MIRA
INFORM REPORT
|
Report Date : |
09.08.2012 |
IDENTIFICATION DETAILS
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Name : |
SHASUN PHARMACEUTICALS LIMITED (w.e.f. 11.08.2010) |
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Formerly Known
As : |
SHASUN CHEMICALS AND DRUGS LIMITED |
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Registered Office
: |
3rd and 4th Floor, The Batra Centre, Old No. 28,
Sardar Patel Road, Guindy Chennai-600032, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
19.04.1976 |
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Com. Reg. No.: |
18 – 7122 |
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Capital
Investment/ Paid-up Capital: |
Rs.110.250 Millions |
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CIN No.: [Company Identification
No.] |
L24117TN1976PLC007122 |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on the
Stock Exchange. |
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Line of Business
: |
Manufacturer and Exporter of Ibuprofen, Anti – inflammatory Drug and
Anti – Ulcerative Drug. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
A (58) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 105000000 |
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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 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 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 – June 30, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
BBB- (Long Term Rating) |
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Rating Explanation |
Having moderate degree of safety regarding
timely servicing of financial obligation It carry moderate |
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Date |
25.02.2011 |
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Rating Agency Name |
ICRA |
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Rating |
A3 (Short term Rating) |
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Rating Explanation |
It is considered to have moderate degree of
safety regarding timely payment of financial obligation it carry higher
credit risk |
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Date |
25.02.2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
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Registered/ Corporate Office : |
3rd and 4th Floor, The Batra Centre, Old No. 28,
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Tel. No.: |
91-44-24316700 |
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Fax No.: |
91-44-24348924 and 22350278 |
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E-Mail : |
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Research Office: |
No.27, Vandalur –Keambakkam Raod, Keezhakkottaiyur, Village, Chennai –
600048, |
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Tel. No.: |
91-44-47406100 |
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Fax No.: |
91-44-47406190 |
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E-Mail : |
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API Facility – Puducherry : |
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Tel. No.: |
91-413-2655156/ 2655157 |
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Fax No.: |
91-413-655154 |
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E-Mail : |
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Finished Dosage Facility : |
Pharmaceutical Division |
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Tel. No.: |
91-413-2655946 / 2655697 / 2655698 |
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Fax No.: |
91-413-2656052 |
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Multi Product Facility – Cuddalore |
A1/B SIPCOT Industrial Estate, Kudikadu, Cuddalore-607005, |
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Tel. No.: |
91-4142-239701/ 239702/ 239703/ 239704 |
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Fax No.: |
91-4142-239709 |
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Branch Office : |
165 A, |
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Tel. No.: |
+ 44 20 8560 9711 |
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Fax No.: |
+ 44 20 8560 9455 |
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E-Mail : |
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Shasun Pharmaceuticals
Ltd., |
1-701, ishimiyahara-1 Chome 8 Yodogawa-ku,
Osaka-City, |
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Tel. No.: |
81-(0) 6 6842-7361 |
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Fax No.: |
81-(0) 6 6842-7362 |
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E-Mail : |
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Shasun USA Inc. & Shasun Pharma Solutions Inc. |
197, Rt 18 South, |
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Tel. No.: |
1-732-465-0700 * 116 |
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Fax No.: |
1-732-465-0710 |
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E-Mail : |
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SVADS Holding SA |
Rue Fritz-Courvoisier 40
2300 La Chaux-De-Fonds Suisse, Switzerlnd |
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41 32 967 95 95 |
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Shasun Pharma Solutions
Ltd |
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Tel. No.: |
+44 191 250 0471 |
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E-Mail : |
DIRECTORS
AS ON 31.03.2012
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Name : |
Mr R Kannan |
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Designation : |
Chairman |
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Name : |
Mr. Sundara Rajan |
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Designation : |
Independent Director |
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Date of birth |
28.04.1948 |
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Qualifications |
B.E. Mech., PGDM-IIMA,
Chartered Engineer and Associate of Insurance Institute of |
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Specialized Expertise |
Pharmaceutical Industry |
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No. of shares held in SPL |
Nil |
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Directorships in Companies |
Public Companies: Take Solutions Limited. Manipal Acunova Limited. Shriram EPC Limited. Ramball Limited. Shriram Fortune Solutions
Limited. Shriram Credit Company
Limited. Shriram Asset Management
Company. Limited. Shriram Wealth Advisors
Limited. Orient Green Power
Company. Limited. Shasun Pharmaceuticals
Limited Private Companies : Namo Technology Ventures Visionary RCM Infotech CMNK Consultancy and
Services Private. Limited. Prochem Holdings Pte
Limited. Hamon Shriram Cottrell
Private. Limited. Foreign Companies : Shasun Pharma Solutions
Limited, |
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Committee positions held |
Take Solutions Limited : Audit Committee -
Chairman Shareholder and Investor
Grievance Committee - Member Compensation Committee -
Member Shriram EPC Limited: Audit Committee - Member Shareholder and Investor
Grievance Committee - Member Compensation Committee -
Member Orient Green Power
Company. Limited : Audit Committee – Member Shareholder and Investor
Grievance Committee – Member Compensation Committee –
Member Ramball Limited: Audit Committee - Member |
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Name : |
Dr. N Subramanian |
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Designation : |
Independent Director |
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Date of birth |
March 17, 1954 |
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Qualifications |
B.Sc., F.C A., A.C.S |
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Specialized Expertise |
Chartered Accountant |
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No. of shares held in SPL |
Nil |
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Committee positions held |
Shasun Pharmaceuticals
Limited Audit Committee - Member Compensation Committee -
Member |
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Name : |
Mr. Sunny Sharma |
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Designation : |
Independent Director |
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Date of birth |
August 31, 1974 |
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Qualifications |
M.B.A., M.B.B.S |
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Specialized Expertise |
Life Sciences, Venture
Capital, Investment Banking and Clinical Practice |
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No. of shares held in SPL |
Nil |
|
Directorships in Companies |
Public Companies: Shasun Pharmaceuticals
Limited - Additional Director Manipal Acunova Limited -
Director Bharat Serums and
Vaccines Limited - Director KIMS Healthcare
Management Limited - Nominee Director Condis India Healthcare
Limited - Nominee Director KIMS Healthcare and
Research Center Limited - Nominee Director Private Companies : Orbimed Advisor India
Private Limited - Director KIMS Pinnacle Cancer Care
and Research Center Private Limited - Nominee Director Foreign Companies : |
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Name : |
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Designation : |
Managing Director |
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Date of birth |
23.12. 1953 |
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Qualifications |
B.Tech |
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Specialized Expertise |
General Management |
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No. of shares held in SPL |
1,452,750 |
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Directorships in Companies |
Public Companies Shasun Pharmaceuticals
Limited. Shasun Pharma Limited. General Optics ( Private Companies Shasun Life Sciences
Private Limited Devendra Estates Private
Limited Abusha Investments and
Management Services Private Limited. Sony Pictures Image Works
( Lifecell International
Private Limited. Quantum MedPro Solutions
Private Limited Tricell Therapeutics
Private Limited. Visionary RCM Infotech ( Frame Flow India Private
Limited. Foreign Companies Shasun Pharma Solutions
Limited - |
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Committee positions held |
Member: Investor Grievance Committee
- Shasun Pharmaceuticals Limited |
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Name : |
Mr Dr S Devendra |
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Designation : |
Whole time Director |
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Date of birth |
November 09, 1951 |
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Qualifications |
M.B.B.S |
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Specialized Expertise |
Marketing Management |
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No. of shares held in SPL |
452,072 |
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Directorships in Companies |
Public Companies Shasun Pharmaceuticals
Limited. Shasun Pharma Limited. Private Companies Shasun Leasing and
Finance Private. Limited. Devendra Estates Private
Limited Shasun Life Sciences
Private Limited Foreign Companies Shasun Pharma Solutions
Limited - |
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Committee positions held |
Member: Nomination Committee -
Shasun Pharmaceuticals Limited |
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Name : |
Mr S Vimal Kumar |
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Designation : |
Whole time Director |
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Date of birth |
26.07.1956 |
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Qualifications |
Chartered Accountant |
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Specialized Expertise |
Finance |
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No. of shares held in SPL |
21,04,584 |
|
Directorships in Companies |
Public Companies Shasun Pharmaceuticals
Limited. Shasun Pharma Limited. Private Companies Shasun Leasing and
Finance Private. Limited. Shasun Life Sciences
Private Limited Inca Hanmocks
Manufacturing and Export Co (P) Limited Foreign Companies Shasun Pharma Solutions
Limited - SVADS Holding SA |
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Committee positions held |
Member: Audit Committee - Shasun
Pharmaceuticals Limited |
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Name : |
1,452,750 |
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Designation : |
Whole time Director |
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Date of birth |
06.01.1972 |
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Qualifications |
B.Tech Chemical |
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Specialized Expertise |
Pharmaceutical Industry |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2012
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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15274716 |
27.71 |
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7303439 |
13.25 |
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22578155 |
40.96 |
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Total shareholding of Promoter and Promoter Group (A) |
22578155 |
40.96 |
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(B) Public Shareholding |
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4069193 |
7.38 |
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26250 |
0.05 |
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400950 |
0.73 |
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22180856 |
4.02 |
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Foreign Venture Capital
Investors |
6578947 |
11.93 |
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33256196 |
24.11 |
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2923674 |
5.30 |
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10475695 |
19.00 |
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5409901 |
9.81 |
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443031 |
0.80 |
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4000 |
0.01 |
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439031 |
0.80 |
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19252301 |
34.93 |
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Total Public shareholding (B) |
3254697 |
59.04 |
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Total (A)+(B) |
55123852 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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Total (A)+(B)+(C) |
55123852 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Ibuprofen, Anti – inflammatory Drug and
Anti – Ulcerative Drug. |
GENERAL INFORMATION
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No. of Employees : |
Not available |
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Bankers : |
·
State
Bank of Travancore ·
The
Royal Bank of ·
State
Bank of ·
ICICI
Bank Limited ·
State
Bank of ·
Standard
Chartered Bank ·
State
Bank of ·
Axis
Bank Ltd ·
DBS ·
Canara
Bank ·
IDBI
Bank |
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Facilities : |
Rs.
In Millions
1. External Commercial Borrowing from Standard
Chartered 2. External Commercial Borrowing from DBS, Singapore,
amounting to Rs. 206.12 (Previous year: Rs. 178.40) is secured by way of pari
passu charge of equitable mortgage on 45.47 acres of leasehold land at Pharma
City, SEZ, Visakhapatnam. Th loan is repayable in 8 semi-annual installments
of USD 0.5 million after an initial moratorium period of 18 months. 3. External Commercial Borrowing from ICICI Bank Ltd, ·
Land,
Building, Plant and machinery in Formulation Unit situated at ·
Land
and Building situated in Cuddalore Units ·
Land
and Building situated in API Unit in The loan is repayable in 16 equal quarterly
installments of USD 0.38 million after an initial moratorium period of 15
months . The aforesaid external
commercial borrowings carry interest ranging from 3.25% to 3.65% p.a. 4
Foreign
currency loan (converted from a Rupee loan to foreign currency loan in
financial year 2010-11) from State Bank of India amounting to Rs. 158.16
(Previous year: Rs. 217.69) is secured by first charge on the moveable and
immoveable fixed assets at Shasun Research Centre (SRC) located at Vandalur
and on the unencumbered immoveable assets at Plot No. A1/A, measuring 5.01
acres located in SIPCOT Complex in Kudikadu village near Cuddalore. The loan
carries interest ranging from 7.22% to 9.50% p.a. and is repayable in 33
monthly installments of USD 0.15 million. 5
Standby
Line of Credit availed by Shasun Pharma Solutions Limited, UK (a wholly owned
subsidiary) from Axis Bank Ltd amounting to GBP 2.00 million is secured by: ·
Exclusive
charge on Land (approx 3.13 acres) situated at Kumarapettai, Cuddalore ·
Second
charge on Plant and machinery situated at Cuddalore Units and ·
Hypothecation
by way of subservient charge on current assets of the Company. 6 Standby Line of Credit
availed by Shasun Pharma Solutions Limited, UK (a wholly owned subsidiary)
from State Bank of India amounting to GBP 5.5 million is secured by: ·
First
charge on land (approx 1 acre 98 cents) and the Guest House constructed at ·
Second
Charge on the moveable and immoveable fixed assets at Shasun Research Centre
(SRC) located at Vandalur. ·
Pledge
of 2,415,000 Shares of the Company held in the name of M/s Devendra Estate
Private Limited ·
Personal
Guarantee from Mr. S. Vimal Kumar, Wholetime Director and ·
Corporate
Guarantee from M/s Devendra Estate Private Limited. 7 Rupee Term loan from State Bank of
Hyderabad amounting to Rs. Nil (Previous year: Rs. 59.86) was secured by way of
pari passu charge of equitable mortgage on 45.47 acres of leasehold land at
Pharma City, SEZ, Visakhapatnam. The loan carrries interest ranging from
14.50% to 15.75% p.a. and is repayable in 10 quarterly installments of Rs. 20
million after an initital moratorium period of 2 quarters. SECURITY DETAILS AND
TERMS OF RE-PAYMENT FOR LOANS: 1. Working capital facility sharing under Consortium
arrangement from bankers (namely State Bank of Travancore, State Bank of
India, State Bank of Mysore, State Bank of Hyderabad, Canara Bank, Axis Bank
Ltd, ICICI Bank Ltd and IDBI Bank Ltd) aggregating to Rs. 2,800 (including
non-fund based) and Standby line of credit Rs. 50 provided by State Bank of
Travancore are secured by : ·
Hypothecation
of entire current assets on a pari passu basis with other members of the
Consortium ·
Pari
passu first charge on land, building of API Unit, Pilot plant and Biotech
plant at ·
Pari
passu first charge on land (approx 11.05 acres) and building at Cuddalore
Units ·
Pari
passu first charge on land (approx 14.04 acres) and entire assets of
Formulation unit, ·
Second
charge on all other fixed assets of the Company. 2. Packing credit facility from Bank of Nova Scotia
amounting to Rs. Nil (Previous year: Rs. 145.17) was secured by way of
hypothecation of the plant and machinery at Pilot plant and Active
Pharmaceutical Ingredient plant, located in |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountant |
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Address : |
No.10, |
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Tel. No.: |
91-44-3914 5000 |
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Fax No.: |
91-44-3914 5999 |
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E-Mail : |
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Wholly owned subsidiaries: |
·
Shasun
USA Inc., ·
Shasun
Life Sciences Private Limited, ·
SVADS
Holding SA, |
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Wholly owned step down
subsidiaries |
·
Shasun
Pharma Solutions Limited, ·
Shasun
Pharma Solutions Inc., |
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Joint venture: |
·
Shasun
NBI |
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Entities where Directors have
control or signified cant influence: |
·
Shasun
Finance Limited ·
Shasun
Leasing & Finance Private Limited ·
Devendra
Estate Private Limited ·
Neutra
Specialities Private Limited (until November 21, 2010) ·
Shasun
Foundation Trust |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Share |
Rs.2/- each |
Rs.150.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55123852 |
Equity Share |
Rs.2/- each |
Rs.110.250
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
110.250 |
97.090 |
96.630 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2486.490 |
1617.810 |
1985.570 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
5] Money received against share warrants |
28.130 |
0.000 |
0.000 |
|
|
6]ESOP Outstanding |
0.000 |
0.000 |
5.180 |
|
|
NETWORTH |
2624.870 |
1714.900 |
2087.380 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1830.200 |
1728.540 |
1968.880 |
|
|
2] Unsecured Loans |
312.840 |
230.980 |
154.080 |
|
|
TOTAL BORROWING |
2143.040 |
1959.520 |
2122.960 |
|
|
DEFERRED TAX LIABILITIES |
15.030 |
129.840 |
115.920 |
|
|
|
|
|
|
|
|
TOTAL |
4782.940 |
3804.260 |
4326.260 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1943.290 |
1661.740 |
1471.960 |
|
|
Capital work-in-progress |
308.090 |
49.340 |
312.810 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
438.120 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1106.880
|
1048.740 |
545.650 |
|
|
Sundry Debtors |
1970.550
|
1379.200 |
1872.770 |
|
|
Cash & Bank Balances |
58.390
|
106.500 |
102.960 |
|
|
Other Current Assets |
254.310
|
170.600 |
0.000 |
|
|
Loans & Advances |
1481.710
|
1230.810 |
766.800 |
|
Total
Current Assets |
4871.840
|
3935.850 |
3288.180 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1598.760
|
1176.180 |
838.460 |
|
|
Other Current Liabilities |
465.110
|
351.160 |
252.310 |
|
|
Provisions |
276.410
|
315.330 |
94.040 |
|
Total
Current Liabilities |
2340.280
|
1842.670 |
1184.810 |
|
|
Net Current Assets |
2531.560
|
2093.180 |
2103.370 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4782.940 |
3804.260 |
4326.260 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7359.090 |
5671.260 |
5473.500 |
|
|
|
Other Income |
409.640 |
160.040 |
50.350 |
|
|
|
TOTAL (A) |
7768.730 |
5831.300 |
5523.850 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
4655.130 |
3812.790 |
|
|
|
|
Purchase of Traded Goods |
42.920 |
11.830 |
|
|
|
|
Employees benefit expense |
595.240 |
516.460 |
|
|
|
|
Other Expense |
1562.020 |
1245.930 |
|
|
|
|
|
6855.310 |
5587.010 |
|
|
|
|
Changes in inventories |
(11.400) |
(304.800) |
|
|
|
|
TOTAL (B) |
6843.910 |
5282.210 |
4901.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
924.820 |
549.090 |
622.350 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
304.810 |
223.350 |
159.190 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
620.010 |
325.740 |
463.160 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
247.280 |
242.150 |
260.180 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
372.730 |
83.590 |
202.980 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(157.850) |
34.820 |
[17.660] |
|
|
|
|
|
|
|
|
|
|
Mark to Market
loss option contracts relating to
prior periods |
0.000 |
(405.320) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
530.580 |
(356.550) |
220.640 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
1026.620 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
|
|
|
22.040 |
|
|
|
Dividend on Equity Shares |
NA |
NA |
48.310 |
|
|
|
Tax on Distributed Profits |
|
|
8.210 |
|
|
BALANCE CARRIED
TO THE B/S |
|
|
1168.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4981.450 |
3901.450 |
69.212 |
|
|
|
Other Earnings – Product Development |
54.940 |
63.820 |
3.180 |
|
|
|
Contract research fees |
29.610 |
3.640 |
0.000 |
|
|
|
Interest and Dividend |
16.630 |
41.590 |
0.732 |
|
|
TOTAL EARNINGS |
5082.63 |
4010.500 |
73.124 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1362.260 |
1115.730 |
810.040 |
|
|
|
Capital Goods |
172.850 |
30.840 |
16.400 |
|
|
TOTAL IMPORTS |
1535.110 |
1146.570 |
826.44 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
10.92 |
(7.34) |
4.57 |
|
|
|
Dilutes |
10.76 |
(7.34) |
4.54 |
|
QUARTERLY RESULTS
|
Particulars |
|
|
30.06.2012 |
|
Net Sales |
|
|
1781.100 |
|
Total Expenditure |
|
|
1670.500 |
|
PBIDT (Excl OI) |
|
|
110.600 |
|
Other Income |
|
|
25.100 |
|
Operating Profit |
|
|
135.700 |
|
Interest |
|
|
67.700 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
68.000 |
|
Depreciation |
|
|
67.500 |
|
Profit Before Tax |
|
|
0.500 |
|
Tax |
|
|
0.100 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
0.400 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
0.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
6.83 |
(6.11) |
3.99
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.06 |
1.47 |
3.71
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.47 |
1.49 |
4.26
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.05 |
0.10
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.71 |
2.22 |
1.58
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.08 |
2.14 |
2.78 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
- |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
No |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
Yes |
MANAGEMENT DISCUSSION AND ANALYSIS
COMPANY PERFORMANCE
The company is cognizant of
the various emerging trends in the Global Pharmaceutical Landscape and has
taken a lot of initiatives to ensure that it is well positioned to leverage the
opportunities that arise out of such trends. The following section discusses
such initiatives on a divisional basis
API BUSINESS
On a consolidated basis,
API and its intermediate business contributed close to 55% of the turnover of
the company. On a standalone basis, they contributed close to 79% of the total
sales.
The Company's strategy with
respect to this SBU is to enhance sales and profitability. This could be
achieved through
·
Capacity
enhancement of the existing products to meet the growing demand
·
Commercializing
new products which are under development
·
New
products development to improve pipeline of products Process Improvement
initiatives
Shasun's current API
portfolio consists of Ibuprofen, Ranitidine, Nizatidine, Gabapentin and
Cycloserine amongst others.
The company is the largest
manufacturer of Ibuprofen in the world. Ibuprofen is a non-steroidal anti
-inflammatory drug .Sales of Ibuprofen and its derivatives grown by 10% to Rs
2530.000 Millions from Rs 2310.Millins
Cr in the previous year. Ranitidine is a widely used anti-ulcerant.
During the year under review, sales of this product increased by 4% during the
year mainly on account of improved off take in key regulated markets.
Nizatidine is also an
anti-ulcerant drug and this product commands a much lower global demand in
volume terms. Shasun is one of the largest producers of this active bulk and
enjoys major share in the global market. The sale of this product decreased by
4%.mainly due to lower off take in Japanese market.
Gabapentin is used for the
treatment of epilepsy and neuropathic pain. This molecule has become a significant
driver of growth for the Company, both in terms of volume and value. The
company registered a growth of 50% during the year in sales of Gabapentin. The
company has undertaken various initiatives to enhance its capacity and
competitiveness.
Cycloserine is used to cure
2nd stage tuberculosis and this year the Company has been able to gain better
market share of the Global need.
Over all the API business
grown by 25% on consolidated basis
OUTLOOK OF API BUSINESS
The company continues to
enjoy significant traction in its core APIs. With respect to Ibuprofen, the
company intends to maintain its volume and focus on higher value addition
through more sales of Ibuprofen derivatives. Key focus for FY13 is increasing
the capacity of the Ibuprofen derivatives to cater to new customers and
increased demand from existing customers
Also the company has taken
up with Government of India to increase the domestic Ibuprofen base selling
price.
New products introduction
is major initiative in FY 13 to enhance the sales and profitability.
This year the Company has
plan to invest in new facilities to manufacture three new API's which are to be
launched in FY14.This will bring significant volume and value to the Company. The
USDMF's filed by the company has been triggered by various customers
This year the Company has
plan to invest in Vizag SEZ to create manufacturing capacities for API business
segment
While North America and Europe
continue to be key markets for the Company, other markets such as
Contract Research and
Manufacturing Services Business
The Company has an active
presence in CRAMS in both APIs and Formulations
API CRAMS includes
·
Shasun
Pharma Solutions Limited,
·
CRAMS
SBU in
Formulations CRAMS includes
Finished Dosages facility
in
During FY12, CRAMS
consolidated business registered the revenue of Rs 4,753 Mn, comprising 45% of
the total consolidated revenue of Shasun and registering a growth of 33% over previous
year.
SHASUN PHARMA SOLUTIONS
LIMITED,
OPERATIONS-SPSL
During FY12, SPSL has
continued to focus on its core strengths of safety and quality compliance,
continuous improvement and innovation.
Safety performance and compliance
were maintained at an industry leading level and during the period successful
completion of several major hazard regulatory inspections on key risk control
system. In addition, their safety performance and commitment to protecting
their people was externally recognized when the site received the Chemicals
Industry Association Diamond award for continued improvement in safety
performance over a 10 year period. REACH compliance was maintained and expert
support and advise continues to be provided to their customer base as part of
their service offering.
Compliance with cGMP
standards was acknowledged through 16 successful customer quality audits at
their facility, in addition to a successful facility inspection by the FDA in
May 2011 and successful audit by Japanese authorities in July 2011 Record
performance of Process Right First Time of 100% The company has invested around
GBP 3 Million at Dudley facility to capacity enhancement and to infrastructure
upgrades.
SALES-SPSL
Market interest continues
to be driven by their key strengths - technical expertise and capability, speed
of response, good facilities, their people and reliability.
SPSL has a unique ability
to handle both highly complex and hazardous projects. A world class hazard
evaluation capability which is fully integrated into their process development
group and project management process allows early understanding and appropriate
measures to ensure safe execution. This approach is seen as an advantage over
their competitors by several of their customers.
SPSL Uk has achieved sales
GBP 42.64 Million -13% growth in sales over last year and posted record PAT of
GBP 5.64 million .
In 2011, SPSL hosted 60
customer visits to the
Science and technology
–SPSL
Over the past year they
have continued to focus on science and technology as a key initiative to
differentiate their offering.
SPSL have observed good
progress in the development of their HKR (Hydrolytic Kinetic Resolution) technology
and in 2011 a key milestone was achieved with the commercialisation of their
4th generation Salen catalyst and novel synthesis for Hyperzine A (natural
product).
This achievement has
received external recognition through the 2011 North East Process Industry
Cluster Award for Innovation (Winner).
Outlook of SPSL
The SPSL portfolio has
grown to 28 launched products. The pre-launch pipeline remains strong with 24
live projects spanning clinical phases. In the financial year one phase 3
projects graduated to launch phase.
CRAMS SBU in
On the Contract
Manufacturing front in
Also during current year
the Company has integrated
Finished Dosages Business -
Formulations CRAMS
The company offers the
services of development and manufacture of Finished Dosages to both Innovator
and Generic Companies worldwide. The division achieved sales of Rs. 841 Mn
during FY 12, a substantial growth of 62% over the previous year.
The Finished Dosages
facility has undergone successful inspections by various regulatory bodies such
as US FDA, MHRA (U.K) and TPD Health,
With WHO-Geneva inspection,
Formulation Division is now looking at newer emerging geographies
During FY12, the Finished
Dosage Facility utilised its capacity to maximum and capacity to 5 Bn tablets
per annum. The expansion was completed in October 2011 and manufacturing has
commenced since then.
During FY-12, the Finished
Dosage Facility has filed nine Products for registration with various
Regulatory Agencies and also has received seven approvals for the products
filed for registration during earlier period.
OUTLOOK OF FORMULATION
CRAMS
Finished Dosages Business
remains a major opportunity for Shasun to increase and diversify its revenue
base. With the increased expansion capacity and expected approvals on newer
Products, the Formulation Division is planning to increase its revenues from
FY12. The development work on ANDA's have commenced with a goal to file atleast
FIVE (5) ANDA's in FY 13. Outlook for Formulation Division is robust and the
Company is preparing plans to initiate work for Phase-III expansion later part
of this year to double the capacity from 4Bn to 8Bn to meet the growing needs
of its existing customers and preparation for new Product approvals.
The service levels to their
existing customers have improved with the changing need which brings their partnership
with customers to newer heights. Customers have started adding new products
from their formulation facility.
BIOTECH
During FY 12, the Company
has relocated the Biotech manufacturing from Velacherry to Puducherry . The
biotech unit has focussed on improving production efficiencies for its
recombinant streptokinase product and penetrating the domestic market with
tie-ups with reputed companies. The Product has recently secured registration
for COPP which will enable company to export to various countries. It has also
made progress for venturing into the export market. A second bio similar
product under development has also progressed close to completing pre-clinical
testing.
NANOTECHNOLOGY - JOINT
VENTURE
The company has formed a
new 50:50 joint venture company "Shasun NBI LLC" in
The preclinical studies
underway with successful completion of toxicity study in swine. Efficacy study
in dogs being carried out and additional tox study planned in rodents and dogs.
The new joint venture company will continue research and pre-clinical testing
work that is required for the treatment to receive approval for human use
FINANCIAL REVIEW
The Company consolidated
Gross revenue has registered growth of 29%.
Raw material cost as a
proportion of total net income increased to 52.60% in FY12 from 51.70% in FY11.
This is mainly due to increase in raw material prices in tune with global price
trends in petro chemical products.
Other operating expenses
increase in line with increase in sales growth.
The Company has achieved
substantial EBITDA in FY 12 Rs. 1,480 Mn compared to Rs. 872 Mn
There has been increase in
the Interest outflow in line with borrowings. The Company has gained Rs. 272 Mn
on sale of Velacherry land and building The deferred tax liability of Rs. 15.28
Mn during the year mainly on account of timing difference between book
depreciation compared to depreciation under Income tax
The Company has achieved
mile stone profit after tax of Rs.1,006 Mn during FY 12
UNAUDITED RESULTS
FOR THE QUARTER ENDED ON JUNE 30,2012
|
Particulars |
Quarter Ended |
|
|
30.06.2012 (Unaudited) |
|
Net Sales/ Income from Operations |
1635.400 |
|
1. (b) Other Operating Income |
145.700 |
|
Total Income
From operations |
1781.100 |
|
2. Expenditure |
|
|
a. Cost of Raw Materials consumed |
1133.400 |
|
b. Purchases of stock in trade |
1.400 |
|
c. Changes in inventories of finished goods , work in progress and
stock in trade |
(74.500) |
|
d. Employee benefit expenses |
177.800 |
|
e. Depreciation and amortisation expense |
67.500 |
|
f. foreign exchange loss |
83.100 |
|
g. Other Expenditure |
349.300 |
|
Total
Expenditure |
1738.000 |
|
3. Profit from Operations
before Other Income, Interest and Exceptional Items (1-2) |
43.100 |
|
4. Other Income |
25.100 |
|
5. Profit before Interest and Tax
|
68.200 |
|
6. Interest |
67.200 |
|
7. Profit from Ordinary
Activities before Tax and exceptional
items |
0.500 |
|
8. Exceptional items |
0.000 |
|
9. Profit from Ordinary
Activities before Tax but before exceptional
items |
0.500 |
|
10. Tax Expenses |
(0.100) |
|
11. Net profit/(loss) for the
period |
0.400 |
|
12. Paid-up Equity Share Capital (face value Rs.2 per share) |
110.300 |
|
13. Reserves excluding revaluation reserve as per balance sheet of previous
accounting year |
NA |
|
14. Earning Per Share |
-- |
|
a. Basic |
0.01 |
|
b. Diluted |
0.01 |
|
|
|
|
15. Public shareholding |
|
|
- No. of shares |
32545697 |
|
- % of holding (to total shareholding) |
59.04 |
|
Promoters And Promoter Group Shareholding a) Pledged/ Encumbered |
|
|
-Number of Shares |
367500 |
|
-% of Shares (As a % of the total Shareholding of Promoter and
Promoter Group) |
16.28 |
|
-% of Shares (as a % of the total share capital of the Company) |
6.67 |
|
b) Non Encumbered |
|
|
- Number of Shares |
18903155 |
|
-% of Shares (As a % of the total Shareholding of Promoter and
Promoter Group) |
83.72 |
|
-% of Shares (as a % of the total share capital of the Company) |
34.29 |
|
INVESTOR COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed if during the quarter |
Nil |
|
Remaining unresolved the end of the quarter |
Nil |
1 The above results of the Company were reviwed by the Adult Committee and approved by the
Board of Direction at their respective meetings held on August 2 2012. The statutory auditors have
carried out s IlmRod mviw of the results for tho quarter ended June 30, 2012. An
unqualified report has been issues by them
there on
2 The Company has
Identified 'Pharmaceuticals' as itr
single reportable business segment. 'Pharmaceuticals segment comprises
manufacture of active 'Pharmaceuticals
(API), Intermediates and Formulations.
3.
Figures for the three months ended 31 March 2012 are the balancing figures
between audited figures In
respect of full financial year and the published year to date up to the third qurter ended 31 December
201 1. Also. the figures up
to lhs end of the third quarter ended 31
December 2011 were only reviewed
and not subjected to audit
4.
Tax (expense) I benefit for the quarter and year
ended March 31, 2012 comprise
current tax including
Minimum alternate tax, deferred tax charge or banand including those in
raspect of carry forward of losses I unabsorbed depreciation arising from
earlier periods.
5.
Other home for he quarter and year ended March 31,2012 including profit on
sale of land and building at Velachery, Chennai amounting to Rs. 271.200 Millions
6.
The figures of the earlier periods have been
regrouped to be in conformity with the new forma prescribed under clause 41 of
the listing agreement
COMMITMENTS AND
CONTINGENT LIABILITY
|
|
31.03.2012 |
31.03.2011 |
|
Income
tax |
318.14 |
312.31 |
|
Sales
tax |
13.27 |
0.48 |
|
Excise /
customs |
83.53 |
37.43 |
|
Service
tax |
- |
0.48 |
|
Estimated
amount of contracts remaining to be executed on capital account and not
provided for (net of advances) |
598.67 |
128.39 |
|
Counter guarantees
given by the company to the bankers for bank guarantee |
126.52 |
55.81 |
|
Obligations
in respect of letter of credit outstanding |
416.46 |
130.79 |
|
Corporate
guarantee given by the Company to bankers in respect of loan taken by Shasun
Pharma Solutions Limited, |
949.67 |
1,542.84 |
|
Out of the above
corporate guarantee utilized in connection with loans availed by Shasun
Pharma Solutions Limited, |
454.14 |
1,267.64 |
FIXED ASSETS:
- Land
- Buildings -
Factory
- Building Non
Factory
- Machinery
- Electrical
installations
- Lab
Equipments
- Office
Equipments
- Factory
Equipments
- R and D
Equipments
- Fixtures and
fittings
- Vehicles
- Computers
Software
AS PER WEB SITE
DETAILS
PROFILE
Subject (Formerly known as 'Shasun Chemicals and
Drugs Ltd.,') was incorporated in 1976 and is headquartered in
Today, Shasun is one of the largest producers of Ibuprofen worldwide.
The company offers derivatives of Ibuprofen like Ibuprofen Sodium, Ibuprofen
Lysinate and S+Ibuprofen. It is also one of the major producers of Ranitidine
and Nizatidine in the world. Its products are exported to countries across
North America, Europe, Asia and
Shasun in its endeavour to become a true one-stop shop for global pharma
companies, is evolving its business model to become a complete service
provider, offering services right from the discovery stage to manufacturing
formulations. The company has recently added finished formulations capability
as forward integration, and has invested in large facility to cater to the
international regulated market. It has tied up with multinational companies in
the formulations space wherein it will be developing and supplying products for
the
By integrating its facilities in
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.55.15 |
|
|
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.68.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
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 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
58 |
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.