MIRA
INFORM REPORT
|
Report Date : |
05.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
ABBOTT INDIA LIMITED |
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Registered Office : |
3-4, Corporate |
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Country : |
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Financials (as on) : |
30.11.2009 |
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Date of Incorporation : |
27.07.1949 |
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Com. Reg. No.: |
007330 |
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CIN No.: [Company
Identification No.] |
l24239mh1949plc007330 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK08663E |
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PAN No.: [Permanent
Account No.] |
AAACB5170B |
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Legal Form : |
Public Limited Company. The Company's shares are listed on the Stock
Exchange. |
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Line of Business : |
Provider of Healthcare Solutions services
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RATING & COMMENTS
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MIRA’s Rating : |
A ( 69 ) |
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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 10862248 |
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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 company having good track. Financial
position of the company appears to be sound. Directors are reported to be experienced
and respectable businessmen. Trade relations are 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) |
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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 |
LOCATIONS
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Registered Office : |
3-4, Corporate Park Sion - |
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Tel. No.: |
91-22-67978888 |
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Fax No.: |
91-22-67978920 |
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E-Mail : |
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Website : |
www.abbott.co.in |
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Factory : |
L-18/19, Verna Industrial Area, Verna Salcette, Goa – 403 722 , |
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Tel. No.: |
91-832-783415 |
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Area : |
10 Acres |
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Distribution Network :- |
·
Mumbai C &
FA / Warehouse Agent / Sample Warehouse Building No. 'BH', Godown no. 1 - 28,
Building No. 'BG', Godown no. 7 - 10 & 21 -24, Rajlaxmi Commercial Complex,
Opp. Durgesh Park, Tel No : 91-2522 - 277167, 277168, 276874,
310611 / 2 / 3 / 4 Fax No : 91-02522- 276868 /9821071540
/9821151001 Contact Person :
Mr. Aniruddha Godse / Mr. Upendra
Godse ·
M/s. Logistic Network, Abbott India
Limited,1st Floor, No. 60, Panthara Palya, Nayandahalli, Mysore Road,
Bangalore - 560 039 Tel No : 91-65669915 / 28608557/ 25530117 / 25538376 Fax No : 91-80-28608568/9845127425/9886702912 Contact Person : Mr. B. R. Mehra, Mr. Piyush Mehra ·
Kolkata C&FA M/s. A.P.R Enterprises,Abbott India
Limited,147, Tel No : 91-25234733 / 65217654/ 25512344 Fax No : 91-25234731/9831077860 Contact Person :
Mr. R. K. Chakrabarty ·
·
·
Guwahati C&FA ·
·
·
Chennai C&FA ·
·
Ahmedabad C&FA ·
·
Jaipur Depot ·
·
·
Ollur C&FA ·
·
Taloja Warehouse Agent |
DIRECTORS
|
Name : |
Mr. Ashok
Dayal |
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Designation : |
Director |
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Date of Birth/Age : |
02.06.1937 |
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Qualification : |
B.A. (Hons)
AIB (Part I) Fellow of the
Indian Institute of Bankers. Fellow of the
Royal Geographical Society ( |
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Date of Appointment : |
18.06.2003 |
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Expertise in specific
Functional Area : |
Mr. Dayal is a fellow of the Indian Institute of Bankers. He has held
various senior Management positions in Grindlays Bank, Deutsche Bank AG, |
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Other Directorships in Indian Company : |
·
Glaxo Smithkline Consumer Healthcare Limited , ·
·
Akzo-Nobel Coatings India Limited |
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Name : |
Mr. Munir
Shaikh |
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Designation : |
Chairman |
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Date of Birth/Age : |
25.11.1942 |
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Qualification : |
Masters Degree in English from |
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Date of Appointment : |
18.11.2006 |
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Expertise in specific
Functional Area : |
Mr. Kapur is an ex-citi banker. He is a veteran
of the advertising business having spent 40 years with Ogilvy and credited
with its turnaround and accelerated growth. He is also involved in his
personal capacity in the development of technology based on line and mobile
services companies. Last year Mr Kapur was awarded by the Advertising
Agencies Association of India (AAAI) a Life Time Achievement Award for taking
the agency to its leadership position. |
|
Other Directorships in Indian Company : |
·
Pidilite Industries Limited , ·
GroupM Media India Private Limited , ·
Bates ·
MIRC Electronics Limited , ·
Tagit ( ·
Annik Technology Services Private Limited , ·
Eon Premedia Private Limited , ·
Hitech Plast Limited , ·
MIC Electronics Limited , ·
Nimbus Communications Limited , ·
Sercon India Private Limited , ·
Quasar Media
Private Limited |
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Name : |
Mr. Vivek
Mohan |
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Designation : |
Managing Director |
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Name : |
Mr. R A Shah |
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Designation : |
Director |
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Name : |
Mr. Neil
Aylward |
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Designation : |
Director |
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Name : |
Mr. Laurent
Van Lerberghe |
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Designation : |
Director |
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Name : |
Mr. Thomas
Dee |
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Designation : |
Director |
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Name : |
Ms. Ranjan
Kapur |
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Designation : |
Director |
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Name : |
Mr. Zahirali
Lavji |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Krupa Anandpara |
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Designation : |
Company Secretary |
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Corporate Management : |
Mr. Vivek Mohan Managing Director Mr. S Vasudevan Director - Marketing Mr. R Sonalker Director - Finance Mr. L NETI Director - Operations Mr. A Bhatt Director - Human Resources Mr. U D Chiniwala Director - Risk and Financial Controlling Mr. K M Marfatia Director - Legal and Secretarial Mr. V Nagesh Head - Quality |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders (As on 30.09.2010) |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of promoter and Promoter group |
|
|
|
(1) Foreign |
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|
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Bodies Corporate |
9428184 |
68.94 |
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Total
Shareholding of Promoter and Promoter Group |
9428184 |
68.94 |
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(B) Public
Shareholding |
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Institutions |
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Mutual Funds / uTI |
382764 |
2.80 |
|
Financial Institutions / Banks |
5240 |
0.04 |
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Insurance Companies |
310324 |
2.27 |
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Foreign Institutional Investors |
22543 |
0.16 |
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Sub
Total |
720871 |
5.27 |
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Non Institutions
|
|
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Bodies Corporate |
368637 |
2.70 |
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Individuals |
|
|
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Individual shareholders holding nominal share capital up to Rs. 0.100
million |
2825954 |
20.66 |
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Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
272837 |
2.00 |
|
Any Others
(Specify) |
58.757 |
0.43 |
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Non Residents Indians |
58657 |
0.43 |
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Trusts |
100 |
-- |
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Sub Total |
3526185 |
25.79 |
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Total Public
Share Holding (B) |
4247056 |
31.06 |
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Total
(A + B) |
13675240 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Provider of Healthcare Solutions services |
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Products : |
Generic Names of principal Products of Company
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PRODUCTION STATUS (As on :
30.11.2009 ):-
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Pharmaceuticals
Formulations |
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Tablets |
Million |
1455 |
1334 |
|
Liquids |
Kilo Litre |
4880 |
3316 |
GENERAL INFORMATION
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Bankers : |
·
Standard Chartered Bank ·
BNP Paribas ·
HDFC Bank Limited |
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Facilities : |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Ultimate Holding Company : |
Abbott Laboratories,
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Holding Company |
Abbott
Capital India Limited, |
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Fellow Subsidiaries : |
·
·
Abbott Laboratories ( ·
Abbott Laboratories Intl Company, ·
Abbott Equity Holdings Limited , ·
Abbott Australasia Private Limited , ·
Abbott Gmbh and Company KG, ·
Abbott Healthcare Private Limited , ·
Abbott Korea Limited, ·
Abbott S. A., ·
Abbott ·
Abbott S. A., ·
Abbott Laboratories, ·
Abbott Laboratories Limited , ·
Abbott Laboratories, |
CAPITAL STRUCTURE
As on: 30.11.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,62,00,000 |
Equity Shares |
Rs. 10/- each |
Rs.162.000 millions |
|
58,00,000 |
Unclassified Shares |
Rs. 10/- each |
Rs.58.000 millions |
|
|
|
Total
|
Rs.220.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,36,75,240 |
Equity Shares |
Rs. 10/-
each |
Rs.136.752
millions |
Notes:-
[ 94,28,184 (2008: 94,28,184) Equity Shares are held
by Abbott Capital India ed, UK the holding company,
which is subsidiary of Abbott Laboratories,
USA].
Of the above (before Buy-back of Shares):
(a) 99,995 (2008: 99,995) Equity Shares were allotted as fully paid pursuant to a
contract without payment
being received in cash.
(b) 1,50,99,570
(2008: 1,50,99,570) Equity Shares were issued as fully paid Bonus
Shares by capitalisation of
Share Premium and Revenue Reserve
(c) 25,000 (2008: 25,000) Equity Shares were allotted to the financial
institutions on conversion of 5% of
Debentures into Equity Shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.11.2009 |
30.11.2008 |
30.11.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
136.752 |
136.752 |
144.700 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2578.810 |
2075.697 |
2165.500 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2715.562 |
2212.449 |
2310.200 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
7.628 |
10.300 |
|
|
TOTAL BORROWING |
0.000 |
7.628 |
10.300 |
|
|
DEFERRED TAX LIABILITIES |
21.979 |
37.900 |
48.700 |
|
|
|
|
|
|
|
|
TOTAL |
2737.541 |
2258.040 |
2369.200 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
487.914 |
479.283 |
363.100 |
|
|
Capital work-in-progress |
3.559 |
27.009 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
1496.200 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1023.766
|
921.289
|
863.900 |
|
|
Sundry Debtors |
443.975
|
323.679
|
303.400 |
|
|
Cash & Bank Balances |
1756.091
|
1635.385
|
172.200 |
|
|
Other Current Assets |
4.297
|
7.144
|
0.000 |
|
|
Loans & Advances |
109.543
|
111.798
|
105.000 |
|
Total
Current Assets |
3337.672
|
2999.295
|
1444.500 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
147.915
|
98.806
|
415.400 |
|
|
Sundry Creditors |
431.072
|
710.814
|
0.000 |
|
|
Provisions |
512.617
|
437.927
|
519.200 |
|
Total
Current Liabilities |
1091.604
|
1247.547
|
934.600 |
|
|
Net Current Assets |
2246.068
|
1751.748
|
509.900 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2737.541 |
2258.040 |
2369.200 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.11.2009 |
30.11.2008 |
30.11.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7609.264 |
6657.035 |
5943.200 |
|
|
|
Other Income |
292.795 |
257.296 |
259.700 |
|
|
|
TOTAL (A) |
7902.059 |
6914.331 |
6202.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
4688.208 |
4325.247 |
4207.300 |
|
|
|
Manufacturing Expenses |
461.171 |
253.150 |
195.200 |
|
|
|
Increase/(Decrease) in Finished Goods |
(107.820) |
(32.257) |
(317.700) |
|
|
|
Selling and Distribution Expenses |
1594.497 |
1354.652 |
1042.700 |
|
|
|
TOTAL (B) |
6636.056 |
5900.792 |
5127.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1266.003 |
1013.539 |
1075.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.025 |
0.223 |
0.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1263.978 |
1013.316 |
1075.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
90.141 |
69.839 |
56.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1173.837 |
943.477 |
1018.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
394.852 |
324.909 |
334.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
778.985 |
618.568 |
684.300 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(3.883) |
10.077 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
Tax
Provision (charged)/ reversed pertaining to prior years |
1931.540 |
2043.361 |
1891.900 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
(77.510) |
(62.865) |
(68.500) |
|
|
|
Dividend |
(232.479) |
(191.453) |
(253.300) |
|
|
|
Tax on Dividend |
(39.510) |
(32.537) |
(48.500) |
|
|
|
Adjusted against premium paid on buy-back |
0.000 |
(453.611) |
(176.800) |
|
|
|
Reversal of dividend no larger payable
consequent to buy-back |
0.000 |
0.000 |
14.100 |
|
|
BALANCE CARRIED
TO THE B/S |
2357.143 |
1931.540 |
2043.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
44.024 |
43.741 |
34.900 |
|
|
|
Commission Earnings |
0.151 |
0.000 |
0.000 |
|
|
|
Other Earnings |
41.358 |
29.584 |
4.400 |
|
|
TOTAL EARNINGS |
85.533 |
73.325 |
39.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Finished Goods |
379.459 |
236.583 |
142.400 |
|
|
|
Stores & Spares |
2.521 |
0.000 |
0.900 |
|
|
|
Capital Goods |
7.348 |
11.860 |
5.500 |
|
|
TOTAL IMPORTS |
389.328 |
248.443 |
148.800 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
56.68 |
43.62 |
46.01 |
|
SUMMARISED RESULTS
(Rs.
In Millions)
|
PARTICULARS |
|
|
30.11.2010 |
|
Type |
|
|
Full
year |
|
Sales Turnover |
|
|
9668.500 |
|
Other Income |
|
|
60.200 |
|
Total Income |
|
|
9728.700 |
|
Total Expenditure |
|
|
8492.400 |
|
Operating Profit |
|
|
1176.100 |
|
Gross
Profit |
|
|
1236.300 |
|
Interest |
|
|
00.100 |
|
Gross Profit |
|
|
1236.200 |
|
Depreciation |
|
|
99.600 |
|
PBT |
|
|
1136.600 |
|
Tax |
|
|
383.600 |
|
Reported PAT |
|
|
753.000 |
KEY RATIOS
|
PARTICULARS |
|
30.11.2009 |
30.11.2008 |
30.11.2007 |
|
PAT / Total Income |
(%) |
9.86 |
8.95 |
11.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.43 |
14.17 |
17.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
30.68 |
27.12 |
56.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.43 |
0.43 |
0.44 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.41 |
0.58 |
0.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.06 |
2.40 |
1.55 |
LOCAL AGENCY FURTHER INFORMATION
MANAGEMENT DISCUSSION and ANALYSIS REPORT:
Outlook:
Currently the Company continues to focus on CNS, Gastroenterology, Metabolic,
Pain Management, Specialized Anesthesia and Neonatology. These segments are
serviced through launch of relevant new products, increasing the line extension
offerings and entry into related therapy areas. The Company looks at Therapy
Shaping as the key growth driver in the years to come. The Company sees a clear
opportunity to take some of its brands into the OTC space and to support this,
a new division for OTC business is being set up.
Growth in chronic therapy areas is expected to continue while product
innovations and life cycle management will continue to support performance in
acute therapy segments. In the year 2009, the Company launched sugar free
Digene tablets in strawberry flavour (Antacids), two line extensions of
Thyronorm (12.5 mcg and 88 mcg), Rex-XR (for bipolar disorders), Prothiaden 50
in CNS, Obiglo (Diabetes), Surbex Gold and Betonin XT in Vitamins. The Company
has several brands among the top 300, and focuses on brand building efforts as
a key strategic driver.
The Company has embarked on an aggressive mission of being the leader in
its core therapy areas within the next 5 years. The sales growth for the
Company would be driven through organic and inorganic programs which includes
in-licensing and acquisitions. Organic growth will also entail sales force
expansion and excellence, new product launches, life cycle management of
heritage brands, clinical development etc. on an aggressive scale.
While keeping its focus on achieving robust sales, the Company has
continued to work on cost related efficiencies in the areas of Supply Chain. It
continues to refine the manufacturing network through total cost of acquisition
as a strategic lever and has been instrumental in enabling new product launches
during the year. The distribution team has drawn up detailed plans to address
impending GST implementation in
The Company continued to ensure high quality and genuine products to its
customers and the Company’s
initiatives in the areas of branding and anti counterfeiting measures
have helped the consumers with the requisite
brand authentication. As a part of strategic quality management there
has been significant emphasis to unify the quality systems across various suppliers
and vendors.
Fixed assets:-
·
· Buildings
· Vehicles
· Equipments
· Leasehold Improvements
· Machinery and Equipments
· Furniture, Fittings and Office
Unaudited financial results for the Quarter and Nine months ended
november 30, 2010
(Rs. in millions)
|
Sr. No. |
Particulars |
3 months ended |
12 months ended |
||
|
|
|
30.11.2010 (Unaudited) |
30.11.2009 (Unaudited) |
30.11.2010 (Unaudited) |
30.11.2009 (Audited) |
|
1. |
Net Sales/Income from Operations |
|
|
|
|
|
a. |
Gross Sales |
27.038 |
20.360 |
94.671 |
76.664 |
|
|
Less : Excise Duty |
0.185 |
0.137 |
0.605 |
0.572 |
|
|
Net Sales |
26.853 |
20.223 |
94.066 |
76.092 |
|
b. |
Other Operating Income |
0.893 |
1.070 |
2.619 |
2.341 |
|
2 |
Expenditure |
|
|
|
|
|
i |
(Increase)/decrease in stock in trade and work-in
Progress |
3.497 |
(0.206) |
3.122 |
(1.078) |
|
ii |
Consumption of raw materials |
1.103 |
1.130 |
4.085 |
4.612 |
|
iii |
Purchase of Traded Goods |
12.160 |
12.223 |
53.348 |
46.882 |
|
iv |
Employee Cost |
2.874 |
1.707 |
10.022 |
6.237 |
|
v |
Depreciation |
0.316 |
0.270 |
0.996 |
0.901 |
|
vi |
Other Expenditure |
4.168 |
2.795 |
14.347 |
9.708 |
|
vii |
Total Expenditure |
24.118 |
17.919 |
85.920 |
67.262 |
|
3 |
Profit from Operations before Other Income and
Interest |
3.628 |
3.374 |
10.765 |
11.171 |
|
4 |
Other Income |
0.205 |
0.099 |
0.802 |
0.587 |
|
5 |
Profit Before Interest |
3.833 |
3.473 |
11.367 |
11.758 |
|
6 |
Interest |
0.000 |
0.007 |
0.001 |
0.020 |
|
7 |
Profit before Tax |
3.833 |
3.466 |
11.366 |
11.738 |
|
8 |
Tax Expenses
(including current tax, deferred taxation, fringe benefit tax and prior
period adjustments for the period) |
1.280 |
1.101 |
3.836 |
3.987 |
|
9 |
Net Profit for
the period |
2.553 |
2.365 |
7.530 |
7.751 |
|
10 |
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
1.368 |
1.368 |
1.368 |
1.368 |
|
11 |
Reserves
excluding revaluation reserves (as per last audited balance sheet) |
0.000 |
0.000 |
0.000 |
25.788 |
|
12 |
Basic and
diluted Earnings per share for the period, for the year to date (not
annualized) and for the previous year – Rs. |
1.867 |
1.729 |
5.506 |
5.888 |
|
13 |
Public
shareholding |
|
|
|
|
|
a) |
Number of
Shares |
42,47,056 |
42,47,056 |
42,47,056 |
42,47,056 |
|
b) |
Percentage of Shareholding |
31.06% |
31.06% |
31.06% |
31.06% |
|
14. |
Promoters and
promoter group shareholding |
|
|
|
|
|
|
Non -
encumbered Number of
Shares Percentage of
Shares (as a % of
the total shareholding of promoter and promoter group) Percentage of
Shares (as a % of
the total share capital of the company) |
94,28,184 100% 68.94% |
94,28,184 100% 68.94% |
94,28,184 100% 68.94% |
94,28,184 100% 68.94% |
Notes:
1.
The results for the quarter and 12 months ended
November 30, 2010 have been reviewed by the Audit Committee, approved by the
Board of Directors and subjected to a “Limited Review” by the auditors of the
Company, in compliance with Clause 41 of the Listing Agreement with Bombay
Stock Exchange Limited.
- UNAUDITED STATEMENT OF ASSETS AND LIABILITIES
AS AT NOV 30, 2010
(Rs. In millions)
|
Particulars |
30.11.2010
(unaudited) |
30.11.2009
(audited) |
|
Shareholders Funds |
|
|
|
a) Capital |
1.368 |
1.368 |
|
(b) Reserves and Surplus |
33.318 |
25.788 |
|
|
34.686 |
27.156 |
|
|
|
|
|
Deferred Tax Liability (Net) |
0.024 |
0.220 |
|
|
|
|
|
Total |
34.710 |
27.376 |
|
|
|
|
|
Fixed Assets |
5.016 |
4.916 |
|
|
|
|
|
Current Assets, Loans and Advances |
|
|
|
(a) Inventories |
7.067 |
10.238 |
|
(b) Sundry Debtors |
7.939 |
4.440 |
|
(c) Cash and Bank Balances |
21.266 |
17.561 |
|
(d) Other Current Assets |
0.097 |
0.043 |
|
e) Loans and Advances |
2.564 |
1.095 |
|
|
38.922 |
33.377 |
|
Less : Current Liabilities and Provisions |
|
|
|
(a) Liabilities |
6.609 |
5.790 |
|
b) Provisions |
2.619 |
5.126 |
|
|
9.228 |
10.916 |
|
|
|
|
|
Net Current Assets |
29.694 |
22.461 |
|
|
|
|
|
Total |
34.710 |
27.376 |
3. The company
continues to make strategic investments for expanding its field force to
improve market coverage and enhanced promotional efforts to ncrease market
share.
4. The Board of Directors
of the Company has, at its meeting held on November 24, 2010, unanimously
approved the draft Scheme of Amalgamation “Scheme”) of Solvay Pharma India
Limited into Abbott India Limited under Sections 391 to 394 of the Companies
Act, 1956, subject to necessary statutory approvals. The swap ratio for the
merger is 2:3 i.e. every two shares of Solvay Pharma India Limited will entitle
their holder to three shares of Abbott India Limited.
5. The Company has
changed its financial year from December 1 - November 30 to January 1 -
December 31 from current year onwards. Accordingly, the current financial year
is for 13 months from 1 December 2009 to 31 December 2010. In terms of Clause
41 of the Listing Agreement, the results for quarter ended November 30, 2010
are being published. Also, the Company will be publishing the results for the
period from December 1, 2009 to December 31, 2010.
6. The Company
operates in one reportable business segment i.e. “Pharmaceuticals” and one
reportable geographical segment i.e. “Within
7. There were no
Investor Complaints pending at the beginning of the quarter. The Company
received 5 complaints from the investors and all the complaints were resolved
and disposed off during the quarter. There were no complaints lying unresolved
at the end of the quarter.
8. Figures for the
prior year / period have been regrouped and/or reclassified wherever considered
necessary.
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.44.84 |
|
|
1 |
Rs.69.32 |
|
Euro |
1 |
Rs.59.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
69 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.