MIRA
INFORM REPORT
|
Report Date : |
06.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
IND SWIFT LABORATORIES LIMITED |
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Registered Office : |
S.C.O. 850, Shivalik Enclave, N.A.C., Manimajra, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
04.01.1995 |
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Capital Investment / Paid-up Capital : |
Rs.278.524 millions |
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Com. Reg. No.: |
16-15553 |
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CIN No.: [Company
Identification No.] |
L24232CH1995PLC015553 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLI10111D / PTLI10125D |
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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 of Pharmaceutical products such as Norfloxacin,
Ampicillin, Amoxycillin, Erythromycin, Roxythromycin, etc. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 18083200 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having fine track.
Directors are reported to be experienced and respectable businessmen.
Financial position of the company appears sound. Trade relations are reported
as fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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 : |
S.C.O. 850, Shivalik Enclave, N.A.C., Manimajra, |
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Tel. No. |
91-172-2660918 / 2604934 / 2730503 / 2730920 / 5061850-53/5076458
/506248/2738827 /2738828 /5072079 /5072079 /3292003 |
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Fax No. |
91-172-2660920 / 2730504 |
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E-Mail : |
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Website |
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Overseas Office : |
Ind Swift Laboratories Inc., 3500, |
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Tel. No.: |
+1-908-421-1234 |
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E-Mail : |
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Factory 1 : |
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Tel. No.: |
91-1762-231072/231048/233130 |
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Fax No.: |
91-1762-31073 |
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E-Mail : |
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Area : |
Owned |
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Factory 2 : |
SIDCO, Industrial Growth Centre, |
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Research and
Development : |
Plot No. E-5, Industrial Area, Phase II, Mohali, |
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Branches : |
Located
at:
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DIRECTORS
As on 25.08.2010
|
Name : |
Mr. Gopal Munjal |
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Designation : |
Chairman |
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Name : |
Mr. N. R. Munjal |
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Designation : |
Managing Director |
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Date of Birth/Age : |
09.02.1952 |
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Qualification : |
B.Sc. |
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Date of Appointment : |
04.01.1995 |
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Directorship in other company : |
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Name : |
Mr. V. K. Mehta |
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Designation : |
Joint Managing Director |
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Date of Birth/Age : |
25.03.1961 |
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Qualification : |
B. Com. |
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Date of Appointment : |
04.01.1995 |
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Directorship in other company : |
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Name : |
Mr. S. R. Mehta |
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Designation : |
Director |
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Name : |
Dr. V. R. Mehta |
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Designation : |
Director |
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Date of Birth/Age : |
30.11.1956 |
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Qualification : |
M. Sc. ( |
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Date of Appointment : |
31.07.2003 |
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Directorship in other company : |
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Name : |
Mr. K. M. S. Nambiar |
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Designation : |
Director |
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Name : |
Mr. Yogesh Goel |
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Designation : |
Director ( nomination withdrawn by PSIDC w. e. f. 17th
April, 2003) |
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Name : |
Mr. Udayan Roy |
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Designation : |
Director (Nominee IIBI) |
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Name : |
Mr. A. K. Mahajan |
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Designation : |
Director (nomination withdrawn by PSIDC w. e. f. 17th
April, 2003) |
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Name : |
Mr. A. K. Jain |
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Designation : |
Director (passed away on 16.07.2003) |
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Name : |
Mr. J. K. Kakkar |
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Designation : |
Director |
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Name : |
Mr. Himanshu Jain |
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Designation : |
Director |
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Name : |
Mr. Viswajeet Khanna (IAS) |
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Designation : |
Chairman (nomination withdrawn by PSIDC w. e. f. 17th
April, 2003) |
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Name : |
Dr. S D Nanda |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Dr. Lalit K Wadhwa |
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Designation : |
Chief Technical Officer |
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Name : |
Mr. N. K. Bansal |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Vijay Kumar |
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Designation : |
President – International Marketing |
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Name : |
Mr. Vikas Narendra |
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Designation : |
President – US Operations |
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Name : |
Mr. G K Sharma |
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Designation : |
Senior Vice President - Production |
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Name : |
Mr. Subodh Gupta |
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Designation : |
Senior Vice President – Commercial |
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Name : |
Mr. S C Srinivasan |
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Designation : |
Vice President – R and D |
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Name : |
Mr. R S Dhaliwal |
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Designation : |
Vice President – Human Resources |
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Name : |
Mr. Pradeep Verma |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
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Shareholding of Promoter and Promoter Group2 |
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Indian |
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Individuals/ Hindu Undivided Family |
851825 |
2.49 |
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Bodies Corporate |
14196521 |
41.51 |
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Public shareholding |
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Institutions |
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Financial Institutions / Banks |
83199 |
0.24 |
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Financial Institutions Investors |
1690874 |
4.94 |
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Non-institutions |
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Bodies Corporate |
6884726 |
20.13 |
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Individuals -i. Individual shareholders holding nominal
share capital up to Rs 0.100 Million |
7259692 |
21.23 |
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ii. Individual shareholders holding nominal share capital in excess of Rs. 0.100
Million |
3011895 |
8.51 |
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Any
Other (specify) |
220838 |
0.65 |
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Non Resident Indians |
219838 |
0.64 |
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Trust |
1000 |
--- |
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Sub
Total |
17377151 |
50.81 |
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TOTAL |
27709950 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Pharmaceutical products such as Norfloxacin,
Ampicillin, Amoxycillin, Erythromycin, Roxythromycin, etc. |
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Products : |
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Exports : |
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Countries : |
· · · · · · · · |
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Imports : |
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Countries : |
· · · · · · · · |
PRODUCTION STATUS As On 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
|
Bulk Drugs, Intermediates, Solvents and others |
kgs |
590481 |
|
Mint Derivattives |
|
3600000 |
GENERAL INFORMATION
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No. of Employees : |
1200 (Approximately) |
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Bankers : |
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Facilities : |
Note: 14% Non Convertible Debentures
amounting to Rs. 13.85 (P.Y. Nil) from
Tata Capital Limited are secured by first ranking pari passu charge on the
immovable properties measuring 68 bighas & 13 biswas situated at Village
Behra & village Bhagwanpura Tehsil Rajpura, Distt. Patiala in the state
of Punjab & land admeasuring 9435.56 square yards being Plot No E-V,
Industrial Focal Point, Phase II , Mohali in the state of Punjab together
with all Buildings & Structures, Plant & Machinery thereon and
personal guarantees of Mr. S.R. Mehta, & Mr. N.R. Munjal. a) Bank borrowings for
working capital Rs. 130.20 millions (P.Y. Rs. 98.76 millions) are secured by a Pari-Passu,
first charge by way of hypothecation of the
company's current assets, namely, Stocks of Raw Materials, Semi Finished,
Finished Goods, Stores & Spares not relating to Plant and Machinery
(Consumable Stores & Spares), Bills Receivable and Book Debts and all
other movables of the Company both present and future excluding such movables
as may be permitted by the said Banks from time to time. The said facility is
further secured by way of pari passu second charge on the company's immovable
and movable properties (other than current assets) and personal guarantees of
Mr. S.R.Mehta, Dr. V.R. Mehta , Mr. N.R. Munjal , Dr. G. Munjal & Mr.
Himanshu Jain. Term Loans of Rs. 323.27
millions (P. Y. Rs. 237.45 millions) are from State Bank of India , Axis Bank
, State Bank of Patiala , Bank of India , Catholic Syrian Bank, Export Import
Bank of India , IDBI Bank , South Indian Bank , ABN Amro Bank , Standard
Chartered Bank , Bank of Rajasthan, State Bank of Indore, State Bank of
Hyderabad, Barclays Bank,IFCI, State Bank of Travencore & DEG-Deutsche
Investitions-Und Entwicklungsgesellschaft Mbh are secured by first pari passu
charge by way of Joint Equitable Mortgage by deposit of title deeds of the
company's immovable properties situated at Derabassi .Punjab & Plot No
E-V, industrial Focal Point, Mohali and second charge on all its movable
assets, including machinery, machinery spares , tools and accessories present
and future, subject to the charges created /to be created , in favour of the
company banker for working capital. The above loan include term loan
amounting to Rs Nil (P.Y. Rs 2.89 millions) from State Bank of The Term loan of Bank of
India Rs. 0.52 Millions (P.Y. Rs. 2.66 millions) is secured only on the
movable fixed assets including plant and machinery located at company's plant
at Samba , Other Term Loans Rs. 2.00
millions (P.Y. Rs. 1.91 millions) include Vehicle loan Rs. 1.78 crore (P.Y.
Rs.1.67 ) are secured against hypothecation of the vehicles under the hire
purchase agreement & ICICI Home Loan Rs. 0.22 millions (P.Y. Rs.
0.24millions ) is in the name of Mr. N.R.Munjal, and is secured against the
office premises in Mumbai. Other loans &
advances Rs. 10.43 millions (P.Y. Rs. 12.89 millions ) include Term Loans
from Technology Development Board Rs. 0.27 millions (P.Y. Rs 0.53 millions)
is secured by way of charge on the movable assets , Rs. 8.89 millions (P.Y.
Rs. 9.40 millions) is secured by way of charges on movable fixed assets &
personal guarantee of Shri N.R.Munjal and Vehicle loans (NBFC) Rs. 1.27
millions (P.Y Rs. 2.96 millions) are secured against hypothecation of the
vehicles under the hire purchase agreements. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jain and Associates Chartered Accountants, |
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Address : |
SCO : 819-20, Sector 22-A, |
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Associates : |
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Subsidiaries : |
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CAPITAL STRUCTURE
AS ON (31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 millions |
|
|
|
|
|
|
Total |
Rs.350.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
27852410 |
Equity Shares |
Rs.10/- each |
Rs.278.524 millions |
|
|
|
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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 |
278.524 |
252.700 |
240.319 |
|
|
2] Share Application Money |
37.500 |
17.800 |
31.635 |
|
|
3] Reserves & Surplus |
4204.794 |
3382.800 |
3090.640 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4520.818 |
3653.300 |
3362.594 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4802.734 |
3536.700 |
2743.679 |
|
|
2] Unsecured Loans |
1080.529 |
257.300 |
387.105 |
|
|
TOTAL BORROWING |
5883.263 |
3794.000 |
3130.784 |
|
|
DEFERRED TAX LIABILITIES |
438.003 |
798.400 |
328.989 |
|
|
|
|
|
|
|
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TOTAL |
10842.083 |
8245.700 |
6822.367 |
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4787.508 |
4935.500 |
4208.655 |
|
|
Agents held for Disposal |
0.000 |
0.000 |
11.484 |
|
|
Assets held for Disposal |
23.597 |
0.000 |
0.000 |
|
|
Capital work-in-progress |
1725.227 |
486.700 |
450.799 |
|
|
|
|
|
|
|
|
INVESTMENT |
684.655 |
233.800 |
233.752 |
|
|
DEFERREX TAX ASSETS |
0.000 |
323.300 |
0.000 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2372.422 |
2033.100 |
1131.109 |
|
|
Sundry Debtors |
1780.949 |
1089.600 |
978.426 |
|
|
Cash & Bank Balances |
535.980 |
228.800 |
117.635 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
861.623 |
577.100 |
880.800 |
|
Total
Current Assets |
5550.974 |
3928.600 |
3107.970 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1792.121 |
1583.200 |
1129.685
|
|
|
Provisions |
139.915 |
86.400 |
72.288 |
|
Total
Current Liabilities |
3618.938 |
1669.600 |
1201.973 |
|
|
Net Current Assets |
|
2259.000 |
1905.997 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
2.158 |
7.400 |
11.680 |
|
|
|
|
|
|
|
|
TOTAL |
10842.083 |
8245.700 |
6822.367 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Gross Sales & Operating Income |
7930.185 |
5990.008 |
4444.953 |
|
Less |
|
Excise Duty |
94.664 |
108.626 |
(105.408) |
|
|
|
TOTAL (A) |
7835.520 |
5881.382 |
4550.361 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
5698.626 |
3937.537 |
3065.880 |
|
|
|
Manufacturing Expenses |
383.021 |
336.930 |
261.408 |
|
|
|
Administrative and Other Expenses |
150.184 |
127.847 |
118.211 |
|
|
|
Selling and Distribution Expenses |
165.011 |
116.391 |
70.718 |
|
|
|
Research and Development Expenses |
52.268 |
49.381 |
36.836 |
|
|
|
Loss on |
1.519 |
8.993 |
2.860 |
|
|
|
Misc. Expenditure Written Off |
0.000 |
0.000 |
114.304 |
|
|
|
Impairment of Assets |
50.181 |
25.260 |
47.420 |
|
|
|
Provision for Doubtful Debts |
5.972 |
2.852 |
0.000 |
|
|
|
Previous Year Income/Expenses |
(3.196) |
3.956 |
(0.503) |
|
|
|
Extra Ordinary Items |
29.973 |
(8.105) |
0.000 |
|
|
|
Foreign Exchange Fluctuation |
(69.754) |
44.632 |
0.000 |
|
|
|
Other Expenses |
53.551 |
8.308 |
0.100 |
|
|
|
TOTAL (B) |
6410.254 |
4653.982 |
3718.134 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1425.266 |
1227.400 |
833.227 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
510.624 |
469.500 |
292.719 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
914.642 |
757.900 |
540.508 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
368.002 |
268.600 |
151.368 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
546.640 |
489.300 |
389.140 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(32.999) |
91.400 |
78.989 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
579.639 |
397.900 |
310.151 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
Transfer to General Reserve |
28.981 |
19.893 |
0.000 |
|
|
|
Provision for Dividend on Equity Shares |
27.852 |
25.972 |
0.000 |
|
|
|
Provision for Equity Dividend Tax |
4.733 |
4.414 |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
518.070 |
347.584 |
0.0000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Value of Goods |
2693.968 |
2245.893 |
1722.178 |
|
|
TOTAL EARNINGS |
2693.968 |
2245.893 |
1722.178 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1648.555 |
1690.818 |
1457.785 |
|
|
|
Capital Goods |
5.374 |
4.035 |
28.650 |
|
|
TOTAL IMPORTS |
1653.929 |
1694.853 |
1486.435 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.45 |
15.57 |
13.46 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
2000.470 |
2128.330 |
3101.150 |
|
Total Expenditure |
1598.070 |
1710.910 |
2579.410 |
|
PBIDT (Excl
OI) |
402.400 |
417.420 |
521.740 |
|
Other Income |
0.000 |
29.570 |
14.550 |
|
Operating
Profit |
402.400 |
446.990 |
536.290 |
|
Interest |
141.140 |
135.510 |
117.490 |
|
Exceptional
Items |
0.000 |
0.000 |
0.05 |
|
PBDT |
261.260 |
311.480 |
418.850 |
|
Depreciation |
102.330 |
83.740 |
92.610 |
|
Profit
Before Tax |
158.930 |
227.740 |
326.220 |
|
Tax |
10.310 |
10.340 |
80.030 |
|
Reported PAT |
148.620 |
217.400 |
246.190 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
148.620 |
217.400 |
246.190 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
73.97 |
6.76 |
6.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.97 |
8.41 |
8.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.84 |
5.52 |
5.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.13 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.80 |
1.50 |
0.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.53 |
2.35 |
2.59 |
LOCAL AGENCY FURTHER INFORMATION
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED DECEMBER 31.03.2011
(Rs. in millions)
|
Particulars |
|
|
31.03.2009 |
||
|
|
|
|
|
|
Audited |
|
(a) Net sales/ Income from Operations |
|
|
|
|
78394.170 |
|
(b) Other operating income |
|
|
|
|
832.240 |
|
Total Net Sales/
Operating Income |
|
|
|
|
79226.410 |
|
Expenditure |
|
|
|
|
|
|
a) (Increase)/decrease in stock in trade |
|
|
|
|
(747.000) |
|
b) Consumption of raw materials |
|
|
|
|
57721.600 |
|
c) Staff cost |
|
|
|
|
1940.540 |
|
d) Depreciation |
|
|
|
|
3588.170 |
|
e) Provision for Impairment of Assets |
|
|
|
|
501.810 |
|
f) Other expenditure |
|
|
|
|
6004.780 |
|
Interest |
|
|
|
|
5105.250 |
|
Forex Fluctuations – Expenses (Income)
|
|
|
|
|
0.000 |
|
Extra ordinary item (reserve of Previous year Provision) |
|
|
|
|
(299.740) |
|
Profit before
tax |
|
|
|
|
5309.910 |
|
Provision for taxation |
|
|
|
|
1024.450 |
|
Provision for F.B.T. |
|
|
|
|
40.70 |
|
MAT Credit Entitlement |
|
|
|
|
(1024.450) |
|
Net Profit
before deferred Tax |
|
|
|
|
5267.920 |
|
Provision for deferred tax |
|
|
|
|
(370.690) |
|
Net Profit |
|
|
|
|
5638.610 |
|
Provision for dividend on Equity Shares |
|
|
|
|
275.520 |
|
Provision for Equity dividend |
|
|
|
|
47.340 |
|
Transfer to General Reserves |
|
|
|
|
289.820 |
|
Retained Profit |
|
|
|
|
5022.930 |
|
Paid up equity share capital |
|
|
|
|
2795.240 |
|
Reserves (excluding revaluation reserves) |
|
|
|
|
32630.020 |
|
Earning Per Share |
|
|
|
|
|
|
a) Basic |
|
|
|
|
20.060 |
|
b) Diluted |
|
|
|
|
20.190 |
|
Public shareholding |
|
|
|
|
|
|
- Number of shares |
|
|
|
|
16969064.00 |
|
- Percentage of shareholding |
|
|
|
|
61% |
|
Promoter and
Promoter Group Shareholding |
|
|
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
Nil |
|
b)
Non-Encumbered |
|
|
|
|
|
|
- Number of
Shares |
|
|
|
|
10863346 |
|
- Percentage of
Shares (as a % of total shareholding of promoter & promoter group) |
|
|
|
|
39% |
Operations and Business Performance
On a standalone basis the
company has achieved a turnover of Rs 7835.52 Millions registering a growth of 33.23
% over the previous year's turnover of Rs 5881.38 Millions. Profit before tax
also increased from Rs489.39 millions to Rs 546.64 millions registering a
growth of 11.72 % whereas profit after tax increased by 45.69 % from Rs 397.86
millions to Rs 579.64 millions. The Earning per share during the year increased
to Rs 21.45 per share from Rs 15.98 per share in the previous year.
Exports
Exports during the year saw
a significant jump as the revenue from exports during the financial year ending
31st March, 2010 increased to Rs.3165.66 millions as compared to Rs. 2166.66
million recorded in the previous financial year, recording an increase of
46.11%.
Capital Structure
During the year the paid-up
equity share capital of the company has been increased to Rs.278.52 Millions by
issue of 25,79,460 equity shares upon conversion of equal number of Zero coupon
optionally convertible warrants at a price of Rs.70/-per share on preferential
basis to promoters Group Companies and issue of Share under the ES0P scheme of
the Company. These equity shares have been duly listed at the Stock Exchanges.
The funds raised through
the preferential allotment of shares were utilized for Derabassi Facility
expansion including capital advances and Augmentation of NWC.
Subsidiaries
During the year Company
incorporated two new subsidiaries one in Dubai under the name of M/s Ind-Swift
Middle East FZE, UAE and Second in Singapore under the name of M/s Ind-Swift Laboratories
Pte Ltd., Singapore. These subsidiaries did not commence any business during
the previous financial year.
The
REGIONAL PERFORMANCE
The
In 2009,'the
Other mature markets:
'Pharmerging' markets in the aggregate sustain strong growth
Seven 'pharmerging'
countries -
Company's Outlook
PRODUCT LAUNCHES
During the year, the
company launched new drugs like Cinacalcet, Duloxetine, Mecloxamine citrate,
Atomoxetine,
I Exemestane, Ezetimibe,
Pregabalin, Ranolazine, Telmisartan & j Posaconazole.
The other products driving the growth of the | Company are Letrozole,
Anastrozole (Anti-Cancer) Venlafaxine j
(Anti-Depressants) Lavofloxacin
(Anti-Biotic) Quetiapine and J
Aripiprazole (Anti-Pshychotic)
Ezetimibe (anti-hyperlipidemic) and Pioglitazone, an anti-diabetic drug. The
Company is further developing newer products such as Dutasteride, Argatroban,
Gefitinib, Elitriptan and others. The company has successfully introduced for
the first time in
FIXED ASSETS
- Land Free Hold
- Land Lease Hold
- Factory Buildings
- Office Buildings
- R and D Buildings
- Plant and Machinery
- R and D Machinery
- Electric Installations
- Furniture and Fixtures
- Office Equipments
- Vehicles
- R and D Technology
WEBSITE DETAILS:
PROFILE:
Subject is a
part of the Ind-swift Group and is based at
Subject went public in 1997 and concentrated on the manufacturing of Active Pharmaceutical Ingredients (API). Its strength in organic synthetic chemistry resulted in the company emerging as the pioneer for a number of products both in the National and International markets. As the company built up vast skills in the area of research and development, quality systems as well as matters relating to regulatory compliance, it began establishing a presence in the highly regulated markets of the world.
Over a short period of time, Subject has emerged as a respectable and dependable supplier of Bulk-Actives in more than 40 countries. Not only are the company's plants built as per USFDA, the company employs current Good Manufacturing Practices (cGMP) also, which are recognised and accepted in the stringent regulated markets. This includes a responsible commitment to the environment.
To leverage its quality commitment, the Company has drawn
out a long term strategy of emerging as a powerful force in the regulated
markets as drugs worth over US$ 80 billion goes off patent during this decade. Subject reported a turnover of
Rs.1605.20 million and a profit after tax of Rs.76.92 million in 2003-2004. The
company's shares are listed on the Mumbai, National,
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 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.44.85 |
|
|
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
|
64 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.