1. Summary Information
|
|
|
Country |
|
|
Company Name |
F D C LIMITED |
Principal Name 1 |
Mr. Mohan A.
Chandavarkar |
|
Status |
Good |
Principal Name 2 |
Mr. Ashok A.
Chandavarkar |
|
|
|
Registration # |
11- 003176 |
|
Street Address |
B-8, MIDC
Industrial Estate, Waluj, |
||
|
Established Date |
23.09.1940 |
SIC Code |
-- |
|
Telephone# |
91-240-2554407 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-240-2554299 |
Business Style 2 |
- |
|
Homepage |
Product Name 1 |
Pharmaceutical Formulations |
|
|
# of employees |
1447
(Approximately) |
Product Name 2 |
Innovative Bulk Drugs |
|
Paid up capital |
Rs.185,356,000/- |
Product Name 3 |
- |
|
Shareholders |
Promoter and
Promoter Group - 65.76% / Public shareholding - 33.36% |
Banking |
State Bank of |
|
Public Limited Corp. |
Yes |
Business Period |
71 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Aa (75) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary
Company |
- |
FDC
International Limited |
- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,191,157,000 |
Current Liabilities |
735,120,000 |
|
Inventories |
958,535,000 |
Long-term Liabilities |
20,609,000 |
|
Fixed Assets |
2,717,841,000 |
Other Liabilities |
739,417,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
1,495,146,000 |
|
Invest& other Assets |
2,748,888,000 |
Retained Earnings |
5,935,919,000 |
|
|
|
Net Worth |
6,121,275,000 |
|
Total Assets |
7,616,421,000 |
Total Liab. & Equity |
7,616,421,000 |
|
Total Assets (Previous Year) |
6,726,400,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
6,963,081,000 |
Net Profit |
1,487,459,000 |
|
Sales(Previous yr) |
6,208,694,000 |
Net Profit(Prev.yr) |
1,488,193,000 |
MIRA
INFORM REPORT
|
Report Date : |
23.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
F D C LIMITED |
|
|
|
|
Registered Office : |
B-8, MIDC
Industrial Estate, Waluj, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
23.09.1940 |
|
|
|
|
Com. Reg. No.: |
11- 003176 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.185.356 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L24239MH1940PLC003176 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF03524D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACF0253H |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business : |
Manufacturer of Pharmaceutical Formulations and Innovative Bulk Drugs. |
|
|
|
|
No. of Employees
: |
1447
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 24400000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having good track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. Company can be considered good for normal 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Factory 1 : |
B-8, MIDC
Industrial Estate, Waluj, |
|
Tel. No.: |
91-240-2554407 / 2554967 / 2554299 |
|
Fax No.: |
91-240-2554299 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate
Office / Factory 2 : |
142-48, |
|
Tel. No.: |
91-22-26782542 /26780652 /26782653 /26782656 /26785176 /26787568
/26794379 / 26775282 / 26775283 |
|
Fax No.: |
91-22-26786393
/26781912 /26788123 /26786194 |
|
|
|
|
Factory 3 : |
Plot No. 19 and
20/2, MIDC Industrial Area, Roha - 402 109, District Raigad, |
|
Tel. No.: |
91-2194-263580 /
263692 / 263653/63264 |
|
Fax No.: |
91-2194-263264 |
|
E-mail : |
|
|
|
|
|
Factory 4 : |
Plot No. G-1,
MIDC Malegoan, Sinnar - 422103, District |
|
Tel. No.: |
91-2551-230389 /
230674 / 230531 / 230338 |
|
Fax No.: |
91-2551-230674 |
|
E-mail : |
|
|
|
|
|
Factory 5 : |
Verna Industrial Estate, Plot No. L-56 and L-57, Phase II-D, Verna,
Goa - 403 722, |
|
Tel. No.: |
91-832-2783882 /
2783883 |
|
Fax No.: |
91-832-2783884 |
|
E-mail : |
|
|
|
|
|
Factory 6 : |
Village Khol, Bhud, Tahsil - Nalaghar,
Baddi, District – Solan - 173205, |
|
Tel. No.: |
91-1795 - 323901 / 323902 / 323903 /
323904 |
|
Fax No.: |
91-1795 - 244377 |
|
|
|
|
Branch Office
: |
Located at :
|
|
|
|
|
Regional
Offices : |
Located at
|
|
|
|
|
International
Office |
Located at |
DIRECTORS
As on 31.03.2011
|
Name : |
Late Mr. Ramdas
A. Chandavarkar (1933-2001) |
|
Designation : |
Chairman Emeritus |
|
|
|
|
Name : |
Late Mr. Anand L.
Chandavarkar (1905-1959) |
|
Designation : |
Founder |
|
|
|
|
Name : |
Mr. Mohan A.
Chandavarkar |
|
Designation : |
Chairman and
Managing Director |
|
|
|
|
Name : |
Mr. Ashok A.
Chandavarkar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nandan M.
Chandavarkar |
|
Designation : |
Joint Managing
Director |
|
|
|
|
Name : |
Mr. Ameya A.
Chandavarkar |
|
Designation : |
Director |
|
|
|
|
Name : |
CA. Girish C.
Sharedalal |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Satish S.
Ugrankar |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Rahim H.
Muljiani |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Nagam H.
Atthreya |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Shalini
Kamath |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Ms. Shalini Kamath |
|
Designation : |
Compliance Officer, Company Secretary |
|
|
|
|
Name : |
Mr. Ramesh Kasbekar |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Pandurang Pandit |
|
Designation : |
Finance Manager |
|
|
|
|
Name : |
Mr. Shalini Shenoy |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
Name : |
Mr. J Hariharan |
|
Designation : |
Head of Information Technology |
SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Shareholders Category |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
72714656 |
39.56 |
|
|
49790000 |
27.08 |
|
|
122504656 |
66.64 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
122504656 |
65.76 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
17025303 |
9.26 |
|
|
2000 |
- |
|
|
5520 |
- |
|
|
110 |
- |
|
|
1588031 |
0.86 |
|
|
5893872 |
3.21 |
|
|
24514836 |
13.34 |
|
|
|
|
|
|
4979943 |
2.71 |
|
|
|
|
|
|
17049148 |
9.27 |
|
|
12571564 |
6.84 |
|
|
2210302 |
1.20 |
|
|
24682 |
0.01 |
|
|
2185620 |
1.19 |
|
|
36810957 |
20.02 |
|
Total Public shareholding (B) |
61325793 |
33.36 |
|
Total (A)+(B) |
183830449 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
183830449 |
100.00 |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs.0.100 million
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pharmaceutical Formulations and Innovative Bulk Drugs. |
||||||||||||
|
|
|
||||||||||||
|
Brand Names : |
|
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
PRODUCTION STATUS (31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
Formulations
|
|
|
|
|
Injectables/Ophthalmics |
Litres |
324000 |
244178.22 |
|
Tablets, Capsules etc |
Nos. in Crores |
2119.200 |
116.13 |
|
Cream, Powder, Ointmnets, Granules, Liquids, etc |
Kgs/Litres |
6306840 |
3006555.03 |
|
|
|||
|
Food Products |
|
|
|
|
Powder, Liquids,
etc |
Kgs/Litres |
1068000 |
1249874.20 |
|
Capsules |
Nos. in Crores |
-- |
-- |
|
|
|||
|
Basic Drugs |
Kgs |
1215000 |
76541.70 |
GENERAL INFORMATION
|
No. of Employees : |
1447
(Approximately) |
|||||||||
|
|
|
|||||||||
|
Bankers : |
·
Corporation Bank, ·
HDFC Bank Limited, ·
State Bank of |
|||||||||
|
|
|
|||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
S. R. Batliboi
and Associates Chartered
Accountants Mumbai, |
|
|
|
|
Joint Venture : |
Fair Deal Corporation
Pharmaceutical SA [Pty] Limited [up to 11th December, 2006] |
|
|
|
|
Subsidiary Companies : |
· FDC International Limited · FDC Inc. · Fair Deal Corporation Pharmaceutical SA [Pty] Limited [from 12th December, 2006] |
|
|
|
|
Enterprises owned
or significantly influenced by Key Management Personnel or their relatives : |
|
CAPITAL STRUCTURE
As On 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250,000,000 |
Equity Shares |
Re. 1/- each |
Rs.250.000
millions |
Issued
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
187,714,701 |
Equity Shares |
Re. 1/- each |
Rs.187.715
millions |
|
|
|
|
|
Subscribed
and Paid-up Capital
:
|
No. of Shares |
Type |
Value |
Amount |
|
184,569,701 |
Equity Shares |
Re. 1/- each |
Rs.184.570
millions |
|
|
Add: 3,145,000
Equity Shares Forfeited |
|
Rs. 0.786 million |
|
|
TOTAL |
|
Rs.185.356 millions |
Of the above shares:
i)
15000 (previous year –
15000) shares of Re. 1/- each were allotted as fully paid up pursuant to a
contract for consideration other than cash.
ii)
28900000 (previous year –
28900000) shares of Re. 1/- each were allotted as fully paid up by way of bonus
shares by capitalization out of General reserve.
iii)
95730551 (previous year –
95730551) shares of Re. 1/- each were allotted as fully paid up by way of bonus
shares by capitalization out of Securities Premium Account.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
185.356 |
187.065 |
188.955 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5935.919 |
5055.619 |
4018.772 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6121.275 |
5242.684 |
4207.727 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
20.609 |
24.380 |
26.864 |
|
|
TOTAL BORROWING |
20.609 |
24.380 |
26.864 |
|
|
DEFERRED TAX LIABILITIES |
251.109 |
239.071 |
184.328 |
|
|
|
|
|
|
|
|
TOTAL |
6392.993 |
5506.135 |
4418.919 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2717.841 |
2501.549 |
2360.558 |
|
|
Capital work-in-progress |
116.902 |
300.650 |
270.900 |
|
|
|
|
|
|
|
|
INVESTMENT |
2631.986 |
2294.947 |
1113.212 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
958.535
|
889.715
|
953.993
|
|
|
Sundry Debtors |
395.956
|
354.785
|
346.706
|
|
|
Cash & Bank Balances |
163.531
|
143.103
|
97.037
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
631.670
|
241.651
|
253.953
|
|
Total Current Assets |
2149.692
|
1629.254
|
1651.689
|
|
|
Less
: CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry
Creditors |
370.000
|
414.467
|
360.356
|
|
|
Other Current Liabilities |
365.120
|
368.944
|
318.003
|
|
|
Provisions |
488.308
|
436.854
|
299.081
|
|
Total Current Liabilities |
1223.428
|
1220.265
|
977.440
|
|
|
Net Current Assets |
926.264
|
408.989
|
674.249
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6392.993 |
5506.135 |
4418.919 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6963.081 |
6208.694 |
5763.615 |
|
|
|
Other Income |
318.923 |
317.247 |
116.471 |
|
|
|
TOTAL (A) |
7282.004 |
6525.941 |
5880.086 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
2928.475 |
2534.243 |
2634.758 |
|
|
|
Employee Cost |
849.058 |
718.786 |
582.837 |
|
|
|
Operating Expenses |
1592.536 |
1316.996 |
1472.008 |
|
|
|
TOTAL (B) |
5370.069 |
4570.025 |
4689.603 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1911.935 |
1955.916 |
1190.483 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
13.398 |
13.199 |
14.604 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1898.537 |
1942.717 |
1175.879 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
169.854 |
144.803 |
127.331 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1728.683 |
1797.914 |
1048.548 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
241.224 |
309.721 |
214.256 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1487.459 |
1488.193 |
834.292 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2084.248 |
1273.611 |
964.317 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Final dividend – proposed |
368.863 |
325.987 |
235.051 |
|
|
|
Dividend Tax |
59.839 |
54.142 |
39.947 |
|
|
|
Transfer to General Reserve |
300.000 |
300.000 |
250.000 |
|
|
|
Reversal of excess provision of dividend |
0.000 |
(2.573) |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2843.005 |
2084.248 |
1273.611 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
670.006 |
558.774 |
506.439 |
|
|
|
Interest |
2.172 |
2.811 |
2.015 |
|
|
|
Other Earnings |
0.097 |
0.114 |
0.151 |
|
|
TOTAL EARNINGS |
672.275 |
561.699 |
508.605 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
216.391 |
330.869 |
341.238 |
|
|
|
Packing material |
18.579 |
28.826 |
13.650 |
|
|
|
Components, Stores & Spares |
5.968 |
11.451 |
18.205 |
|
|
|
Capital goods |
36.047 |
57.666 |
60.749 |
|
|
|
Intangible assets |
18.524 |
32.400 |
0.000 |
|
|
TOTAL IMPORTS |
295.509 |
461.212 |
433.842 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.99 |
7.97 |
4.37 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
1835.770 |
1995.110 |
|
Total Expenditure |
|
1405.020 |
1509.400 |
|
PBIDT (Excl OI) |
|
43.750 |
485.710 |
|
Other Income |
|
44.990 |
28.670 |
|
Operating Profit |
|
475.740 |
514.390 |
|
Interest |
|
3.340 |
3.290 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
472.400 |
511.100 |
|
Depreciation |
|
44.370 |
45.380 |
|
Profit Before Tax |
|
428.030 |
465.710 |
|
Tax |
|
84.000 |
97.480 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
344.030 |
368.230 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
344.030 |
368.230 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
20.43 |
22.80 |
14.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
24.83 |
28.96 |
18.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
35.51 |
43.52 |
26.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.34 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.20 |
0.24 |
0.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.76 |
1.34 |
1.69 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Promoted as a partnership firm in 1936 by the late Anand
Chandravarkar to import pharmaceutical dosage forms, specialised infant foods
and surgical goods Fairdeal Corporation (Private) Limited, as the company was
known, was converted into a private limited company in 1940. It set up a
formulation unit at Jogeshwari,
FDC's subsidiaries are FDC Holdings, Netherlands B V, FDC International
Limited,
The company manufactures Electral, oral rehydration salt (ORS), being a leader
in this segment with market share has improved from 1.24% to 1.32% and its
market rank has improved from 25th to 22nd. FDC manufactures bulk drugs, formulations
and food products. The plant at Roha manufactures pharma dosage forms, food
products and bulk drugs for the anti-rheumatic, anti-asthmatic, opthalmic and
ENT segments.
The company part financed its technical upgradation/modernisation/backward
integration/expansion plans from the proceeds of its initial public issue in
January'96. The company set up a modern manufacturing plant at
In February 2001, the company has signed a marketing tie-updeal with Aspen
Pharmacare of South Africa. Through this alliance, FDC will be initially
marketing 10-12 ophthalmic products manufactured at its plants in
FDC will also enter into a licensing arrangement with Aspen Pharmacare for
solid dosage forms and oral rehydration salts, to be manufactured locally in
During 2000-01, the company's Roha plant, manufacturing basic raw materials,
was inspected and approved by US FDA. The company is also setting up a modern
manufacturing plant at a separate site in
FDC is setting up a manufacturing facility at Baddi, Himachal Pradesh, for the
manufacturing of Cephalosporin drugs. This facility is expected to be
operational in 2006. The company has received approvel from US FDA for its
sterile manufacturing facility for ophthamlmic dosage forms at Waluj,
During the year 2004-2005, FDC has received a certification for its plant at
Waluj conforms to the Quality Management System Standards ISO 9001:2000 and
ISO13485:2003 respectively. This will enable the company to enhance its exports
to European countries.
In the year 2004-05, the company has issued bonus equity shares in the ratio of
1:1.
In 2006, The company has expanded its installed capacity of Basic Drugs,
Capsules and Formulations (Cream, Powder, Ointments etc.) by 2350 kgs,
20,00,000 nos and 1342200 kgs respectively during the year. With this expansion
the total capacity of Basic Drugs, Capsules and Formulations (Cream, Powder,
Ointments, etc) has been increased to 119050 kgs, 19.20 nos in crores and
77,77,920 respectively.
The company has set up a production facility at Baddi, Himachalpradesh, the
production at this new site will commence from July 2006.
BUYBACK OF EQUITY
SHARES
As a policy of constantly rewarding and enhancing the shareholders
value, the Company vide a board resolution
dated January 27, 2011, has approved the buyback of its fully paid up
equity shares from the stock exchange operations, at a price not exceeding Rs.
135/- per share upto an amount of Rs. 500.000 millions being less than 10% of
the total paid up capital and free reserves based on audited accounts for the
year ended March 31, 2010. The buyback commenced on February 18, 2011. The
Company has bought back 1,708,828 equity shares upto March 31, 2011 and all the
shares bought back in the buyback offer upto March 31, 2011 have been
extinguished as on date. Further 1,38,062 equity shares were bought back as on
the date of this report.
BUSINESS REVIEW
The Indian economy remained relatively insulated from the impact of the
worst global recession. The Indian Pharmaceutical Market (IPM) grew by 14.8 %
to touch the market size of Rs.541740 millions, during the year ended March
2011. This reflects a robust CAGR of around 15% in the past five years. It is
expected that IPM will continue to grow at 15-17% in the next five years. The
key drivers have been growth in Gross Domestic Product (GDP), urbanization,
increase in health awareness, penetration to smaller towns and wider health
insurance coverage. The Government has also shifted its focus on extending
healthcare services to the poor and the underprivileged. The Chronic disease
segment, namely the cardio-vascular, anti-diabetic, anti-hypertensives and
oncology continued to dominate the Pharma market. Acute therapies and chronic
therapies are growing at 13.8% and 16.7% respectively. Further, increasing
population in the ageing group, will boost the demand for the typical age
related diseases as stated above. Around 3,939 products were introduced in the
current year April 2010 to March 2011.
The Indian Pharma Industry still has to face some great challenges. The much
awaited Drug Pricing Policy, which
is expected to rope in many products under price control, is yet to see
the light of the day. Even though the same
remains to be an area of uncertainty, it is hoped that the
representation from industry associations will help the Government to frame the
policy in the best interest of all the concerned.
The Pharma Industry continues to comply with the strict quality
regulations set by various international authorities
across the world. Failure to comply with these regulations may result in
severe consequences leading to prohibition to sale/or export. With many
products going off patent, competition and patent litigation is expected to
increase. Spurious products continue to remain a major threat to reputed
brands.
Against the above market background, they give below a brief review of
various functions of the Company:
Marketing:
The Company registered a market growth of 13.4% in the current year
April 2010 to March 2011. The Company is ranked at the 24th position, attaining
a market share of 1.3%
The Company’s flagship antibiotic brand “ZIFI” with all its brand
extensions continued to show outstanding performance. ORS leadership continues
with the brand “ELECTRAL” in the domestic market. Few openings for the brand are
getting good recognition in several countries. Their effort continues
aggressively in the chronic segment with the introduction of latest molecules
in the market. They are in the process of building marketing organization based
on knowledge, training and performance of their representatives in the doctors’
chambers, specially with the current restrictions and codes introduced by
medical council, across the country and accepted by the industry association.
Financial
Performance:
The Company’s turnover increased by 12%. However, the profits stagnated
due to increased employees’ cost and higher manufacturing/marketing costs. The
treasury income has been moderate due to fluctuating markets. The Company
continues its efforts to improve the performance through operational
efficiencies and incremental business. Cost controls across all levels of
functions is a continuous and ongoing exercise. The Company’s internal control
procedures commensurate to the extent and nature of its operations.
Exports:
The annual export turnover for the year ended March 31, 2011 was Rs.
701.910 millions as compared to year ended March 31, 2010 which stood at Rs.
570.754 millions. The improved export performance resulted from API sales to
Major NGO’s continued to endorse their faith in Company’s competence and
reliability in delivering quality products. The Company is one of the preferred
sources for procurement of Oral Rehydration Salts, ReSoMal and Zinc Sulphate
dispersible tablets, by the leading NGO’s for their emergency procurement
plans.
Contingent liabilities
Contingent liabilities not
provided for :
Rs. in millions
|
Particulars |
31.03.2011 |
31.03.2010 |
|
-Disputed tax
matters Income tax Excise duty Sales tax -In respect of
guarantees given by banks |
1.029 12.850 11.682 11.231 |
1.029 13.813 10.703 7.872 |
|
Letter of credit
issued by bankers |
24.110 |
97.141 |
|
Estimated amount of
duty payable on export obligation against outstanding advance licences |
0.255 |
0.347 |
|
Estimated amount
of contracts remaining to be executed on capital account and not provided for
(net of advances paid) - Tangible assets |
97.389 |
27.569 |
Under various
schemes of Government of Maharashtra, the Company has entitled to Sales Tax
deferral incentives for its units at Waluj and Sinnar. These are repayable
after a period of 10-12 years from the year of availment as per the repayment
schedule.
As per the
information available with the Company, there are no Micro, Small and Medium
Enterprises, as defined in the Micro, Small, Medium Enterprises Development Act
2006, to whom the Company owes dues on account of principal amount together
with interest and accordingly no additional disclosure have been made. The
Micro, Small and Medium Enterprises has been determined to the extent such
parties have been identified on the basis of information available with the
Company. This has been relied upon by the Auditors.
Of the total
investments stated in Schedule `E’ to the accounts, National Savings
Certificates of the value of Rs.0.004 million (Previous year – Rs. 0.004
million) and Government of India G.P. Notes of the value of Rs.0.002 million
(Previous year – Rs. 0.002 million) have been lodged with the Excise
authorities. National Savings Certificates of Rs.0.003 million (Previous year –
Rs. 0.003 million) have been lodged with the Sales tax authorities.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED ON 30.09.2011
[Rs. In Millions]
|
Particular |
Unaudited |
Unaudited |
|
Quarter Ended 30.09.2011 |
Half Year Ended 30.09.2011 |
|
|
|
|
|
|
Sales |
2005.379 |
3860.147 |
|
Less: Excise
Duty |
33.859 |
65.390 |
|
a) Net Sales |
1971.520 |
3794.757 |
|
b) Other
operating Income |
23.592 |
36.126 |
|
TOTAL |
1995.112 |
3830.883 |
|
|
|
|
|
Expenditure |
|
|
|
(Increase)/Decrease
in stock in trade and work in progress |
35.964 |
77.658 |
|
Consumption Raw
Material and packing materials |
526.829 |
1048.021 |
|
Purchase for
traded goods |
252.191 |
461.811 |
|
Employees Cost |
243.832 |
484.280 |
|
Depreciation and
Amortisation |
45.384 |
89.751 |
|
Other
Expenditure |
450.581 |
842.649 |
|
TOTAL |
1554.781 |
3004.170 |
|
|
|
|
|
Profit from
operations before other income and interest |
440.331 |
826.713 |
|
Other Income |
28.670 |
73.657 |
|
Profit before
Interest |
469.001 |
900.370 |
|
Interest |
3.290 |
6.631 |
|
Profit from
operating Activities before tax |
465.711 |
893.739 |
|
Tax expenses |
97.483 |
181.483 |
|
Net Profit for
the period |
368.228 |
712.256 |
|
Paid-up Equity
Shares Capital (Face Value Re. 1 each) |
183.815 |
183.815 |
|
Reserves
excluding revaluation reserves as per Balance Sheet of previous accounting
year |
- |
- |
|
Basic and
diluted Earning Per Shares (Rs.) |
2 not annualized |
3.87 Not annualized |
|
|
|
|
|
Public
Shareholding |
|
|
|
- Number of
Shares |
61310793 |
61310793 |
|
- Percentage of
Shareholding |
33.35% |
33.35% |
|
|
|
|
|
Promoters and
Promoter Group shareholding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of
shares |
Nil |
Nil |
|
- Percentage of
shares (As a % of the total shareholding of promoters and promoter group ) |
Nil |
Nil |
|
- Percentage of shares
(as a % of the total share capital of the company) |
Nil |
Nil |
|
|
|
|
|
b) Non-
Encumbered |
|
|
|
- Number of
shares |
122504656 |
122504656 |
|
- Percentage of
shares (As a % of the total shareholding of promoters and promoter group ) |
100.00% |
100.00% |
|
- Percentage of
shares (as a % of the total share capital of the company) |
66.65% |
66.65% |
Disclosure of
balance sheet items as per clause 41 [V] [h] of the listing agreement for the half
year ended 30.09.2011
Rs. in millions
|
Particulars |
30.09.2011 Unaudited |
|
|
SHAREHOLDERS FUNDS |
|
|
|
Share Capital |
184.601 |
|
|
Reserves & Surplus |
6581.749 |
|
|
|
|
|
|
LOAN FUNDS |
17.269 |
|
|
|
|
|
|
Deferred tax liabilities [Net] |
259.592 |
|
|
|
|
|
|
TOTAL |
7043.211 |
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2892.237 |
|
|
|
|
|
|
INVESTMENT |
2780.282 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
828.842 |
|
|
Sundry Debtors |
673.566 |
|
|
Cash & Bank Balances |
359.023 |
|
|
Other Current Assets |
642.149 |
|
|
Loans & Advances |
|
|
|
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
Liabilities |
1003.600 |
|
|
Provisions |
29.288 |
|
|
|
|
|
TOTAL |
7043.211 |
|
Note:
- The above stand alone financial results wars
revised by the audit committee and taken an record by the Board of
Directors at its meeting held on November 01,2011 and have been subjected to a
limited review by the statutory auditors.
- Pursuant to the approval of the board of
directors at its meting held on January 27, 2011, the Company has bought
back through open market transactions 464,190 equity shares of Rs. 1 each,
during the quarter ended September 30, 2011. All the equity shares have
been extinguished as of date. Further 27,985 equity shares were bought
back as on the date of this board meeting making it a total buyback of 24,91,065 Equity shares, sinca commencement.
- Based on valuation of independent valuers, the
Board of Directors, at its meeting held on October 15, 2011, have resolved
to purchase 100% equity shares of An and Synthochem Limited (ASL), a
related, unlisted Public Company, from its erstwhile shareholders, for a
total amount of Rs.0.643 millions (Including a Loan of Rs.3.842 millions),
thereby making ASL, a wholly owned subsidiary of FDC Limited. Though ASL
does not have any substantial
operations. it owns a property at Dombivali admeasuring 81,855 sq.ft. which FDC proposes to use for its business
operations.
- "Other Expenditure" includes
provision/(reversal) of diminution, In value of the current Investments as
follows:
Rs. in millions
|
Quarter Ended 30.09.2011 |
Half Year Ended 30.09.2011 |
|
41.914 |
37.008 |
- There were no complaints pending at the
beginning of the quarter. The Company had received 7 investor complaints
during the quarter ended September 30, 2011. All complaints have been
disposed off.
- The company has only one segment of activity namely
“Pharmaceuticals”
- Previous year’s figure have been regrouped / reclassified wherever
necessary.
FIXED ASSETS:
- Leasehold
land
- Freehold land
- Buildings
- Plant and
Machinery
- Laboratory
testing machines
- Electrical
Installations
- Furniture
- Fixtures and
Fittings
- Office
Equipments
- Water coolers
- Air-conditioners
- Vehicles.
As Per Website Details
Business
Description
Subject is an India-based pharmaceutical company. The Company's flagship
antibiotic brand is ZIFI. Its ORS brand, Electral, is a ready to serve drink,
which is an Oral Rehydration Salt (ORS) available in tetra pack. The Company
offers products, such as therapeutic index, foods and bulk drugs. Its
therapeutic index products includes anti fungals/dermatological, anti-anaemic,
anti-diabetic, anti-diarrhoeals/intestinals/ORS, anti-haemorrhagics,
anti-oxidants, antibiotics/antibacterials, antiemetic/antinauseant and
anti-spasmodics. Its food products include anti-diarrhoeals/intestinals/ORS,
anti-oxidants, and vitamins and nutraceuticals. The Company's bulk drugs
include Albuterol Sulfate, Betaxolol Hydrochloride, Brimonidine Tartrate,
Bromhexine Hydrochloride, Cinnarizine, Dorzolamide Hydrochloride, Econazole
Nitrate, Fluconazole and Flurbiprofen Sodium. Its wholly owned subsidiaries
include FDC International Limited and FDC Inc. For the fiscal year ended 31
March 2010, Subject's revenues increased 15% to RS6.93B. Net income increased
73% to RS1.49B. Revenues reflect increased income from operation and higher
other operating income. Net income also reflects lower operating expense, fall
in research and development expense, absence of loss on write down of
investment in a subsidiary, fall in rates and taxes, decreased interest expense
and improved gross margin.
Manufacture and distribution of pharmaceutical formulations and bulk
drugs, including oral rehydration salts, chloramphenicol, dexamethasone and
multivitamins
Subject manufactures pharmaceutical formulations and innovative bulk
drugs. The company has manufacturing and R and D facilities at five different
locations in the country. FDC exports its formulations and bulk drugs to the
Pharmaceutical and Medicine Manufacturing
BOARD OF DIRECTORS
:
Dr. Nagam H.
Atthreya
Dr. Nagam H. Atthreya serves as an Independent Non-Executive Director of
subject. He is a top management consultant having experience in the field of
business administration. Dr. Nagam H. Atthreya is a member of the Company’s
audit committee. He holds directorship in a company, namely TVS Srichakra
Limited and is also a member of its audit committee. Dr. Atthreya is not
related to any directors of the Company.
Mr. Ameya A.
Chandavarkar
Mr. Ameya A. Chandavarkar has been appointed as Executive Director of
subject. He previously served as Non-Executive Director of the Company. He is a
Graduate in Information Systems and Marketing Management from Florida Southern
College,
Dr. Rahim H.
Muljiani
Dr. Rahim H. Muljiani is an Independent Non-Executive Director of
subject since 2000. He is a reputed and one of the senior most Ophthalmologists
in
Shri. Girish C.
Sharedalal
Shri. Girish C. Sharedalal serves as Independent Non-Executive Director
of subject. He is a fellow member of the Institute of Chartered Accountants of
India. He is also the Chairman of audit committee of the Company. He has
professional experience in the field of audit, finance and taxation.
Dr. Satish S.
Ugrankar
Dr. Satish S. Ugrankar is an Independent Non-Executive Director of
subject since 1977. He is a consulting Orthopedic Surgeon. Dr. Ugrankar is not
holding directorship in any other Company. He is not related to any director of
the Company.
PRESS RELEASES
Researchers from
09 November 2011
According to the authors of recent research from
"All tests indicate a substantial amount of cross-subsidisation
from heat generation to power generation. It is shown that the FDC test is
closer to that of the Faulhaber tests in its results than the Palmer
tests," wrote E.S. Amundsen and colleagues,
The researchers concluded: "Thus as the Faulhaber tests are
considered in the literature to be the theoretically correct tests, the FDC
test is shown to be the best approximation for tests of cross-subsidisation for
this specific sector."
Amundsen and colleagues published their study in Energy Economics
(Testing for cross-subsidisation in the combined heat and power generation
sector: A comparison of three tests. Energy Economics, 2011;33(5):750-757).
CRIME-KARNATAKA-FRAUD
TWO
23 October 2011
FDC gets nod to
acquire 100% equity shares of ASL
17 October 2011
Acquiring 100%
equity shares of Anand Synthochem Limited (ASL), thereby making it a whole
owned subsidiary of FDC Limited
15 October 2011
India, October 15 -- FDC Limited has informed BSE that based on
valuation of independent valuers, the Board of Directors, at its meeting held
on October 15, 2011, have resolved to purchase 100% equity shares of ASL, a
related, unlisted Public Company, from its erstwhile shareholders, for a total
consideration of Rs. 64.300 millionss, thereby making ASL, a wholly owned
subsidiary of FDC Limited. Though ASL does have not any substantial operations,
it owns a property at Dombivali admeasuring 81,855 sq.ft. which FDC proposes to
use for its business operations.
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.52.70 |
|
|
1 |
Rs.82.44 |
|
Euro |
1 |
Rs.71.07 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
75 |
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.