MIRA INFORM REPORT
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Report Date : |
09.04.2011 |
IDENTIFICATION DETAILS
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Name : |
AJANTA PHARMA LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
31.12.1979 |
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Com. Reg. No.: |
11-22059 |
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CIN No.: [Company
Identification No.] |
L24230MH1979PLC022059 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA08396D/MUMA19462C |
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PAN No.: [Permanent
Account No.] |
AAACA5579P |
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Legal Form : |
Public Limited Liability Company. The company’s Shares are listed on the stock exchange. |
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Line of Business : |
Manufacturer and Exporter of Pharmaceutical Products in the form of Tablets, Capsules, Liquids, Injectables, Powders and Others. |
RATING & COMMENTS
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MIRA’s Rating : |
A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 7036272 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
Note - Management non-cooperative name not disclosed
LOCATIONS
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Registered Office / Factory – I : |
Ajanta House 98 Government Industrial, Area Charkop, Kandivli (West),
Mumbai-400067, |
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Tel. No. |
91-22-66061000 |
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Fax No. |
91-22-66061200/1300 |
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E-Mail |
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Website |
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Factory-2 : |
B-4, B-5, B-6 MIDC Industrial Area, Paithan, Aurangabad-431128, |
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Tel. No.: |
91-2431-233092 |
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Fax No.: |
91-2431-232088 |
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Factory-3 : |
31-O, MIDC Industrial Area, Chikalthana, Aurangabad-431210, |
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Tel. No.: |
91-240-22485851 |
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Fax No.: |
91-240-22485850 |
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Factory-4 : |
Gut No. 11/12/14/15, Chitegaon, Paithan, Road,
Aurangabad-431 105, Maharashtra, India |
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Factory -5 : |
Gut No. 378, Plot No. 8, Waluj, Aurangabad, Maharashtra,
India |
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Factory-6 : |
43 AB & 44BCD, ADVENT, Charkop, Kandivli (W), Mumbai –
400 067, Maharashtra, India |
DIRECTORS
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Name : |
Mr. Mannalal B. Agrawal |
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Designation : |
Chairman |
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Name : |
Mr. Purushottam B. Agrawal |
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Designation : |
Vice Chairman |
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Name : |
Mr. Madhusudan B. Agrawal |
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Designation : |
Vice Chairman |
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Name : |
Mr. Yogesh M. Agrawal |
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Designation : |
Managing Director |
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Name : |
Dr. Anil Kumar |
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Designation : |
Director |
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Name : |
Mr. Chandrakant M. Khetan |
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Designation : |
Director |
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Name : |
Mr. Subal Chandra Saha |
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Designation : |
Nominee Director (IDBI Bank) |
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Name : |
Ms. Manjiri Bhalerao |
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Designation : |
Nominee Director (Exim Bank) |
KEY EXECUTIVES
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Name : |
Mr. Nikhil Bhatt |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding
of promoters and Promoter Group |
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1. Indian |
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Individuals / Hindu Undivided Family |
7424691 |
63.41 |
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Bodies Corporate |
398930 |
3.41 |
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(B) Public
Shareholding |
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1. Institutions |
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Financial Institutions / Banks |
2940 |
0.03 |
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Foreign Institutional Investors |
2500 |
0.02 |
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Any Other
(Specify) |
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Trusts |
100 |
-- |
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2. Non
Institutions |
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Bodies Corporate |
861272 |
7.36 |
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Individual shareholders holding nominal share capital up to Rs. 0.100
million |
2173531 |
18.56 |
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Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
761804 |
6.51 |
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Any Other
Specify |
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Clearing Members |
23153 |
0.20 |
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Market Maker |
12593 |
0.11 |
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Non Resident Indians |
30190 |
0.26 |
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Hindu Undivided Families |
16796 |
0.14 |
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Shares
held by custodians and against which depository receipts have been
issued (C) |
-- |
-- |
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Total (A) + (B) +(C) |
11708500 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Pharmaceutical Products in the form of Tablets, Capsules, Liquids, Injectables, Powders and Others. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
Installed
Capacity |
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Tablets |
Million Nos |
1500 |
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Capsules |
Million Nos |
425 |
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Liquids |
Million Nos |
8 |
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Powder |
Million Nos |
21 |
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API |
Tonnes |
18 |
GENERAL INFORMATION
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No. of Employees : |
600 (Approximately) |
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Bankers : |
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Facilities : |
Notes (i)
Term loans are secured by first charge on all fixed assets of the company and
second charge on entire current assets of the company, present & future
on pari passu basis in addition to personal guarantee of some of the
directors. (ii)
Working capital loans are secured by first charge on all current assets of
the company and second charge on fixed assets of the company on pari passu
basis in additions to the personal guarantee of some of the directors. (iii) Other loans are secured against vehicles acquired
under the scheme.
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Kapoor and Parekh Associates Chartered Accountant |
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Subsidiaries : |
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Associates : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1,50,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
|
1,50,00,000 |
Preference Shares |
Rs.10/- each |
Rs. 150.000 Millions |
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Total |
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Rs. 300.000
Millions |
Issued Capital,:
|
No. of Shares |
Type |
Value |
Amount |
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1,18,61,800 |
Equity Shares |
Rs.10/- each |
Rs. 118.618 Millions |
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Subscribed & Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
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1,17,08,500 |
Equity Shares |
Rs.10/- each |
Rs. 117.085
Millions |
|
1,53,300 |
Add – Equity Shares Forfeited-Amount Originally Paid up |
|
Rs. 0.876
Million |
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Total |
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Rs. 117.961 Millions |
Notes
Of the above Equity Shares :
- 12,33,000 Equity Shares are allotted as Bonus Shares by
way of capitalisation of reserves.
- 31,25,000 Equity Shares were allotted pursuant to Scheme
of Amalgamation without payment being received in cash
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
117.961 |
117.961 |
117.961 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1641.107 |
1403.516 |
1223.989 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1759.068 |
1521.477 |
1341.950 |
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LOAN FUNDS |
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1] Secured Loans |
1815.244 |
2008.558 |
1330.650 |
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2] Unsecured Loans |
217.665 |
393.661 |
319.995 |
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TOTAL BORROWING |
2032.909 |
2402.219 |
1650.645 |
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DEFERRED TAX LIABILITIES |
58.009 |
7.502 |
0.000 |
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TOTAL |
3849.986 |
3931.198 |
2992.595 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1608.518 |
1301.883 |
938.861 |
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Capital work-in-progress |
469.911 |
551.679 |
238.802 |
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INVESTMENT |
170.514 |
170.514 |
167.217 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
29.257 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
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Inventories |
1051.613
|
989.801 |
910.954 |
|
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Sundry Debtors |
855.041
|
969.185 |
831.314 |
|
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Cash & Bank Balances |
52.339
|
73.107 |
49.085 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
384.844
|
402.934 |
301.174 |
|
Total
Current Assets |
2343.837
|
2435.027 |
2092.527 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
665.901
|
469.938 |
387.124 |
|
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Other Current Liabilities |
0.730
|
0.529 |
0.439 |
|
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Provisions |
76.163
|
57.438 |
86.506 |
|
Total
Current Liabilities |
742.794
|
527.905 |
474.069 |
|
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Net Current Assets |
1601.043
|
1907.122 |
1618.458 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
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TOTAL |
3849.986 |
3931.198 |
2992.595 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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|
SALES |
|
|
|
|
|
|
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Income |
3816.685 |
3194.767 |
2851.298 |
|
|
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Other Income |
12.735 |
13.764 |
7.708 |
|
|
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TOTAL (A) |
3829.420 |
3208.531 |
2859.006 |
|
|
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
1549.268 |
1276.425 |
1384.986 |
|
|
|
Personnel Expenses |
509.096 |
404.571 |
289.431 |
|
|
|
Other Expenses |
1046.081 |
916.341 |
717.557 |
|
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TOTAL (B) |
3104.445 |
2597.337 |
2391.974 |
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|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
724.975 |
611.194 |
467.032 |
|
|
|
|
|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
190.808 |
220.305 |
150.896 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
534.167 |
390.889 |
316.136 |
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
197.556 |
131.476 |
69.708 |
|
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|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
336.611 |
259.413 |
246.428 |
|
|
|
|
|
|
|
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Less |
TAX (I) |
51.234 |
45.640 |
68.498 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
285.377 |
213.773 |
177.930 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
72.383 |
82.856 |
57.060 |
|
|
|
|
|
|
|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend on Equity Shares |
40.980 |
29.271 |
29.271 |
|
|
|
Tax on Proposed Dividend |
6.806 |
4.975 |
4.975 |
|
|
|
Transfer to General Reserve |
210.000 |
190.000 |
117.888 |
|
|
BALANCE CARRIED
TO THE B/S |
99.974 |
72.383 |
82.856 |
|
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|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2123.682 |
1693.290 |
NA |
|
|
|
Freight & Insurance |
48.133 |
46.732 |
NA |
|
|
|
Technology Transfer Fees |
3.541 |
0.761 |
NA |
|
|
TOTAL EARNINGS |
2175.356 |
1740.783 |
NA |
|
|
|
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|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
337.823 |
364.446 |
NA |
|
|
|
Capital Goods |
17.968 |
17.478 |
NA |
|
|
|
Others |
9.930 |
9.629 |
NA |
|
|
TOTAL IMPORTS |
365.721 |
391.553 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
24.37 |
18.26 |
15.20 |
|
QUARTERLY RESULTS (UNAUDITED)
|
PARTICULARS |
30.06.2010 (Rs. In
Millions) |
30.09.2010 (Rs. In
Millions) |
31.12.2010 (Rs. In
Millions) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
982.870 |
1125.060 |
1205.050 |
|
Total Expenditure |
804.300 |
915.890 |
977.120 |
|
PBIDT (Excl OI) |
178.570 |
209.170 |
227.930 |
|
Other Income |
2.050 |
3.600 |
6.820 |
|
Operating Profit |
180.620 |
212.770 |
234.750 |
|
Interest |
43.510 |
43.520 |
34.590 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
137.110 |
169.250 |
200.160 |
|
Depreciation |
51.210 |
58.990 |
62.220 |
|
Profit Before Tax |
85.900 |
110.260 |
137.940 |
|
Tax |
16.110 |
9.740 |
18.450 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
69.790 |
100.520 |
119.490 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustment |
0.000 |
0.0000 |
0.000 |
|
Net Profit |
69.79 |
100.520 |
119.490 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.45
|
6.66 |
6.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.81
|
8.11 |
8.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.51
|
6.94 |
8.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.17 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.57
|
1.92 |
1.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.15
|
4.61 |
4.41 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
|
Particulars |
31.03.2010 (Rs.
In Millions) |
31.03.2009 (Rs.
In Millions) |
31.03.2008 (Rs.
In Millions) |
|
|
|
|
|
|
Sundry Creditors |
665.901 |
469.938 |
387.124 |
Operations
An
excellent performance for the year, with 33% growth in net profit and 19% in
sales reflects the company’s robust business model. Exports constituted 61% of
total sales with establishment of the company’s brands in the global markets.
Exchange rate movement, though remained the area of concern, was contained
through a systematic hedging policy, to avoid adverse impact on profitability.
the company was able to contain the interest cost during the year, thanks to
better cashflow and cooperation extended by its bankers. Various projects and
capital expenditure plans have been completed during the year, which has
resulted in higher depreciation cost. Overall, the company has improved on its
profitability during the Financial year ended March 31, 2010.
FIXED
ASSETS
- Land &
Site Development
- Buildings
- Plant &
Machinery
- Furniture
& Fixtures
- Office
- Equipments
- Vehicles
- Computers
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records 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.44.04 |
|
|
1 |
Rs.72.19 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
62 |
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 EXPLANATIONS
|
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.