1. Summary Information
|
|
|
Country |
|
|
Company Name |
AARTI DRUGS LIMITED |
Principal Name 1 |
Mr. Chandrakant
V. Gogri |
|
Status |
Good |
Principal Name 2 |
Mr. Prakash M.
Patil |
|
|
|
Registration # |
11-55433 |
|
Street Address |
Plot No. N-198, M.I.D.C., Tarapur, |
||
|
Established Date |
28.09.1984 |
SIC Code |
-- |
|
Telephone# |
91-22-24072249 (5 Lines) / 52571698/ 24019025 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-22-24073462/ 24070144 |
Business Style 2 |
Selling |
|
Homepage |
Product Name 1 |
Pharmaceuticals |
|
|
# of employees |
737 (Approximately) |
Product Name 2 |
Bulk Drugs |
|
Paid up capital |
Rs.121,085,500/- |
Product Name 3 |
-- |
|
Shareholders |
Shareholding of Promoter and Promoter Group – 55.57%,
Public shareholding – 44.43% |
Banking |
Sate Bank of |
|
Public Limited Corp. |
Yes |
Business Period |
28 Years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
Ba (53) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries |
-- |
Aarti Industries Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,735,323,000 |
Current Liabilities |
865,540,000 |
|
Inventories |
831,590,000 |
Long-term Liabilities |
2,474,946,000 |
|
Fixed Assets |
2,242,097,000 |
Other Liabilities |
253,237,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
3,593,723,000 |
|
Invest& other Assets |
349,876,000 |
Retained Earnings |
1,444,078,000 |
|
|
|
Net Worth |
1,565,163,000 |
|
Total Assets |
5,158,886,000 |
Total Liab. & Equity |
5,158,886,000 |
|
Total Assets (Previous Year) |
4,085,218,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Income |
4,964,242,000 |
Net Profit |
249,728,000 |
|
Income (Previous yr) |
4,714,169,000 |
Net Profit(Prev.yr) |
287,979,000 |
MIRA
INFORM REPORT
|
Report Date : |
24.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
AARTI DRUGS LIMITED |
|
|
|
|
Registered Office : |
Plot No. N-198, M.I.D.C., Tarapur, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
28.09.1984 |
|
|
|
|
Com. Reg. No.: |
11-55433 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs.121.086 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L37060MH1984PLC055433 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA18926F/ MUMA20113C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACA4410D |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business : |
Manufacturing and Selling of Pharmaceuticals and Bulk Drugs. |
|
|
|
|
No. of Employees: |
737 (Approximately) |
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 6260000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine track. General financial
position is good. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct 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 – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Plot No. N-198,
M.I.D.C., Tarapur, |
|
Tel. No.: |
91-22-24072249 (5 Lines) / 52571698/ 24019025 |
|
Fax No.: |
91-22-24073462/ 24070144 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate
Office : |
Mahendra
Industrial Estate, Ground Floor, Plot |
|
Tel. No.: |
91-22-24019025
(30 Lines) |
|
Fax No.: |
91-22-24073462 /
24070144 |
|
|
|
|
Factory 1 : |
Plot Nos N-198,
G-60, E-120, K-40, K-41, E-9/3-4 and E-21/22, MIDC Industrial Area, Tarapur, Village
Pamtembhi, Taluka Palghar, Thane – 401506, Maharashtra, India |
|
|
|
|
Factory 2 : |
Plot Nos.
2902/2904, GIDC, Sarigam – 396155, District Valsad, |
|
|
|
|
Research and
Development Centers : |
·
Plot Nos.
N-198 and G-60, MIDC Industrial Area, Tarapur, Village Pamtembhi, Taluka
Palghar, Thane – 401506, ·
Plot
Nos. D-277/278, TTC Industrial Area, Turbhe, Navi Mumbai, |
DIRECTORS
AS ON 27.08.2011
|
Name : |
Mr. Chandrakant
V. Gogri |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Prakash M.
Patil |
|
Designation : |
Managing Director
and Chief Executive Director |
|
|
|
|
Name : |
Mr. Harshit M.
Savla |
|
Designation : |
Joint Managing Director
and Chief Executive Director |
|
|
|
|
Name : |
Mr. Harit P. Shah |
|
Designation : |
Whole Time
Director |
|
|
|
|
Name : |
Mr. Rajendra V.
Gogri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Uday M. Patil |
|
Designation : |
Whole Time
Director |
|
|
|
|
Name : |
Mr.
Ramdas M. Gandhi |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr. Vilas G. Gaikar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bhavesh R. Vora |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sunil M. Dedhia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Krishnacharya G. Akamanchi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sudhirprakash B. Sawant |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Dilip Maharana (upto 8th November, 2010) |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Sunny Pagre (w.e.f. 21st February, 2011) |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
5,483,142 |
45.28 |
|
|
1,246,163 |
10.29 |
|
|
6,729,305 |
55.57 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
6,729,305 |
55.57 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
2 |
- |
|
|
150,981 |
1.25 |
|
|
150,983 |
1.25 |
|
|
|
|
|
|
265,898 |
2.20 |
|
|
|
|
|
|
2,597,361 |
21.45 |
|
|
2,304,004 |
19.03 |
|
|
60,999 |
0.50 |
|
|
60,424 |
0.50 |
|
|
575 |
- |
|
|
5,228,262 |
43.18 |
|
Total Public
shareholding (B) |
5,379,245 |
44.43 |
|
Total (A)+(B) |
12,108,550 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total
(A)+(B)+(C) |
12,108,550 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Millions BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Selling of Pharmaceuticals and Bulk Drugs. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
PRODUCTION STATUS 31.03.2011
|
Particulars |
Unit |
*Licensed |
Installed |
Production |
Captive |
Net Production |
|
|
|
|
|
|
|
|
|
Pharmaceuticals |
Kgs. |
-- |
26280.00 |
17433.85 |
1362.70 |
16071.15 |
|
|
|
|
|
|
|
|
Note: * As license is not required Licensed
Capacity not given.
GENERAL INFORMATION
|
No. of Employees : |
737
(Approximately) |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Bank of ·
Union Bank of ·
State Bank of ·
The Bank of · Standard Chartered Bank · DBS Bank Limited · IDBI Bank Limited · Citi Bank N.A. ·
HSBC Limited |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Parikh Joshi and
Kothare Chartered
Accountants |
|
Address : |
49/2341, M. H. B. Colony, Gandhi Nagar,
Bandra (East), Mumbai – 400051, |
|
|
|
|
Related company : |
|
|
|
|
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Share |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13009500 |
Equity Share |
Rs.10/- each |
Rs.130.095
Millions |
|
1300950 |
Less: Equity Shares of Rs.10/- each
bought back. |
-- |
Rs.13.009
Millions |
|
400000 |
Add : Warrants are converted into Equity
Shares |
Rs.10/- each |
Rs.4.000 millions
|
|
|
Total
|
|
Rs.121.086 Millions |
Note:
Of the above shares - 37,56,333 (Previous year 37,56,333)
shares have been issued and allotted in terms of the Scheme of Amalgamation of RCIL,RCPL
,MCPL,MPPL AND ECPL sanctioned by the Honourable High Court at Mumbai vide its
order dated 29th March, 1996.
(Of the above shares 60, 03,167 Shares are allotted as fully
paid Bonus shares by Capitalisation of Share 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 |
121.085 |
121.085 |
117.086 |
|
|
2] Equity Share Warrants |
0.000 |
0.000 |
2.104 |
|
|
3] Reserves & Surplus |
1444.078 |
1289.830 |
1082.749 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1565.163 |
1410.915 |
1201.939 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1921.816 |
1386.612 |
1527.519 |
|
|
2] Unsecured Loans |
553.130 |
389.837 |
257.265 |
|
|
TOTAL BORROWING |
2474.946 |
1776.449 |
1784.784 |
|
|
DEFERRED TAX LIABILITIES |
222.966 |
197.966 |
170.966 |
|
|
|
|
|
|
|
|
TOTAL |
4263.075 |
3385.330 |
3157.689 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2242.097 |
1835.357 |
1793.766 |
|
|
Capital work-in-progress |
103.747 |
34.035 |
6.442 |
|
|
|
|
|
|
|
|
INVESTMENT |
246.129 |
213.785 |
213.785 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
831.590
|
585.764
|
572.021
|
|
|
Sundry Debtors |
1258.301
|
1184.549
|
1063.315
|
|
|
Cash & Bank Balances |
35.855
|
36.502
|
26.968
|
|
|
Other Current Assets |
24.127
|
19.613
|
16.585
|
|
|
Loans & Advances |
417.040
|
175.613
|
172.482
|
|
Total
Current Assets |
2566.913
|
2002.041
|
1851.371
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
856.831
|
612.733
|
672.550
|
|
|
Current Liabilities |
8.709
|
26.613
|
0.000
|
|
|
Provisions |
30.271
|
60.542
|
35.125
|
|
Total
Current Liabilities |
895.811
|
699.888
|
707.675
|
|
|
Net Current Assets |
1671.102
|
1302.153
|
1143.696
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4263.075 |
3385.330 |
3157.689 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4964.242 |
4714.169 |
3765.029 |
|
|
|
Other Income |
0.778 |
4.495 |
1.671 |
|
|
|
TOTAL (A) |
4965.020 |
4718.664 |
3766.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
3432.381 |
2905.730 |
2597.468 |
|
|
|
Office and Administrative Expenses |
70.270 |
67.810 |
51.763 |
|
|
|
Selling and Distribution Expenses |
152.790 |
143.949 |
111.724 |
|
|
|
Borrowing Cost |
156.340 |
167.018 |
247.940 |
|
|
|
Purchases made for Re-sale |
842.132 |
820.240 |
344.277 |
|
|
|
Increase/(Decrease) in stock |
(161.819) |
37.614 |
69.497 |
|
|
|
Non Operative Expenditure |
3.393 |
2.947 |
2.164 |
|
|
|
TOTAL (B) |
4495.487 |
4145.308 |
3424.833 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
469.533 |
573.356 |
341.867 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
469.533 |
573.356 |
341.867 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
154.804 |
135.174 |
110.392 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
314.729 |
438.182 |
231.475 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
65.001 |
150.203 |
55.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
249.728 |
287.979 |
175.975 |
|
|
|
|
|
|
|
|
|
|
PROVISION FOR
DEFFERED TAXATION FOR C.YEAR |
25.000 |
27.000 |
25.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1118.881 |
954.939 |
150.474 |
|
|
|
|
|
|
|
|
|
|
INCOME TAX OF EARLIER YEAR |
0.000 |
0.339 |
0.072 |
|
|
|
TRANSFER
TO GENERAL RESERVE |
22.500 |
26.100 |
15.100 |
|
|
|
|
|
|
|
|
|
|
Proposed Dividend : |
|
|
|
|
|
|
1st Interim Dividend |
30.271 |
0.000 |
0.000 |
|
|
|
Final Proposed Dividend |
30.271 |
60.542 |
35.125 |
|
|
|
Dividend Tax of C.Y. |
9.938 |
10.055 |
5.969 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1250.628 |
1118.881 |
954.939 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1832.710 |
1527.892 |
1393.585 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
18.228 |
1108.065 |
846.463 |
|
|
|
Capital Goods |
1385.643 |
6.295 |
13.384 |
|
|
TOTAL IMPORTS |
1403.871 |
1114.360 |
859.847 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.56 |
22.08 |
12.85 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
14808.000 |
1445.000 |
1550.900 |
|
Total Expenditure |
13314.000 |
1291.200 |
1379.600 |
|
PBIDT (Excl
OI) |
1494.000 |
153.800 |
171.300 |
|
Other Income |
4.000 |
0.200 |
0.300 |
|
Operating
Profit |
1498.000 |
154.000 |
171.600 |
|
Interest |
400.000 |
44.000 |
57.400 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
1098.000 |
110.000 |
114.200 |
|
Depreciation |
435.000 |
44.800 |
46.800 |
|
Profit
Before Tax |
663.000 |
65.200 |
67.400 |
|
Tax |
201.000 |
15.900 |
19.300 |
|
Reported PAT |
462.000 |
49.300 |
48.100 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
462.000 |
49.300 |
48.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.03 |
6.10 |
4.67 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.34 |
9.29 |
6.15 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.54 |
11.41 |
11.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.31 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.15 |
1.75 |
2.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.86 |
2.86 |
2.62 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
-- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
No |
BUSINESS
DESCRIPTION
Subject
is engaged in pharmaceuticals business. The Companies principal products include CIPROFLOXACIN, METRONIDAZOLE AND TINIDAZOLE. ADL is established in the anti-diarrhea, anti-inflammatory therapeutic groups. With the Companies manufacturing facilities located at Tarapur and Sarigam, it manufactures vitamins, anti-arthritis, anti-fungal, antibiotics, ACE inhibitors, besides its range in anti-diabetic, anti-cholinergic, sedatives and anti-depressant drugs. Its product profile includes active pharmaceutical ingredients, steroids, pharma intermediate and speciality chemicals. Active pharmaceutical ingredients (API) include Cardioprotectant, AntiBPH and Traquilizar. API products include Aceclofenac, Diclofenac Sodium, Clopidogrel Bisulphate, Metronidazole, Ornidazole and Tinidazole. Steroids include Glucocorticoid Steroids, which consists of Hydrocortisone Sodium Succinate Sterile (Lyophilized, Buffered), Hydrocortisone Acetate and Hydrocortisone Hemisuccinate. For the fiscal year ended 31 March 2010, subject revenues increased 25% to RS4.79B. Net income increased 77% to RS282.3M. Revenues reflect an increase in demand for company's products and services and higher other income. Net income also reflects by a decrease in interest expenses, a fall in expenses in increase/decrease in stock in trade and increased gross margin. The company is engaged in pharmaceutical business.
OPERATIONS REVIEW
During the year, the Company has made Sales Turnover of Rs.5230.100 Millions (Previous Year: Rs.4969.500 Millions) registering a
growth of 5.24 %. The Company has achieved Export Turnover of Rs.2153.700 Millions as against Rs.1729.700 Millions for the last year,
registering a growth of 24.51 %.
Operating Profit before Interest, Depreciation, Amortization and Tax
has been Rs.626.100 Millions (Previous Year
Rs.743.200 Millions) Profit after Tax has been Rs. 224.700 Millions (Previous Year: Rs.261.000 Millions).
MANAGEMENT
DISCUSSIONS AND ANALYSIS
PHARMACEUTICAL INDUSTRY – GLOBAL AND INDIAN
The global pharmaceutical market has seen high
growth over the past few years, driven primarily by the regulated market. However,
in future more growth potential lies within emerging markets, where major world
population resides. Increased per capita income of this population will give
them enough spending power to satisfy their needs for treatment of chronic
lifestyle diseases more typically found in developed countries. Emerging
markets currently represent 16% of the global market (source: IMS Health), but
are expected to contribute 40% of growth by 2014.
The Indian Pharmaceutical industry is now the
third largest producer of drugs and pharmaceutical in the world. The Indian
pharmaceutical market is expected to grow to around US $52 billion by the year
2014-15 at a CAGR of 17% from the year 2008-09 (source: YES BANK).
BUSINESS STRATEGY
• DOMESTIC MARKET AND TRENDS
Subject is constantly gearing up to cater the
demand with a diversified products basket of drugs
in the Anti-diabetic, Anti-infective,
Anti-hypertensive and Cardio vascular therapeutic groups. ADL expects to
increase its market share in the Antibiotic segment, which is growing fast due
to penetration of health services in rural areas of the country. To cope up
with the above demand ADL has already expanded its existing product-line’s
capacities. There is also a shift in demand from drugs treating hygiene related
diseases to drugs treating lifestyle related diseases in the urban sector. ADL
has already upgraded its facilities to meet high-standards, as lot of Indian
formulators has started exporting ready-formulations to regulated markets.
• EXPORT
MARKET AND TRENDS
Subject is constantly working to keep its
facilities up to the standards of cGMP as they plan to harness and grow their
market share in semi-regulated and
regulated markets. ADL’s USFDA and TGA approved plant are all set to
cater US and Australian markets. ADL
also has three EUGMP approved facilities for European market. COS approvals and
supplier registrations for ADL’s several existing products will be on going
process. They are now looking to increase their hold on Asian markets as well.
ADL will continue to cater global
pharmaceutical markets through following channels:
• Contract Manufacturing
• Direct Exports
Increasing its share of direct exports to
regulated and non–regulated markets. Continuing R and D on the molecules that
will go off patent in near future
• Indirect Exports
Supplying APIs to domestic formulations for
regulated markets
SWOT ANALYSIS
STRENGTHS AND OPPORTUNITIES
Subject, due to its huge production capacities in
Anti Diarrhea, Anti Inflammatory and Anti Biotic segment, is strategically
poised to reap benefits. Bigger market share will automatically help us to be
competitive in market due to lower overheads. In addition to the existing
exports to 86 countries worldwide, ADL is developing business in new
geographies as well.
Subject is operating its
two State-of-the Art R and D Centers, one at Tarapur, which is recognized by
Department of Science and Industry Research, Government of India, and the other
at Turbhe, Navi Mumbai. Their scientists
are responsible for developing technology, non-infringing route of synthesis,
scale up and its transfer to manufacturing location for commercialization. They
are actively working not only on bulk drugs in therapeutic areas like
Anti-histamine, Antibiotics, Anti-Anginal, Antitussive, Anticonvulsant,
Anti-diabetics, Anti-depressant, Anti-fungal, Anti-hypertensive and
Antipsychotic but also on specialty chemicals for non-API related applications.
ADL has custom synthesis facilities for
reactions like Nobel Metal Hydrogenation (Catalytic Reduction), Oxidation,
Fischer Idolization Balz Schiemann (halex)
(Flourination of Amines) Esterification (including Asymmetric Esterification)
Sulfonation, Alkylation, Methoxylation, Halogenation, (CI, BR, I) Acetylation,
Diazotization and Related Chemistry,
Grignard Reaction, Friedel Craft, Aldol Condensation, Cynation, Chloro
Sulfonation etc. ADL has ISO 9001:2000 approved plants for manufacturing specialty
chemicals. ADL also has 3 EUGMP plants approved by the European Directorate and
Quality Management (EDQM), which will give better realization per unit and
better profitability.
The Company has USFDA approved plants that will
help to increase share in regulated market, for recently off-patent gone drugs
or are scheduled to be off patent soon. They already have fourteen USDMFs
assigned and eight European COS approvals, which have opened up opportunities
in North American and European markets.
Entry in regulated markets will be steady and systematic process, as they will
have to go through different stages of products approvals.
DISCUSSION ON FINANCIAL AND OPERATIONAL PERFORMANCE
During the year the company has achieved
topline of Rs.5230.100 Millions; achieving a y-o-y growth of 5.24% correspondingly
EBIDTA worked out to Rs.626.100 Millions as against Rs.743.200 Millions of
previous year. Net profit after tax registered Rs.224.700 Millions as against
Rs.261.000 Millions of previous year.
Loss of production due to expansion program
carried out in the existing facilities and some environmental issues lead to
under absorption of overheads. This coupled with the rising costs of raw
material and perennial lag of rise in prices between raw materials and finished
goods has squeezed their margins in the year under review. However, they expect
to reverse this situation and reap benefits out of this expansion program.
PRESS RELEASE
Accord Fintech (
01 August 2011
Accord Fintech (
30 July 2011
Accord Fintech (
05 July 2011
India, July 05 -- Aarti Drugs has informed that the register of members and share transfer books of the company will remain closed from July 16, 2011 to July 23, 2011 (both days inclusive) for the purpose of payment of dividend and 26th Annual General Meeting (AGM) of the company to be held on July 23, 2011.Further, in case of approval of dividend by the member at the Annual General Meeting, the company will dispatch dividend warrants on July 30, 2011.The above information is part of the company's filing submitted to the BSE.
Accord Fintech (
13th June 2011
FIXED ASSETS
- Building
- Plant and Machinery
- Office Equipment
- Furniture
- Vehicles
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.51.99 |
|
|
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.68.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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.