%20LIMITED-%20152572%2029-Aug-2011_files/image002.jpg){kind=small}
1. Summary Information
|
|
|
Country |
|
|
Company Name |
PARENTERAL DRUGS
( |
Principal Name 1 |
Mr. Manoharlal Gupta |
|
Status |
Good |
Principal Name 2 |
Mr. Vinod Kuamr Gupta |
|
|
|
Registration # |
126481 |
|
Street Address |
340, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri
(West), Mumbai – 400053, Maharashtra, India |
||
|
Established Date |
13.12.1983 |
SIC Code |
-- |
|
Telephone# |
91-22-56943547 / 26304940 / 42762888 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-26333763 |
Business Style 2 |
Exporter |
|
Homepage |
http://www.pdindia.com
|
Product Name 1 |
Intravenous Transfusions |
|
# of employees |
1800 (Approximately) |
Product Name 2 |
Tablets Capsules |
|
Paid up capital |
Rs.
317,886,000/- |
Product Name 3 |
Water for Injections |
|
Shareholders |
Promoters group (69.29%) Public Shareholding (30.71%) |
Banking |
|
|
Public Limited Corp. |
YES |
Business Period |
State Bank of |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
28 Years |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary
Company |
|
Rajratan Exports Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,485,329,000 |
Current Liabilities |
481,833,000 |
|
Inventories |
669,514,000 |
Long-term Liabilities |
1,992,839,000 |
|
Fixed Assets |
2,259,687,000 |
Other Liabilities |
129,739,000 |
|
Deferred Assets |
000 |
Total Liabilities |
2,604,411,000 |
|
Invest& other Assets |
1,395,399,000 |
Retained Earnings |
2,887,632,000 |
|
|
|
Net Worth |
3,205,518,000 |
|
Total Assets |
5,809,929,000 |
Total Liab. & Equity |
5,809,929,000 |
|
Total Assets (Previous Year) |
4,569,441,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
3,372,821,000 |
Net Profit |
272,898,000 |
|
Sales(Previous yr) |
2,269,517,000 |
Net Profit(Prev.yr) |
107,694,000 |
MIRA
INFORM REPORT
|
Report Date : |
29.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
PARENTERAL DRUGS ( |
|
|
|
|
Registered
Office : |
340, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri (West),
Mumbai – 400053, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
13.12.1983 |
|
|
|
|
Com. Reg. No.: |
126481 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.317.886 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1983PLC126481 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP19676G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP2820L |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporters of Pharmaceutical Products like Intravenous
Transfusions, Tablets Capsules and Water for Injections |
|
|
|
|
No. of Employees
: |
1800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 13000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
and as per commitments. The company can be considered normal for 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Amit Nagar |
|
Designation : |
Accountant |
|
Contact No.: |
91-731-3917834 |
|
Date : |
17.08.2011 |
LOCATIONS
|
Registered Office : |
340, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri
(West), Mumbai – 400053, Maharashtra, India |
|
Tel. No.: |
91-22-56943547 / 26304940 / 42762888 |
|
Fax No.: |
91-22-26333763 |
|
E-Mail : |
|
|
Website : |
http://www.pdindia.com
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
Shree Ganesh Chambers, |
|
Tel. No.: |
91-731-4092000 / 2401108 |
|
Fax No.: |
91-731-2401052 / 2401307 |
|
|
|
|
Plants (Manufacturing Location) : |
·
Village Asrawad, Post Dudhia, Tel No.: 91-731-3917834 ·
Village Sura, Post Suranussi, Jalandhar – 144027,
·
Village Bhud, Tehsil Nalagarh, District Solan –
173205, ·
Honda Industrial Estate, Plot No. 1, Phase III
Sattari – 403530, |
|
|
|
|
Overseas |
Old |
DIRECTORS
(As on 31.03.2010)
|
Name : |
Mr. Manoharlal Gupta |
|
Designation : |
Chairman Cum Managing Director |
|
|
|
|
Name : |
Mr. Vinod Kuamr Gupta |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Govind Das Garg |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Anil Mittal |
|
Designation : |
Whole Time Director and Chief Executive |
|
|
|
|
Name : |
Mr. Satish Chandra Consul |
|
Designation : |
Non Executive Director – Independent Director |
|
|
|
|
Name : |
Mr. Dharam Pal Khanna |
|
Designation : |
Non Executive Director – Independent Director |
|
|
|
|
Name : |
Mr. Dilip Kumar Panchaity |
|
Designation : |
Non Executive Director – Independent Director |
|
|
|
|
Name : |
Mr. Dilip Kumar Sinha |
|
Designation : |
Non Executive Director – Independent Director |
KEY EXECUTIVES
|
Name : |
Ms. Archana Agar |
|
Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.06.2011)
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
17,921,907 |
69.29 |
|
|
17,921,907 |
69.29 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
17,921,907 |
69.29 |
|
|
|
|
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
7,998 |
0.03 |
|
|
1,332 |
0.01 |
|
|
809,175 |
3.13 |
|
|
818,505 |
3.16 |
|
|
|
|
|
|
|
|
|
|
2,733,754 |
10.57 |
|
|
|
|
|
|
1,592,983 |
6.16 |
|
|
2,713,038 |
10.49 |
|
|
|
|
|
|
86,644 |
0.33 |
|
|
37,210 |
0.14 |
|
|
41,094 |
0.16 |
|
|
3,275 |
0.01 |
|
|
5,065 |
0.02 |
|
|
7,126,419 |
27.55 |
|
|
|
|
|
Total
Public shareholding (B) |
7,944,924 |
30.71 |
|
|
|
|
|
Total
(A)+(B) |
25,866,831 |
100.00 |
|
|
|
|
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
|
|
|
Total
(A)+(B)+(C) |
25,866,831 |
100.00 |
%20LIMITED-%20152572%2029-Aug-2011_files/image004.gif){kind=small}
(1) Indian%20LIMITED-%20152572%2029-Aug-2011_files/image005.gif){kind=small}
Bodies Corporate%20LIMITED-%20152572%2029-Aug-2011_files/image006.gif){kind=small}
Individual shareholders holding nominal share
capital up to Rs.0.100 Million SHAREHOLDING
BELONGING TO THE CATEGORY:
"Promoter and Promoter Group"
|
Name of the Shareholder |
Total
Shares held |
|
|
Number |
As a
% of |
|
|
|
|
|
|
Parenteral Commercial
Services Private Limited |
30,986 |
0.12 |
|
Neptune Packaging
Private Limited |
22,133 |
0.09 |
|
Rajratan Exports Limited |
1,333,333 |
5.15 |
|
Rajratan Exports Limited |
1,726,666 |
6.68 |
|
Rajratan Exports Limited |
3,606,666 |
13.94 |
|
PDPL Holdings Private
Limited |
3,217,120 |
12.44 |
|
PDPL Securities Private
Limited |
611,506 |
2.36 |
|
Mahaganpati Investments
Private Limited |
1,600,000 |
6.19 |
|
MVG Merchantile Private
Limited |
5,773,497 |
22.32 |
|
|
|
|
|
Total |
17,921,907 |
69.29 |
"Public" and holding more than 1% of the Total
No.of Shares
|
Name of the Shareholder |
No.
of Shares |
Shares
as % of Total No. of Shares |
|
|
|
|
|
Systematix Finvest
Private Limited |
448,870 |
1.74 |
|
Mavi Investment Fund
Limited |
300,000 |
1.16 |
|
India Discovery Fund
Limited |
748,258 |
2.89 |
|
Madhukar Sheth |
298,163 |
1.15 |
|
Madhukar Sheth |
282,011 |
1.09 |
|
Systematix Fincorp India
Limited |
286,700 |
1.11 |
|
|
|
|
|
Total |
2,364,002 |
9.14 |
Details of Locked-in
Shares
|
Name of the Shareholder |
No.
of Shares |
Locked-in
Shares as % of |
|
MVG Mercantile Private
Limited |
1,082,531 |
4.19 |
|
|
|
|
|
Total |
1,082,531 |
4.19 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporters of Pharmaceutical Products like Intravenous
Transfusions, Tablets Capsules and Water for Injections |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Products : |
Pharmaceutical Products |
||||||||
|
Countries : |
· African Countries · Russian ·
· Asian Countries |
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
L/C, Cash and Credit (30 days) |
||||||||
|
|
|
||||||||
|
Purchasing : |
Cash and Credit (30 days) |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Licensed Capacity (p.a) |
Installed Capacity (p.a) |
Actual Production (p.a) |
|
|
|
|
|
|
I.V. Section (Large Volume) |
2400.00* |
2400.00* |
1675.42 |
|
Tablet Section (Tablets and Capsules) |
14250.00 |
14250.00 |
3077.54** |
|
Opthalmics Section |
|
|
|
|
Ampoules |
4500.00 |
4500.00 |
2177.24 |
|
Injections |
1080.00 |
1080.00 |
315.35** |
|
|
|
|
|
*
Increased during the year
**
Tablets includes Trading Purchase for 91.79 lacs and Injections includes
Trading Purchase for 73.21 lacs.
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and End Users |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
1800 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of ·
Punjab National Bank |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Notes: State Bank of Term Loan I for (Secured by first pari-passu charge on fixed assets of the Company and
second pari-passu charge on current assets of the Company and guaranteed by
two managing directors, one director and by third parties i.e. by HUF of
three Directors, by Smt. Alpana Gupta and by Diamond Crystal Private
Limited.) State Bank of Term Loan II for Baddi plant (Secured by first pari-passu charge on fixed assets of the Company and
second pari-passu charge on current assets of the Company and guaranteed by
two managing directors, one director and by third parties i.e. by HUF of
three Directors, by Smt. Alpana Gupta and by Diamond Crystal Private
Limited.) State Bank of Term Loan III for Baddi plant (Secured by first pari-passu charge on fixed assets of the Company and
second pari-passu charge on current assets of the Company and guaranteed by
two managing directors, one director and by third parties i.e. by HUF of
three Directors, by Smt. Alpana Gupta and by Diamond Crystal Private
Limited.) State Bank of Term Loan I V for Baddi plant (Secured by first pari-passu charge on fixed assets of the Company and
second pari-passu charge on current assets of the Company and guaranteed by
two managing directors, one director and by third parties i.e. by HUF of
three Directors, by Smt. Alpana Gupta and by Diamond Crystal Private
Limited.) Punjab National Bank, Term Loan (Secured by first pari-passu charge on fixed assets of the Company and
second pari-passu charge on current assets of the Company and guaranteed by
two managing directors, one director and by third parties i.e. by HUF of
three Directors, by Smt. Alpana Gupta and by Diamond Crystal Private
Limited.) Punjab National Bank, Term Loan for Baddi plant (Secured by first pari-passu charge on fixed assets of the Company and
second pari-passu charge on current assets of the Company and guaranteed by
two managing directors, one director and by third parties i.e. by HUF of three
Directors, by Smt. Alpana Gupta and by Diamond Crystal Private Limited.) Punjab National Bank, Cash Credit (Secured by first pari-passu charge on current assets of the Company
and second pari-passu charge on fixed assets of the Company and guaranteed by
two managing directors, one director and by third parties i.e. by HUF of
three Directors and by Smt. Alpana Gupta and by Diamond Crystal Private
Limited.) State Bank of Cash Credit (Secured by first pari-passu charge on current assets of the Company
and second pari-passu charge on fixed assets of the Company and guaranteed by
two managing directors, one director and by third parties i.e. by HUF of
three Directors and by Smt. Alpana Gupta and by Diamond Crystal Private
Limited.) State Bank of Corporate Loan (Secured by first pari-passu charge on fixed assets of the Company and
specifically secured by pledge of 2.000 Millions BSE traded Shares of the
Company held by Rajratan Exports Limited.) Punjab National Bank, Loan against Fixed Deposit (Secured against Fixed Deposit of Rs.10.000 Millions) ICICI Bank Limited Car Finance (Secured by hypothecation of car) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
T.N. Unni and Company Chartered Accountant |
|
Address : |
402, Alankar Point, |
|
|
|
|
Subsidiaries : |
·
Parenteral Biotech Limited ·
Abhay Drugs Limited ·
Parenteral Impex Limited ·
Anjaney Pharmaceuticals Limited ·
Parentech Healthcare Limited ·
Parenteral Surgical Limited ·
Punjab Formulations Limited ·
Goa Formulations Limited |
|
|
|
|
|
·
Rajratan Exports Private Limited ·
Mahaganpati Investments Private Limited ·
PDPL Holdings Private Limited ·
PDPL Securities Private Limited ·
Parenteral Medicines Limited ·
Panorama Remedies Limited ·
Anitas Exports Private Limited ·
Lalit Media and Education Limited ·
Orissa Formulations Private Limited ·
Anitas Management Private Limited ·
MVG Mercantile Private Limited ·
Vino Infratech Private Limited ·
Chiron Metco Limited ·
Chetan Medicaments Private Limited ·
Diamond Crystal Private Limited ·
Earawat Steels Private limited ·
Neptune Packaging Private Limited ·
Prem Pharmaceuticals ·
Parenteral Commercial Services Private Limited ·
Manish Medicates Private Limited ·
AGT Mercantile Private Limited ·
Simtrad Overseas Private Limited ·
KRM Holdings Private Limited |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital : Rs.500.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.323.289
Millions
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26500000 |
Equity Shares |
Rs.10/- each |
Rs.265.000 Millions |
|
3500000 |
Redeemable, Non Cumulative, Non Convertible Preferences Shares |
Rs.10/- each |
Rs.35.000 Millions |
|
2962102 |
0% Optionally Convertible Redeemable Preferences Shares |
Rs.10/- each |
Rs.29.621 Millions |
|
7037898 |
Redeemable Preference Shares |
Rs.10/- each |
Rs.70.379 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19400123 |
Equity Shares of Rs.10/- each (including 6284720 Equity Shares of Rs.10 /- each Bonus shares issued as fully paid up out of free reserve & 1042560 Equity shares of 10 each issued as fully paid up out of revaluation reserves) |
Rs.10/- each |
Rs.194.001 Millions |
|
3500000 |
Redeemable, Non Cumulative, Non Convertible Preferences Shares |
Rs.10/- each |
Rs.35.000 Millions |
|
2962102 |
0% Optionally Convertible Redeemable Preferences Shares |
Rs.10/- each |
Rs.29.621 Millions |
|
-- |
Share Application Money for Preferences
Shares Capital |
-- |
Rs.59.264
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.317.886 Millions |
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 |
|
|
|
|
|
1] Share Capital |
317.886 |
309.686 |
236.764 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2887.632 |
2444.073 |
1070.205 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3205.518 |
2753.759 |
1306.969 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1794.722 |
1255.945 |
871.306 |
|
|
2] Unsecured Loans |
198.117 |
182.113 |
146.439 |
|
|
TOTAL BORROWING |
1992.839 |
1438.058 |
1017.745 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5198.357 |
4191.817 |
2324.714 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2259.687 |
1347.784 |
1030.455 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1395.335 |
1390.885 |
5.275 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
669.514
|
624.730
|
429.371 |
|
|
Sundry Debtors |
1017.134
|
743.352
|
644.905 |
|
|
Cash & Bank Balances |
96.940
|
94.446
|
221.514 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
371.255
|
368.180
|
286.524 |
|
Total
Current Assets |
2154.843
|
1830.708 |
1582.314 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
380.764 |
188.310 |
134.688 |
|
|
Other Current Liabilities |
101.069
|
99.950
|
88.516 |
|
|
Provisions |
129.739
|
89.364 |
70.126 |
|
Total
Current Liabilities |
611.572
|
377.624
|
293.330 |
|
|
Net Current Assets |
1543.271
|
1453.084
|
1288.984 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.064 |
0.064 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5198.357 |
4191.817 |
2324.713 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3372.821 |
2269.517 |
2129.763 |
|
|
|
Other Income |
13.388 |
2.801 |
21.353 |
|
|
|
TOTAL (A) |
3386.209 |
2272.318 |
2151.116 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
1848.322 |
1206.563 |
1008.621 |
|
|
|
Manufacturing Expenses |
221.351 |
193.093 |
218.018 |
|
|
|
Expenditure on Employees |
107.334 |
92.554 |
84.676 |
|
|
|
Administrative Expenses |
183.338 |
142.713 |
176.622 |
|
|
|
Selling and Distribution Expenses |
458.833 |
383.027 |
390.837 |
|
|
|
Increase/ (Decrease) in Finished Goods |
1.869 |
(93.360) |
(114.942) |
|
|
|
TOTAL (B) |
2821.047 |
1924.590 |
1763.832 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
565.162 |
347.728 |
387.284 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
138.026 |
123.055 |
107.817 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
427.136 |
224.673 |
279.467 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
76.660 |
57.119 |
44.635 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
350.476 |
167.554 |
234.832 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
77.578 |
59.860 |
43.433 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
272.898 |
107.694 |
191.399 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
306.737 |
313.325 |
177.785 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
40.935 |
21.539 |
40.585 |
|
|
|
Income Tax Paid for Earlier years |
0.000 |
0.000 |
(4.843) |
|
|
|
Proposed Dividend |
37.847 |
20.805 |
17.195 |
|
|
|
Tax on Dividend |
6.432 |
3.536 |
2.922 |
|
|
|
|
|
|
|
|
|
Issue
of shares as per Amalgamation scheme |
-- |
72.722 |
-- |
|
|
|
|
|
|
|
|
|
Add |
Balance
of Profit and Loss Account of Amalgamating Company |
-- |
4.320 |
-- |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
494.421 |
306.737 |
313.325 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
45.490 |
63.202 |
26.811 |
|
|
TOTAL EARNINGS |
45.490 |
63.202 |
26.811 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
428.970 |
60.483 |
136.484 |
|
|
|
Packing Material |
0.000 |
1.560 |
0.000 |
|
|
|
Capital Goods |
0.145 |
0.422 |
1.841 |
|
|
TOTAL IMPORTS |
429.115 |
62.465 |
138.325 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
14.44 |
6.87 |
16.76 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
30.06.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
5th
Quarter |
|
Net Sales |
989.160 |
1317.270 |
1277.020 |
388.870 |
454.350 |
|
Total Expenditure |
800.810 |
1045.390 |
1011.900 |
666.390 |
397.220 |
|
PBIDT (Excl OI) |
188.350 |
271.880 |
265.120 |
(277.520) |
57.130 |
|
Other Income |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
188.350 |
271.880 |
265.120 |
(277.520) |
57.130 |
|
Interest |
41.130 |
56.630 |
55.990 |
74.600 |
80.270 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
147.220 |
215.240 |
209.120 |
(352.120) |
(23.140) |
|
Depreciation |
19.700 |
19.700 |
19.700 |
24.700 |
25.950 |
|
Profit Before Tax |
127.520 |
195.540 |
189.420 |
(376.810) |
(49.090) |
|
Tax |
42.060 |
38.970 |
39.450 |
1.700 |
5.180 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
85.490 |
156.570 |
149.970 |
(378.510) |
(54.260) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
85.490 |
156.570 |
149.970 |
(378.510) |
(54.260) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.06
|
4.74 |
8.90 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.39
|
7.38 |
11.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.94
|
5.27 |
8.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.06 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.81
|
0.66 |
1.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.52
|
4.85 |
5.39 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS OVERVIEW
The Indian
pharmaceutical market has seen a Compounded Annual Growth Rate (CAGR) of about
14% in the last five years. It continues to be highly fragmented and dominated by
Indian companies. The domestic pharmaceutical industry grew by 18% in March,
2010 versus 10% in March, 2009. The industry is on the threshold of exponential
growth and is imperative for us to mobilize our resources to capitalize on the
opportunities ahead.
THE YEAR IN RETROSPECT
The
financial year 2009-10 was a challenging year as we had to adapt quickly to the
changing economic scenario. At the start of the year, the global economy was
still reeling under the impact of the financial crisis and hence, the outlook
was subdued. As the year went by, several other regions around the world began
to report an improvement in economic performance. As your Company caters to
various markets globally, it was faced with markets that were recovering in
different ways and at different speeds.
The
Company has responded well to the challenges thrown up by changes in the world
economy, it has also taken several initiatives to take its performance forward
resulting in posting yet another year of impressive performance with a healthy
top line growth and high quality earnings, reflecting the robustness of its
corporate strategy of creating multiple drivers of growth. The new orders
booked during the year were also on a positive note despite tough market
conditions.
Financial
year 2009-10 has been eventful year for the Company. The consolidated turnover
for the year was Rs.4163.200 Millions compared to Rs.2697.600 Millions in the
previous year which is 1.54 times in comparison with the previous year. The
Company has been able to increase the quantitative Volumes by more than 54.33 %
compared to previous year.
The
turnover on standalone basis stood Rs.3386.200 Millions as against Rs.2272.300
Millions in the previous year. On a consolidated basis, The Company earned a
gross income of Rs.662.400 Millions during the year as against Rs.413.100
Millions in the previous year and the profit before tax of Rs.397.300 Millions
as against the profit before tax of Rs.188.300 Millions during the previous
year.
On a
standalone basis, the Company earned a higher gross income of Rs.565.200
Millions during the year as against Rs.347.700 Millions in the previous year
and profit before tax of Rs.350.500 Millions as against Rs.167.600 Millions
during the previous year.
CHANGES IN CAPITAL STRUCTURE
The Company has converted 12,00,000 warrants into equity
shares of Rs.10/-each, which were issued by way of preferential allotment on
24th day of August, 2009. The warrants were allotted to M/s. Mahaganpati Investments
Private Limited, a Company under promoter category.
Post-conversion of warrants, the issued, subscribed and
paid-up share capital of your Company has increased from Rs.18,20,01,230
divided into 1,82,00,123 equity shares of Rs.10/-each to Rs.19,40,01,230
divided into 1,94,00,123 equity shares of Rs.10/-each.
FINANCIAL FACILITIES
The Company is focused on more effective working capital
management in recent years which has resulted into improved cash flows. The improved
performance of the Company is resulting in higher internal accruals. During the
year, the Company repaid the term loan installments of Rs.180.000 Millions.
Term loan of Rs.498.800 Millions was availed during the year.
The total outstanding fund based and non fund based
borrowings of the Company stand to the tune of Rs.2022.600 Millions. Out of
which a sum of Rs.1702.200 Millions is sanctioned by State Bank of
The Company has received proceeds of Rs.201.300 Millions
towards conversion of 12,00,000 warrants into equity shares by M/s. Mahaganpati
Investments Private Limited. The proceeds have been utilized for the purpose of
funding of various expansion activities including the overseas initiatives.
SUBSIDIARY COMPANIES
As on date of the report, the Company has eight(8) Indian
and two (2) foreign subsidiaries viz: M/s. Punjab Formulations Limited, M/s.
Goa Formulations Limited, M/s. Parentech Healthcare Limited, M/s. Parenteral Surgicals
Limited, M/s. Anjaney Pharmaceuticals Limited, M/s. Abhay Drugs Limited, M/s.
Parenteral Biotech Limited, M/s. Parenteral Impex Limited, M/s. Parenteral
Drugs Kazakhstan and M/s. Mascareignes Pharmaceutical Manufacturing Company
Limited.
M/s. Mascareignes Pharmaceutical Manufacturing Company
Limited, a
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
2009-2010
Road to Recovery
Indian
Economy shows resilience
The worst phase of the global financial crisis is behind and
they are on the road to recovery. Global financial markets have stabilized and
equity markets around the world have started moving upwards as the global economy
is showing signs of recovery.
While the market witnessed slowdown in new investments, the
rise in inflation, high interest rates and liquidity crunch also led to
cancellation, renegotiation and delay of many planned projects in
Industry
Structure and Development
Healthcare forms the key area for the nation and is one of
the most important indicators of a country's growth and development. The Challenges
in the market have multiplied to many folds, as economic contraction and
tightening of credit began to spread from the
According to IMS Health Inc, the size of the global market
for pharmaceuticals is expected to grow nearly $300 billion over the next five
years, reaching $1.1 trillion in 2014. The 5-8 percent compound annual growth
rate during this period reflects the impact of leading products losing patent
protection in developed markets, as well as strong overall growth in the
world's emerging countries. In
Indian Pharmaceuticals industry achieved a significant
growth of 13.44% during 2004-09 due to strong internal demand and continuous
focus in the global generics market and active share in the export of Active
Pharmaceuticals Ingredients (API). As per estimate Indian pharmaceutical
industry reached at US$10.88 billion in 2008-09 and it is likely to double its
value to US$20.95 billion in 2014. The investment in R&D, filling of higher
number of ANDAs and DMFs in highly regulated market, mergers and acquisitions,
in-licensing, skilled labour force, high standard scientific base and revenues
from CRAMS are expected to give necessary edge to Indian pharma companies in
the coming years. The pharmaceutical exports in 2008-09 were valued at
Rs.394.59 billion as compared to Rs.302.73 billion in 2007-08, thus growing at
30.34% higher than 2007-08. Global recession could not impact Indian pharma
industry and pharma companies are bullish about demand generated from the
overseas market along with stronger growth in internal demand in the near
future. The similar scenario prevailed in the year 2009-10.
Net growth over the next five years is expected to be
strong-even as the industry faces the peak years of patent expiries for
innovative drugs introduced 10-15 years ago and subsequent entry of lower-cost
generic alternatives.
OUTLOOK
The
domestic pharma market will outshine the global market, growing at a compounded
annual rate of 12-15% as against a global average of 4-7% during 2008-2013.
In
fact the seven emerging markets of China, Brazil, India, South Korea, Mexico,
Turkey and Russia are expected to collectively see drug sales grow by 12-14% in
2010, says market research firm IMS.
Though
the growth is historically low compared with high single-to low double-digit
growth seen in the past, but "they're seeing a slightly more positive
outlook for the pharmaceutical sector mainly driven by stronger growth in the
US market, which has proved to be more resilient than expected to the economic
downturn," Murray Aitken, senior vice president for Healthcare Insight at
IMS said.
CONTINGENT
LIABILITIES AS ON 31.03.2010
a) Counter Guarantee
given to Bank against guarantee issued by it to the tune of Rs.50.146 Millions
(Previous year Rs.74.890 Millions).
b) Two group
companies have offered collateral securities –
(1)
By mortgage of one company immovable properties and
(2)
By pledge of shares in favour of the Company against credit facilities and
corporate loan. Amount involved is uncertain.
c) Corporate
Guarantee given to one subsidiary company to the tune of Rs.153.000 Millions.
d) Certain
show-causes notices are pending to be adjudicated by the Central excise
department. The challenged demand under the notices is Rs.230.20 Millions.
e) Gratuity fund
contribution towards past service liability to the tune of Rs.11.890 Millions.
FIXED ASSETS:
·
Land
·
·
Office Premises
·
Vehicles
·
Office Equipments
·
Electrical Installation
·
Plant and Machinery
·
Furniture and Fittings
·
Computer and Software
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.46.05 |
|
|
1 |
Rs.75.20 |
|
Euro |
1 |
Rs.66.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.