MIRA
INFORM REPORT
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Report Date : |
05.01.2011 |
IDENTIFICATION DETAILS
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Name : |
WOCKHARDT LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
08.07.1999 |
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Com. Reg. No.: |
120720 |
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CIN No.: [Company
Identification No.] |
L24230MH1999PLC120720 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKW00152F |
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PAN No.: [Permanent
Account No.] |
AAACW2472M |
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Legal Form : |
A Public limited liability company. The Company's shares are listed on
the Stock Exchanges. |
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Line of Business : |
Manufacturing and Marketing of Pharmaceuticals in the form of
Injections, Liquids and solutions, Agro Products, Tablets and Capsules,
Ointments, Powders, Bulk Drugs, large volume parenterals and others. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 22000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct 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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered /
Corporate Office : |
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Tel. No.: |
91-22-26534444 / 26533333 |
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Fax No.: |
91-22-26522727 / 26522828 / 26534242 |
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E-Mail : |
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Website : |
www.wockhardt.com |
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Factory : |
Tel: +912406626444 Fax: +91 240 6626333 L1 M.I.D.C., Chikalthana, Tel: +91 240 6637444 Fax: +91 240 6637333 87A Bhimpore, Nani Daman 396210 Tel: +912606610300/6610333 Fax: +91 260 2220940 106/4,5,7 Kadaiya, Nani Daman 396210 Tel: +91 2606531306 Fax: +91 260 2220695 +91 2602220111/2221518 138 G.I.D.C. Estate, Ankleshwar 393002, District Bharuch Gujarat Tel: +91 2646661444 Fax:+91 2646661555 57, Kunjhal, Barotiwala,
Nalagarh, District Solan, Himachal Pradesh 174103 Tel: +91 1795664490 Fax:+91 1795664242 |
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Overseas Office : |
·
Wockhardt Europe
Limited Central Chambers, ·
Wockhardt
Americas Inc.
188 Route, 10, West Tel. No.: 1-973-5601901 Fax No.: 1-973-5601904 E-mail : wockamer@worldnet.att.net ·
Wockhardt
Limited No. 1611, Jindu Apartments, Building - B,
Fanh Zhuang, Tel/Fax No.:
86-10-67620458 E-Mail : bkm@info.iuol.cn.net ·
Wockhardt
Limited Plateau Akasaka North # 104, 7-6-59 Akasaka,
Minato-ku, Tel. No.: 03-3505-5964 Fax No.: 03-3856-0798 ·
Wockhardt ( Centre for African
Operations, Tel. No.: 254.2.440020 Fax No.: 254.2.447005 E-mail : wockafrica@nbnet.co.ke ·
Wallis
Laboratories Limited Tel. No.: 44-1582-413615 Fax No.: 44-1582-417964 E-Mail : rajan@wallisgroup.com ·
Wockhardt Europe
Limited Trident Trust Company (B.V.I.) Limited,
Trident Chambers, ·
Wockhardt Europe
Limited Office No. A225, Prospect Vernadskago, DGM
101, Korpus 3, Tel/Fax No : 95-937-2288 E-Mail : wockru@com2com.ru ·
Wockhardt
Limited 38, Tel. No:: 00848-8477862 Fax No:: 00848-8440953 E-Mail: wock@hcm.vnn.vn ·
Wockhardt
Limited M. N. Egypt, 50 B, Tel. No.: 00202-2414280 Fax No.: 00202-2456221 |
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International Offices : |
WOCKHARDT |
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Research Centre : |
Located at : |
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Branches : |
Located at :- ·
Surendra Industrial Compound, 2nd Tel/Fax No.: 91-22-25343106
/ 2534 28 60 ·
BFF2, Dilkush Industrial Estate, Tel. No.: 91-11-272260 74 /
27226293 / 27144061 Fax No.: 91-11-27419716 ·
Tel. No.: 91-44-2499 79 26
/ 24997927 / 24997928 Fax No.: 91-44-24997929 ·
P-25, Tel. No.: 91-33-23341761 /
23342272 / 23340703 Fax No.: 91-33-23340705 ·
A-7, Tel. No.: 91-575-2714883 Fax No.: 91-575-2718995 |
DIRECTORS
AS ON 31.03.2010
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Name : |
Mr. Habil F. Khorakiwala |
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Designation : |
Chairman |
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Qualification : |
B.Pharm, M.S. |
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Date of Appointment : |
01.07.1984 |
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Previous
Employment |
Wockhardt Private Limited – Managing Director |
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Name : |
Mr. Huzaifa Khorakiwala |
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Designation : |
Executive Director |
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Name : |
Mr. Aman Mehta |
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Designation : |
Director |
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Name : |
Mr. R A Shah |
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Designation : |
Director |
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Name : |
Mr. Bharat Patel |
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Designation : |
Director |
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Name : |
Dr. Murtaza Khorakiwala |
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Designation : |
Managing Director |
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Name : |
Dr. Abid Hussain |
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Designation : |
Director |
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Name : |
Mr. Shekhar Datta |
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Designation : |
Director |
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Name : |
Mr. Sirjiwan Singh |
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Designation : |
Managing Director – Wockhardt UK & Pinewood |
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Name : |
Mr. Sunil Khera |
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Designation : |
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Name : |
Dr. Yatendra Kumar |
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Designation : |
President- R&D, Regulatory & QA/QC |
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Name : |
Mr. Sanjeev Mehta |
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Designation : |
President - Supply Chain, Quality Generics & API Sales |
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Name : |
Mr. Ajay Sahni |
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Designation : |
President - Wockhardt France & Vice President - Finance, |
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Name : |
Mr. Raju Krishnaswamy |
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Designation : |
Senior Vice President – Manufacturing |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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887,625 |
0.82 |
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79,697,757 |
73.21 |
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80,585,382 |
74.03 |
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Total shareholding of Promoter and Promoter Group (A) |
80,585,382 |
74.03 |
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(B) Public Shareholding |
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368,068 |
0.34 |
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7,379,987 |
6.78 |
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1,560,277 |
1.43 |
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2,001,458 |
1.84 |
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11,309,790 |
10.39 |
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2,244,223 |
2.06 |
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10,800,489 |
9.92 |
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2,996,893 |
2.75 |
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923,660 |
0.85 |
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448,419 |
0.41 |
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55,600 |
0.05 |
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417,741 |
0.38 |
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1,900 |
- |
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16,965,265 |
15.58 |
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Total Public shareholding (B) |
28,275,055 |
25.97 |
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Total (A)+(B) |
108,860,437 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
575,466 |
- |
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Total (A)+(B)+(C) |
109,435,903 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
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Line of Business : |
Manufacturing and Marketing of Pharmaceuticals in the form of
Injections, Liquids and solutions, Agro Products, Tablets and Capsules,
Ointments, Powders, Bulk Drugs, large volume parenterals and others. |
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Products : |
·
Spasmoproxyvon ·
Proxyvon ·
Methycobal |
PRODUCTION STATUS [AS ON 31.03.2010]
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Injections |
Ltrs. |
262000 |
123369 |
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Liquids and Solutions |
Ltrs. |
3000000 |
2595586 |
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Tablets and Capsules |
Nos. in Lacs |
54475 |
75551 |
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Ointments |
Kgs. |
160000 |
130304 |
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Powder |
Kgs. |
-- |
7336044 |
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Bulk Drugs |
Kgs. |
490400 |
564120 |
GENERAL INFORMATION
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No. of Employees : |
2700 |
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Bankers : |
·
State Bank of ·
Punjab National Bank ·
HSBC ·
Standard Chartered Grindlays Bank Limited, Mumbai
·
Citibank N.A., Mumbai ·
ICICI Bank Limited ·
HDFC Bank ·
ABN Amro Bank N. V. ·
Credit Agricole Indosuez ·
Credit ·
Dena Bank, 17 B, |
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Facilities : |
Rs in
Millions
Notes: (I) Debentures are
redeemable at par in four annual installments of Rs. 500 million each
starting from August 7, 2012. Debentures are secured by first charge on
pari-passu basis, by way of mortgage of immovable assets at Biotech Park
H-14/2, MIDC Waluj, Aurangabad and hypothecation of movable assets situated
at all locations (except Baddi and Daman – Kadaiya). (II) (a) Rs.
5,952.80 million are secured by way of first charge on movable properties
situated at all locations except Baddi and (b) Rs. 1,418.40
million are secured by way of third charge on movable properties situated at
all locations except Baddi and (c) Term loans
amounting to Rs. 0.24 million (Previous Year – Rs. 2.78 million) are for
purchase of vehicles and are secured by hypothecation of vehicles purchased
under the agreement. The Company is
in the process of creating charge on movable properties situated at all
locations except Baddi and (III) As on
March 31, 2010, the Company is in the process of creating charge on movable
and immovable properties to secure term loans from others amounting to Rs.
750 million. (IV) As on March
31, 2010, working capital loan from banks amounting to Rs. 3,312.35 million
are secured by way of first charge by hypothecation of inventories and
debtors and second charge on movable properties situated at all locations
except Baddi and Daman – Kadaiya Unit. Balance working
capital loan of Rs. 1,234.50 million are secured by way of first charge by
hypothecation of inventories and debtors. (V) As per
approved CDR package dated July 4, 2009, in order to secure the debentures,
rupee denominated term loans and working capital loans of Rs. 14,108.55 million, the Company is in the
process of creating charge in favour of security trustee on behalf of all CDR
lenders on: – immovable
properties of the Company situated at various locations viz. Plot No. 87/A,
Bhimpore, – current assets
of the Company situated at all locations and – immovable
properties of Vinton Healthcare Limited, a wholly owned subsidiary, situated
at Jagraon, – immovable
properties of Wockhardt Infrastructure Development Limited, a wholly owned
subsidiary, situated at Shendra, (VI) Out of the
above, loans of Rs. 14,108.55 million are also secured by irrevocable
personal guarantee by H.F. Khorakiwala, Chairman. (I) As on
December 31, 2008 term loans of Rs. 1,808.75 million were secured as under: (i) Loan of
Rs. 530 million was secured by first
charge on pari-passu basis by way of mortgage and hypothecation of movable and
immovable assets at L-1, M.I.D.C. Chikhalthana and D-4, M.I.D.C. Chikhalthana
(R&D Centre), (ii) loan of Rs.
510 million was secured by subservient charge by way of hypothecation of
movable assets situated at L-1, M.I.D.C. Chikhalthana, D-4, M.I.D.C.
Chikhalthana (R&D Centre), (iii) loan of
Rs. 768.75 million was secured by first charge by way of hypothecation of
movable assets situated at Plot No. 138, G.I.D.C. Ankleshwar, S.E.Z. Shendra,
(II) As at
December 31, 2008 Foreign currency denominated loan (External Commercial
Borrowings) was secured by first charge on pari-passu basis by way of
mortgage and hypothecation of movable and immovable assets at L-1, M.I.D.C.
Chikhalthana, D-4, M.I.D.C. Chikhalthana (R&D Centre), Biotech Park
H-14/2, M.I.D.C. Waluj, B-15/2, M.I.D.C.Waluj (Plant & Machinery),
Aurangabad, 138, G.I.D.C. Ankleshwar, Bhimpore and Kadiaya, Daman.
Subsequently, the charge on above assets has been released and the said loan
was secured only by hypothecation on term deposit. The loan was repaid in
March 2009. (III) Working
capital loans from banks are secured by hypothecation of inventories and
debtors.
Note: Zero coupon
Foreign Currency Convertible Bonds (FCCBs) along with premium were due for
repayment in October, 2009. CDR scheme
comprehensively covers FCCB liability and pursuant to it, one of the FCCB
holders have been issued preference shares of Rs. 2,085.55 million.
Additionally, certain FCCB holders are in negotiation with the Company |
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Banking Relations
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Good |
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Auditors : |
Batliboi and Company Chartered Accountants |
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Associates : |
Khorakiwala Foundation |
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Subsidiaries : |
1. Wockhardt UK Holdings Limited (formerly, Wockhardt UK Limited) 2. CP Pharmaceuticals Limited 3. CP Pharma (Schweiz) AG 4. Wallis Group Limited 5. The Wallis Laboratory Limited 6. Wockhardt Farmaceutica Do 7. Wallis Licensing Limited 8. Wockhardt Biopharm Limited 9. Vinton Healthcare Limited 10. Wockhardt Infrastructure Development Limited 11. 2 & Z Service GmbH (formerly esparma GmbH) 12. Wockhardt Europe Limited 13. Wockhardt Nigeria Limited 14. Wockhardt USA LLC 15. Wockhardt EU Operations (Swiss) AG 16. Wockhardt UK Limited 17. Wockhardt Cyprus Limited 18. Wockpharma Ireland Limited 19. Pinewood Laboratories Limited 20. Nonash Limited 21. Atlantis USA Inc., 22. Laboratoires Negma S.A.S. (formerly Negma Lerads S.A.S.) 23. Wockhardt France (Holdings) S.A.S. 24. esparma AG 25. Wockhardt Holding Corp. 26. Morton Grove Pharmaceuticals, Inc. 27. MGP Inc. 28. Girex S.A.S. 29. Mazal Pharmaceutique S.A.R.L. 30. Laboratoires Pharma 2000 S.A.S. (formerly Pharma 2000 S.A.S.) 31 Hariphar S.C. 32. Niverpharma S.A.S. 33 Cap Dermatology S.A.R.L. 34 Negma Beneulex 35 S.C.I. Salome 35' DMH S.A.S. 37. Phytex S.A.S. 38. Scomedia S.A.S. 39 Laboratoires Lerads S.A.S. |
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Fellow Subsidiary : |
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Holding Company : |
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CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250,000,000 |
Equity Shares |
Rs.5/- each |
Rs. 1250.000 Millions |
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1,600,000,000 |
Preference shares |
Rs.5/- each |
Rs. 8000.000 Millions Rs. |
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Total |
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Rs. 9250.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
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109,435,903 |
Equity Shares |
Rs.5/- each |
Rs. 547.180
Millions |
|
424,163,605 |
Optionally Convertible Cumulative Redeemable Preference shares |
Rs.5/- each |
Rs. 2120.820
Millions |
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912,994,875 |
Non Convertible Cumulative Redeemable Preference shares |
Rs.5/- each |
Rs. 4564.970
Millions |
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Total |
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Rs. 7232.970 Millions |
Of the above:
(a) 70,123,304 (Previous Year – 70,123,304)
fully paid-up equity shares of Rs. 5/- each were allotted pursuant to scheme of
arrangement to demerge pharmaceuticals business of Carol Info Services Limited
(‘CISL’) (formerly Wockhardt Life Sciences Limited).
(b) 2,400,000
(Previous Year – 2,400,000) fully paid-up equity shares of Rs. 5/- each were
allotted pursuant to amalgamation of Wockhardt Veterinary Limited (‘WVL’) with
the Company.
(c) 69,716,132
(Previous Year – 69,716,132) equity shares of Rs. 5/- fully paid up are held by
Khorakiwala Holdings and Investments Private Limited, the holding company.
(d) 439,200
(Previous Year – 439,200) fully paid equity shares of Rs. 5/- each were
allotted pursuant to exercise of stock options.
(e) 36,431,502
(Previous Year – 36,431,502) equity shares of Rs. 5/- each are allotted as
Bonus shares out of Capital Redemption Reserve.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 [15 Months] |
31.12.2008 [12 Months] |
31.12.2007 |
|
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SHAREHOLDERS FUNDS |
|
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1] Share Capital |
7232.970 |
547.180 |
547.180 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
399.480 |
9193.070 |
9713.060 |
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4] (Accumulated Losses) |
[2116.140] |
[2967.590] |
0.000 |
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NETWORTH |
5516.310 |
6772.660 |
10260.240 |
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LOAN FUNDS |
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1] Secured Loans |
15343.290 |
7491.470 |
2539.760 |
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2] Unsecured Loans |
4638.070 |
10714.930 |
5548.280 |
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TOTAL BORROWING |
19981.360 |
18206.400 |
8088.040 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1121.210 |
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TOTAL |
25497.670 |
24979.060 |
19469.490 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7152.210 |
7147.800 |
5697.500 |
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Capital work-in-progress |
4628.830 |
3991.460 |
3409.210 |
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INVESTMENT |
3156.440 |
3026.040 |
3024.660 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3059.720
|
2570.820
|
2654.560
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Sundry Debtors |
4635.910
|
4594.500
|
3469.840
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Cash & Bank Balances |
989.520
|
4740.790
|
1771.490
|
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Loans & Advances to subsidiaries |
2155.410
|
3292.250
|
1368.470
|
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Other Loans & Advances |
4260.580
|
5625.270
|
1213.820
|
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Total
Current Assets |
15101.140
|
20823.630
|
10478.180 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
2604.460
|
2974.240
|
2574.600
|
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Current Liabilities |
1307.880
|
1196.880
|
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Provisions |
628.610
|
5838.750
|
565.460
|
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Total
Current Liabilities |
4540.950
|
10009.870
|
3140.060
|
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Net Current Assets |
10560.190
|
10813.760
|
7338.120
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
TOTAL |
25497.670 |
24979.060 |
19469.490 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 [15 Months] |
31.12.2008 [12 Months] |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
18685.060 |
14445.460 |
11523.970 |
|
|
|
Other Income |
333.870 |
415.980 |
1191.740 |
|
|
|
TOTAL (A) |
19018.930 |
14861.440 |
12715.710 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials
consumed and purchase of goods |
8996.740 |
6623.110 |
6060.280 |
|
|
|
(Increase)/decrease
in inventories |
(292.280) |
140.190 |
(518.050) |
|
|
|
Operating
and other expenses |
5064.970 |
4400.620 |
3696.670 |
|
|
|
Research
and development expenses |
399.080 |
299.680 |
354.540 |
|
|
|
Exceptional
Items |
9305.240 |
4438.330 |
0.000 |
|
|
|
Exchange
Fluctuation, net |
180.070 |
558.390 |
(322.660) |
|
|
|
FCCB
Premium |
268.300 |
1294.910 |
0.000 |
|
|
|
TOTAL (B) |
23922.120 |
17755.230 |
9270.780 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(1903.190) |
(2893.790) |
3444.930 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2319.730 |
1216.710 |
368.450 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(7222.920) |
(4110.500) |
3076.480 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
710.480 |
460.280 |
345.410 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(7933.400) |
(4570.780) |
2731.070 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
8.740 |
(1083.200) |
592.310 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(7942.140) |
(3487.580) |
2138.760 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2967.590) |
519.990 |
321.620 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
(8793.590) |
0.000 |
500.000 |
|
|
|
Dividend |
0.000 |
0.000 |
1231.150 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
209.240 |
|
|
BALANCE CARRIED
TO THE B/S |
(2116.140) |
(2967.590) |
519.990 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of goods
on F.O.B. basis |
6863.950 |
5233.100 |
3631.970 |
|
|
|
Management fees |
197.450 |
145.860 |
52.080 |
|
|
|
Royalty |
28.540 |
85.050 |
86.350 |
|
|
|
Dividend |
0.000 |
0.000 |
0.760 |
|
|
|
Interest |
72.580 |
172.670 |
214.440 |
|
|
TOTAL EARNINGS |
7162.520 |
5636.680 |
3985.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Packing Materials, Components and Spares |
1937.350 |
1217.620 |
1370.100 |
|
|
|
Capital Goods |
308.120 |
783.920 |
524.560 |
|
|
TOTAL IMPORTS |
2245.470 |
2001.540 |
1894.660 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(72.57) |
(31.87) |
19.54 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2010 |
30.09.2010 |
|
Audited / UnAudited |
|
UnAudited |
UnAudited |
|
Net Sales |
|
3997.700 |
4751.000 |
|
Total Expenditure |
|
3106.800 |
3861.500 |
|
PBIDT (Excl OI) |
|
890.900 |
889.500 |
|
Other Income |
|
171.800 |
43.900 |
|
Operating Profit |
|
1062.700 |
933.400 |
|
Interest |
|
495.500 |
405.500 |
|
Exceptional Items |
|
[2045.700] |
[1052.900] |
|
PBDT |
|
[1478.500] |
[525.000] |
|
Depreciation |
|
152.900 |
153.600 |
|
Profit Before Tax |
|
[1631.400] |
[678.600] |
|
Tax |
|
0.000 |
0.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
[1631.400] |
[678.600] |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 [15 Months] |
31.12.2008 [12 Months] |
31.12.2007 |
|
PAT / Total Income |
(%) |
(41.76)
|
(23.47) |
16.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(42.46)
|
(31.64) |
21.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(35.65)
|
(16.34) |
16.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.44)
|
(0.67) |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.45
|
4.17 |
1.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.33
|
2.08 |
3.34 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject is a global pharmaceutical company incorporated in 8th July of the
year 1999. Subject is engaged in the manufacturing and marketing of
pharmaceutical and biotechnological products, also involved in new drug
discovery and clinical trials and has an active multi-disciplinary R and D
program. The Company has 10 manufacturing plants across India and UK, which are
certified under USA's FDA (United States Food and Drug Administration) and UK's
MHRA, subsidiaries in US, UK and Brazil, majority- owned companies in South
Africa and Mexico and the company's marketing offices situated in Africa,
Russia, Central and South East Asia.
Subject had launched the cardiac drug enalapril maleate in the
During the year 2004, the company had acquired the German pharmaceutical
company esparma GmbH for a consideration of million (around Rs 490 millions)
and in the identical year of 2004, Subject got USFDA nod for 6 manufacturing
units. As at February 2005, the company had launched
In October of the year 2007, Subject had acquired the Morton Grove
Pharmaceuticals, a leading liquid generic and speciality dermatology company in
the US and also in the same month and the same year, the company had inked an
in-licensing agreement with the Italy-based Gnosis, to market SAMe (S-adenosyl
methionine). The Company had approved demerger of its Research and Development business
into a separate entity in January of the year 2008 and also in the same month
of the year, Subject had launched the Cetirizine tablets in the
Subject had received approval from the US FDA for marketing the tablets
containing 250 mg, 500 mg and 600 mg Azithromycin in February 2008. As at
August 2008, the company had received tentative approval from the US FDA to
make and sell Sumatriptan Succinate injection, in the strength of 6-mg/0.5 ml.
Subject is planning to build a global manufacturing hub in
CHANGES IN CAPITAL
STRUCTURE
During the period
, the Company allotted 912,994,875 Non-Convertible Cumulative Redeemable
Preference Shares of Rs. 5/- each and 424,163,605 Optionally Convertible
Cumulative Redeemable Preference Shares of Rs. 5/- each aggregating to Rs.
6,685.79 millions in terms of approved CDR package dated July 4, 2009. The
Authorised Share Capital of the Company was increased from Rs. 1,750/- millions
to Rs. 9,250/- millions to accommodate the said issue of preference shares.
There was no change in paid up equity share capital of the Company
DIRECTORS
Mr. Rajiv Gandhi resigned from the position
of Director - Corporate Finance and Information with effect from March 31,
2010. The Board places on record their appreciation for the valuable services
rendered by him during his tenure as a Director of the Company.
Mr. Aman Mehta and Mr. Bharat Patel retire
by rotation as directors at the upcoming Annual General Meeting and
being eligible, offer themselves for
re-appointment. The Board recommends their appointment at the forthcoming
Annual General Meeting. As required under clause 49 of the listing agreement,
brief information about them is as under:
Mr. Aman Mehta has been a Director of the
Company since February 12, 2004. Mr. Aman Mehta graduated with Honors degree in
Economics from
Mr. Bharat Patel has been a
Director of the Company since October 30, 2001. He is M.B.A. from
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
2009 was indeed a challenging year for the
Company. The predominant theme in 2009 was and will continue to be “More and
More with Less and Less”. Strengthening business in existing markets,
developing new geographies, creating wider technical capabilities, enhancing
productivity and optimizing efforts across the entire company through proactive
and seamless information technology networks helped the Company maintain its
position across all its businesses and markets.
Despite a slow growth environment across
global markets, the company put in significant efforts to keep business on
track. Severe liquidity crisis due to forex losses, recession in the core
international markets of Europe and enhanced management focus on getting the
CDR approved & restructuring the business did not prevent the company from
investing in R&D, manufacturing, marketing and human resources and post a
25% increase in its revenues.
To have a common Financial Year (FY) under
the Companies Act as well as Income Tax Act, the current FY of the Company
ending on 31st December, 2009 has been extended for a further period of 3
months; thus the current FY of the Company is from 1st January, 2009 to 31st
March, 2010; thereafter the FY will be 1st April to 31st March. Thus the
numbers for the current FY are for a period of 15 months, hence not comparable
with FY 2008.
On a consolidated basis sales for FY’ 09-10
grew by 25.4% (15 months sales) to achieve a topline of Rs. 45,014 million (US$
1,001 million); EBITDA was 4% higher at Rs. 8,527 million (US$ 190 million);
however the Company registered a net loss of Rs. 10,023 million (US$ 223
million) in 2009-10 due to MTM losses.
KEY BUSINESS HIGHLIGHTS:
The European business at Rs. 21,883 Million
(Rs. 17,506 Million on annualized basis) grew 20%. Negma & Pinewood were
impacted due to recession in EU and other local issues; Esparma business was
divested in June, 2009.
The Indian business at Rs. 11,412 Million
(Rs. 9,129 Million on annualized basis) grew 18%; Animal Health Care Division
was divested in August, 2009.
The
The ROW business at Rs. 2,581 Million (Rs.
2,065 Million on annualized basis) showed 78% growth due to good performance of
export divisions of
SYNERGIES FROM INTEGRATION
Last year’s focus on integrating the
acquired businesses and restructuring operations across the globe led to
synergies in Sourcing of raw material, cross selling opportunities in EU &
USA, reduction in manufacturing and R&D costs due to rationalization of
capacities. This helped the company during the year to maintain its leading
positions in Europe and steadily grow its market presence in the
CORPORATE DEBT RESTRUCTURING (CDR)
The Company had approached the CDR Cell
through ICICI Bank. Since the term loans, FCCB loan of USD 108.50 million were
falling due and the Company required additional time to meet these
requirements, the Company had approached the CDR Cell. The Empowered Group (EG)
of CDR Cell has admitted the Company to the CDR Scheme.
ABOUT CDR
The CDR mechanism, was launched in February,
2002 under the aegis of RBI, is a voluntary and non-statutory
arrangement to ensure timely and transparent
mechanism for restructuring the corporate debts of potentially viable entities,
outside the preview of legal proceedings.
Banks and FIs participating in CDR System
became member and formed a self-empowered body, which lay down
policies and guidelines, and monitors the
process of the CDR. At present there are 56 members such as State Bank of
India, Life Insurance Corporation of India, Bank of Baroda, Bank of India,
ICICI Bank etc.
CDR system is based on Debtors Creditor
Agreement and Inter Creditor Agreement and this provide the legal basis to the
CDR mechanism.
Further, if 75 per cent of creditors by
value and 60 per cent creditors by number agree to a restructuring package of
an existing debt, the same would be binding on the remaining creditors.
CDR considers all the preliminary reports
for restructuring. However, the detailed package will be worked out with the
help of Lead institution for the potentially viable companies.
Wockhardt filed its preliminary report for
restructuring through ICICI Bank and the case was admitted on April 22, 2009.
CDR Empowered Group in its meeting held in June, 2009 approved the
restructuring package of the company and the same was conveyed to the Company
on July 4, 2009.
The
Last year the Company had formed a Pediatric
division with 30 sales representatives to successfully launch Bromfed DM for cough
& cold treatment. In 2009 the Company consolidated its position and gained
market share of 12% in this segment.
The Company received 21 ANDA approvals
during the period from the US FDA. This
achievement is a reflection of the multi-faceted capabilities of the Company to
meet the challenges of the
FIXED ASSETS:
·
Trademarks / Technical knowhow
·
Software
·
Freehold land
·
Leasehold land
·
Buildings
·
Plant and Machinery
·
Furniture and Fittings
·
Office Equipments
·
Information Technology Equipments
·
Vehicles
WEB DETAILS
Profile
Preparing for
change before change beckons. Harnessing the power of innovative research.
Providing high-quality medicines for a healthier world. This is the world at
Wockhardt.
Subject is a global, pharmaceutical
and biotechnology company that has grown by leveraging two powerful trends
impacting the world of medicine - globalisation and biotechnology.
The Company has a market
capitalisation of over US$ 1 billion and an annual turnover of US$ 650 million.
Subject’s pace of growth and momentum permeates every mindset, system and
technology within the organisation.
Subject today, is distinguished by a
strong and growing presence in the world’s leading markets, with more than 65%
of its revenue coming from Europe and the
The Company has
its headquarters in
·
14 manufacturing plants in
·
Subsidiaries in US,
·
Marketing offices in Africa,
Subject has a strong track record in
acquisition management, with five successful acquisitions in the European
market. These acquisitions have strengthened subject’s position in the
high-potential markets of
Subject’s
manufacturing facilities in
·
Steriles (Injectables)
·
Biopharmaceuticals
·
Orals (Tablets and Liquids)
·
Topicals (Creams and Ointments).
Subject is a
partner of choice for manufacturing, having entered into manufacturing
alliances with leading pharmaceutical and biotechnology majors, including
·
Astra Zeneca
·
Lab Aguettant
·
Aventis
·
Amylin
·
Schering-Plough
·
Eisai
·
Cell Therapeutics
·
·
AFT, New
·
A key growth
driver at subject is its state-of-the-art, multi-disciplinary research
capability backed by a team of 500 skilled scientists. Consistent efforts have
resulted in six breakthrough biotechnology products, 750+ patent filings and a
pipeline of promising new molecules.
Subject’s
strategies are aligned towards being a significant player in the emerging
global biopharmaceuticals market. In order to achieve this goal, the company
has set up the subject
Press
Release
Wockhardt’s Q2 (July - September) FY
2011
Consolidated Sales Rs. 9401 Millions
Operating Profit (EBIDTA) Rs. 2198
Millions
Wockhardt’s India,
Mumbai, 12 Nov, 2010
Pharmaceutical
and Biotechnology major Wockhardt Limited today announced its results for the
second quarter ended 30th September 2010. Consolidated sales revenues stood at
Rs. 9401 Millions and operating profit (EBIDTA) was Rs. 2198 Millions. Due
to exceptional items, the net loss was Rs.
967 Millions.
Wockhardt’s
Wockhardt’s
Wockhardt
About Wockhardt
Wockhardt
is a technology-driven global pharmaceutical and biotechnology major with an
innovative multi-disciplinary research and development programme. It has 5
research centres and 14 world-class manufacturing plants dotting various
countries and continents that are compliant to international regulatory
standards such as the US FDA, UK MHRA and other global regulatory bodies. It
has end-to-end integrated capabilities for its products, starting with
manufacture of the oral and sterile API’s, the dosage forms and marketing
through its wholly owned subsidiary in the
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2010
Rs. In Millions
|
Particular |
Quarter Ended
30.09.2010 Unaudited |
6 Months Ended
30.09.2010 Unaudited |
|
Net Sales /
Income from Operation |
4751.000 |
8748.700 |
|
Expenditure |
|
|
|
a) Increase / Decrease in Stock |
278.600 |
321.700 |
|
b) Consumption of raw material |
1403.000 |
2642.500 |
|
c) Purchase of finished goods |
597.100 |
1179.400 |
|
d) Employees Cost |
383.500 |
753.400 |
|
e) R and D expenditure |
100.600 |
178.400 |
|
f)
Depreciation |
153.600 |
306.500 |
|
g) Other Expenditure |
948.000 |
1742.400 |
|
Total |
3864.400 |
7124.300 |
|
Profit from
Operations before other Income, Interest and Exceptional Items |
886.600 |
1624.400 |
|
Other Income |
43.900 |
84.100 |
|
Profit from
Operations before Interest and Exceptional Items |
930.500 |
1708.500 |
|
Interest and
Finance Charges |
405.500 |
901.000 |
|
Exchange
Fluctuation (Gain) / Loss |
150.000 |
18.900 |
|
Premium On FCCB |
0.000 |
0.000 |
|
Profit after
Interest but before Exceptional Items |
374.300 |
788.600 |
|
Exceptional Item
Profit / ()Loss |
(1052.900) |
(3098.600) |
|
Profit / (Loss)
From ordinary Activities |
(678.600) |
(2310.000) |
|
Tax Expenses /
(Credit) |
-- |
-- |
|
Net Profit /
(Loss) |
(678.600) |
(2310.000) |
|
Paid up equity
share capital (Rs.5/- each) |
547.200 |
547.200 |
|
Reserves
excluding revaluation reserve (as per last audited Balance-Sheet) |
-- |
-- |
|
Earning per
share |
|
|
|
- Basic Earning Per Share (Rs.) |
(6.20) |
(21.11) |
|
- Diluted Earning Per Share (Rs.) |
(6.20) |
(21.11) |
|
Public
Shareholding |
|
|
|
- Number of shares |
28275055 |
28275055 |
|
- Percentage to paid up capital |
25.84 % |
25.84 % |
|
Promoters and
promoter group shareholding |
|
|
|
Pledged
Encumbered |
|
|
|
- Numbers of Shares |
67708917 |
67708917 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
84.02 % |
84.02 % |
|
- Percentage of shares (as a % of the total
share capital of the company) |
61.87 % |
61.87 % |
|
Non encumbered |
|
|
|
- Numbers of Shares |
12876465 |
12876465 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
15.98 % |
15.98 % |
|
- Percentage of shares (as a % of the total
share capital of the company) |
11.77 % |
11.77 % |
Notes :
1) The results were reviewed by the Audit Committee and approved by the
Board of Directors at their meetings held on November 12, 2010 and have been
subjected to Limited Review by the Auditors.
2) The outstanding liabilities of the Company are being restructured
under the aegis of Corporate Debt Restructuring (CDR) Scheme. As required under
the Scheme, the Master Restructuring Agreement (MRA) and other necessary
documents have been executed and signed by majority of the lenders. The CDR
scheme comprehensively covers the FCCB liability and crystallized derivative! hedging liabilities. In respect
of unilaterally terminated contracts pertaining to crystallized derivatives!
hedging liabilities which are disputed, the amount payable is presently not
ascertainable and hence not provided.
3) Exceptional Items for the quarter ended September 30, 2010 including
settlement of loan / disputed derivative liabilities Rs. 1002.600 Millions.
4) Statement of Assets and Liabilities
|
Particulars |
As at 30.09.2010 [Auaudited] |
|
|
|
|
SHAREHOLDERS FUNDS |
|
|
(a) Capital |
7618.200 |
|
(b) Reserves and Surplus |
399.600 |
|
LOAN FUNDS |
19809.400 |
|
TOTAL |
27827.100 |
|
|
|
|
FIXED ASSETS |
11726.600 |
|
INVESTMENTS |
3156.400 |
|
CURRENT ASSETS, LOANS AND ADVANCES |
|
|
(a) Inventories |
2997.300 |
|
(b) Sundry Debtors |
5165.300 |
|
(c) Cash and Bank Balance |
581.600 |
|
(d) Other Current Assets |
0.000 |
|
(e) Loans and Advances |
4809.300 |
|
|
13553.500 |
|
Less : Current Liabilities and
Provisions |
|
|
(a) Liabilities |
4651.400 |
|
(b) Provisions |
384.100 |
|
|
5035.500 |
|
MISCELLANEOUS EXPENDITURE (NOT WRITTEN OFF OR ADJUSTED) |
|
|
PROFIT AND LOSS ACCOUNT |
4426.100 |
|
TOTAL |
27827.100 |
5) As per Scheme, during the quarter, Company has issued 559416
Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS) of Rs.
279.700 Millions and 64993525 Non Convertible Cumulative Redeemable Preference
Shares (NCRPS) of Rs. 324.967 Millions to various banks. The holders of OCCRPS,
have the option to convert the said shares into equity shares from July 4, 2016
as per SEBI pricing formula prevalent on the date on which the holders are
entitled for conversion. The NCRPS are redeemable in the year 2018.
6) As on July 1, 2010 the Company had no investors complaints pending.
During the quarter the Company has not received any complaints. Accordingly, no
complaints are pending as on September 30, 2018.
7) The Company is exclusively into Pharmaceutical business Segment.
8) Previous period figures have been recast! re-classified to conform to
the current period’s presentation.
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 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.