorab-D Veloz D Toporab DSR Rabeen-DSR Dexrobel-DSR Rabital-DSR Rablet-D Rabter-SR Zomitac-DSR Rebap DSR Nuloc D Rapeed D Helirab-D Rabeto-D Rabitop DSR & Rabezol DSR Raby DSR Miraze DSR Rabicom DSR Rabonik DSR Novorab DSR Frisbee-DSR Repral D Razep DXR Esogard RD V Serum Insti Mankind Pharma Comed Chemical Cadila Pharma DR Jhon Lab. Unichem Lab. IPCA Lab. Active Healthcare Khan Lab. Rado TR Rabekind DSR Rapco D Rabeloc RD Strovo D Acistal D Acera SR Rabep DSR Rab D Antuc DSR Neiss Lab. Zydol Suspension (Nimesulide ) Indicated In :• • • • • • • • • • • Osteoarthritis Postoperative trauma Sports injuries Acute musculoskeletal disorders Diagnostic procedure pain Tendonitis, tenosynovitis, sprains, strains and low back pain Ear, nose and throat disorders Dental surgery Thrombophlebitis Pharyngitis Gynaecological disorders Competitive Product Mfg. Company Name Orc Chemical Brand Name N-Lid Alnim Abinim Bestonim Adenim Nimegesic Aglonim Nile Mesulid Nilide Nixia Paragon Pharma Alpic Bio. Alicon Pharma Swiss Bio. Alembic Aglowmed Novamed Stadmed Cadila Pharma Wan ltd. Unicure IPCA Lab. Unimarck Pharma Rhombus Pharma Madhav Bio. Panacea Bio. USV Ind Swift Cadila Pharma Taurus Lab. Zota Pharma Cipla Zydus Cadila Lincoln Pharma. Wings Pharma Pharmed Albert David Emcure Pharma Sun Pharma Karnataka Antibiotics Aurobindo Pharma Sun Pharma Unichem Lab. Indoco Remedies Shreya Life Nimuflam Nimuwin Nugesic Nemu Neet Nimulid Nizer Nelsid Nimvista Nimeb Nimiz Nicip Nimfast Nam Nimuwin Nimuflex Nimeril Tredical FT Antipen Maxiflam Auronim Zega Pronim Nimind Nimi Zydol Tablet (Nimesulide ) Indicated In :• • • • • • • • • Osteoarthritis Postoperative trauma Sports injuries Acute musculoskeletal disorders Diagnostic procedure pain Tendonitis, tenosynovitis, sprains, strains and low back pain Ear, nose and throat disorders Dental surgery Thrombophlebitis • • Pharyngitis Gynaecological disorders Competitive Product Mfg. Company Name Cyno Pharma Dr.Reddy Varun Life. Nicholas Piramal Alembic Panacea Bio. Symbiosis Cipla Symbiosis Intas Lab. Universal Pharma Unichem Lab. Indoco Remedies Sun Pharma Aurobindo Taurus Lab. Brawn Lab. Wallace Pharma Wintech Pharma Zota Healthcare Shreya Life Midas Bio. Unimax Lab. Zee Lab. TTK Healthcare Piramal Pharma Alchemist Life. Centaur Pharma Grandix Pharma Cipla Ind Swift Cipla USV Zydus Cadila Brand Name Nom Nise Dolonim Orthobid Nimegesic IR Nimulid – MD Nimutal Nodard Softel-MD Nimotas CD Nulide Pronim Nimuspa Zega Auronim Nimeb MD Solide Soonil Nimlid MD Nimvar MD Onim-MD Mini Dynalid Neme MD Nimulase Nimuflex Loco Nimutab NMD Nmupain MD Nelsid MD Nicip MD Nizer Remulide Alembic Cipla Cadila Pharma Symbiosis Intra Lab Pharmed Cadila Pharma DR Jhons Lab. Mankind Pharma Shreya Life Neiss Lab. Max Cure JK Drugs Postif Life Lupin Cipla Intas Lab. Indoco Remedies Kee Pharma Aglowmed Gnosis Pharma. Wintech Pharma Cadila Pharma Unichem Lab. Norwest Pharma Piramal India Astra Zeneca Pfizer Pharma. Parenteral Drugs Nimegesic New Nicip Genlide Nimusym Nile MD Nimuflex FD Nilide Arthorid Nobel Ralgesic Nefter DT Maxulide Nimuflam Senita Lupisulide Nimupain Nimogem Nimind CT Nikee RD Aglonim Nimotil DT Nimace Nimvista Pronim QR Zap Zolandin Nimbid Pifnim DT Nimpic IR