MIRA
INFORM REPORT
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Report Date : |
27.06.2011 |
IDENTIFICATION DETAILS
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Name : |
ALEMBIC PHARMACEUTICALS LIMITED (w.e.f. 12.03.2011) |
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Formerly Known
as: |
ALEMBIC PHARMA LIMITED |
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Registered
Office : |
Alembic Road, Vadodara – 390002, Gujarat |
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Country : |
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Date of
Incorporation : |
16.06.2010 |
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Com. Reg. No.: |
061123 |
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Capital
Investment / Paid-up Capital : |
Rs.110.000 Millions |
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CIN No.: [Company Identification
No.] |
U24230GJ2010PLC061123 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDA03515B |
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PAN No.: [Permanent Account No.] |
AAICA5591M |
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Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business
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Manufacturer of Pharmaceuticals Products and Formulations |
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No. of Employees
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4600 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
New Company |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and a part of Alembic Group. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. In view of strong promoters, the company can be considered normal for
business dealings at usual trade term san 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 |
INFORMATION PARTED BY
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Name : |
Mr. R R Akberi |
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Designation : |
Finance Manager |
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Contact No.: |
91-265-3053333 |
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Date : |
20.06.2011 |
LOCATIONS
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Registered Office : |
Alembic Road, Vadodara – 390002, Gujarat, India |
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Tel. No.: |
91-265-2280550/2280880 |
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Fax No.: |
91-265-2281508/2284728 |
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E-Mail : |
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Website : |
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Marketing Office: |
2nd floor , Prime
Corporate Park, Behind ITC Grand Maratha Sheraton, Sahar Road, Andheri (E),
Mumbai - 400099, Maharashtra, India |
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Tel. No.: |
91 22 30611698 |
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Fax No.: |
91 22 30611682 |
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Unit : |
Plot No.21/22, EPIP-Phase-I, Jhamajri, Baddi, Tehsil – Nalagarh, Solan
– 173205, Himachal Pradesh, India |
DIRECTORS
AS ON 16.06.2010
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Name : |
Mr. Chirayu Ramanbhai Amin |
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Designation : |
Director |
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Address : |
F 10/195, Race Course Circle, Gorti Road, Vadodara – 390007, Gujarat,
India |
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Date of Birth/Age : |
04.12.1946 |
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Name : |
Mr. Rajkumar Shreeram Baheti |
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Designation : |
Director |
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Address : |
Flat No.402, Samprat Residency, 52, Alkapuri Society, Alkapuri,
Vadodara – 390007, Gujarat, India |
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Date of Birth/Age : |
24.10.1959 |
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Name : |
Mr. Krishnapuram Ramanathan |
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Designation : |
Director |
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Address : |
Srinidhi Bunglow, No. 1, Octroi Naka, Gorti Road, Vadodara – 390007,
Gujarat, India |
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Date of Birth/Age : |
15.05.1939 |
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Name : |
Mr. Pranav Natverlal Parikh |
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Designation : |
Director |
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Address : |
18 A, Manek, LD Ruparel Marg, Malbar hill, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
18.02.1943 |
KEY EXECUTIVES
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Name : |
Mr. R R Akberi |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 16.06.2010
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Names of Shareholders |
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No. of Shares |
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Chirayu Ramanbhai Amin |
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249995 |
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Malika C Amin |
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1 |
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Pranav Natverlal Parikh |
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1 |
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Shaunak C Amin |
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1 |
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Udit C Amin |
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1 |
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Rajkumar Shreeram Baheti |
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1 |
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Total |
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250000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pharmaceuticals Products and Formulations |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
4600 (Approximately) |
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Bankers : |
Bank of Baroda, Maharashtra, Ahmedabad |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K S Iyar and Company Chartered Accountant |
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Address : |
Ahmedabad, Gujarat |
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Associates/Subsidiaries : |
·
Shaino Limited ·
Poshak Limited ·
Shiro Investment Limited ·
Nirave Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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11000000 |
Equity Shares |
Rs.10/- each |
Rs.110.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
NEW COMPANY
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Particulars |
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31.03.2011 |
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Sales Turnover (Approximately) |
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11620.000 |
The above information has been parted by Mr. R R Akberi (Finance
Manager)
LOCAL AGENCY FURTHER INFORMATION
Demerger of core
pharmaceutical business into Alembic Pharma Limited (APL)
Alembic was de-merged in June 2010 into a 100% owned
subsidiary called APL which now houses manufacturing, marketing and trading of
formulations and API in domestic as well as International markets and Research
and Development activities. The De-merged Company i.e. Alembic Limited will
focus on power generation through co-generation power plant and wind mills,
real estate developments and manufacturing and marketing of fermentation and
chemistry based APIs.
PRESS RELEASE:
FOR IMMEDIATE RELEASE
ALEMBIC PHARMACEUTICALS LIMITED
CONSOLIDATED RESULTS FOR QUARTER / YEAR ENDED
31.03.2011
EDITORS SYNOPSIS
·
For
the quarter net sales up 30% at Rs 29.773 Millions against Rs. 22.877 Millions
in corresponding quarter last year
·
For
Q4FY11 Profit before tax at Rs. 1.303 Millions and after Tax for at Rs. 1.028
Millions
·
For
year ended March 11, net sales up by 17% at Rs. 120.664 Millions against Rs.
103.497 Million last year.
·
Profit
before tax at Rs. 10.685 Millions
·
Net
Profit after tax for full year Rs 8.539 Millions
Alembic Pharmaceuticals Limited
publishes its results for the first time after the approval of demerger scheme
by High court.
Alembic Pharmaceuticals
Limited, the pharmaceutical major, today reported a 30% increase in revenues to
Rs 29.773 Millions
for the quarter ended 31st March 2011, compared to Rs 22.877 Millions in the corresponding quarter last year.
Alembic Pharmaceutical
registered operating profit of Rs. 2.722 Millions.
The Company posted net
profit of Rs. 1.028 Millions for the quarter ended March 2011 and Rs. 8.539 Millions for full year 2010-11.
Domestic
Formulation Business
The domestic formulations
posted sales of Rs. 15.741 Millions against Rs. 13.143 Millions registering healthy 20% growth over the
corresponding quarter of the previous year.
Full year numbers were also
encouraging since company posted 19% growth in sales at Rs. 69.343 Millions against Rs. 58.490 Millions in previous year.
Alembic has maintained
market share of 1.78%.
The company continues to
make investment in the domestic branded business, particularly with the newer
specialty segments. The Company has also renewed its focus on penetrating rural
segment.
Alembic has five brands in
the list of top 300 brands of the industry i.e. 'Azithral' , 'Roxid',
'Althrocin', 'Zeet' and 'Wikoryl'.
International
Generics
International generics grew
by 147% to Rs. 5.529 Millions from Rs. 2.235 Millions over corresponding quarter last year. On full year
basis sales grew by robust 70% to Rs. 17.377 Millions from Rs. 10.200 Millions.
API
For the quarter, Domestic
API sales recorded a growth of 338% at Rs. 3.213 Millions against Rs.0.733 Million of PY. Export API recorded sales of Rs. 3.420
Millions against Rs. 4.656 Millions.
For the full year, Alembic
has filed 38 ANDAs (Abbreviated New Drug Application) and 53 DMFs (Drug Master
File). The Company has received approval for 15 ANDA's cumulatively.
Summary
of total revenue (consolidated) for the quarter is as under:
(Rs. In Millions)
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Particulars |
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Q4FY11 |
Q4FY10 |
% Change |
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Formulation |
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Domestic |
1574.100 |
1314.300 |
20% |
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International Branded |
137.000 |
172.600 |
(-)20% |
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International Generics |
552.900 |
223.500 |
147% |
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API |
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Domestic |
321.300 |
73.300 |
338% |
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International ROW |
196.500 |
149.100 |
32% |
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International Regulatory |
145.500 |
316.500 |
(-)54% |
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Export Incentives |
50.000 |
38.400 |
30% |
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Total |
29,77.300 |
22,87.700 |
30% |
Summary of total revenue (consolidated) for the Full Year is as under:
(Rs. In Millions)
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Particulars |
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FY 10-11 |
FY 09-10 |
% Change |
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Formulation Domestic International Branded
International Generics |
69,34.300
5,01.500 17,37.700 |
58,49.000 4,57.600 10,20.000 |
19% 10%
70% |
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API Domestic International ROW International
Regulatory |
9,45.100 8,18.100 9,80.900 |
3,26.000 4,56.100 21,40.000 |
190% 79% (-)54% |
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Export Incentives |
1,48.700 |
1,01.000 |
28% |
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Total |
120,66.400 |
103,49.700 |
17% |
The previous years figures
are approx. and unaudited numbers of relevant businesses which were then part of
Alembic Limited. These are given just for comparison purpose
The Profit break-up for the
quarter:
(Rs. In
Millions)
|
Particulars |
Q4FY11 |
FY10-11 |
|
Operating Income |
272.300 |
1603.300 |
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Profit Before Tax |
130.300 |
1068.500 |
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Net Profit after Tax |
102.800 |
853.900 |
About
Alembic Pharmaceuticals Limited
Alembic Pharmaceuticals
Limited is a leading pharmaceutical company in India. The company is vertically
integrated with the ability to develop, manufacture and market pharmaceutical
products, pharmaceutical substances and Intermediates. Alembic is the market
leader in Macrolides segment of anti-infective drugs in India.
Alembic's manufacturing
facilities are located in Vadodara and Baddi in Himachal Pradesh. The Panelav
facility houses the API and formulation manufacturing (both US FDA approved)
plants. The plant at Baddi, Himachal Pradesh manufactures formulations for the
domestic and non-regulated export market. The company has a state of the art
Research Centre at Vadodara.
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.44.94 |
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|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.64.09 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.