MIRA
INFORM REPORT
|
Report Date : |
05.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
IPCA LABORATORIES LIMITED |
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Registered
Office : |
48, Kandivali Industrial Estate, Kandivali (West), Mumbai- 400067, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.10.1949 |
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Com. Reg. No.: |
11-7837 |
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CIN No.: [Company Identification
No.] |
L24239MH1949PLC007837 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI05234F |
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PAN No.: [Permanent Account No.] |
AAACI1220M |
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Legal Form : |
Public limited liability company. The company shares are listed on
stock exchange |
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Line of Business
: |
Manufacturing and Selling of Pharmaceutical Products such as
Tablets/Capsules, Orals/Liquids, Injectables, Basic Drugs/Intermediates and
Psyllium Husk. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 34995000 |
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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 an old and well established company having good track.
Financial of the company appears to be good. Trade relations are fair.
Business is active. Directors are reported to be experienced and respectable
businessmen. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings under
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 |
|
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
|
Name : |
Mr. Prakash Nayak |
|
Designation : |
Deputy General Manager – finance |
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Contact No.: |
91-22-66474444 |
LOCATIONS
|
Registered Office/ International Marketing : |
48, Kandivli Industrial Estate, Kandivali (West), Mumbai- 400067, |
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Tel No.: |
91-22-66474444 |
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Fax No.: |
91-22-28686613 |
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E-Mail : |
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Website : |
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Corporate Office : |
142 AB, Kandivli Co-operative Industrial Estate Limited,
Kandivli (West), Mumbai-400067, |
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Tel No.: |
91-22- 66474747 |
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Fax No.: |
91-22- 6647 4757/28686954 |
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Domestic Marketing : |
63-E, Kandivli Co-operative Industrial Estate Limited, Kandivli (West),
Mumbai – 400067, |
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Te. No. : |
91-22-66474222 |
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Fax. No. : |
91-22-66474114 |
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Research and development center : |
123-AB, 125 and
126, Kandivali Industrial Estate, Kandivali (West), Mumbai – 400 067, |
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Tel No.: |
91-22-28684787 /
2867 / 28683589 / 28674518 / 66474755 |
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Fax No.: |
91-22-28683589 /
66474757 |
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Plant : |
P. O. Sejavata, Ratlam - 457 002. Tel: -91-7412-278000 Fax:-91-7412-279083 Plot No. 89-A-D/90/91, Industrial Estate, Pologround, Tel: -91- 731-24211 72/2081 Fax:-91-731- 2422082 Plot No, 69 to 72 (B), Sector II, Kandla Free Trade Zone,
Gandhidham - 370 230, Tel: 91-2836-252385/389 Fax:-91-2836-252313 Plot No, 255/1, Village Athal, Sllvassa - 396 230, Dadra
and Nagar Haveli (U.T.), Tel : -91-260-2640301 Fax- 91-260-2640303 Plot No. 65 and 99, Danudyog Industrial Estate, Silvassa -
396 230, Dadra and Nagar Haveli (U.T.), Tel:-91-260-2640850 Fax:-91-260-2640646 H-4, MIDC, Waluj,
Aurangabad-431 136, Tel: -91-240- 2564993 Fax:-91-240-2564113 C-6, Sara Industrial Estate, Tel: -91-135-6542228 Fax:-91-135- 2728766 1, Pharma Zone, SEZ Tel: -91-7292-256084 Fax:-91-7292-256085 |
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Non-Trading/ Trading Offices : |
Street Zambula, H
No. 178, Flat No. 05, |
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Tel. No. : |
77277-779502 |
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E-Mail : |
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International Subsidiaries : |
Ipca Pharmaceuticals, Inc. 51, Ipca Laboratories ( 72, New Ipca Pharma Nigeria Limited 17, National Druggists (private) Limited 30, Ipca Pharma ( 6, Ipca Pharmaceuticals Limited SA de CV Presa la Angostura No. 116, Colonia Irrigacion Mexico D.
F. Ipca Pharmaceuticals ( Room 1110, 11/F Hua Tian Holiday Hotel, Office Building, 469 Zhonghua Xin Road, Zhabe i District, Shanghai PRC |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. R. S. Hugar |
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Designation : |
Chairman |
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Name : |
Mr. Premchand
Godha |
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Designation : |
Managing Director |
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Name : |
Mr. M. R.
Chandurkar |
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Designation : |
Director |
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Name : |
Mr. A. K. Jain |
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Designation : |
Executive
Director |
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Name : |
Mr. Babulal Jain |
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Designation : |
Director |
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Qualification |
C. A. |
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Profile |
He is practicing
Chartered Accountant by profession. He is also the Chairman of the Audit
Committee of the Company. He has professional experience of over 25 years in
the field of Audit, Finance, Company Law and Taxation. His professional
knowledge and vast experience will be of immense benefit to the Company. |
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Name : |
Dr. V. V. Subba
Rao |
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Designation : |
Director |
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Qualification |
Science Post
Graduate in Chemistry and Ph.D. |
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Other
Directorship |
Pratista
Industries Limited |
|
Profile |
He has also
carried out post doctoral research in surface Chemistry in |
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Name : |
Mr. A. T. Kurse |
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Designation : |
Director |
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Name : |
Mr. A. K. Jain |
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Designation : |
Executive
Director |
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Name : |
Mr. Pranay Godha |
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Designation : |
Whole Time
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Harish P.
Kamath |
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Designation : |
Company Secretary
and Vice President – Legal |
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Name : |
Mr. J. L. Nagori |
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Designation : |
President –
Operation |
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Name : |
Dr. Ashok Kumar |
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Designation : |
President - R and
D Chemicals |
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Name : |
Mr. M. D. Sharma |
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Designation : |
President –
Domestic Marketing |
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Name : |
Mr. Y. K. Bansal |
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Designation : |
President – R and
D (Formulations) |
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Name : |
Mr. Prakash
Shanware |
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Designation : |
President – HR |
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Name : |
Mr. N. Guhaprasad |
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Designation : |
President - International Marketing |
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Name : |
Dr. Aneel Pareek |
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Designation : |
President –
Medical Affairs and Clinical Research |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Category of
Shareholder |
Total No. of
Shares |
% of total No.
of Shares |
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|
|
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(A) Shareholding of Promoter and Promoter Group |
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|
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|
10,666,210 |
8.52 |
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47,215,480 |
37.70 |
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57,881,690 |
46.22 |
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Total shareholding of Promoter and Promoter Group (A) |
57,881,690 |
46.22 |
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(B) Public Shareholding |
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28,971,325 |
23.13 |
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|
27,000 |
0.02 |
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|
50,000 |
0.04 |
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|
10,851,883 |
8.67 |
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|
39,900,208 |
31.86 |
|
|
|
|
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12,323,394 |
9.84 |
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|
|
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|
11,685,885 |
9.33 |
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2,011,476 |
1.61 |
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|
1,425,002 |
1.14 |
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|
264,563 |
0.21 |
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|
5,685 |
- |
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|
784,854 |
0.63 |
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|
369,900 |
0.30 |
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|
27,445,757 |
21.92 |
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Total Public shareholding (B) |
67,345,965 |
53.78 |
|
Total (A)+(B) |
125,227,655 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
Total (A)+(B)+(C) |
125,227,655 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Selling of Pharmaceutical Products such as Tablets/Capsules, Orals/Liquids,
Injectables, Basic Drugs/Intermediates and Psyllium Husk.. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Tablets/
Capsules |
Lacs |
144679 |
100493 |
|
Orals/Liquids |
Lacs |
178 |
395 |
|
Injectables |
Lacs |
138 |
1024 |
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Basic Drugs/
Intermediates |
Tones |
4150 |
3049 |
GENERAL INFORMATION
|
No. of Employees : |
6269 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
Natvarlal Vepari and Company Chartered Accountants |
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Associates: |
·
Paschim Chemicals Private Limited ·
Tonira Pharma Limited ·
Makers Laboratories Limited |
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Joint Venture Company: |
Activa
Pharmaceuticals (FZC), UAE. (Liquidated on 09.03.2010) |
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Subsidiaries : |
·
Laboratories Ipca Do Brasil Limited, ·
Ipca Pharmaceuticals, Inc., ·
Ipca Laboratories U.K. Limited, ·
Ipca Pharma ( ·
Ipca Pharma Nigeria Limited, ·
National Druggists (Pty) Limited ·
Ipca Pharmaceuticals ( ·
Ipca Pharmaceuticals Limited. SA de CV, ·
Ipca Traditional Remedies Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
225000000 |
Equity Shares |
Rs.2/- Each |
Rs.450.000 millions |
|
|
|
|
|
Issued, Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
126508750 |
Equity Shares |
Rs.2/- Each |
Rs.253.000 millions |
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|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
125227655 |
Equity Shares |
Rs.2/- Each |
Rs.250.400 millions |
|
|
|
|
|
Of the
above:
(i)
48,200 Equity Shares of Rs. 10 each have been issued as fully paid for consideration
other than cash
(ii)
(a) 84,00,000 Equity Shares of Rs.10 each fully paid have been issued as Bonus
Shares by capitalisation of General Reserve
(b)
1,25,00,000 Equity Shares of Rs. 10 each fully paid have been issued as Bonus
Shares by capitalisation of Share Premium
(iii)
3,01,750 (Previous year 1,92,000) Equity Shares of Rs.10 each issued on exercise
of options under Employees Stock Option Scheme
(iv)
2,56,219 (Previous year 2,03,009) Equity Shares of Rs.10 each extinguished under
Buy-back Scheme
Note:
Equity
Share of Rs.10 each have been sub-divided into five equity shares of Rs. 2 each
pursuant to the resolution passed by the shareholders at the Extra Ordinary
General Meeting held on 25th February, 2010
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 |
250.400 |
249.900 |
250.900 |
|
|
2] Share Application Money |
0.100 |
0.300 |
0.400 |
|
|
3] Reserves & Surplus |
8498.200 |
6135.200 |
5825.700 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8748.700 |
6385.400 |
6077.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3790.800 |
3316.200 |
3002.700 |
|
|
2] Unsecured Loans |
749.000 |
1191.300 |
527.400 |
|
|
TOTAL BORROWING |
4539.800 |
4507.500 |
3530.100 |
|
|
DEFERRED TAX LIABILITIES |
793.100 |
651.100 |
573.600 |
|
|
|
|
|
|
|
|
TOTAL |
14081.600 |
11544.000 |
10180.700 |
|
|
|
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|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6364.700 |
5630.300 |
4134.300 |
|
|
Capital work-in-progress |
382.800 |
166.900 |
1276.100 |
|
|
|
|
|
|
|
|
INVESTMENT |
494.200 |
570.300 |
319.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3708.400
|
2998.300 |
2595.200 |
|
|
Sundry Debtors |
3919.100
|
3427.700 |
2637.600 |
|
|
Cash & Bank Balances |
82.900
|
64.200 |
75.900 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1215.400
|
821.800 |
716.800 |
|
Total
Current Assets |
8925.800
|
7312.000 |
6025.500 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
697.500
|
654.600 |
|
|
|
Other Current Liabilities |
1141.700
|
1281.100 |
1371.400 |
|
|
Provisions |
246.700
|
199.800 |
202.900 |
|
Total
Current Liabilities |
2085.900
|
2135.500 |
1574.300 |
|
|
Net Current Assets |
6839.900
|
5176.500 |
4451.200 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
14081.600 |
11544.000 |
10180.700 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15455.500 |
12653.200 |
10422.000 |
|
|
|
Other Income |
134.000 |
102.500 |
169.600 |
|
|
|
TOTAL (A) |
15589.500 |
12755.700 |
10591.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material
Cost and Inventory Adjustments |
6409.500 |
4981.800 |
4631.000 |
|
|
|
Personal cost |
2163.800 |
1842.900 |
1438.800 |
|
|
|
Manufacturing and Other Expenses |
3604.900 |
3230.400 |
2657.400 |
|
|
|
Foreign Exchange Transaction |
(57.900) |
756.900 |
(427.200) |
|
|
|
Provision for Diminution in value of investments |
30.300 |
0.500 |
0.000 |
|
|
|
TOTAL (B) |
12150.600 |
10812.500 |
8300.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3438.900 |
1943.200 |
2291.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
258.300 |
303.900 |
200.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3180.600 |
1639.300 |
2090.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
463.300 |
392.800 |
322.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2717.300 |
1246.500 |
1768.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
625.400 |
334.300 |
357.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2091.900 |
912.200 |
1411.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1519.500 |
1497.300 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Debenture
Redemption Reserve |
150.000 |
50.000 |
NA |
|
|
|
General
Reserve |
1525.400 |
517.200 |
NA |
|
|
|
Interim
Dividend |
224.900 |
176.000 |
NA |
|
|
|
Proposed
Final Dividend |
125.200 |
99.900 |
NA |
|
|
|
Proposed
Dividend of previous year reversed on
Shares bought back |
(0.100) |
0.000 |
NA |
|
|
|
Tax
on dividend |
59.000 |
46.900 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
1527.000 |
1519.500 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of export |
7833.200 |
6574.000 |
5166.700 |
|
|
|
Dividend and interest |
10.700 |
0.000 |
6.100 |
|
|
|
Proceeds
received on disposal of Joint Venture |
2.300 |
0.400 |
0.000 |
|
|
|
Other Services charges |
11.000 |
35.600 |
25.600 |
|
|
TOTAL EARNINGS |
7857.200 |
6610.000 |
5198.400 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1897.100 |
1495.700 |
1215.000 |
|
|
|
Packing Material |
57.000 |
43.300 |
26.600 |
|
|
|
Trade goods |
89.000 |
12.900 |
16.200 |
|
|
|
Capital Goods |
409.600 |
209.400 |
153.800 |
|
|
|
Stores and machine component |
8.900 |
6.200 |
4.000 |
|
|
TOTAL IMPORTS |
2461.600 |
1767.500 |
1415.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.75 |
8.08 |
NA |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
4179.800 |
5182.900 |
|
Total Expenditure |
3496.800 |
4002.900 |
|
PBIDT (Excl OI) |
683.000 |
1180.000 |
|
Other Income |
5.800 |
295.900 |
|
Operating Profit |
688.800 |
1475.900 |
|
Interest |
48.600 |
62.000 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
640.200 |
1413.900 |
|
Depreciation |
128.800 |
136.800 |
|
Profit Before Tax |
511.400 |
1277.100 |
|
Tax |
123.000 |
337.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
388.400 |
940.100 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
388.400 |
940.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total
Income |
(%) |
13.42
|
7.15 |
13.32 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.58
|
9.85 |
16.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.07
|
9.63 |
17.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.20 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.76
|
0.33 |
0.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.28
|
3.42 |
3.83 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Subject was incorporated in 19th October of the year 1949 under
the name of 'The Indian Pharmaceutical Combine Association Limited.' Subject is
a fully integrated, rapidly growing Indian pharmaceutical company with a strong
thrust on exports. Subject's APIs and Formulations produced at world class
manufacturing facilities are approved by leading drug regulatory authorities
including the US-Food and Drug Administration (FDA), UK-Medicines and
Healthcare products Regulatory Agency (MHRA), South Africa-Medicines Control
Council (MCC), Brazil-Brazilian National Health Vigilance Agency (ANVISA) and
Australia-Therapeutic Goods Administration (TGA) with operations in over 100
countries. Subject is one of the biggest manufacturers in the world of APIs
Atenolol (Antihypertensive), Chloroquine Phosphate (Antimalarial), Furosemide
(Diuretic) and Pyrantel Salts (Anthelmintic) right from the basic stage.
Subject is also one of the largest suppliers of these APIs and their
intermediates world over. The name of the company was changed to Subject
Laboratories Limited' in 6th August of the year 1964 and again name was changed
to Subject Laboratories Private Limited' in 13th January of the year 1966.
Subject had commissioned one of the first modern Pharma factory of yesteryears
in the year 1969 at Mumbai. The present management took over the company in
November of the year 1975. In the year 1976, started domestic marketing
operations, the first company to offer sugarcoated Chloroquine tablets.
Launched formulations of Metoclopramide under brand name 'Perinorm' for the
first time in
MANAGEMENT DISCUSSION
AND ANALYSIS
Industry Structure
and Development
The global pharmaceutical market
is now estimated to be US $773 billion and is growing at a rate of about 4.8%
per annum. US,
In contrast, pharmaceutical market
of emerging economies like India, Brazil, Mexico, etc. are growing at a much
faster rate of 12% – 16% per annum driven by improved per capita income,
increased access and rising awareness of modern medicines and strengthening of
healthcare infrastructure.
Outlook, risks and
concerns
Though in the world pharmaceutical
market, India has a share of less than 3% by value, India today is recognized
as one of the leading global players with large number of drug master files and
dossier registrations for Active Pharmaceutical Ingredients (APIs) and
formulations with manufacturing facilities approved by regulatory authorities
of the developed countries.
Indian companies are today focusing on global generic and
API business, R and D activities and contract research and manufacturing alliances with
multinational companies.
Several
multi-billion dollar drugs going off patent over next few years and increasing
use of pharmaceutical generics in developed markets will provide attractive
growth opportunities to generics manufacturers and thus Indian pharmaceutical
industry is poised for an accelerated growth in the coming years.
However,
poor public healthcare funding and infrastructure, low per capita consumption
of medicines in developing and under developed countries including India as
well as currency fluctuations are a few causes of concern.
Financial
Performance and Operations Review
The
Company had another successful financial year with a net total income of Rs.15589.500
millions as against Rs.127.557 millions in the previous year, a growth of 22%. The
Company’s focus on formulations business resulted into increase in overall
formulation sales to Rs.10869.900 millions, an increase of 19% over previous
year formulations sales of Rs.9137.600 millions.
The
company further expanded its therapeutic coverage with introduction of new
formulations, both in the domestic and export markets, especially in the fast
growing life style related segments.
The
Active Pharmaceutical Ingredient (API) business also increased by 30% to
Rs.4585.600 millions.
During
the financial year under report, the Earnings before interest, depreciation,
foreign exchange translation gain/loss increased by 25% to Rs.3381.000 millions
as against Rs.2700.100 millions in the previous financial year. The operations
have resulted in a net profit of Rs.2091.900 millions during the financial year
under report as against Rs.912.200 millions in the previous financial year, an
increase of 129%.
International business
The
products of the Company are now exported to over 110 countries across the
globe. During the financial year under report, the international business
increased by 18% to Rs.8060.800 millions as against Rs.6803.900 millions in the
previous year. Formulation exports of the Company increased by 12% to Rs.4891.500
millions and exports of APIs and Drug Intermediates increased by 30% to Rs.3169.300
millions.
The Company achieved export sales of Rs.3659.000 millions
during the financial year under report as against sales of Rs.2559.500 millions
in the previous year, a growth of 43% from this continent. The Company has developed
and submitted 45 generic formulation dossiers for registration in
The
Company mainly exports its APIs to
The
Company is working on a list of formulations for development and filing of
ANDAs with US FDA. Most of these formulations are from own APIs for which the
Company has filed/in the process of filing Drug Master File (DMF). The Company
has currently signed agreements with 2 marketing partners for sale/distribution
of generic formulations on a profit sharing arrangement in the
The
Company has signed agreements with 3 marketing partners for sale/distribution
of generic formulations in Canadian market and under these agreements, the
Company has developed and filed few formulation dossiers for registration in
Confederation of Independent States
(CIS)
The
Company’s CIS business recorded a sales of Rs.687.600 millions as against
Rs.1038.700 Millions in the previous year, most of which is from branded
formulations business from
Though,
during the year under report, the branded formulations business decreased in
this continent mainly on account of currency fluctuations and regulatory
changes, the Company is confident of achieving higher growth in coming years
from this market through field force expansion and introduction of more
formulations which are currently under registration/development.
The
Asian business (excluding
The
Company achieved export sales of Rs.1064.600 millions to
The
Company exports formulations as well as APIs to several African countries. The
Company markets branded formulations in countries like
The
Company is expanding its branded formulations business across this continent
through expansion of field force and geographical coverage and increase in the
number of branded formulations marketed.
36
generic formulations dossiers developed by the Company are registered in
The
Company exports APIs to
Domestic formulations business
The
Company’s formulations business in India now comprises of 11 marketing
divisions focusing on key therapeutic segments including 3 new divisions – 3D
(Cardio-Vascular), Nephro Sciences (Nephrology) and Urosciences (Urology) which
started operations from April 2010.
The
brand building was in evidence especially in chronic therapy segments such as
cardiovasculars, anti-diabetics, newer antimalarials, central nervous system
(CNS), Dermatology and nonsteroidal anti-inflammatory drugs (NSAID). In order
to increase the reach and the penetration in the Indian pharmaceuticals market,
the Company has substantially increased its field force strength during the
last 2 financial years. The total field force strength of the Company in the
Indian market is currently about 3,800 people including PSRs, Area and Regional
Business Managers.
During
the year under report, the Company introduced 8 new products in the domestic market.
New products introduced during the last four financial years now constitute
nearly 14% of the Company’s domestic formulations sales.
During
the financial year under report, the domestic formulations business recorded a
growth of 25% at Rs.5978.400 millions as against Rs.4765.900 millions in the
previous year
UNAUDITED
FINANCIAL RESULTS
(Rs. In Millions)
|
Particulars |
Quarter
Ended 30.06.2010 |
|
|
|
|
Gross Sales |
4270.700 |
|
Less: Excise Duty and Sales Tax |
125.700 |
|
Net Sales |
4145.000 |
|
Other Operating Income |
34.800 |
|
Total Income |
4179.800 |
|
|
|
|
Expenditure: |
|
|
A) (Increase)/decrease in stock in trade and work in
progress |
(135.700) |
|
B) Materials consumption |
1653.000 |
|
C) Purchase of traded goods |
230.900 |
|
D) Employees Cost |
657.500 |
|
E) Depriciation / Amortisation |
128.800 |
|
F) Manufacturing and other expenditure |
1061.800 |
|
Total Expenditure |
3596.300 |
|
Profit from operations before Other Income, Foreign
Exchange translations gain/(loss), Interest and Tax |
583.500 |
|
Other Income |
5.800 |
|
Profit before Foreign Exchange translations gain/(loss),
Interest and Tax |
589.300 |
|
Foreign Exchange translations gain/(loss) |
29.300 |
|
Financial cost (Net) |
48.600 |
|
Profit before tax |
511.400 |
|
Tax Expense (including Deferred, Fringe Benefit Tax and
earlier year provision for tax written back) |
123.000 |
|
Net Profit After Tax |
388.400 |
|
Paid-up equity share capital |
250.400 |
|
(Face value of Rs.2/- each) |
|
|
Reserves excluding revaluation reserve |
- |
|
Earnings Per Share (Rs.) |
|
|
Basic |
3.10 |
|
Diluted |
3.09 |
|
Aggregate of public shareholding |
|
|
- Number of shares |
67345965 |
|
- Percentage of shareholding |
53.78% |
|
Promoters and Promoter group shareholding |
|
|
a) Pledged / Encumbered |
|
|
- Number of shares |
13970000 |
|
- Percentage of shares (as a % of the total shareholding
of promoter and promoter group |
24.14% |
|
- Percentage of shares (as a % of the total share capital
of the Company) |
11.16% |
|
b) Non-encumbered |
|
|
- Number of shares |
43911690 |
|
- Percentage of Shares (as a % of the total shareholding
of promoter and promoter group) |
75.86% |
|
- Percentage of Shares (as a % of the total share capital
of the Company |
35.06% |
Contingent
Liabilities
|
Particular |
31.03.2010 (Rs. In millions) |
|
a) Bills discounted with banks. Since realized |
870.000 264.800 |
|
b) Other moneys for which the company is contingent liable for tax,
excise custom and other matters not accepted by the company |
303.100 |
|
c) Claims against the company not acknowledged as debts. |
1.000 |
|
d) Corporate guarantees gives to bankers of associates and subsidiary
for which the company holds counter guarantees |
300.000 |
|
e) Corporate Guarantee given to others. |
22.800 |
|
f)
Guarantees given by banks in favour of Govt. and others/ Letter of Credit
opened against which goods are not received. |
338.600 |
Notes:
1. The above unaudited financial
results, as reviewed by the Audit Committee were approved and taken on record
by the Board of Directors in their meeting held on July 29, 2010.
2. The Auditors of the Company
have carried out the limited review of the above unaudited financial results in
terms of clause 41 of the Listing Agreement.
3. The entire operations of the
company relate to only one segment viz. 'Pharmaceuticals'.
4. Previous year's figures have
been regrouped, wherever necessary.
5. During the quarter, 52 investor
grievances were received and all were disposed off. No grievances were pending either
at the beginning or at the end of the quarter.
FIXED ASSETS
- Tangible
Assets
- Land
- Buildings
- Plant and Machinery
- Effluent Treatment Plant
- Furniture
and Fixtures
- Vehicles
- Equipments
- Furniture
- Intangible Assets
- Software
- Know-how
- Brands and Trademarks
WEBSITE DETAILS:
PROFILE:
Subject is a fully integrated, rapidly growing
Indian pharmaceutical company with a strong thrust on exports. Subject APIs and Formulations produced
at worldclass manufacturing facilities are approved by leading drug regulatory
authorities including the US-Food and Drug Administration (FDA), UK-Medicines
and Healthcare products Regulatory Agency (MHRA), South Africa-Medicines
Control Council (MCC), Brazil-Brazilian National Health Vigilance Agency
(ANVISA) and Australia-Therapeutic Goods Administration (TGA). With operations
in over 100 countries, exports account
for over 52% of the company's income.
Forbes, a
From a modest income of Rs.5.400 millions in 1975-76, the net income has
soared to Rs.7533.000 millions in 2005-06 with exports accounting for Rs.4018.300
millions. The net profit for the
year ending 31st March, 2006 stood at Rs.639.800 millions.
Formulations constitute 67 percent of the total income for 2005-06.
Today, subject is one of the biggest manufacturers in the world of
APIs Atenolol (Antihypertensive), Chloroquine Phosphate (Antimalarial),
Furosemide (Diuretic) and Pyrantel Salts (Anthelmintic) right from the basic
stage. Subject is also one of
the largest suppliers of these APIs and their intermediates world over.
2009
January -
Study entitled "Comparative Evaluation of Efficacy and Safety of Cefotaxime-Sulbactam with Amoxicillin-Clavulanic Acid in
Children with lower respiratory tract infections" conducted by Clinical
Research Department accepted for poster symposium by 2nd Congress of the
European Academy of Pediatrics, held at Nice, France.
- The first preclinical study conducted by
Clinical Research Department entitled "In Vivo Antimalarial Activity of
Oral Beta-Arteether and Piperaquine
Combination" published in Italian Journal "Pharmacology
Online".
- Clinical trial conducted by Clinical
Research Department of Subject entitled "Comparative Evaluation of
Efficacy and Safety of Cefotaxime-Sulbactam
with Amoxicillin-Clavulanic Acid
in Children with lower respiratory tract infections" published in
"Expert Opinion on Pharmacotherapy".
Press Releases:
Ipca Laboratories Q1 FY11 Results
Net Total Income at Rs.4185.600 millions, up by 15%
Export Income at Rs.2103.200 millions, up by 20%
EBITDA at Rs.712.300 millions, down by 1%
Net Profit at Rs.388.400 millions, down by 22%
Key Highlights of Q1 FY11:
* Net Total Income at Rs.4185.600 millions in Q1 FY11 as against Rs.3630.500 millions in Q1 FY10, growth of 15%.
* Export Income at Rs.2103.200 millions in Q1 FY11 as against Rs.1752.000 millions in Q1 FY10, growth of 20%.
* EBITDA at Rs.712.300 millions in Q1 FY11 as against Rs.718.600 millions in Q1 FY10, down by 1%.
* EBITDA margin reduced from 20% to 17%.
* Net Profit at Rs.388.400 millions in Q1 FY11 as against Rs.497.700 millions in Q1 FY10, reduced by 22%.
* EPS of Rs.3.10 in Q1 FY11 as against Rs.3.99 in Q1 FY10.
* The sales and profitability of Q1 FY11 was impacted mainly on account of:
- Decline in anti-malarial formulations and API sales;
- Appreciation of Indian Rupee against major currencies vis-a-
- vis Q1 FY10; and
- Aggressive expansion of domestic field force and resultant increase in employees cost and marketing expenses.
Revenue Break
Formulations:
* Total Revenue from formulations business at Rs.2902.300 millions in Q1 FY11 as against Rs.2395.300 millions in Q1 FY10, growth of 21%.
* Revenue from Domestic branded formulations business at Rs.1682.000 millions in Q1 FY11 as against Rs.1449.000 millions in Q1 FY10, growth of 16%.
Revenue from export of formulations at Rs.1220.300 millions in Q1 FY11 as against Rs.946.300 millions in Q1 FY10, growth of 29%.
Active Pharmaceutical Ingredients (APIs)
* Total Revenues from Active Pharmaceutical Ingredients (APIs) business at Rs.1242.600 millions in Q1 FY11 as against Rs.1182.400 millions in Q1 FY10, growth of 5%.
* Revenues from Domestic Active Pharmaceutical Ingredients (APIs) business at Rs.359.700 millions in Q1 FY11 as against Rs.376.700 millions in Q1 FY10, down by 5%.
* Revenue from export of Active Pharmaceutical Ingredients (APIs) business at Rs.882.900 millions in Q1 FY11 as against Rs.805.700 millions in Q1 FY10, growth of 10%.
* Decline in anti-malarial API sales in the domestic and export markets impacted the API sales growth.
Q1 FY11 at a glance
|
(Rs. Millions) |
|||
|
1st Quarter ended |
30.06.2010 |
30.06.2009 |
Growth |
|
Net Total Income |
4185.600 |
3630.500 |
15 % |
|
Export Income |
2103.200 |
1752.000 |
20% |
|
EBITDA |
712.300 |
718.600 |
(1%) |
|
Profit before Forex gain/ (loss) and tax |
540.800 |
573.500 |
(6%) |
|
Forex gain/
(loss) |
(29.300) |
61.700 |
- |
|
Net Profit after Forex gain/(loss) and tax |
388.400 |
497.700 |
(22%) |
|
Earnings per share of Rs.2/- each (Rs.) |
31.000 |
39.900 |
(22%) |
About Ipca Laboratories:
Ipca Laboratories is a fast growing pharmaceutical major, with a strong thrust on exports. Exports to over 110 countries, now account for nearly half of Company's income. Ipca Laboratories is vertically integrated and produces finished dosage forms and Active Pharmaceutical Ingredients.
PRESS RELEASE
Ipca Laboratories Q2 FY11 Results
Net Total Income at Rs.5190.4 millions, up by 20%
EBITDA at Rs.1180.0 millions, up by 16%
Net Profit at Rs.940.1 millions, up by 47%
Interim Dividend of Re.1/- per share (50%) declared
Mumbai, India, October 22, 2010: Ipca Laboratories Limited today announced its unaudited financial results for the second quarter ended 30th September, 2010 of the financial year 2010-11.
Key Highlights of Q2 FY11:
* Net Total Income at Rs.5190.4 millions in Q2 FY11 as against Rs.4307.9 millions in Q2 FY10, growth of 20%.
* Export Income at Rs.2515.3 millions in Q2 FY11 as against Rs.2195.4 millions in Q2 FY10, growth of 15%.
* EBITDA at Rs.1180.0 millions in Q2 FY11 as against Rs.1021.2 millions in Q2 FY10, growth of 16%.
* EBITDA margin @22.77% in Q2 FY11 as against 23.73% in Q2 FY10.
* Net Profit at Rs.940.1 millions in Q2 FY11 as against Rs.638.8 millions in Q2 FY10, growth of 47%.
* EPS of Rs.7.49 in Q2 FY11 as against Rs.5.10 in Q2 FY10.
* Interim Dividend of Re.1/- per share (50%) declared.
Revenue Break-up - Q2 FY11
Formulations:
* Total Revenue from formulations business at Rs.3970.4 millions in Q2 FY11 as against Rs.3092.4 millions in Q2 FY10, growth of 28%.
* Revenue from Indian formulations business at Rs.2219.4 millions in Q2 FY11 as against Rs.1714.9 millions in Q2 FY10, growth of 29%.
* Revenue from export formulations business at Rs.1751.0 millions in Q2 FY11 as against Rs.1377.5 millions in Q1 FY10, growth of 27%.
Active Pharmaceutical Ingredients (APIs)
* Total Revenues from Active Pharmaceutical Ingredients (APIs) business at Rs.1172.6 millions in Q2 FY11 as against Rs.1195.5 millions in Q2 FY10, growth of -2%.
* Revenues from Indian Active Pharmaceutical Ingredients (APIs) business at Rs.408.3 millions in Q2 FY11 as against Rs.377.6 millions in Q2 FY10, growth of 8%.
* Revenue from export of Active Pharmaceutical Ingredients (APIs) business at Rs.764.3 millions in Q2 FY11 as against Rs.817.9 millions in Q2 FY10, growth of -7%.
Key Highlights of H1 FY11:
* Net Total Income of Rs.9376.0 millions in H1 FY11 as against Rs.7938.4 millions in H1 FY10, growth of 18%.
* Export Income at Rs.4618.5 millions in H1 FY11 as against Rs.3947.4 millions in H1 FY10, growth of 17%.
* EBITDA at Rs.189.23 in H1 FY11 as against Rs.1739.8 millions in H1 FY10, growth of 9%.
* EBITDA margin @ 20.21% in H1 FY11 as against 22.05% in H1 FY10.
* Net Profit at Rs.1328.5 millions in H1 FY11 as against Rs.1136.5 millions in H1 FY10, growth of 17%.
* EPS of Rs.10.59 in H1 FY11 as against Rs.9.08 in H1 FY10.
Revenue Break-up - H1 FY11
Formulations:
* Total Revenue from formulations business at Rs.6872.7 millions in H1 FY11 as against Rs.5486.9 millions in H1 FY10, growth of 25%.
* Revenue from Indian formulations business at Rs.3901.4 millions in H1 FY11 as against Rs.3163.9 millions in H1 FY10, growth of 23%.
* Revenue from export of forumlations business at Rs.2971.3 millions in H1 FY11 as against Rs.2323.0 millions in H1 FY10, growth of 28%.
Active Pharmaceutical Ingredients (APIs)
* Total Revenues from Active Pharmaceutical Ingredients (APIs) business at Rs.2415.2 millions in H1 FY11 as against Rs.2378.7 millions in H1 FY10, growth of 2%.
* Revenues from Indian Active Pharmaceutical Ingredients (APIs) business at Rs.768.0 millions in H1 FY11 as against Rs.754.3 millions in H1 FY10, growth of 2%.
* Revenue from export Active Pharmaceutical Ingredients (APIs) business at Rs.1647.2 millions in H1 FY11 as against Rs.1624.4 millions in H1 FY10, growth of 1%.
* Till date, the Company has filed 20 ANDAs with US-FDA out of which 10 ANDAs are granted.
* 54 DMFs are also filed with US-FDA for Active Pharmaceutical Ingredients (APIs).
Q2 FY11 at a glance
|
(Rs. Millions) |
|||
|
2nd
Quarter ended |
30.09.2010 |
30.09.2009 |
Growth |
|
Net Total Income |
5190.4 |
4307.9 |
20 % |
|
Export Income |
2515.3 |
2195.4 |
15% |
|
EBITDA |
1180.0 |
1021.2 |
16% |
|
Profit before Forex gain/ (loss) and
tax |
988.7 |
838.9 |
18% |
|
Forex gain/ (loss) |
288.4 |
(05.6) |
- |
|
Net Profit after Forex gain/(loss) and
tax |
940.1 |
638.8 |
47% |
|
Earnings per share of Rs.2/- each
(Rs.) |
74.9 |
51.0 |
47% |
H1 FY11 at a glance
|
(Rs.
Millions) |
|||
|
Half
Year ended |
30.09.2010 |
30.09.2009 |
Growth |
|
Net Total Income |
9376.0 |
7938.4 |
18 % |
|
Export Income |
4618.5 |
3947.4 |
17% |
|
EBITDA |
1892.3 |
1739.8 |
9% |
|
Profit before
Forex gain/ (loss) and tax |
1529.4 |
1412.4 |
8% |
|
Forex gain/
(loss) |
259.1 |
56.1 |
- |
|
Net Profit after
Forex gain/(loss) and tax |
1328.5 |
1136.5 |
17% |
|
Earnings per
share of Rs.2/- each (Rs.) |
105.9 |
90.8 |
17% |
About Ipca Laboratories:
Ipca Laboratories is a fast growing pharmaceutical major, with a strong thrust on exports. Exports to over 110 countries, now account for nearly half of Company's income. Ipca Laboratories is vertically integrated and produces finished dosage forms and Active Pharmaceutical Ingredients.
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 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
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 |
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 |
|
67 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.