MIRA
INFORM REPORT
|
Report Date : |
14.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
THEMIS MEDICARE LIMITED |
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|
Registered
Office : |
Plot No. 69-A, Vapi,
GIDC Industrial Estate, District Valsad – 396 195, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
31.05.1969 |
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Com. Reg. No.: |
04-001590 |
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Capital
Investment / Paid-up Capital : |
Rs. 80.505 millions |
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CIN No.: [Company Identification
No.] |
L24110GJ1969PLC001590 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDA00539A |
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PAN No.: [Permanent Account No.] |
AAACA9062D |
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Legal Form : |
Public Limited Liability Company. Company's Shares are Listed on the Stock
Exchanges |
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Line of Business
: |
Manufacturers of Pharmaceuticals Products such as Drug Intermediates, Bulk Drugs, Tablets, Injections, etc. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3400000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine 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. The 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Plot No. 69-A, Vapi, GIDC Industrial Estate, District Valsad – 396 195, Gujarat, India |
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E-Mail : |
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Website : |
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Corporate Office : |
11/12, Udyog Nagar, S. V. Road, Goregaon (West), Mumbai-400104,
Maharashtra, India |
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Tel. No.: |
91-22-767080/ 28757836 |
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Fax No.: |
91-22-28746621 |
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Factory (Synthetic) : |
Plot No. 69-A, GIDC Industrial Estate, Vapi, District Valsad-396195,
Gujarat, India |
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Factory (Biotech) : |
“Artemis Biotech” (A division of Themis Medicare Limited) Plot No. 1 and 5, IDA, Jeedimetla, Hydrabad-500055, |
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Factory (Formulation) : |
Sector 6-A, Plot No. 16, 17 and 18, IIE, BHEL, |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Hoshang Sinor |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Erik Bogsch |
|
Designation : |
Representative of Foreign Collaborator |
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|
Name : |
Dr. Lajos Kovacs |
|
Designation : |
Representative of Foreign Collaborator |
|
Date of Birth/Age : |
30.08.1960 |
|
Qualification : |
M.Sc. in Chemical Engineering |
|
Date of Appointment : |
27.08.2004 |
|
Other Directorship: |
Richeter Themis Medicare (India) Private Limited |
|
Expertise in Specific Functional Area : |
R and D Management Technical operations and manufacturing |
|
Chairman/Member of the Committees of the Board of the Companies on
which he is a director as on 31st March 2007 |
|
|
|
|
|
Name : |
Dr. Laszlo Kovacs |
|
Designation : |
Representative of Foreign Collaborator |
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|
Name : |
MR. Humayun Dhanrajgir |
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Designation : |
Director |
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Date of Birth/Age : |
02.12.1936 |
|
Date of Appointment : |
27.08.2004 |
|
Other Directorship : |
|
|
Expertise in specific functional areas: |
Marketing and Business Administration |
|
|
|
|
Name : |
Mr. Vijay Agarwal |
|
Designation : |
Director |
|
Date of Birth/Age : |
29.06.1957 |
|
Qualification : |
B.Com. (Hons.), F.C.A |
|
Date of Appointment : |
27.08.2004 |
|
Other Directorship: |
|
|
Expertise in specific functional areas: |
Finance and Taxation |
|
Chairman/Member of the Committees of the Board of the Companies on
which he is a director as on 31st March 2007 |
1.
Member, Audit Committee of Guffic Biosciences
Limited 2.
Member, Audit Committee and share Transfer and
Grievance Committee of Dagger Forst Limited 3.
Member, Audit Committee of Compuage Inform
Limited |
|
|
|
|
Name : |
Mr. Rajneesh Anand |
|
Designation : |
Director |
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|
|
|
Name : |
Mrs. Jayshree D. Patel |
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Designation : |
Whole Time Director |
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|
Name : |
Dr. Sachin D. Patel |
|
Designation : |
Deputy Managing Director |
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|
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|
Name : |
Dr. Dinesh Patel |
|
Designation : |
Managing Director and Chief Executive Officer |
KEY EXECUTIVES
|
Name : |
Dr. Dinesh Patel |
|
Designation : |
Key Executive (Overall Management and Research and Development) |
|
Qualification : |
Ph. D. CChem. FRSC ( |
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|
Name : |
Dr. Shashikant P. Kurani |
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Designation : |
Key Executive |
|
Qualification : |
M. SC., PH.D., LLM, D.P.L.P Regulatory and Scientific Affairs |
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|
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|
Name : |
Dr. Sachin D. Patel |
|
Designation : |
Key Executive (Business
Development) |
|
Qualification : |
Ph. D. CChem. |
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|
|
|
Name : |
Mr. T. Damodar Reddy |
|
Designation : |
Key Executive (API –Bunsiness Biotech) |
|
Qualification : |
Graduate in Chemical Technology |
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|
|
|
Name : |
Mr. Prakash D. Naringrekar |
|
Designation : |
Key Executive (Legal and Finance) |
|
Qualification : |
M.Com, ACS |
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|
|
|
Name : |
Mr. Luis Dias |
|
Designation : |
Key Executive (Co-ordinator) |
|
Qualification : |
B.Com API- Business |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Category of
Shareholder |
No. of Shares |
Percentage of
Shareholders |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
2,372,561 |
29.47 |
|
Bodies Corporate |
2,026,946 |
25.18 |
|
|
4,399,507 |
54.65 |
|
|
|
|
|
Bodies Corporate |
1,211,308 |
15.05 |
|
Sub Total |
1,211,308 |
15.05 |
|
Total
shareholding of Promoter and Promoter Group (A) |
5,610,815 |
69.70 |
|
|
|
|
|
(1) Institutions |
|
|
|
Mutual Funds / UTI |
405,909 |
5.04 |
|
|
1,000 |
0.01 |
|
|
19,564 |
0.24 |
|
HUF |
19,564 |
0.24 |
|
Sub Total |
426,473 |
5.30 |
|
|
|
|
|
|
381,895 |
4.74 |
|
Individuals |
|
|
|
Individual shareholders holding nominal share capital up to Rs. 0.100
millions |
1,052,220 |
13.07 |
|
|
423,490 |
5.26 |
|
Any Others
(Specify) |
155,607 |
1.93 |
|
Clearing Members |
11,312 |
0.14 |
|
|
144,295 |
1.79 |
|
Sub Total |
2,013,212 |
25.01 |
|
Total Public
shareholding (B) |
2,439,685 |
30.30 |
|
Total (A)+(B) |
8,050,500 |
100.00 |
|
|
-- |
-- |
|
(1) Promoter and Promoter Group |
-- |
-- |
|
|
-- |
-- |
|
Sub Total |
-- |
-- |
|
Total
(A)+(B)+(C) |
8,050,500 |
-- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Pharmaceuticals Products such as Drug Intermediates, Bulk Drugs, Tablets, Injections, etc. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Drug Intermediates |
M/T |
407 |
408 |
-- |
|
Bulk Drugs |
M/T |
363 |
529 |
379.280 |
|
Tablets |
Lacs |
8267 |
4800 |
1143.60 |
|
|
Liters |
-- |
120000 |
24580.70 |
|
|
Krs. |
-- |
250000 |
12720 |
|
Syrups |
Liters |
-- |
-- |
114236 |
|
Others |
-- |
-- |
-- |
82221 |
GENERAL INFORMATION
|
No. of Employees
: |
Not Available |
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Bankers : |
·
Bank of Baroda |
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Facilities : |
Notes: a)
The term loans are secured by an equitable
mortgage created by deposit of title deeds of the Company's factory land and
buildings situated at Vapi, Hyderabad, Haridwar and Baroda and hypothecation
of Plant and Machinery both present and future. b)
Long term loan due within one year Rs 18.893 millions
(Previous year Rs 31.248 millions) c)
From suppliers of vehicles secured against
hypothecation of the vehicles acquired under hire purchase arrangement.
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Banking
Relations : |
-- |
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Auditors : |
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|
Statutory
Auditor M. T. Ankleshwaria and Company Chartered Accountants. Branch Auditor Ramanatham and Rao Chartered Accountants Cost Auditors B.J.D. Nanabhoy and Company Chartered Accountants |
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Joint Venture : |
·
Richter Themis Medicare (India) Private Limited |
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Associates: |
·
Themis Distributors Private Limited ·
Vividh Distributors Private Limited ·
Vividh Margi Investments Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8050500 |
Equity Shares |
Rs.10/- each |
Rs. 80.505
Millions |
|
|
|
|
|
Notes:
i.
20000 Equity Shares of Rs.10 each allotted as fully
paid up pursuant to a contract without payment being received in cash
ii.
2686000 Equity Shares of Rs.10 each issued as fully
paid up Bonus shares by way of capitalization of Share Premium Account and General
Reserve.
iii.
Issue of 1282500 Equity Shares of Rs.10 each
allotted pursuant to prospectus dated 3rd February,1995.
iv.
3752000 Equity shares of Rs 10/- each fully paid up
allotted to the existing members of amalgamated company by the Board of
Directors at its meeting held on 4th August 2004 in view of the scheme of
amalgamation of Artemis Biotech Limited with the Company
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 |
80.505 |
80.505 |
80.505 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
780.806 |
707.553 |
809.954 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
861.311 |
788.058 |
890.459 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
559.490 |
595.413 |
603.402 |
|
|
2] Unsecured Loans |
416.085 |
330.960 |
289.216 |
|
|
TOTAL BORROWING |
975.575 |
926.373 |
892.618 |
|
|
DEFERRED TAX LIABILITIES |
40.813 |
39.504 |
36.681 |
|
|
|
|
|
|
|
|
TOTAL |
1877.699 |
1753.935 |
1819.758 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
916.033 |
936.709 |
1012.992 |
|
|
Capital work-in-progress |
162.392 |
77.511 |
19.923 |
|
|
|
|
|
|
|
|
INVESTMENT |
73.668 |
73.658 |
76.935 |
|
|
DEFERREX TAX ASSETS |
8.256 |
5.444 |
2.454 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
385.914
|
361.614 |
467.668 |
|
|
Sundry Debtors |
639.983
|
537.913 |
590.604 |
|
|
Cash & Bank Balances |
63.980
|
123.711 |
122.772 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.082 |
|
|
Loans & Advances |
320.226
|
239.563 |
248.463 |
|
Total
Current Assets |
1410.103
|
1262.801 |
1429.589 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
465.082
|
420.694 |
608.007 |
|
|
Other Current Liabilities |
187.974
|
142.277 |
100.651 |
|
|
Provisions |
39.697
|
39.217 |
13.477 |
|
Total
Current Liabilities |
692.753
|
602.188 |
722.135 |
|
|
Net Current Assets |
717.350
|
660.613 |
707.454 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1877.699 |
1753.935 |
1819.758 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2337.681 |
2123.063 |
1998.975 |
|
|
|
Other Income |
75.038 |
44.194 |
60.471 |
|
|
|
TOTAL (A) |
2412.719 |
2167.257 |
2059.446 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Materials and Finished Goods |
1384.606 |
1140.383 |
1211.713 |
|
|
|
Purchase of Goods of Resale |
0.000 |
0.000 |
146.191 |
|
|
|
Manufacturing and Other Expenses |
771.253 |
702.223 |
772.734 |
|
|
|
Goodwill Written off |
0.000 |
0.000 |
1.283 |
|
|
|
Increase / (Decrease) in Stocks |
0.000 |
0.000 |
(142.829) |
|
|
|
TOTAL (B) |
2155.859 |
1842.606 |
1989.092 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
256.860 |
324.651 |
70.354 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
103.160 |
93.509 |
113.087 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
153.700 |
231.142 |
(42.733) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
51.360 |
52.200 |
50.998 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
102.340 |
178.942 |
(93.731) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(1.505) |
(1.756) |
8.215 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
103.845 |
180.698 |
(101.946) |
|
|
|
|
|
|
|
|
|
Add / Less |
PRIOR YEAR
ADJUSTMENT |
(2.471) |
(0.515) |
(1.891) |
|
|
|
EXCESS / (SHORT)
PROVISION FOR TAX IN RESPECT OF EARLIER YEARS |
0.000 |
6.467 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
45.508 |
(82.885) |
20.952 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
30.000 |
30.000 |
0.000 |
|
|
|
Proposed Dividend |
24.152 |
24.152 |
0.000 |
|
|
|
Tax on Dividend |
3.969 |
4.105 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
88.761 |
45.508 |
(82.885) |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
807.918 |
731.886 |
737.399 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
541.488 |
379.037 |
544.320 |
|
|
|
For Machinery / Equipment |
3.094 |
4.903 |
2.096 |
|
|
TOTAL IMPORTS |
544.582 |
383.940 |
546.416 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.59 |
23.19 |
(12.90) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
308.460 |
295.620 |
428.590 |
|
Total Expenditure |
364.530 |
419.940 |
430.980 |
|
PBIDT (Excl OI) |
(56.070) |
(124.320) |
(2.390) |
|
Other Income |
17.010 |
3.090 |
2.200 |
|
Operating Profit |
(39.060) |
(121.230) |
(0.190) |
|
Interest |
33.310 |
37.330 |
(24.970) |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(72.370) |
(158.560) |
(25.160) |
|
Depreciation |
12.440 |
12.370 |
13.330 |
|
Profit Before Tax |
(84.810) |
(170.930) |
(38.500) |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(84.810) |
(170.930) |
(38.500) |
|
Extraordinary Items |
(1.420) |
0.510 |
(0.750) |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0000 |
0.000 |
|
Net Profit |
(86.240) |
(170.420) |
(39.250) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.30
|
8.34 |
(4.95) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.38
|
8.43 |
(4.69) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.38
|
8.12 |
(3.83) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.23 |
(0.11) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.98
|
1.99 |
1.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.04
|
2.10 |
1.98 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
Sales / Income
from operations at Rs.2397.100 millions, increased by 9.68% as compared to the
previous years sale of Rs.2185.554 millions. The Company has recorded profit
after tax and prior year’s adjustments Rs 101.374 millions as against profit of
Rs. 186.650 millions in the previous year.
Business
Achievements / Developments
·
The year witnessed substantial shift in ratio of
business activities from API to Formulation, the latter contributing 43% of the
turnover against 31% in the previous year.
·
Within Formulation business domestic trade business
increased by 64% and co-marketing by 56%.
·
The Company continued its philosophy of
introduction of new research based products in various therapeutic segments. We
abide by this philosophy and will continue with same strength in coming years
also.
·
During the year the Hyderabad manufacturing
facility was conferred with EUGMP accreditation.
SUBSIDIARIES :
During the year a
Private Limited Subsidiary Company in the name and style of Themis Lifestyle
Private Limited was incorporated on 3rd November, 2010 and another Public
Limited Subsidiary Company in the name and style of Artemis Biotech Limited was
incorporated on 14th January, 2011. However there are no business transactions
in the subsidiary Companies till 31st March, 2011.
MANAGEMENT DISCUSSION AND ANALYSIS:
Operational Overview
Themis constantly reviews its product market portfolio with the view to
sustain its growth. The Company has driven fiscal growth by focusing on the
following areas:
·
Development of innovative – first-of-a-kind
products to establish itself in India and Globally.
·
Establish sound long-term partnerships with Indian
and International companies to expand business.
·
Development of a stronger manufacturing
infrastructure.
·
Creation of a superior Management Information
System
·
Up-gradation, Expansion, Modernization of existing
manufacturing facilities.
·
Obtaining of international approvals for its
plants.
·
Establishment of Marketing Divisions as per
therapeutic segments.
FIXED ASSETS:
·
Trade Marks
·
Freehold Land
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Electrical Installation
·
Vehicles
UNAUDITED
FINANCIAL RESULTS FOR THE PERIOD ENDED 30TH SEPTEMBER, 2011
(In
Millions)
|
Particulars |
30.09.2011 (Unaudited) |
(Unaudited) |
|
Quarter ended |
Six Month Ended |
|
|
Sales / Income from Operation |
301.613 |
615.175 |
|
Less : Excise Duty |
9.690 |
16.107 |
|
Net Sales / Income from Operations |
291.923 |
599.068 |
|
Other Operating Income |
3.696 |
5.011 |
|
Total Income |
295.619 |
604.079 |
|
|
|
|
|
Total Expenditure |
|
|
|
a) (Increase) / Decrease in
Stock in Trade and Work In Process |
41.527 |
70.210 |
|
b) Raw and Process material consumed |
206.012 |
367.536 |
|
c) Purchase of Traded
Goods |
14.333 |
32.061 |
|
d) Employee Cost |
52.722 |
105.697 |
|
e) Depreciation |
12.365 |
24.805 |
|
f) other
Expenditure |
96.585 |
200.175 |
|
Total (any item
exceeding 10% of the total expenditure to be shown separately) |
423.544 |
8004.484 |
|
Operating Profit before Other
Income and Interest |
(127.925) |
(196.405) |
|
Other Income |
3.085 |
20.092 |
|
Profit Before Interest and
Exceptional Items |
(124.840) |
(176.313) |
|
Interest (Net) |
37.331 |
70.645 |
|
Profit After Interest but
before Exceptional Items |
(162.171) |
(246.958) |
|
EXCHANGE Rate Difference –
(Expenses) / Income |
(8.756) |
(8.783) |
|
Profit from Ordinary
Activities before tax |
(170.927) |
(255.741) |
|
Tax Expense (Net) |
|
|
|
Net Profit from ordinary
activities after tax |
(170.927) |
(255.741) |
|
Extraordinary items (net of
tax expenses) |
0.506 |
(0.916) |
|
Net Profit after minority
interest |
(170.421) |
(256.657) |
|
Paid-up Equity Share Capital
(Face Value of Rs. 1 Each) |
80.505 |
80.505 |
|
Reserves (excluding
revaluation reserve) |
-- |
-- |
|
Earning per share before and after extraordinary items (Not annualized)
|
|
|
|
-Basic |
(21.17) |
(21.17) |
|
-Diluted |
(21.17) |
(21.17) |
|
Public Shareholding |
|
|
|
-Number of Shares (Rs. 1 Each) |
2444029 |
2444029 |
|
-% of Shareholding |
30.36 |
30.36 |
|
Promoters and Promoter Group Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of Shares |
-- |
-- |
|
- Percentage of Shares (as a %
of the Total Shareholding of Promoter and Promoter Group) |
-- |
-- |
|
- Percentage of Shares (as a %
of the Total Share Capital of the Company) |
-- |
-- |
|
|
|
|
|
b) Non Encumbered |
|
|
|
- Number of Shares |
5606471 |
5606471 |
|
- Percentage of Shares (as a %
of the Total Shareholding of Promoter and Promoter Group) |
100 |
100 |
|
- Percentage of Shares (as a %
of the Total Share Capital of the Company) |
69.64 |
69.64 |
Notes
:
1. The Company has only one segment namely
pharmaceuticals, hence no separate disclosure of segmentwise has been made.
2. The above results were reviewed by the Audit Committee and approved by the
Board of Directors at its meeting held on 4th November 2011 and have been
subject to a Limited Review by the Statutory Auditors.
3.
Investors Complaint status - Opening- 0, Received- 3, Resolved- 3,
Closing- 0.
4.
Unaudited Statement of Assets and Liabilities as at 30.09.2011.
(Rs.
In Millions)
|
Particulars |
30.09.2011 (Unaudited) |
|
SHARE HOLDERS
FUNDS : |
|
|
(a) Capital |
80.505 |
|
(b) Reserves and Surplus |
527.149 |
|
LOAN FUNDS |
1114.443 |
|
DEFERRED TAX
LIABILITY |
32.557 |
|
TOTAL SOURCES OF
FUNDS |
1754.654 |
|
FIXED ASSETS |
1085.216 |
|
INVESTMENTS |
73.668 |
|
CURRENT ASSETS,
LOANS AND ADVANCES |
|
|
(a) Inventories |
321.171 |
|
(b) Sundry Debtors |
546.635 |
|
(c ) Cash and Bank balances |
65.429 |
|
(d) Loans and Advances |
332.385 |
|
Less :- Current Liabilities & Provisions |
|
|
(a) Liabilities |
655.819 |
|
(b) Provisions |
14.031 |
|
TOTAL
APPLICATION OF FUNDS |
1754.654 |
WEB SITE DETAILS
BUSINESS
DESCRIPTION
Subject is an India-based company engaged in manufacturing of
pharmaceuticals. The principal activities of the company are to carry on the
business of whole retail, import, marketing and export of pharmaceutical drugs,
cosmetics and toiletries. The Company’s products include Simvastatin,
Lovastatin, Propofol, Ethambutol, Artemeether, Lumefenterine and Artesunate.
During the fiscal year ended March 31, 2010, it owned 49% interest in Richter
Themis Medicare (India) Private Limited. The Company’s wholly owned subsidiary
is Themis Medicare Singapore Pte. Limited For the fiscal year ended 31 March
2010, Subject revenues increased 5% to Rs. 2.33B. Net income totaled RS205.9M
vs. a loss of RS111.5M. Revenues reflect an increase in income from operation.
Net income reflects a decrease in consumption of raw materials, a fall in
deprecation charges, a decrease in manufacturing and other expense and a
significant decrease in interest expense.
MANAGEMENT
HOSHANG NOSHIRWAN
SINOR - INDEPENDENT NON-EXECUTIVE CHAIRMAN OF THE BOARD
Shri. Hoshang N. Sinor is Independent Non-Executive Chairman of the
Board of Themis Medicare Limited. He was appointed as Independent Director in
2003. He is also the Chairman of the Company’s Audit Committee. Banking and Finance,
at senior management levels.. Mr. Sinor had held the post of Deputy Managing
Director in ICICI Bank Limited. Presently he is the CEO of the Indian Bankers
Association as well as Director on the Board of many companies.
Education
LLB, Mumbai University
B, Mumbai University
VIJAY AGARWAL -
INDEPENDENT NON-EXECUTIVE DIRECTOR
Shri. Vijay Agarwal is Independent Non-Executive Director of Themis
Medicare Limited since 2002. He is also a member of the Company’s Audit
Committee. Mr. Agarwal is a practicing Chartered Accountant with in finance and
taxation.
RAJNEESH ANAND -
NON-EXECUTIVE DIRECTOR
Shri. Rajneesh Anand is Non-Executive Director of Themis Medicare
Limited. He has over 33years of industrial experience in the area of
Production, Planning, Project implementation, Engineering, Finance,
Administration etc. Shri. Anand is B.E (Mech), MIE, DMS and is associated with
the group for last more than two decades. He has in the area of Production,
Planning, Project implementation, Engineering, Finance, Administration etc. He
is at present Managing Director of Gujarat Themis Biosyn Limited and Alternate
Director on the Board of Richter Themis Medicare (India) Private Limited.
ERIK BOGSCH -
NON-EXECUTIVE DIRECTOR - REPRESENTATIVE OF FOREIGN COLLABORATOR
Shri. Erik Bogsch is Non-Executive Director - Representative of Foreign
Collaborator of Themis Medicare Limited. In Gedeon Richter, he holds the key
position of Managing Director since November 1992. Mr. Bogsch is a Chemical Engineer
and qualified Economic Engineer, who has been with Richter since 1970 in a
number of research and development management positions.
HUMAYUN DHANRAJGIR
- INDEPENDENT NON-EXECUTIVE DIRECTOR
Shri. Humayun Dhanrajgir is Independent Non-Executive Director of Themis
Medicare Limited since 2004. He is also a member of the Company’s Audit
Committee. Mr. Dhanrajgir is considered an in the Pharmaceutical Industry with
over 40 years of experience. He has served Glaxo India Limited, as Managing
Director and Executive Vice Chairman. Presently he is on the Board of many
companies.
Education
B Chemical Engineering, Loughborough University
LUIS DIAS -
EXECUTIVE MANAGEMENT BOARD MEMBER OF API - BUSINESS CO-ORDINATOR
Mr. Luis Dias is Executive Management Board Member of API - Business
Co-ordinator of Themis Medicare Limited. He holds B.Com.
LAJOS KOVACS -
NON-EXECUTIVE DIRECTOR - REPRESENTATIVE OF FOREIGN COLLABORATOR
Mr. Lajos Kovacs is Non-Executive Director - Representative at Foreign
Collaborator of Themis Medicare Limited. He was appointed a Director of Gedeon
Richter in 2005. Mr. Kovacs was responsible for Technical Services. A Chemical
Engineer, with postgraduate degree in pharmaceutical research, he has been with
Richter since 1984 in different positions.
LASZLO KOVACS -
NON-EXECUTIVE DIRECTOR - REPRESENTATIVE OF FOREIGN COLLABORATOR
Dr. Laszlo Kovacs is Non-Executive Director - Representative of Foreign
Collaborator of Themis Medicare Limited. In Gedeon Richter he held the position
of Deputy Managing Director with the responsibility for Commerce and Marketing
from 1990 to 2005. Dr. Kovacs is currently Strategic Adviser to the Executive
Board of Gedeon Richter. He is an Economist with a University doctorate in
Economic Sciences.
SHASHIKANT P.
KURANI - EXECUTIVE MANAGEMENT BOARD MEMBER - REGULATORY AND SCIENTIFIC
Dr. Shashikant P. Kurani is Executive Management Board Member -
Regulatory and Scientific Affairs of Themis Medicare Limited. He holds M.SC.,
PH.D., LLM, D.P.L.P.
SACHIN DINESH PATEL
- DEPUTY MANAGING DIRECTOR, DIRECTOR - RESEARCH AND BUSINESS DEVELOPMENT,
EXECUTIVE DIRECTOR
Dr. Sachin Dinesh Patel is Deputy Managing Director, Director - Research
and Business Development, Executive Director of Themis Medicare Limited. He is
on the Board of the Company since 2004. Dr. Patel is a Bachelor of Science
graduate from the University of Sunderland, UK. He also holds a Doctorate in
Life Sciences and Nanotechnology from Christ’s College, University of
Cambridge, UK.
Education
PHD, University of Cambridge
BS, University of Sunderland
DINESH SHANTIBHAI
PATEL - CHIEF EXECUTIVE OFFICER, MANAGING DIRECTOR, EXECUTIVE DIRECTOR
Dr. Dinesh Shantibhai Patel, Ph.D., is Chief Executive Officer, Managing
Director, Executive Director of Themis Medicare Limited. Dr. Patel holds a
Doctorate in Medicinal Chemistry. He is also a Fellow of the Royal Society of
Chemistry, London, U.K. He joined the business in 1973.
T. DAMODAR REDDY -
EXECUTIVE MANAGEMENT BOARD MEMBER OF API - BUSINESS BIOTECH
Shri. T. Damodar Reddy is Executive Management Board Member of API -
Business Biotech of Themis Medicare Limited. He is a Graduate in Chemical
Technology.
DINESH SHANTIBHAI
PATEL - CHIEF EXECUTIVE OFFICER, MANAGING DIRECTOR, EXECUTIVE DIRECTOR
Dr. Dinesh Shantibhai Patel, Ph.D., is Chief Executive Officer, Managing
Director, Executive Director of Themis Medicare Limited. Dr. Patel holds a
Doctorate in Medicinal Chemistry. He is also a Fellow of the Royal Society of
Chemistry, London, U.K. He joined the business in 1973.
PRAKASH D.
NARINGREKAR - CFO, COMPANY SECRETARY, COMPLIANCE OFFICER, EXECUTIVE MANAGEMENT
BOARD MEMBER - LEGAL AND FINANCE
Shri. Prakash D. Naringrekar is Chief Financial Officer, Company
Secretary, Compliance Officer, Executive Management Board Member - Legal and
Finance of Themis Medicare Limited. He holds M.Com, ACS.
SHASHIKANT P.
KURANI - EXECUTIVE MANAGEMENT BOARD MEMBER - REGULATORY AND SCIENTIFIC AFFAIRS
Dr. Shashikant P. Kurani is Executive Management Board Member - Regulatory
and Scientific Affairs of Themis Medicare Limited. He holds M.SC., PH.D., LLM,
D.P.L.P.
NEWS
PROCEEDINGS OF ANNUAL GENERAL MEETING
01 August 2011
India, Aug. 01 -- Themis Medicare Limited has submitted to the Exchange
a copy of the Proceedings of Annual General Meeting of the Company held on July
30, 2011.
INDIA'S THEMIS MEDICARE, MPEDIGREE, TO BOOST
PATIENT SAFETY WITH MOBILE TECHNOLOGY
30 June 2011
India,
June 30 -- Themis Medicare, one of India's leading research-based healthcare
companies, and a pioneer in pharmaceutical innovation in emerging markets, has
announced a new agreement with multiple award winning social enterprise,
mPedigree Network, which shall see consumers of Themis' life-saving drugs
verifying the authenticity and quality status of their Themis' brands for free
via mobile phone text-messaging technology.
The
initial emphasis of the partnership is on Themis' fast growing export markets,
with market-leading products, such as EMAL and Sepgard, benefitting from this
enhanced new product feature.
The
partnership also marks the much-awaited introduction of the mPedigree instant
authentication technology platform to the Indian pharmaceutical industry after
years of intensive feasibility studies and relationship work.
Themis
Medicare thus joins an elite group of companies globally that have deployed
mPedigree's best-in-class cloud computing platform, managed and deployed by
global technology leader Hewlett Packard, to protect and reassure their
customers about the quality and safety of their pharmaceutical brands, using
free text messages and unique scratch codes.
Dr.
Dinesh Patel, CEO of Themis Medicare, remarked: "The philosophy of our
company is to break new ground in the provision of healthcare products at the
very cutting edge of therapeutic care. We recognize however that increasing
concerns about quality and safety requires that we must now go an extra mile,
in keeping with the same philosophy, to create a means for our customers to be
absolutely reassured that the medicine they are receiving satisfies the high
and uncompromising standards of quality we hold dear, whatever the channel
through which it was delivered, and that under no circumstances could that
promise of quality be compromised".
Themis
shall also draw on the extensive specialist knowledge and broad expertise of
mPedigree Network in further improving its electronic customer satisfaction and
supply chain visibility processes. Hundreds of millions of South Asians and
Africans now have access to mobile phones. This has encouraged innovative
companies like Themis to design new outreach services best suited to needs of
consumers in a digital age.
About
Themis Medicare
Themis
Medicare is a Mumbai-based, leading research-focused, pharmaceutical company
with four state-of-the-art manufacturing facilities at three locations, in Vapi
(Gujarat), Hyderabad (Andhra Pradesh), and Haridwar (Uttarakhand). Themis is
active in a growing number of therapeutic areas like antituberculosis,
antimalarials, cardiology, pain management, anti-infectives, anesthesia,
haematinics, Health and Nutrition, in addition to an established presence in
the active pharmaceutical ingredients space. The company is also engaged in
co-marketing its research based formulations with other pharmaceutical companies
in India and abroad. The 500 strong field force of Themis Medicare, backed by a
nationwide network of over 2000 stockists, ensures that the company's products
are readily available across India. This combined with the quality of the
products means that Themis Medicare is able to strengthen the hands of doctors
by offering superior treatment and healthcare solutions. It is Themis' pledge
to improve the quality of life by enabling people to do more, feel better and
live longer. Themis Medicare has an expanding international portfolio of
affiliates across the globe with a presence in 40 countries. Additionally, the
company is planning to enter all 29 EU countries, USA, Canada, Australia with
its unique research formulations. A balanced geographical presence coupled with
a strong product flow from a wide therapeutic range serve as the core strategic
strength of the company.
About
mPedigree Network
mPedigree
Networks partners 21 of the leading telecom companies in Africa and Asia,
leading pharmaceutical industry associations, and Fortune 100 technology
powerhouses to empower African patients and consumers against the fatal effects
of pharmaceutical counterfeiting, which kills nearly a million people a year,
and maim countless more, in vulnerable parts of the world. As a social
enterprise, and a member of the Ashoka and World Economic Forum communities,
mPedigree maintains an equal obligation to consumer clients, pharmaceutical
clients, impact investors, and regulatory partners. mPedigree has received the
world's most prestigious prizes for innovation, is endorsed by
intergovernmental organizations and is an accredited contractor to the United
States Federal Government.
THEMIS MEDICARE MARKS ENTRY INTO COSMETO SEGMENT
WITH THE LAUNCH OF LUMIXYL
22 February 2011
India, Feb. 22 -- Themis Medicare has for the first time entered into an
altogether new pharmaceutical marketing segment - COSMETO - DERMATOLOGY with
the launch of the brand LUMIXYL. It is the first and the only company to market
LUMIXYL in India. LUMIXYL incorporates a new technology called Peptide that
addresses a skin disorder called Hyper-pigmentation i.e., darkening of skin.
The product is being introduced in India through the company's new Division
'LUMINOUS' that has been launched for this very range of products. LUMIXYL is
being introduced in a 'Hamper'. Each hamper will contain a Lumixyl Skin
Brightening Cream for Hyper-pigmentation and a Lumixyl Sunscreen with SPF30.
THEMIS MEDICARE VENTURES INTO NEW PHARMA MARKETING
SEGMENT
22 February 2011
New Delhi, Feb. 22 -- Themis Medicare Limited today said it has entered
into an altogether new pharmaceutical marketing segment --Cosmeto-Dermatology
with the launch of the brand Lumixy. Lumixyl incorporates a new technology
called Peptide that addresses a skin disorder called Hyper-pigmentation, which
is darkening of skin, a company statement said. The product is being introduced
in India through the company's new division 'Luminous' that has been launched
for this very range of products, it added. Lumixyl is being introduced in a
'Hamper'. Each Hamper will contain a Lumixyl skin brightening cream for
Hyper-pigmentation and a Lumixyl Sunscreen with SPF30.
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.51.42 |
|
|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.67.67 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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.