1. Summary Information
|
|
|
Country |
India |
|
Company Name |
IND SWIFT
LABORATORIES LIMITED |
Principal Name 1 |
Mr. V. K. Mehta |
|
Status |
Good |
Principal Name 2 |
Mr. S. R. Mehta |
|
|
|
Registration # |
16-15553 |
|
Street Address |
S.C.O. 850,
Shivalik Enclave, N.A.C., Manimajra, Chandigarh – 160 101, India |
||
|
Established Date |
04.01.1995 |
SIC Code |
-- |
|
Telephone# |
91-172-2660918 /
2604934 / 2730503 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-172-2660920 /
2730504 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Pharmaceutical products |
|
|
# of employees |
1200
(Approximately) |
Product Name 2 |
Norfloxacin |
|
Paid up capital |
Rs. 342,231,000/- |
Product Name 3 |
Ampicillin |
|
Shareholders |
Promoter and Promoters
Group – 43.72% Public Shareholding –
56.28% |
Banking |
State
Bank of India |
|
Public Limited Corp. |
YES |
Business Period |
16 years |
|
IPO |
YES |
International Ins. |
-- |
|
Public |
YES |
Rating |
A
(64) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates |
India
|
Swift
Fundamental Research and Education Society |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
4,455,138,000 |
Current Liabilities |
2,889,949,000 |
|
Inventories |
3,655,471,000 |
Long-term Liabilities |
8,191,907,000 |
|
Fixed Assets |
5,448,432,000 |
Other Liabilities |
433,551000 |
|
Deferred Assets |
0.000 |
Total Liabilities |
11,515,407,00 |
|
Invest& other Assets |
3,734,757,000 |
Retained Earnings |
5,358,260,000 |
|
|
|
Net Worth |
5,800,727,000 |
|
Total Assets |
17,316,134,000 |
Total Liab. & Equity |
17,316,134,000 |
|
Total Assets (Previous Year) |
12,774,119,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
10,409,568,000 |
Net Profit |
876,161,000 |
|
Sales(Previous yr) |
7,930,185,000 |
Net Profit(Prev.yr) |
579,639,000 |
MIRA
INFORM REPORT
UPDATED REPORT
|
Report Date : |
23.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
IND SWIFT LABORATORIES LIMITED |
|
|
|
|
Registered Office : |
S.C.O. 850, Shivalik Enclave, N.A.C., Manimajra, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
04.01.1995 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs.342.231 millions |
|
|
|
|
Com. Reg. No.: |
16-15553 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L24232CH1995PLC015553 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PTLI10111D / PTLI10125D |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on
the stock exchanges. |
|
|
|
|
Line of Business : |
Manufacturing of Pharmaceutical products such as Norfloxacin,
Ampicillin, Amoxycillin, Erythromycin, Roxythromycin, etc. |
|
|
|
|
No. of Employees : |
1200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 23200000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered/ Corporate Office : |
S.C.O. 850, Shivalik Enclave, N.A.C., Manimajra, |
|
Tel. No. |
91-172-2660918 / 2604934 / 2730503 / 2730920 / 5061850-53/5076458
/506248/2738827 /2738828 /5072079 /5072079 /3292003 |
|
Fax No. |
91-172-2660920 / 2730504 |
|
E-Mail : |
|
|
Website |
|
|
|
|
|
Overseas Office : |
Ind Swift Laboratories Inc., 3500, |
|
Tel. No.: |
+1-908-421-1234 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
|
|
Tel. No.: |
91-1762-231072/231048/233130 |
|
Fax No.: |
91-1762-31073 |
|
E-Mail : |
|
|
Area : |
Owned |
|
|
|
|
Factory 2 : |
SIDCO, Industrial Growth Centre, |
|
|
|
|
Research and
Development : |
Plot No. E-5, Industrial Area, Phase II, Mohali, |
|
|
|
|
Branches : |
Located
at:
|
DIRECTORS
As on 25.08.2010
|
Name : |
Mr. Gopal Munjal |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. N. R. Munjal |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
09.02.1952 |
|
Qualification : |
B.Sc. |
|
Date of Appointment : |
04.01.1995 |
|
Directorship in other company : |
|
|
|
|
|
Name : |
Mr. V. K. Mehta |
|
Designation : |
Joint Managing Director |
|
Date of Birth/Age : |
25.03.1961 |
|
Qualification : |
B. Com. |
|
Date of Appointment : |
04.01.1995 |
|
Directorship in other company : |
|
|
|
|
|
Name : |
Mr. S. R. Mehta |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. V. R. Mehta |
|
Designation : |
Director |
|
Date of Birth/Age : |
30.11.1956 |
|
Qualification : |
M. Sc. ( |
|
Date of Appointment : |
31.07.2003 |
|
Directorship in other company : |
|
|
|
|
|
Name : |
Mr. K. M. S. Nambiar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Yogesh Goel |
|
Designation : |
Director ( nomination withdrawn by PSIDC w. e. f. 17th
April, 2003) |
|
|
|
|
Name : |
Mr. Udayan Roy |
|
Designation : |
Director (Nominee IIBI) |
|
|
|
|
Name : |
Mr. A. K. Mahajan |
|
Designation : |
Director (nomination withdrawn by PSIDC w. e. f. 17th
April, 2003) |
|
|
|
|
Name : |
Mr. A. K. Jain |
|
Designation : |
Director (passed away on 16.07.2003) |
|
|
|
|
Name : |
Mr. J. K. Kakkar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Himanshu Jain |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Viswajeet Khanna (IAS) |
|
Designation : |
Chairman (nomination withdrawn by PSIDC w. e. f. 17th
April, 2003) |
|
|
|
|
Name : |
Dr. S D Nanda |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Dr. Lalit K Wadhwa |
|
Designation : |
Chief Technical Officer |
|
|
|
|
Name : |
Mr. N. K. Bansal |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Vijay Kumar |
|
Designation : |
President – International Marketing |
|
|
|
|
Name : |
Mr. Vikas Narendra |
|
Designation : |
President – US Operations |
|
|
|
|
Name : |
Mr. G K Sharma |
|
Designation : |
Senior Vice President - Production |
|
|
|
|
Name : |
Mr. Subodh Gupta |
|
Designation : |
Senior Vice President – Commercial |
|
|
|
|
Name : |
Mr. S C Srinivasan |
|
Designation : |
Vice President – R and D |
|
|
|
|
Name : |
Mr. R S Dhaliwal |
|
Designation : |
Vice President – Human Resources |
|
|
|
|
Name : |
Mr. Pradeep Verma |
|
Designation : |
Company Secretary |
|
|
|
|
Audit Committee : |
|
|
|
|
|
Name : |
Mr. K.M.S. Nambiar |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Dr. J.K. Kakkar |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. S.P. Sharma |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. S.R.Mehta |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. N.R Munjal |
|
Designation : |
Permanent Invitee |
|
|
|
|
Name : |
Mr. Himanshu Jain |
|
Designation : |
Permanent Invitee |
|
|
|
|
Name : |
Mr. N.K.Bansal |
|
Designation : |
Permanent Invitee |
|
|
|
|
Remuneration Committee : |
|
|
|
|
|
Name : |
Mr. K.M.S. Nambiar |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. S.P. Sharma |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. S.R. Mehta |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. N.R Munjal |
|
Designation : |
Permanent Invitee |
|
|
|
|
Name : |
Mr. Himanshu Jain |
|
Designation : |
Permanent Invitee |
|
|
|
|
Share Transfer and Shareholder / Investor Grievance Committee |
|
|
|
|
|
Name : |
Mr. K.M.S. Nambiar |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Dr. J.K. Kakkar |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. N.R.Munjal |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. S.R. Mehta |
|
Designation : |
Member |
|
|
|
|
Compensation Committee : |
|
|
|
|
|
Name : |
Dr. J.K. Kakkar |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. S.P. Sharma |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. N.R.Munjal |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Himanshu Jain |
|
Designation : |
Permanent Invitee |
|
|
|
|
Name : |
Mr. K.M.S. Nambiar |
|
Designation : |
Member |
|
|
|
|
Sub – Committee of Board : |
|
|
|
|
|
Name : |
Mr. N.R.Munjal |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Dr. J.K. Kakkar |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. K.M.S. Nambiar |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Himanshu Jain |
|
Designation : |
Member |
|
|
|
|
Company Secretary and Compliance Officers : |
|
|
|
|
|
Name : |
Mr. Pardeep Verma |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
Shareholding of Promoter and Promoter Group2 |
|
|
|
Indian |
|
|
|
Individuals/ Hindu Undivided Family |
851825 |
2.49 |
|
Bodies Corporate |
14196521 |
41.51 |
|
|
|
|
|
Public shareholding |
|
|
|
Institutions |
|
|
|
Financial Institutions / Banks |
74358 |
0.22 |
|
Financial Institutions Investors |
1690874 |
4.91 |
|
|
|
|
|
Non-institutions |
|
|
|
Bodies Corporate |
7007552 |
20.34 |
|
Individuals -i. Individual shareholders holding nominal
share capital up to Rs 0.100 Million |
7217530 |
20.95 |
|
ii. Individual shareholders holding nominal share capital in excess of Rs. 0.100
Million |
3168201 |
9.20 |
|
Any
Other (specify) |
215109 |
0.65 |
|
Non Resident Indians |
214109 |
0.64 |
|
Trust |
1000 |
--- |
|
|
|
|
|
TOTAL |
34445470 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Pharmaceutical products such as Norfloxacin, Ampicillin,
Amoxycillin, Erythromycin, Roxythromycin, etc. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS As On 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
|
|
|
|
|
Bulk Drugs, Intermediates, Solvents and others |
KGS |
631831 |
|
Mint Derivattives |
|
3600000 |
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
1200 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
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Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
Note: A) 14% Non
Convertible Debentures amounting to Rs. 92.500 millions (P.Y. 13.85) from Tata
Capital Limited are secured by first ranking pari passu charge on the
immovable properties measuring 68 bighas and 13 biswas situated at village
Behra and village Bhagwanpura Tehsil Rajpura, Distt. Patiala in the state of
Punjab and 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 and Structures, Plant and Machinery thereon personal guarantees
of Mr. S.R. Mehta and
Mr. N.R. Munjal. B) a) Bank
borrowings for working capital Rs.1693.100 millions (P.Y.1302.000 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 and Spares not relating to plant and Machinery
(Consumable Stores and 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
and Mr. Rishav Mehta. b) Term Loan Rs.
5386.300 (P.Y. 3237.800 millions) are from State Bank of India, Axis Bank,
Central Bank of India,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, IFCI, State Bank of Travencore, L and T finance, Allahabad
Bank, Bank of Baroda, DEG- Deutsche Investitions – Und
Entwicklungsgesellschaft Mbh and ICICI Bank 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 and Plot No E-V,
industrial Focal Point, Mohali and second chargeby way of hypothecation of
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. These loans are further secured by the personal guarantee of
Promoter Directors. c) Other Term loans and advances Rs.18.500 millions (P.Y.20.000 millions)
includes Vehicle loans Rs. 16.400 millions (P.Y. 1.78) are secured against
hypothecation of the vehicles under the hire purchase agreement and ICICI
Home Loan Rs. 2.100 millions (P.Y.
2.200 millions ) is in the name of Mr. N.R.Munjal, and is secured against the
office premises in Mumbai. C) Other loan and
advances Rs. 61.000 millions (P.Y.104.300 millions ) includes Term Loans from
Technology Development Board Rs. 55.600 millions (P.Y. 91.600 millions) is secured by way of
charges on movable fixed assets and personal guarantee of Shri N.R.Munjal and
Vehicle Loans (NBFC) Rs. 5.400 millions (P.Y. 12.700 millions) are secured
against hypothecation of the vehicles under the hire purchase agreements. |
|
Banking
Relations : |
---- |
|
|
|
|
Auditors : |
|
|
Name : |
Jain and Associates Chartered Accountants, |
|
Address : |
SCO : 819-20, Sector 22-A, |
|
|
|
|
Associates : |
|
|
|
|
|
Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON (31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34223070 |
Equity Shares |
Rs.10/- each |
Rs.342.231 millions |
|
|
|
|
|
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 |
342.230 |
278.524 |
252.700 |
|
|
2] Share Application Money |
100.237 |
37.500 |
17.800 |
|
|
3] Reserves & Surplus |
5358.260 |
4204.794 |
3382.800 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5800.727 |
4520.818 |
3653.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7251.341 |
4802.734 |
3536.700 |
|
|
2] Unsecured Loans |
940.566 |
1080.529 |
257.300 |
|
|
TOTAL BORROWING |
8191.907 |
5883.263 |
3794.000 |
|
|
DEFERRED TAX LIABILITIES |
433.551 |
438.003 |
798.400 |
|
|
|
|
|
|
|
|
TOTAL |
14426.185 |
10842.083 |
8245.700 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5448.432 |
4787.508 |
4935.500 |
|
|
Assets held for Disposal |
22.336 |
23.597 |
0.000 |
|
|
Capital work-in-progress |
3152.962 |
1725.227 |
486.700 |
|
|
|
|
|
|
|
|
INVESTMENT |
581.795 |
684.655 |
233.800 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
323.300 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3655.471 |
2372.422 |
2033.100 |
|
|
Sundry Debtors |
2879.677 |
1780.949 |
1089.600 |
|
|
Cash & Bank Balances |
484.225 |
535.980 |
228.800 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
1091.236 |
861.623 |
577.100 |
|
Total
Current Assets |
8110.609 |
5550.974 |
3928.600 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
2670.389 |
1792.121 |
1583.200 |
|
|
Provisions |
219.560 |
139.915 |
86.400 |
|
Total
Current Liabilities |
2889.949 |
3618.938 |
1669.600 |
|
|
Net Current Assets |
5220.660 |
1932.036 |
2259.000 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
2.158 |
7.400 |
|
|
|
|
|
|
|
|
TOTAL |
14426.185 |
10842.083 |
8245.700 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Gross Sales & Operating Income |
10409.568 |
7930.185 |
5990.008 |
|
Less |
|
Excise Duty |
97.497 |
94.664 |
108.626 |
|
|
|
TOTAL (A) |
10507.065 |
7835.520 |
5881.382 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
7608.847 |
5698.626 |
3937.537 |
|
|
|
Manufacturing Expenses |
433.975 |
383.021 |
336.930 |
|
|
|
Administrative and Other Expenses |
200.028 |
150.184 |
127.847 |
|
|
|
Selling and Distribution Expenses |
180.656 |
165.011 |
116.391 |
|
|
|
Research and Development Expenses |
56.840 |
52.268 |
49.381 |
|
|
|
Loss on |
3.192 |
1.519 |
8.993 |
|
|
|
Misc. Expenditure Written Off |
0.000 |
0.000 |
0.000 |
|
|
|
Impairment of Assets |
24.135 |
50.181 |
25.260 |
|
|
|
Provision for Doubtful Debts |
6.010 |
5.972 |
2.852 |
|
|
|
Previous Year Income/Expenses |
0.000 |
(3.196) |
3.956 |
|
|
|
Extra Ordinary Items |
30.677 |
29.973 |
(8.105) |
|
|
|
Foreign Exchange Fluctuation |
0.000 |
(69.754) |
44.632 |
|
|
|
Other Expenses |
136.920 |
53.551 |
8.308 |
|
|
|
TOTAL (B) |
8681.280 |
6410.254 |
4653.982 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1825.785 |
1425.266 |
1227.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
569.368 |
510.624 |
469.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1256.417 |
914.642 |
757.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
385.163 |
368.002 |
268.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
871.254 |
546.640 |
489.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(4.907) |
(32.999) |
91.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
876.161 |
579.639 |
397.900 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
Transfer to General Reserve |
43.808 |
28.981 |
19.893 |
|
|
|
Provision for Dividend on Equity Shares |
34.223 |
27.852 |
25.972 |
|
|
|
Provision for Equity Dividend Tax |
5.684 |
4.733 |
4.414 |
|
|
|
BALANCE CARRIED
TO THE B/S |
792.446 |
518.070 |
347.584 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Value of Goods |
3994.680 |
2693.968 |
2245.893 |
|
|
TOTAL EARNINGS |
3994.680 |
2693.968 |
2245.893 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1238.084 |
1648.555 |
1690.818 |
|
|
|
Capital Goods |
84.844 |
5.374 |
4.035 |
|
|
TOTAL IMPORTS |
1322.928 |
1653.929 |
1694.853 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
29.76 |
21.45 |
15.57 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.06.2011 |
|
Type |
1st
Quarter |
|
|
|
|
Sales Turnover |
2794.300 |
|
Total Expenditure |
2261.820 |
|
PBIDT (Excl
OI) |
532.480 |
|
Other Income |
0.000 |
|
Operating
Profit |
532.480 |
|
Interest |
189.360 |
|
Exceptional
Items |
0.000 |
|
PBDT |
343.120 |
|
Depreciation |
139.170 |
|
Profit
Before Tax |
203.960 |
|
Tax |
30.570 |
|
Reported PAT |
173.390 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
173.390 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
8.33 |
73.97 |
6.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.36 |
6.97 |
8.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.42 |
9.84 |
5.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.12 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.91 |
0.80 |
1.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.80 |
1.53 |
2.35 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS AND
BUSINESS PERFORMANCE
The company has recorded an impressive growth by scaling newer heights
and benchmarks in terms of sales and profits for the year ended 31st March,
2011. Turnover of Rs.1031.207 millions was 30.45% over Rs.7905.28 millions of
the previous year. Profit before tax also increased from Rs.546.64 millions to
Rs.871.26 millions registering a growth of 59.38% whereas profit after tax
increased by 51.16% from Rs.579.64 millions to Rs.876.16 millions. The Earning
per share increased to Rs.29.76 per share from Rs.21.45 per share.
The company has recorded strong results across the global markets. Its
exports during the financial year ending 31st March, 2011 were Rs.4163.06
millions as compared to Rs.3165.66 million recorded in the previous year,
recording an increase of 31.51%.
SUBSIDIARIES AND
JOINT VENTURES
As on 31.03.2011 the Company had 3 Subsidiaries The US subsidiary of the
Company viz. Ind-Swift Laboratories Inc, recorded a net Profit of $ 382416.43/-
as compared to Loss of $ 331493/- .
The Singapore Subsidiary Meteoric Life Sciences PTE Limited. started
business in current Financial Year 2010-11 and achieved net sales of INR
9,96,68,878/- and recorded a net profit of INR 9,71,272/-
The Dubai Subsidiary viz. Ind-Swift Middle East FZE has not started
operations yet. During the year in view of the operational efficiency and to
reduce administrative costs and efforts the investment in Iran was transferred
to the Company’s Dubai Subsidiary Ind-Swift Middle East FZE. The transactional
impact of the same will be reflected in the current year’s Balance Sheet.
Information related to performance/financial of the subsidiary companies are
disclosed in the Consolidated Financial Statements.
MANAGEMENT
DISCUSSION AND ANALYSIS
The value of the global pharmaceutical market is expected to grow 5-7
percent in 2011, to US$880 billion, compared with a 4-5 percent pace this year.
Global Generic pharmaceutical market is valued at approximately US$108 billion
in 2009 and is expected to reach US$ 130 billion by 2014 with a CAGR of 9%.
Divergent growth rates are expected for developed and pharmerging
markets. As countries recover from the global economic crisis at different
rates, there is growing divergence in the pace of pharmaceutical growth among
major markets. The 17 pharmerging countries are forecast to grow at a 15-17
percent rate in 2011, to $170-180 billion. Many of these markets are benefiting
from greater government spending on healthcare and broader public and private
healthcare funding, which is driving greater demand and access to medicines.
China, which is predicted to grow 25-27 percent to more than $50 billion next
year, is now the world’s third-largest pharmaceutical market. Among major
developed countries, Japan is forecast to grow 5-7 percent in 2011, a year when
biennial price cuts will have little impact. The five major European markets
(Germany, France, Italy, Spain, and the U.K.) collectively will grow at a 1-3
percent pace, as will Canada. The U.S. will remain the single largest
pharmaceutical market, with 3-5 percent growth expected next year.
Pharmaceutical sales in the U.S. will reach $320- $330 billion, up from $310 billion
forecast for this year, not including the impact of off invoice discounts or
rebates.
Peak years of patent expiries shift major therapies to generic
dominance. In 2011, products with sales of more than $30 billion are expected
to face the prospect of generic competition in the major developed markets. In
the U.S. alone, Lipitor, Plavix, Zyprexa and Levaquin – which together
accounted for more than 93 million prescriptions dispensed in the past 12
months and generated over $17 billion in total sales – likely will lose market
exclusivity. The full impact of patients shifting to lower-cost generic
alternatives for these products, as well as other brands in their therapy
classes, mostly will be felt in 2012, due to the timing and expected
competitive intensity among generic entrants. Broad measures applied by public
and private players to reduce growth in drug budgets. Governments are pursuing
an ongoing wave of budgetary control mechanisms that target drug spending as
one way to restore fiscal balance. Multiple markets will be impacted by these
measures in 2011.
Prominent examples include substantial reductions in the price of
generics relative to their branded counterparts in Spain and in Canada, where
generic pharmacy rebates are expected to be eliminated; new price negotiation
requirements for brands launched in Germany; and across-the-board price cuts
for branded products in Turkey and Greece. In the U.S., health plans are
stepping up their use of pre-authorizations and cost sharing provisions in an effort
to address rising healthcare expenditures.
Therapy area growth dynamics driven by innovation cycle and areas of
unmet need. In 2011, the introduction and uptake of new drugs - a third of
which are specialty pharmaceutical products - are poised to fulfill patients'
unmet needs and significantly alter treatment paradigms in several key therapy
areas. These include innovative treatment options for stroke prevention,
melanoma, multiple sclerosis, breast cancer and hepatitis C. As these new drugs
are brought to market, patient access is expected to expand and funding
redirected from other areas where lower-cost generics are available. Five
potential blockbuster products - defined as those exceeding $1 billion annually
in peak sales - are expected to be approved and launched globally by the end of
next year
THE OTHER DYNAMICS
OF THE WORLD PHARMA MARKET ARE:-
Varying growth
rates for different types of countries - pharmaceutical growth is expected to
progress at different rates, with 17 Pharmerging countries expanding at between
15% and 17% next year to $170-180 million. Many pharmerging countries are
spending considerably more on healthcare. These countries are experiencing
broader public and private healthcare funding, resulting in higher demand and
access to medications.
China alone, currently the third largest pharmaceutical market, is
expected to expand by 25% to 27% in 2011 to over $50 billion.
Developed nations - Germany,
France, Italy, Spain and the United Kingdom, Europe's five major markets, as well
as Canada are estimated to expand by 1% to 3%. The Japanese market has a
forecast of 5% to 7% growth. The world's largest market, the USA will most
likely see growth of 3% to 5%, with pharmaceutical sales reaching between $320
and $330 billion. Shift to generics as patents expire - a large number of
blockbusters will have reached the end of their patent lives by 2011, making
way for generics. The report calculates that about $30 billion's worth of
current sales will face generic competition. The authors stress that the
largest impact of generic competition will probably be felt in the following
year, in 2012.
Measures to reduce
expenditure - national governments worldwide are trying to bring down their drug
bill in their drive towards budgetary control. This will have an impact on
several markets next year. Countries, such as Canada and Spain have attained
considerable discounts in generic prices relative to their branded counterparts
- in these countries generic pharmacy rebates may be done away with. In an
effort to deal with rising healthcare costs, health plans in the USA are
increasing their use of pre-authorizations and cost sharing provisions.
Growth in new
drugs that meet areas of unmet need – next year, new medications, many of which
are specialist pharmaceutical products, will most likely fulfill patients'
unmet needs. This may have a considerable impact on the way some therapy areas
are treated, such as stroke prevention, MS (multiple sclerosis), hepatitis C,
melanoma, and breast cancer. A growing number of patients will be accessing
these medications as they enter the market. In 2011, we will see the loss of
exclusivity for some iconic brands and a promising new wave of innovation. It
also will be a critical year for gauging how healthcare reform initiatives in
key markets evolve and play out amid the expected macroeconomic recovery. For
pharmaceutical manufacturers, an unrelenting focus on bringing distinct value
to patients and health systems will be essential to navigating this dynamic
market.
COMPANY’S OUTLOOK
PRODUCTS
Company has launched new drugs like Dutasteride Cinacalcet, Dulexetine,
Mecloxamine Citrate, Atomoxetine, Exemestane, Ezetimbe, Pregalin, Ranolazine,
Telmisartan and Posaconazole. The other products driving the growth of the
Company are Letrozole, Anastrozole(Anti-Cancer) Venalafaxine (Anti-
Depressants), Lavofloxacin(Anti-Biotic), Quetiapine and Aripiprazole
(Anti-Pshychotic) Ezetimibe ( Anti- hyperlipdemic) and Piogiltazone, an
anti-diabetic drug. The Company is further developing newer products such as
Argatroban, gefitinib, Elitriptan and others. The Company has successfully
introduced for the first time in India new products like Ivabradine and
Cinacalcet. Ind-Swift is the first and only company to launch these products in
the Indian market.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
Letter of Credit
against purchase of raw material: |
1052.858 |
1249.341 |
|
Bank Guarantees |
581.458 |
3.135 |
|
Export obligation
in respect of custom duty |
17.718 |
8.549 |
|
Contingent
Liabilities in respect of unassessed cases of Income Tax, Excise
Duty, Sales Tax and Service Tax. |
Amt Unascertained |
Amt Unascertained |
|
Corporate guarantees
given on behalf of (to the extent utilized) |
|
|
|
Ind Swift Limited |
416.600 |
500.000 |
|
Essix Biosciences
Limited |
311.755 |
116.700 |
|
Halcyon Life
Science Private Limited |
450.436 |
277.631 |
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 recognized 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. 48.82 |
|
cUK Pound |
1 |
Rs. 75.48 |
|
Euro |
1 |
Rs. 66.10 |
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 |
|
- |
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.