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Max India Limited
Investor Presentation
DisclaimerThis presentation may contain statements that are forward looking. These statements are basedon current expectations and assumptions that are subject to risks and uncertainties. Actualresults could differ materially because of factors listed in the management discussion andanalysis section of our Annual Report. We do not undertake any responsibility to update anyforward looking statements nor should this be constituted as a guidance of future performance.
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Max India Limited is a multi-business corporate, driven by the spirit of Enterprise,focused on Knowledge, People and Service oriented businesses of Life Insurance,Healthcare and Clinical Research. Max also maintains interests in Speciality PlasticProducts for the packaging industry and Healthcare Staffing
Core Others
VISION
“To be one of India’s Most Admired Corporates for Service Excellence”
MISSIONEstablish niche service businesses in Life Insurance, Healthcare and Clinical ResearchLife Insurance and Healthcare……..convergence!Rank amongst top 3 players in each nichePartner with best-in-class world leadersCreate service excellence in all businesses
Max India – An Introduction
BSE Scrip Code: 500271, NSE Ticker: Max, Bloomberg: Max IN
www.maxindia.com
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Protecting Life through Life Insurance
Caring for Life through Healthcare
Improving Life through Clinical Research
Max India – Life ….. Our Focus
www.maxnewyorklife.com
www.maxhealthcare.in
www.neeman-medical.com
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Track record of successful international Business Partnerships…over last 20 years
Pharmaceuticals Gist Brocades, The Netherlands
ElectronicComponentDistribution
Motorola, USA
Avnet Inc, USA
Mobile Telephony Hutchison Telecommunication Ltd, Hong KongHutchison
Plating Chemicals Schering AG, GermanyAtotech Deutschland GmbH, Germany
Communication Services Lockheed Martin Global
Telecommunications, USA
COMSAT Comsat Investment Inc
ATOTECH
Medical Transcription Healthscribe Inc., USA
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Revenue
Profitability
Investments
Share Price and Capitalization
Consolidated revenue at $342 Million− Life Insurance revenue at $189 Million Up 96%.− Healthcare revenue at $31 Million Up 195%.
Consolidated cash generated from operations at $57 MillionUp 395%.
Current share price is around Rs. 950 ($21).
Face value per share is Rs. 10 ($0.22)
Market capitalization is around $760 Million.
Group Assets Under Management at $304 Million Up 122%.
Max India – Key Financial Indicators (FY 05 – 06)
ReservesMax Telecom Ventures merges with Max India Ltd., post merger reserves of Max India at $205 Million.
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Max India – Balance Sheet*
Reserves – 215Sources of Funds
Share Capital – 8Loan Funds – 42
Application of Funds
Business Investments – 152
Net Current Assets – 10
Fixed Assets – 18
US$ Million
Cash and Liquid Investments – 85
*As at September 30, 2006
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US $ Mn
Investment in Core Businesses
Current stake of Max India* Life Insurance – 74%# Healthcare – 70%
BusinessPlanned outlay for
the business
Current Equity Investment
by Max India
Peak Equity Investment
by Max India
Life Insurance * 222 100 164
Healthcare # 156 34 60
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Max India – Shareholding Pattern
FDI – Warburg Pincus17%
FII – Warburg Pincus11%FII – Others
14%
Others17%
Promoter Group – Analjit Singh41%
Number of Outstanding Shares as on September 30, 2006 – 35,978,895
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Max India – Board of Directors
Mr. Analjit Singh – Chairman
Dr. S.S. Baijal
Mr. N.C. Singhal
Mr. Ashwani Windlass
Mr. Bharat Sahgal
Mr. N. Rangachary
Mr. Piyush Mankad
Mr. Rajesh Khanna – Warburg Pincus
Mr. Nitin Sibal – Warburg Pincus
Mr. B. Anantharaman – Joint Managing Director
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• Enable retention of patient traffic• Enable ‘start-to-finish’ comprehensive, seamless care: Consult and Diagnostics,
Diagnostic tests, pre-operative work up, operations, post-operative care.
Max Healthcare Model
Tertiary• Heart & Vascular Institute• Super Speciality Hospital
• Heart and Vascular• Neurosciences• Joint Replacement &
Orthopaedics• Obstetrics and Gynaecology• Paediatrics
Secondary• Hospitals – 4• Speciality Centres – 2
• Surgery and inpatient facilities
• High-end Diagnostics:MRI, CT
• Doctor Consultation• Eye and Dental Care
Primary • Clinics/Implants – 9• Specialist doctor
consultation and a full time nurse.
• Basic diagnostics like Pathology Collection
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Key Public MessagesMedical ExcellenceService Excellence – Total ExperienceIn your community - near youHigh-end tertiary care in Private sector
ComprehensivenessReferral system – National & InternationalValue for moneyPartnering with medical communityCaring place to work Corporate Social Responsibility
VISIONDeliver world class healthcare with a service focus, by creating an institution committed to the highest standards of medical & service excellence, patient care, scientific knowledge and medical education.
MISSION
GOALS• Profitable without profiteering.• Seamless linkage between secondary and tertiary care.• Innovate to address wider market.
KEY
OBJECTIVES
STRATEGIES
WHAT – Medical USP’s ; Best in class ; Comprehensive care ; Convenience & accessibility ; Seamless service ; Patient records ; Consistent and customised care ; Service excellence ; Preventive health ; Caring place to work.
HOW – Train train train ; Partnership with Medical community ; Principal choice for physicians ; Never ending focus on medical and service excellence ; Build lasting customer relationships ; Primary, Secondary and Tertiary care through Co. managed / partnership; No franchising.
VALUES & BELIEFS OPERATING PRINCIPLESMETRICS & STANDARDS
PERFORMANCEMGMT PROCESS
• Create unparalleled standards of Medical & Service Excellence• Care provider of FIRST CHOICE• Principal Choice for Physicians• Ethical Practices • Create National Centre of Excellence for select Super Specialties.• Build towards international ‘reach’ by creating patient confidence through
professional skills, research and technology
• Competence rating• Potential analysis• PSC model• Balanced scorecard• Performance / Risk linked
reward.
• Caring • Excellence• Integrity
- Personal- Professional
• Openness/Transparency• Teamwork• Knowledge • Win-win partnerships
• Courtesy & Caring always• Customer comes first• Do it right first time• International image standards• Efficient process management• Direct & open communications • Create trust• Fun at work• Compliance
• ISO 9001 : 2000• JCIA Accreditation• Credentialing / Grant
of privileges• Employee productivity• Employee Engagement survey• Service Dashboard - Sparsh• NABH Accreditation• NABL certified Lab system.
INITIATIVES• WHAT- HOW - WHEN - COST - LINKAGE• Shared responsibility with single accountability.• Unique approach through: - International benchmarking. - Walk the Talk - IT Capability- Medical – Management Alignment. - Rehearse rehearse - Cost Efficiency- Train train train. - Mystery customers - Attrition Management
Vision – MissionBuild TrustPASSIONKey Differentiators
Focused NCR centric delivery – for operational excellenceClose to customer – geographyComprehensiveness of medical services (except organ transplant and radio therapy)Leadership in 5 super-specialties in tertiary care-‘Star’ physicians supported by a group of high quality physicians
EthicsMemorable brand experience-‘Star’ and quality physicians-Infrastructure and equipment-No surprises – cost of care, pricing, medication-Signage-Look – feel – smell - touchInnovation to bring in walk-in customers-Location location-Max Health Plan under roll-out-Other new programs ie Golden Years, Life Membership, PrepaidHigh quality nursing and paramedic care supported by nursing and paramedic college
Technology and IT (in 18 months)Extensive emphasis on training
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Mr. Analjit Singh Chairman and Managing Director
Mr. B Anantharaman Joint Managing Director, Max India Limited
Dr. Ashok Seth
Mr. Mukesh Shivdasani
Dr. Narottam Puri
Mr. KK Mathur
Dr. RP Soonawala
Dr. Pervez Ahmed
Mr. Aman Mehta
Mr. Anuroop Tony Singh
Mr. Rajesh Khanna Warburg Pincus
Mr. Nitin Sibal Warburg Pincus
Max Healthcare- Board of Directors
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Indian HealthcareIndian Healthcare Industry:• Indian healthcare industry – Currently estimated at about $33 Billion.
– Growing at 12% to 15% per annum.– Expected to be over $65 – 70 Billion by 2012, mainly driven by private sector investments.
• Over 1 Billion people, spread across different economic classes.
• Target Segment – More than 200 million upper and middle class.– Growing at over 4% per annum, with combined annual income of over $182 Billion.
Health expenditure in India by funding sources:
Majority of healthcare spending
in India is on self pay…Self-pay
59%
Government25%
Municipal Bodies
8%
Employers6%
Foreign Aid2%
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Advantage IndiaCore Competencies
“International Class Treatment at Domestic Costs”
Quality
Huge resource of highly trained doctors, nurses and paramedics
Comfort Level
Doctors of Indian origin recognized as amongst best in USA and UK
English Language
Value Proposition
Lower drug costs
Quality medical services at substantially lower costs
24x7 Physician, Nursing and Paramedic Availability
Hospital Information System
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Current Facilities
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MAX HEART AND VASCULAR INSTITUTE – SAKET [South Delhi]• 250 patient beds
• 3 Operation Theatres, 2 Cardiac Catheterization Labs
• Total covered area of approx.150000 sq. ft.
• Post Surgery Critical Care Unit
• High Dependency Unit
• Apex Coronary Care
• Advanced Coronary Care Unit
• Exclusive well equipped ‘Observation Bay’and ‘Post Cath. Recovery’
• Centralized Emergency Command withAdvanced Cardiac Life Support Ambulancesand Air Evacuation Service.
• Max Institute of Allied Medical Sciences(High-end General Surgery)
Operational since January 2005
Current Facilities
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• 225 beds (including 70 critical care beds)
• To include:
• 7 OTs, 20 Consult Chambers
• Tower Specialties – Orthopaedics, NeuroSciences, Obstetrics & Gynaecology andPaediatrics
• Brain Suite (first in Asia) and intraoperative MRI
• DSA Lab (for Neuro Sciences)
• Emergency Services
• High end Radiology facilities with 64 sliceCardiac CT.
MAX SUPER SPECIALITY HOSPITAL – SAKET [South Delhi]
Current Facilities
Operational since June 2006
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Secondary Care Max Hospitals operational at:
Current Facilities
PITAMPURA(February 2002)(North Delhi)
•100 inpatient beds•2+1 OT•Full range diagnostics•PHP and OPD
NOIDA(August 2002)(Suburb)
•40 inpatient beds•2+1 OT•Full range diagnostics•PHP and OPD
PATPARGANJ(May 2005)(East Delhi)
•145 inpatient beds•2+1 OT•Mother and Child•Orthopaedics•General Surgery•Critical care incl. Dialysis•Non-invasive Cardiology (incl. Cardiac Catheterization Lab)
•Other allied specialties
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SPECIALITY CENTRES – PANCHSHEEL [South Delhi]
Current Facilities
OPTHALMOLOGY AND DENTAL CARE(November 2005)
• Lasik, OPD and Diagnostics• Dental – 3 chambers, OPG and Lab• Support Services and Offices (N & S)• Training / Conference Room
SPECIALIST CONSULTS & HIGH-END DIAGNOSTICS (August 2006)
•OPD Consults•Full Diagnostics (incl. MRI/CT)•Preventive Health•Minor Procedures and Emergencies
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Healthy Occupancy and capacity utilization catching up fast at all thehealthcare facilities.
• Average occupancy* across all hospitals at 58% for Sep’06 quarter…– Max Heart & Vascular Institute, Saket – 51% (Facility launched in Jan’05)– Max Super Speciality Hospital, Saket – 42% (Facility launched in June’06)– Max Institute of Allied Medical Sciences, Saket – 87% (Launched in Aug’06)– Max Secondary Hospital, Patparganj – 84% (Capacity increased during the quarter)– Max Secondary Hospital, Pitampura – 78%– Max Secondary Hospital, Noida – 73%
1000 leading Doctors• Number of Physicians on rolls – 356• Number of visiting consultants – 644
Over 400 leading Corporate Clients
Registered Patient base of over 360,000• Patient transactions per month crosses 100,000 mark in Sep’06
Medical/Clinical Collaboration with Singapore General Hospital in• Medical• Nursing• Paramedical
Current Status
*Occupancy has been calculated on operational beds
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Upcoming Facilities
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Max Hospital – Gurgaon
• 100 bed Hospital with 2 OTs• Tower Specialties to include:
• Obstetrics & Gynaecology and Paediatrics• Ophthalmology (Anterior and Posterior)• Orthopaedics• Nephrology and Urology• Plastic and Reconstructive Surgeries• General and Minimally Invasive surgeries• Launch by June 2007
Upcoming Facilities
Clinics & Referral tie-ups at key locations for patient flow intohospitals
8 Hospitals in and around NCR by 2008 with a capacity of 1500-1600 beds
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Phase 1 – National Capital Region Roll-out Refinement of Current NCR Portfolio and
Selected Expansion
Strategic choices based on:− Learnings from
NCR roll-out− Leveraging the
collective intellectual capital in the senior management team
− Discipline of rigour and validation
− Innovation and risk taking ability
Phase – II expansionplans underway:–250 to 300 beds inPatparganj–100 beds in Saket–400 beds in Dehradun(first initiative beyondNCR)
Expansion opportunities beyond
NCR
Max Healthcare – Thinking Ahead
PSH
PPA
NDA
SKT (E)
PPG
SKT (W)
Secondary Care Tertiary Care
GGN
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US
$ M
illio
n
0
FY 05 FY 06 FY 07 FY 08 FY 09 FY 11
010.7
29.0
64.8
86.097.0
106.1
Cash break-even by FY 08
Revenue*
Max Healthcare – Outlook
*Phase-1 roll-out.
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Max Healthcare Project Cost and Funding
Project Cost
US$ 156 million
Equity
US$ 95 million
Debt
US$ 61 million
Max India – Promoters- Current – $34 Mn- Future – $26 MnWarburg Pincus – $31 Mn
Other Foreign Investors – $4 Mn
HDFC – $23 Mn
Other Indian Banks and Financial Institutions – $38 Mn
Debt – Equity Ratio: 0.64
Phase – 1
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Joint Venture between Max India and New York Life International [ NYL ]
NYL, one of Fortune 100 companies provides insurance domain expertise
NYL is one of the oldest mutual life insurance company in the US with over $200billion in assets under management
Max India contributes local market understanding and managing regulatoryenvironmentRobust business performance – Peak equity investment to be increased from$135 Mn to $222 Mn
Max New York Life Insurance [ MNYL]
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• Excellence• Honesty• Knowledge
MNYL road map to becoming India’s most admired Life Insurance Company
Key Public Messages
• A trusted life insurance specialist• Customer centric• Financially responsible and strong• A great place to work• An admired member of the community
VISION Become the most admired Life Insurance Company in India
MISSION
GOALS1 Billion $ in Premiums in 10th yearIRR–20% plus; Dominate MDRT in India; Profitable by 2008
KEY
OBJECTIVES
STRATEGIES
WHAT – Comprehensive suite of products, competitive pricing, extensive distribution, persistency, customer service excellence, profitable portfolios
HOW – Talented People, Professional & Productive Agents, Performance Metrics, Leverage Technology, Teamwork, Customer Centric, Innovative Distribution and Marketing
INITIATIVESWhat-When-Who-How-Cost linkage plans at Departmental and Individual levels
VALUES & BELIEFS OPERATING PRINCIPLES METRICS & STANDARDS
PERFORMANCE MGMT PROCESS
• Caring • Integrity• Teamwork
• Customer comes first• International quality standards• Do it right the first time• Fact based decisions• Bias for result oriented action• Financial strength & discipline• Direct and open communication• Respect Max & NYLI values & parentage• Fun at work
• Input• Output
• External• Internal
• Absolute• Ratios
• GMPR Ratings• TEC/TTR – Templates• Primary, Shared and
Contributory• Balanced scorecard• Core, Functional and
Leadership Competencies
• Part of top quartile new Life Insurance Companies
• National Player• Brand of FIRST choice• Employer of Choice• Principal of Choice for Agents
Key Differentiators• Financial Strength & Security• Quality of agents• Flexible Products• Service Excellence• Fair Terms of Business
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Mr. Analjit Singh Chairman
Mr. B Anantharaman Joint Managing Director, Max India Limited
Mr. N. C. Singhal
Mr. Rajesh Khanna Warburg Pincus
Mr. Joseph Gilmour
Mr. Fred Sievert
Mr. Anuroop Tony Singh
Mr. Ravi Akhoury
Mr. Gary R. Bennett Chief Executive Officer & Managing Director
Mr. Sunil Sharma Executive Director & Chief Operating Officer
MNYL – Board of Directors
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Indian Life Insurance Industry An Opportunity
Strong Growth to be driven by…
Low Penetration Level
Increasing Per Capita Income
Increasing Awareness
Better Distribution
Availability of Multiple Products
Increased Life Expectancy
Strong GDP growth to further expand the industry potential.
Life insurance premium as % of GDP
1.3 1.82.5 3.1 3.5 3.6
4.1
6.07.1 7.3
8.3 8.6 8.9
11.2
2.0
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Premium per capita ($) adjusted for PPP
88 143411
883
1,3431,6721,677 1,732
2,0792,337 2,471
2,798
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1) Full Suite of products with a focus on protectionLong Tenor products , Young customer base (Average Age – 30)Unit Link contributes over 65% of total sales of the Company for the periodApr’06 – Sep’06
2) Build best in class agencyProductivity higher than the competitionComprehensive in-house training (over 180 trainers) Over 400 hours of training
3) Wide geographic coverage105 offices across 77 locations
MNYL’S Strategy to build a Strong Life Insurance Business
75 new agency offices planned by Mar’08Multi-level marketing alliance with Amsure continues to perform well… working across 48 locations.
Ranks 3rd amongst private players in terms of number of policies sold.– Sold over 1.2 Mn policies since inception.
MNYL to focus on developing alternate distribution channels having wide reach and deep-rooted distribution network.
Partnership with 18 banks, current access covers 350 branches across 40 locations
Amongst top 50 global MDRT list in 2005 with over 200 members
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7) High embedded value / appraisal value creation
6) Strong customer trust and credibilityBalanced investment approach with a very long term view
– 65% of traditional portfolio consists of long tenor government paper – 30 % in AA+ and better corporate bonds
No asterisks in advertisingHonest illustration
– Controlled centrally – Sent along with policy
MNYL’S Strategy to build a Strong Life Insurance Business
4) Among the top private Indian life insurers with paid up capital base of $137 Mn.
Equity portfolio performance better than the benchmark.*
*Benchmark Index: CNX 500
First life insurer to be awarded the ISO 9000 : 2001 certification6 sigma program underwayBalanced scorecard approachGood Audit & Compliance orientation
5) Strong quality orientations to business
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Protection Oriented, Longer Tenor Life Insurance
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1DEFERRED ANNUITY
25MONEY BACK
26UNIT LINKED
3TERM
26WHOLE LIFE
PROPORTION OF POLICIES (%, by
number)PRODUCT TYPE
Tenure (Years)
Age of Insured(Years)
27 31
MNYL Average MNYL Average
17
22
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As on Sep 30, 2006
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3523
17
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ENDOWMENT 19 33
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Company Individual New Business Premium (Apr'06-Sep'06)
Policies (‘000)(Apr'06-Sep'06)
ICICI Prudential 307 658Bajaj Allianz 182 491HDFC Standard Life 97 162SBI Life 78 174Max New York Life 69 236Aviva 61 117Birla Sunlife 58 105Tata AIG 50 176Reliance Life 40 119All Others 93 205
Total Private Life Insurers 1034 2443
MS of Private Players (%) 31 20
Market Position – 2006-07 Insurance Sales (US $ Mn)
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Source: Insurance Regulatory & Development Authority, Adjusted to include only 10% of Single PremiumAll Others include: ING Vysya, Metlife, Reliance, Sahara, 1 US$ = Rupees 45
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Established Ourselves amongst the Leading Agency Sales Force
Source: IRDA Journal, media reports and team inputs
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MNYL Footprint
Actual customer base spread
over 200 cities
Cities OfficesOwn 71 91
Franchisees 14 14
Delhi
Hyderabad
Bangalore
Ahmedabad
Mumbai
Chennai
Kolkata
Jaipur
Surat
Noida
Gurgaon
Rajkot
Jodhpur
Coimbatore
Udaipur
Aurangabad
Baroda
Cochin
Trivandrum
Thane
Indore
Nagpur
ChandigarhPunjab
Visakhapatnam
Wide Reach EstablishedFaridabad
Mangalore
16
Lucknow
Pune
Nasik
Dehradun
Vijaywada
Bhopal
Bhubaneswar
31 Offices
Dedicated to Rural Business
Meerut
Overall Presence 77 105
Jamshedpur
HO
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Max New York Life Insurance
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Neeman Medical International Contract Research Organization (CRO)
Neeman Medical International – Service offerings include
Site Management.
Project Management.
Data Management, includes Bio-Statistics and Report Writing.
Monitoring Services.
Clinical Trial Material Supply Chain Management Services.
Neeman Medical International is a value added Clinical Research ServiceOrganization. Neeman’s goal is to provide highly competent GCP/ICHcompliant Investigators in several geographies, who have access to patientsand dedicated Clinical Research Coordinators. This allows Neeman toaccelerate patient enrollment and generate high quality data.
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Neeman Medical InternationalBusiness Highlights
6 out of top 10 pharma companies are Neeman’s customers.
Preferred provider relationship with 3 Pharma majors.– Discussions underway with some more pharma majors for making Neeman a preferredservice provider.
Alliances with CROs in Europe for business expansion.
5 hospital alliances with access to over 4 Mn patients.
Network of over 1100 PIs across all geographies.
Impressive operating standards – 3 Successful FDA audits in Indian operations,
first ever Indian sites to be inspected by the US FDA.
Favorable Patent Regulations in India to catalyze exponential growth.
Order Book pipeline of over $6.5 Million.
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Neeman – Select List of Partners
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Max HealthStaff International
Max HealthStaff International Limited is an international healthcare staffingcompany, founded on world-class quality and service excellence.
It is committed to becoming India's leading healthcare staffing company,offering professionals to healthcare institutions in India and abroad.
Big Gap in Demand/Supply of Healthcare Resources in US, particularly nurses…projected to increase further.
• Current Shortage of Nurses: 200,000• Increasing every year – Expected to beover 400,000 by 2008 and 850,000 by 2020.
• Shortage of allied healthcare staffingresources such as occupational andphysical therapists, pharmacists,radiographers etc. estimated to be morethan 360,000 by 2008.
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First of its kind large scale corporate business initiative in India forproviding end to end placement solutions. Has begun placement ofnursing staff, will soon expand into other allied healthcare resources.
Annuity based revenue model with cash inflows expected for periodsupto 36 months for each placed candidate.
Sourcing and Training Centers in Delhi, Chandigarh and Kerala.– Expanding soon to Chennai and Kolkatta in FY 07.
Customer Profile– Leading Healthcare staffing companies, including publicly listed companies in US.– Non-exclusive contracts provides sufficient operational and strategic flexibility to thebusiness.
40 Nurses already placed in the US – Established proof of concept.
Over 700 nurses in pipeline… growing rapidly.– Business model highly scalable.
Currently focusing on US, will expand to Middle East shortly.
Max HealthStaff International
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Max Speciality Products
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Generates revenue of $30 Mn and PBT of $2Mn for FY 05-06.Revenue from BOPP business at $28 Mn, grows 7%.Revenue from MaxFoils at $2 Mn, grows 42%.
Installed capacity of 8,800 TPA to be tripled to 29,000 TPA by mid 2007.Further investment of $27 Mn for the capacity expansion.100% capacity utilization.
PBDIT to net sales at 14%.
Highest return on capital employed of $15 Mn – 18%, better thancompetitors.
Max Speciality Products
Manufacturer / Supplier of Niche (high contribution) and High BarrierSpeciality polymer films.
Capture value by producing Value Added products.Long term relationship with Blue chip customers in FMCG sector.Pioneer in introduction of new products / technology in India.Has a footprint in select export markets.Industry CAGR of 20%.
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