FULFORD INDIA
BSE: 506803 CMP :690.00Fulford (India) Limited is an subsidiary of Schering-Plough Corporation, USA, a leading research-based company, engaged primarily in the discovery, development, manufacturing and marketing of pharmaceutical and health care products worldwide.Fulford ( India) Limited was incorporated 1948. It was then registered under the name C. E. Fulford (India) Private Limited and was 100% owned by C. E. Fulford Limited of UK. Until 1968, the company was engaged in the business of manufacturing and marketing pharmaceutical consumer products, including cough tablets and herbal ointments, marketed under the trademarks – PEPS and ZAMBUK respectively.On July 1, 1968, Schering-Corporation, USA, an international research-based pharmaceutical company acquired 100% ownership of C. E. Fulford Limited, UK. Subsequently, a manufacturing plant was set up at Andheri for the manufacture of pharmaceutical products.
The company’s operations commenced with the introduction of an antibiotic injection under the brand name GARAMYCIN and an antifungal skin solution under the brand name TINADERM.In 1971, Schering Corporation merged with Plough Inc., a mass merchandiser of popular consumer products and Schering-Plough Corporation was formed. Schering-Plough has its headquarters and executive offices at New Jersey, USA.In August 1981, the company changed its status from a private company to a public company and from January 1, 1982 diluted the foreign shareholding from 100% to 40%, to fall in line with the prevailing Government policy.In 2006, the Company made a preferential allotment of 7,00,000 equity shares at a price of Rs. 575/- each (inclusive of a premium of Rs. 565/- each), to its promoter, Dashtag, U.K.
Fulford is a leading India centric player in the dermatology segment of the pharmaceutical space with a strong brand franchise.It offers its products for various diseases and conditions, including allergy and respiratory, arthritis and immunology, cancer therapies, cardiovascular, hepatitis, sun care, skin disorders, and systemic anti infective diseases.De-risking the product portfolio away from dermatology is now working well after initial teething troubles.The stock at present quotes at 10-12 times its expected forward earnings.The stock has been steady performer over the last 5 years.Fulford is the most compelling MNC pharmaceutical company in terms of valuation.A safe bet altogether.
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