MIRA INFORM REPORT
|
Report
Date : |
21.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
IPCA
LABORATORIES LIMITED |
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Registered
Office : |
48,
Kandivli Industrial Estate, Kandivli (West), Mumbai - 400 067, Maharashtra |
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Country
: |
India |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
19.10.1946 |
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Com.
Reg. No.: |
11-7837 |
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CIN
No.: [Company
Identification No.] |
L24239MH1949PLC007837 |
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TAN
No.: (Tax
Deduction & Collection Account No.) |
MUMI05234F |
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PAN
No.: (Permanent
Account No.) |
AAACI1220M |
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Legal
Form : |
Subject is a public limited liability company. The
company’s shares are listed on the Stock Exchanges. |
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Line
of Business : |
Manufacturing
and Selling of Pharmaceutical Products such as Tablets/Capsules,
Orals/Liquids, Injectables, Basic Drugs/Intermediates and Psyllium Husk. |
RATING & COMMENTS
|
MIRA’s
Rating : |
Ba |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum
Credit Limit : |
USD
15000000 |
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Status
: |
Good |
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Payment
Behaviour : |
Usually
correct |
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Litigation
: |
Clear |
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Comments
: |
Subject
is a well-established and reputed pharmaceutical company. Famous Cine Artist
Amitabh Bachchan disinvested in the company sometime back and now majority
shares are held by Mr. Premchand Godha and Mr. M. R. Chandurkar (both
Managing Directors of the company). Available information indicates high
financial responsibility of the company. General financial position of the
company is satisfactory. Payments are usually correct and as per commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered
Office : |
48,
Kandivli Industrial Estate, Kandivli (West), Mumbai - 400 067, Maharashtra,
India |
|
Tel.
No.: |
91-22-66474444/
28682270 / 28682253 / 28682271 / 28682275 / 28682030 / 4241 |
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Fax
No.: |
91-22-28682279
/ 28686613 |
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E-Mail
: |
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Website
: |
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Corporate
Office : |
142-AB, Kandivli Industrial Estate, Kandivli (West),
Mumbai - 400 067, Maharashtra, India |
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Tel.
No.: |
91-22-28688566 / 4848 / 28684241 / 28687074 / 66474444 |
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Fax
No.: |
91-22-28686954 / 2875 / 28686613 |
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Domestic marketing Division : |
IPCA House, 63-E, Kandivli Industrial Estate, Kandivli
(West), Mumbai - 400 067, Maharashtra |
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Tel.
No.: |
91-22-8687678/2869/28683868/28684790/28686613/ 66474222 |
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Fax
No.: |
91-22-66474114/28688561/28686613 |
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Research & development center : |
123-AB, Kandivli Industrial Estate, Kandivli (West),
Mumbai – 400 067, Maharashtra, India |
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Tel.
No.: |
91-22-28684787/ 2867/ 28683589/ 28674518/ 66474755 |
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Fax
No.: |
91-22-28683589 / 66474757 |
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Plant locations: |
R. O.
Sejavata, Ratlam - 457 002, Madhya Pradesh Tel.
91-7412-279079 Fax.
91-7412-279083 Plot No.
89 A-D/90/91, Industrial Estate, Pologround, Indore - 452 003, Madhya Pradesh Tel.
91-731-2421172/422081 Fax.
91-731-2422082 Plot No.
69 to 72 (B), Sector II, Kandla Free Trade Zone, Gandhidham - 370 230,
Gujarat Tel.
91-2836-252385/252389 Fax.
91-2836-2523213 Plot No.
255/1, Village Athal, (Silvassa) - 396 230, Dadra & Nagar Haveli, Union
Territory Tel.
91-260-2640301/0309 Fax.
91-260-2640303 Plot No.
65 & 99, Danudyog Industrial Estate, Piparia (Silvassa), Dadra &
Nagar Haveli (Union Territory) Tel.
91-260-2640850/894 Fax.
91-260-2640646 H-4,
MIDC, Waluj, Aurangabad-431 136, Maharashtra Tel:
91-240-2564993 Fax:
91-240-2564113 C-6, Sara Industrial Estate,
Chakrata Road, Rampur, Dehradun – 248197, Uttaranchal Tel: 91-135-3255544 Fax: 91-135-2728766 |
DIRECTORS
|
Name : |
Mr. R. S.
Hugar |
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Designation
: |
Chairman |
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Name : |
Mr.
Premchand Godha |
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Designation
: |
Managing
Director |
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Name : |
Mr. M. R.
Chandurkar |
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Designation
: |
Managing
Director |
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Name : |
Mr. A. K.
Jain |
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Designation
: |
Executive
Director |
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Name : |
Mr. T.
Ramachandran |
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Designation
: |
Executive
Director |
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Qualification |
B. Com. |
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Date
of Appointment |
21.08.1994 |
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Other
Directorships :- |
1.
Haysinth
Investments & Traders Private Limited 2.
IPCA
Pharma Nigeria Limited, Nigeria 3.
Solway
Investments Limited, Mauritius 4.
Sundridge
Management Limited, Mauritius 5.
National
Druggists (Pty) Limited, South Africa |
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|
Name : |
Mr.
Babulal Jain |
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Designation
: |
Director |
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Qualification |
C. A. |
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Profile |
He is
practicing Chartered Accountant by profession. He is also the Chairman of the
Audit Committee of the Company. He has professional experience of over 25
years in the field of Audit, Finance, Company Law and Taxation. His
professional knowledge and vast experience will be of immense benefit to the
Company. |
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|
Name : |
Dr. V. V.
Subba Rao |
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Designation
: |
Director |
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Qualification |
Science
Post Graduate in Chemistry and Ph.D. |
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Other
Directorship |
Pratista
Industries Limited |
|
Profile |
He has
also carried out post doctoral research in surface Chemistry in USA. He has
rich experience of nearly 35 years in the field of science and technology. He
retired as Advisor of the Ministry of Science & Technology (DSIR),
Government of India. He technical knowledge and vast experience will be of
immense benefit to the company. He had been a independent Director on the
Board of the Company since September, 2000. |
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|
Name : |
Mr. V. A.
Gore |
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Designation
: |
Director
– Nominee ICICI |
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Qualification |
B. Com. |
|
Date
of Appointment |
16.04.2003 |
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Other
Directorships:- |
1.
Apar
Industries 2.
Gujarat
Borosil Limited |
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OTHER
PERSONNEL : |
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Name : |
Mr.
Harish P. Kamath |
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Designation
: |
Company
Secretary |
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Name : |
Mr. J. L.
Nagori |
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Designation
: |
Vice
President & Head - Bulk Drugs
Business |
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|
Name : |
Dr. Ashok
Kumar |
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Designation
: |
Vice President
- R & D Chemicals |
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|
Name : |
Mr. M. D.
Sharma |
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Designation
: |
Vice
President – Domestic Marketing |
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Name : |
Mr. Y. K.
Bansal |
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Designation
: |
Vice
President – R & D (Formulations) |
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Name : |
Mr.
Prakash Shanware |
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Designation
: |
Vice
President – HR |
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Name : |
Mr. B. G.
Kini |
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Designation
: |
Vice
President - Quality |
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Name : |
Mr.
Rajesh Srivastava |
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Designation
: |
Vice
President – Commercial |
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Name : |
Mr. N.
Guhaprasad |
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Designation
: |
Sr. Vice President - International Marketing |
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Name : |
Pranay Godha |
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Designation
: |
Vice President - Generics |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Indian
Promoters |
12928005 |
51.71 |
|
Banks and
Insurance Companies |
200 |
00.00 |
|
UTI and
Mutual Funds |
4062346 |
16.25 |
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FII's and
NRI's |
2312577 |
9.25 |
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Domestic
Companies |
1451881 |
5.81 |
|
Resident
Individuals |
4244991 |
16.98 |
|
Total |
25000000 |
100.00 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturing
and Selling of Pharmaceutical Products such as Tablets/Capsules,
Orals/Liquids, Injectables, Basic Drugs/Intermediates and Psyllium Husk. |
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Products
: |
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Exports
to : |
Australia, Canada, Ethiopia, Germany, Italy, Japan, Sri
Lanka, USA, UK, Yemen |
PRODUCTION STATUS
|
Particulars |
Unit |
Basis |
Installed Capacity |
Actual Production |
|
Tablets/Capsules |
Millions |
Single
Shift |
6072.000 |
10519.300 |
|
Orals/Liquids |
Kilo
Ltrs. |
Single
Shift |
16.320 |
29.300 |
|
Injectables |
Millions |
Single
Shift |
-- |
60.800 |
|
Basic
Drugs/ Intermediates |
Tonnes |
Triple
Shift |
303.700 |
275.900 |
GENERAL INFORMATION
|
No. of
Employees : |
4361 |
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Bankers
: |
Canara
Bank Corporation
Bank State
Bank of India ICICI
Bank Exim Bank
of India |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors
: |
Natvarlal
Vepari & Company Chartered
Accountants, |
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Associates: |
Kaygee
Investments Private Limited Chandurkar
Investments Private Limited Halewood
Laboratdries Private Limited Harleystreet
Pharmaceuticals Private Limited Ipca
Surgical Specialities Private Limited Makers
Laboratories Limited Mexin
Medicaments Private Limited Paschim
Chemicals Private Limited Win Laboratories Private Limited |
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Subsidiaries
: |
Solway
Investments Limited, Mauritius Sundridge
Management Limited, Mauritius Laboratories
Ipca Do Brasil Ltda IPCA
Pharmaceuticals, Inc. USA IPCA
Laboratories U.K. Limited IPCA
Pharma Nigeria Limited Nigeria National
Druggists (Pty) Limited South Africa Exon
Laboratories Private Limited CCPL Software Private Limited |
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Other Related Parties: |
Nipra
Industries Private Limited Oasis
Packaging Private Limited Orbit
Packaging Private Limited Keymed Oscar
Industries Priti
Packaging Private Limited Mr.Pranay
Godha Mrs. Usha
R Godha Kaygee
Papers Private Limited Trimurthi
Developers Vandhara
Resorts Private Limited Jain
Packaging Private Limited Great Heights Trade lines Private
Limited |
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Joint Venture Company : |
Active
Pharmaceuticals [FZC] |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
45000000 |
Equity Shares |
Rs. 10
each |
Rs. 450.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs. 10
each |
Rs. 250.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
250.00 |
250.000 |
125.000 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
3608.893 |
3125.875 |
2631.748 |
|
|
4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
3858.893 |
3375.875 |
2756.748 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
1732.313 |
2198.048 |
1536.837 |
|
|
2]
Unsecured Loans |
236.740 |
9.371 |
9.569 |
|
TOTAL
BORROWING
|
1969.053 |
2207.419 |
1546.406 |
|
|
DEFERRED
TAX LIABILITIES |
478.900 |
429.401 |
290.000 |
|
|
|
|
|
|
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TOTAL
|
6306.846 |
6012.695 |
4593.154 |
|
|
|
|
|
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APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
3437.997 |
2942.927 |
1820.893 |
|
Capital work-in-progress
|
297.222 |
281.711 |
138.257 |
|
|
|
|
|
|
|
INVESTMENT
|
139.277 |
102.873 |
151.519 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
1833.227
|
1738.693
|
1502.242 |
|
|
Sundry Debtors
|
1429.448
|
1571.550
|
1390.371 |
|
|
Cash & Bank Balances
|
36.675
|
41.652
|
47.511 |
|
|
Other Current Assets
|
0.003
|
0.003
|
0.003 |
|
|
Loans & Advances
|
330.223
|
298.185
|
545.419 |
Total Current Assets
|
3629.576 |
3650.083 |
3485.546 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
1067.005
|
850.271
|
788.261 |
|
|
Provisions
|
130.221
|
114.628
|
214.800 |
Total Current Liabilities
|
1197.226 |
964.899 |
1003.061 |
|
Net
Current Assets
|
2432.350 |
2685.184 |
2482.485 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
6306.846 |
6012.695 |
4593.154 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
7532.957 |
6809.731 |
6347.209 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
783.891 |
1015.512 |
1080.089 |
Provision for Taxation
|
144.088 |
238.258 |
287.526 |
Profit/(Loss) After Tax
|
639.803 |
777.254 |
792.563 |
|
|
|
|
|
Export Value
|
3857.659 |
3909.674 |
3424.206 |
|
|
|
|
|
Import Value
|
115029.900 |
865.246 |
849.877 |
|
|
|
|
|
Total Expenditure
|
6749.066 |
5794.219 |
5267.120 |
QUARTERLY
RESULTS
|
PARTICULARS |
|
30.06.2006 (1st
Quarter) |
30.09.2006 (2ND
Quarter) |
|
Sales Turnover |
|
2212.400 |
1958.000 |
|
Other Income |
|
09.400 |
6.200 |
|
Total Income |
|
2221.800 |
1964.200 |
|
Total Expenditure |
|
1805.000 |
1622.800 |
|
Operating Profit |
|
416.800 |
341.400 |
|
Interest |
|
48.300 |
27.300 |
|
Gross Profit |
|
38.500 |
314.100 |
|
Depreciation |
|
69.100 |
59.400 |
|
Tax |
|
46.800 |
52.500 |
|
Reported PAT |
|
243.400 |
174.900 |
200606 Quarter 1 Notes
Net Sales Includes Gross Sales Rs. 2395.00
million Excise Duty & Sales Tax Rs. (182.60) million Expenditure Includes
(Increase)/Decrease in stock in Trade Rs. (30.50) million Materials Consumption
Rs. 997.00 million Staff Cost Rs. 286.50 million Manufacturing & Other
expenditure Rs. 508.50 million Loss/(Profit) on foreign exchange transaction Rs
43.50 million Tax Includes Provision for Current Tax Rs. 41.00 million Deferred
Tax (Net) Rs. 9.20 million Fringe Benefit Tax Rs. 5.80 million EPS is Basic
& Diluted Status of Investor Complaints for the quarter ended June 30, 2006
Complaints Pending at the beginning of the quarter Nil Complaints Received
during the quarter 74 Complaints disposed off during the quarter 74 Complaints
unresolved at the end of the quarter Nil 1. The above results after being
reviewed by the Audit Committee were approved and taken on record by the Board
of Directors in their meeting held on July 28, 2006. 2. The Auditors of the
Company have carried out the limited review of the above unaudited financial
results in terms of clause 41 of the Listing Agreement. 3. The figures for the
quarter ended June 30, 2005 includes the effect of amalgamation of Innotech
Pharma Ltd. with the Company which was sanctioned by BIFR after the publication
of the financial results of that quarter and therefore, are different from
those published. However, the differences are not material. 4. The entire
operations of the Company relate to only one segment viz. 'Pharmaceuticals'. 5.
Previous year figures have been regrouped and re-arranged, wherever necessary.
200609 Quarter 2 Notes
Net Sales Includes Gross Sales Rs. 2617.500 million Excise
Duty & Sales Tax Rs. (178.000) million Expenditure Includes
(Increase)/Decrease in stock in Trade Rs. (112.600)million Materials
Consumption Rs. 1113.700 million Staff Cost Rs. 295.500 million Manufacturing
& Other expenditure Rs. 537.900 million Loss/(Profit) on foreign exchange fluctuation
Rs. 24.400 million Tax Includes Provision for Current Tax Rs. 81.800 million
Deferred Tax (Net) Rs. 13.300 million Fringe Benefit Tax Rs. 6.300 million EPS
is Basic & Diluted Status of Investor Complaints for the quarter ended
30.09.2006 Complaints Pending at the beginning of the quarter Nil Complaints
Received during the quarter 54 Complaints disposed off during the quarter 54
Complaints unresolved at the end of the quarter Nil 1. The above results after
being reviewed by the Audit Committee were approved and taken on record by the
Board of Directors in their meeting held on 18.10.2006. 2. The Auditors of the
Company have carried out the limited review of the above unaudited financial
results in terms of clause 41 of the Listing Agreement. 3. The Board has
declared an interim dividend of 35% for the financial year 2006-2007. 4. In
accordance with the Accounting Standard AS-15 (Revised 2005) on employee
benefits issued by the ICAI effective from 01.04.2006, the Company has
re-assessed its liability towards employee benefits covered by the aforesaid
Accounting Standard. The additional charge for the current year is Rs. 3.044
million which has been debited under staff cost. The amount relating to the
period before 01.04.2006 will be charged to the Revenue Reserve as per the
transitional provisions in the said standard. 5. The Compensation Committee of
the Board at its meeting held on 23.09.2006 has granted 3,99,000 options to the
selected employees end directors of the Company under Ipca Laboratories Ltd
Employees Stock Option Scheme 2006 (ESOS). The compensation cost determined in
accordance with the guidance note on Accounting for employee share-based
payments has been debited under Staff cost. 6. The entire operations of the
Company relate to only one segment viz. 'Pharmaceuticals'. 7. Previous year
figures have been regrouped and re-arranged, wherever necessary.
KEY
RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt
Equity Ratio |
0.58 |
0.61 |
0.58 |
|
Long Term
Debt Equity Ratio |
0.32 |
0.28 |
0.19 |
|
Current
Ratio |
1.48 |
1.51 |
1.52 |
|
TURNOVER
RATIOS |
|
|
|
|
Fixed
Assets |
1.94 |
2.25 |
2.80 |
|
Inventory
|
4.53 |
4.45 |
5.13 |
|
Debtors |
5.40 |
4.87 |
5.01 |
|
Interest
Cover Ratio |
5.99 |
9.61 |
15.65 |
|
Operating
Profit Margin (%) |
14.65 |
18.79 |
19.99 |
|
Profit
Before Interest and Tax Margin (%) |
11.61 |
16.16 |
17.76 |
|
Cash
Profit Margin (%) |
10.94 |
13.82 |
14.44 |
|
Adjusted
Net Profit Margin (%) |
7.90 |
11.18 |
12.21 |
|
Return on
Capital Employed (%) |
16.48 |
23.59 |
29.86 |
|
Return on
Net Worth (%) |
17.69 |
26.32 |
32.52 |
STOCK PRICES
|
Face Value |
Rs.10/- |
|
High |
Rs.434.15/- |
|
Low |
Rs.343.55/- |
LOCAL AGENCY FURTHER INFORMATION
Financial Performance and Operations Review
The Company had another successful financial year with a net total income of
Rs.7533 millions as against Rs. 6854.5 millions in the previous year, a growth
of 10%.
The Company's focus on formulations business resulted into increase in overall
formulation sales to Rs. 5012.9 millions, an increase of 12% over previous year
formulations sales of Rs. 4475.9 millions. This increase in formulation sales
is inspite of substantial decline in generic formulation exports to United
Kingdom.
The overall increase in the formulation sales is mainly on account of increased
sales in branded promotional markets of India, Russia and Ukraine.
The company further expanded its therapeutic coverage with introduction of new
formulations, both in the domestic and export markets, especially in the fast
growing life style related segments.
The operations have resulted in a net profit of Rs. 639.800 millions during the
financial year under report as against a net profit of Rs.807.1 millions in the
previous financial year.
International business
The products of the Company are now exported to over 100 countries across the
globe. During the financial year under report, the international business
declined to Rs. 4018.300 millions as against Rs.4105.8 millions in the previous
year. Formulation exports of the Company declined by 11% to Rs. 2099.8 millions
and exports of Active Pharmaceutical Ingredients (APIs) and Intermediates
increased by 10% to Rs.1918.5 millions.
Europe
The Company achieved European export sales of Rs. 1744 millions during the
financial year under report as against a sales of Rs. 2206.5 millions in the
previous year.
The decline in export sales to Europe is mainly on account of reduced generic
formulations sales to United Kingdom (U.K.) due to fierce competition.
The Company has developed 36 generic formulation dossiers for registration in
UK out of which 12 dossiers are already registered. 25 more generic
formulations are under development at various stages for European market.
The Company has also stepped up the activity of registering products in other
main EU markets and business from these markets are expected to contribute to
the formulations exports of the Company to Europe in the coming years.
Americas
The Company mainly exports its APIs to USA, Canada and Latin American countries
and formulations to Panama, Brazil and West Indies in this subcontinent.
The Company achieved sales of Rs. 467.9 millions in this continent as against
Rs. 521.9 millions in the previous year.
The Company has finalized list of formulations for development and filing of
ANDAs with US FDA. Most of the formulations selected are from own APIs for
which the Company has already filed Drug Master Files (DMFs). The wholly owned
subsidiary of the Company incorporated in USA is acting as a listening company,
co-ordinating ANDA registrations and related activities.
The Company has already signed an agreement with a marketing partner for sale
of generic formulations on a profit sharing arrangement in the US market. 3
ANDA applications in respect of generic formulations developed by the Company
are already filed with US FDA.
Confederation of Independent States (CIS)
The Company's CIS business recorded a growth of 28% to Rs.574.500 millions,
most of which is from branded formulations business from Russia, Ukraine and
Kazakhstan. The Company's branded formulations are marketed by its own field
force appointed through its non-trading offices at Moscow in Russia, Kiev in
Ukraine and Almaty in Kazakhstan. The Company is continuously expanding its
product range and geographical reach in the CIS market.
Asia
The Asian business (excluding India) recorded a Sales of Rs. 496.700 millions
as against Rs.409.700 millions in the previous year. The Company exports
formulations as well as APIs to several Asian countries. In countries like
Srilanka, Myanmar and Vietnam, the Company markets its branded formulations
through dedicated field force. The product range of the Company in Asian market
is also being expanded.
The Company is operating in Asian market through non-trading offices in Vietnam
and Philippines and in other countries through distributors.
Africa
The Company achieved export sales of Rs. 627.5 millions to Africa during the
financial year under report as against Rs.409.7 millions in the previous
year.
The Company exports formulations as well as APIs to several African
countries.
The Company markets branded formulations in countries like Uganda, Sudan,
Tanzania, Kenya and Nigeria through dedicated field force.
The Company has opened a non-trading office in Kenya to step up the brand
promotion activities in Kenya.
The step-down subsidiary of the Company in Nigeria achieved a sales of Rs.
134.200 millions and net profit of Rs. 14.1 millions during the financial year
under report. The entire accumulated losses of this step-down subsidiary is
wiped out during the year under report.
Australasia
The Company exports APIs to Australia and formulations to Australia and New
Zealand in this sub-continent. The business from this continent was Rs. 107.7
millions during the financial year under report as against Rs. 110.1 millions
in the previous year.
During the financial year under report, 4 generic formulation dossiers of the
Company are registered in Australia and the formulations exports commenced in
the 4th quarter.
The Company is focusing on registering more formulation dossiers in Australia
and New Zealand
Its’
products range includes :-
·
Antimalarials
·
Antiemetics
·
Antibiotics
·
Analgesics
·
Antidiabetics
·
Cardiac
Care Products
·
Cough
and Cold Therapy Products
Subject is a Government Recognized Trading House.
The company imports raw materials, capital goods, traded
goods, hospital products & machine components from Europe & Far East
against L/C terms.
The Athal plant's total
land area is approximately 103200 sq.mtrs.
It has also been recommended by SGS-IGS for ISO 9001 certification.
The
company is in trade terms with :
- Adam Fibrepack Industries
- Atlas Fibrepack Industries
- Blue Circle Speciality
Chemicals
- Budhraja Containers
- DamanPolymers
- D. M. Printers
- Excelarts Private Limited
- Gemini Data Loggers (India)
Private Limited
- Hiral Chemical Industries
- Indian Scientific Glass
- Laxmi Print Art
- Lucid Prints
- Mono Lisa Printers
- Nipra Industries Private
Limited
- Perfect Packaging
- Priti Packaging Private Limited
- Radiant Plastruders (India)
- Reliance Industrial Products
- Roto Polymers India
- Shantilal & Company
- Span Packers Private Limited
- Swastik Flexipack Private
Limited
- Uni Packs (India)
- Vial Seal Industries
- Harleystreet Pharmaceuticals
Limited
- Kishor Industries
- Klasspack Private Limited
- Modern Corrugators
- Niranjan Plastics
- Shakti Packers
- Shakti Plastics
- Shantilal & Company
- Universal Medicaps Limited
The company's fixed assets of important value includes
Freehold & Leasehold Land, Buildings, Plant & Machinery, Effluent
Treatment Plant, Furniture & Fixtures, Vehicles and R&D Assets :
Building, Equipments & Furniture
WEBSITE DETAILS
PROFILE
Ipca is a fully integrated, rapidly growing Indian
pharmaceutical company with a strong thrust on exports. Ipca's APIs and Formulations produced at worldclass manufacturing
facilities are approved by leading drug regulatory authorities including the
US-Food and Drug Administration (FDA), UK-Medicines and Healthcare products
Regulatory Agency (MHRA), South Africa-Medicines Control Council (MCC),
Brazil-Brazilian National Health Vigilance Agency (ANVISA) and
Australia-Therapeutic Goods Administration (TGA). With operations in over 100
countries, exports account for over 60%
of the company's 2004-05 income.
Forbes, a leading US business magazine,
selected Ipca in 2003 among its
top 200 successful, rising companies outside USA, with sales under USD 1 Billion. Over 19,000 companies
were considered by Forbes, and of the 18 companies from India that figured in
this list, only four were from the 'Indian
Pharmaceutical Sector'. Ipca
happens to be one of them.
From a modest income of Rs. 5.4 millions in 1975-76, the net
income has soared to Rs. 6809.7 millions in 2004-05 with exports accounting for
Rs. 4105.8 millions. The net profit
for the year ending 31st March, 2005 stood at Rs. 807.1 millions. Formulations
constitute 65 percent of the total income for 2004-05. Today, Ipca is one of the biggest manufacturers in the world of
APIs Atenolol (Antihypertensive), Chloroquine Phosphate (Antimalarial),
Furosemide (Diuretic) and Pyrantel Salts (Anthelmintic) right from the basic
stage. Ipca is also one of the
largest suppliers of these APIs and their intermediates world over.
HISTORY
One of the first modern pharma factory of yesteryears was
commissioned by IPCA at Mumbai
in 1969.
The company was originally promoted by a group of medical professionals and
businessmen and was incorporated as 'The
Indian Pharmaceutical Combine Association Limited.' in October 1949.
The present management took over in November 1975 when the total turnover of
the company was just Rs. 5.4 millions.
Currently, this premise where IPCA
started its operations, houses the Registered Office of the company. Key
departments like International Marketing, R&D (Formulations) and Analytical
Development Lab are located here.
MILESTONES
2005
Merger of
Innotech Pharma Limited with IPCA
Laboratories Limited in August, 2005.
IPCA enters
in to Joint Venture with Holley Group of China for marketing Artemisinin based
API and Formulation.
Joint Venture setup in SAIF Zone, Sharjah, U.A.E. and named as ACTIVA
Pharmaceuticals FZC.
Acquires
Cardiac brand ISORDIL from Wyeth Limited.
Forbes
Asia, a leading US business magazine selected IPCA, for the third consecutive year as one among the first 200
'Best under a Billion Company' in Asia.
2004
Commissioned
new formulation plant at Silvassa
Received
'Lifetime Achievement Award' for the year
2002-03 from from CHEMEXIL (Basic Chemicals, Pharmaceuticals & Cosmetics
Export Promotion Council) for export promotion over the years.
CDRI
licenses novel Antimalarial compound to Ipca.
API
manufacturing facility at Ratlam (M.P.) inspected by US-FDA and the facility
was found to be in compliance with global GMP requirements. The plant and the
facilities have been recommended for manufacturing Atenolol, Propranolol
Hydrochloride, Hydroxychloroquine Sulphate and Chloroquine Phosphate.
Forbes
Asia, a leading US business magazine
selected Ipca, for the second consecutive year as one among the first 200 'Best
under a Billion Company' in Asia.
2003
Launched
new domestic marketing division, 
,
dedicated to Rheumatology Care. First Company in India
to have such division for marketing superspeciality molecules.
Launched
new domestic marketing division, 
dedicated
to Cardio-Diabetology segments.
Wholly
owned subsidiary ‘Ipca Pharmaceuticals Inc.’ incorporated in
United States of America.
Wholly
owned subsidiary ‘Ipca Laboratories (UK) Limited’ incorporated in United
Kingdom.
Forbes, a
leading US business magazine, selected among its top 200 successful,
rising companies outside USA, with sales under USD 1 Billion.
2002
Launched
new domestic marketing division, 
, to promote established
brands with a focus on micro-interior marketing.
Wholly
owned subsidiary ‘Laboratories Ipca Do Brasil Limited’ incorporated in
Brazil.
2001
Awarded
'Trishul', the highest award conferred by CHEMEXIL (Basic Chemicals,
Pharmaceuticals & Cosmetics Export Promotion Council) for outstanding
export performance.
Launched
new domestic marketing division, 
, to promote speciality
products in therapeutic segments of Psychiatry, Neurology and Dermatology.
Wholly
owned subsidiary 'Solway Investments Limited' incorporated in Mauritius.
Wholly
owned subsidiary 'Sundridge Management Limited' incorporated in
Mauritius.
Stepdown
subsidiary 'National Druggists (Pty) Limited' acquired in South Africa.
Stepdown
subsidiary 'Ipca Pharma Nigeria Limited' incorporated in Nigeria.
2000
Received ISO
9001 certification for Athal Plant.
1999
First to
introduce formulation of Hydroxychloroquine Sulphate under brand name 'HCQS'
in India.
1997
Launched
(Comprehensive Cardiac
Care) domestic marketing division, dedicated to promote cardiac care
products.
Athal plant
received prestigious approval from UK-Medicines and Healthcare products
Regulatory
Agency (MHRA) formerly known as UK-Medicines Control
Agency (MCA).
Athal,
Kandla and Ratlam plants received the prestigious
approval from MCC (Medicines Control Council)
South Africa.
1996
Commissioned
new API R&D Centre at Mumbai.
1995
Commissioned
modern formulations plant at Athal (Silvassa).
1994
Maiden
Public Issue of shares.
Acquired
API Plant from BDH Pharmaceuticals (a subsidiary of E. Merck) at Indore.
1993
Acquired
Hoechst India's formulations unit at Kandla.
1986
Ipca’s first APIs Plant for manufacturing
of Chloroquine Phosphate, set up at Ratlam.
Production
of Atenolol, for the first time in India, commenced at Ratlam.
1985
Production
of Pyrantel Pamoate API commenced for the first time in India.
Commenced
manufacturing of Injectables at the Ratlam formulations unit.
1984
First APIs
plant commissioned at Ratlam.
Ipca’s second formulations plant
commissioned at Ratlam.
1982
The first
company, after Eli Lilly, to develop a preconstituted formulation of
Erythromycin Estolate (Eltocin® Liquid).
1981
R&D
Active Pharmaceutical Ingredients and R&D Formulation development
departments set up to
provide technology based products
1980
Launched
formulations of Bromhexine for the first time in India.
1978
Launched
formulations of Metoclopramide under brand namd 'Perinorm'® for the first time
in India.
Launched Ipca
- Contact, company's in-house Magazine
1976
Started
domestic marketing operations, the first company to offer sugarcoated
Chloroquine tablets.
NEWS
May 6,
2006: New
plant at Dehradun
The
Company's new formulations (tablets and capsules) manufacturing unit near
Dehradun in the state of Uttaranchal set up at a capital outlay of about Rs.160
millions has started commercial production from 05.05.2006. This manufacturing
unit will mainly cater to the growing formulations requirement of the Company's
business.
This
manufacturing unit will enjoy the fiscal benefits in the form of Central Excise
exemption and Income Tax benefits under relevant Acts as applicable under
Industrial policies of the Central and State Government.
July 28,
2006
Financial Results
Ipca Laboratories Limited (Ipca) has posted a net total
income of Rs.2221.8 millions for the quarter ended 30th June, 2006 as against
Rs.2074.8 millions in the same quarter of the previous financial year, a growth
of 7%. Export Sales for the quarter is Rs.1048.3 millions as against Rs.1050.9
millions in the same quarter of previous financial year.
The Net Profit for the quarter is down by 6% to Rs.243.4
millions as against Rs.258.6 millions in the same quarter previous year. The
Earning Per Share works out to Rs.9.74 per share of Rs. 10/- each.
During the quarter, there was a exchange loss of Rs.43.5
millions as against a exchange gain of Rs.0.4 millions in the corresponding
quarter of previous year.
|
1st
Quarter at a glance |
|||
|
(Rs.
Millions) |
|||
|
1st
Quarter ended |
30.06.2006 |
30.06.2005 |
Growth |
|
Net
Total Income |
2221.8 |
2074.8 |
7% |
|
Export
Income |
1048.3 |
1050.9 |
- |
|
Profit
before tax |
299.4 |
349.8 |
(14%) |
|
Net
Profit |
243.4 |
258.6 |
(6%) |
|
Earnings
per share (Rs.) |
97.4 |
103.4 |
(6%) |
CMT REPORT
[Corruption, Money laundering & Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts, India Prisons
Service, Interpol, etc.
1] INFORMATION ON DESIGNATED PARTY
No
exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that
subject is or was the subject of any formal or informal allegations,
prosecutions or other official proceeding for making any prohibited payments or
other improper payments to government officials for engaging in prohibited
transactions or with designated parties.
3] Asset Declaration :
No
records exist to suggest that the property or assets of the subject are derived
from criminal conduct or a prohibited transaction.
4] Record on Financial Crime :
Charges or
conviction registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with Government :
No record exists to
suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report
:
No press reports / filings exists on the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments
on Corporate Governance to identify management and governance. These factors
often have been predictive and in some cases have created vulnerabilities to
credit deterioration.
Our Governance Assessment focuses principally on the
interactions between a company’s management, its Board of Directors,
Shareholders and other financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local
laws, regulations or policies that prohibit, restrict or otherwise affect the
terms and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 44.64 |
|
UK Pound |
1 |
Rs. 86.51 |
|
Euro |
1 |
Rs. 58.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
6 |
|
OPERATING
SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT
LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT
POINTS |
|
|
|
--BANK
CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT
POINTS |
|
|
|
--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This
score serves as a reference to assess SC’s credit risk and to set the amount of
credit to be extended. It is calculated from a composite of weighted scores
obtained from each of the major sections of this report. The assessed factors
and their relative weights (as indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound
financial base with the strongest capability for timely payment of interest
and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working
capital. No caution needed for credit transaction. It has above average
(strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base
are regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent.
Repayment of interest and principal sums in default or expected to be in
default upon maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists.
Caution needed to be exercised |
Credit not recommended |