MIRA
INFORM REPORT
|
Report Date : |
04.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
UNICHEM LABORATORIES LIMITED |
|
|
|
|
Registered
Office : |
Unichem Bhavan, Prabhat Estate, Off |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
22.08.1962 |
|
|
|
|
Com. Reg. No.: |
11-12451 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.180.643 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1962PLC012451 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEU05493F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACU0551B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Sale of Pharmaceutical Products such as formulations in
forms of Tablets/ Capsules, Syrups, Injections, Eyemides, Ointments and
Power, Transfusions, Protein Foods, Bulk Drugs and Chemicals. |
|
|
|
|
No. of
Employees: |
4200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 32500000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having good track. There appears
slight dip in the profitability from last two years. However, general
financial position of the company appears to be good. Fundamental are healthy
and strong. Creditworthness of the company is good Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. The company can be considered for business dealing 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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
A1+ (Commercial Paper) |
|
Rating Explanation |
Having very strong degree of safety
regarding timely payment of financial obligation it carry lowest credit risk.
|
|
Date |
August 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
|
Registered Office/ Corporate Office : |
Unichem Bhavan, Prabhat Estate, Off |
|
Tel. No.: |
91-22-26780643 / 66888333 / 26785616 |
|
Fax No.: |
91-22-26784391/ 26794089 / 26788665 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
Mahalaxmi Chambers, 2nd Floor, |
|
|
|
|
Factory 1: |
Plot No. 17 and
18, Pilerne Industrial Estate, Pilerne Bardez, Goa – 403515, |
|
Tel. No.: |
91-832-2407202-6 |
|
|
|
|
Factory 2 |
Bhatauli Kalan District, Solan, Baddi – 173 205, |
|
Tel. No.: |
91-1795-246701-6 |
|
|
|
|
Factory 3 : |
C-31-32,
Industrial Area, |
|
Tel. No.: |
91-120-2750039-46 |
|
|
|
|
Factory 4: |
99, MIDC Area,
Roha, District Raigad – 402116, |
|
Tel. No.: |
91-2194-263561/263549 |
|
|
|
|
Factory 5 : |
Pithampur, Plot
No 197, Sector – I, Pithampur –454775, MP, |
|
Tel. No.: |
91-729 -2503127/ 2500941 |
|
|
|
|
Factory 6: |
NH – 31A, Bagheykhola, Majithar, Rangpo, |
DIRECTORS
As on 31.03.2012
|
Name : |
Dr. Prakash A. Mody |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Prafull
Anubhai |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr. Ramdas Gandhi |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr. Nasser Munjee |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr. Prafull D.
Sheth |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr. Anand Mahajan |
|
Designation : |
Independent
Director |
KEY EXECUTIVES
|
Audit Committee : |
·
Prafull Anubhai - Chairman ·
Ramdas Gandhi ·
Nasser Munjee |
|
|
|
|
Shareholders’ : |
·
Ramdas Gandhi - Chairman |
|
|
·
|
|
Grievance Committee : |
·
Dr. Prakash A. Mody |
|
|
·
|
|
Compensation Committee : |
·
Prafull D. Sheth - Chairman ·
Prafull Anubhai ·
Ramdas Gandhi |
|
|
|
|
Name : |
K. Subharaman |
|
Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
44533847 |
49.24 |
|
|
262393 |
0.29 |
|
|
262393 |
0.29 |
|
|
44796240 |
49.53 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
44796240 |
49.53 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5934577 |
6.56 |
|
|
34369 |
0.04 |
|
|
3016978 |
3.34 |
|
|
3631904 |
4.02 |
|
|
500 |
0.00 |
|
|
500 |
0.00 |
|
|
12618328 |
13.95 |
|
|
|
|
|
|
9575637 |
10.59 |
|
|
|
|
|
|
17844275 |
19.73 |
|
|
2872001 |
3.18 |
|
|
2741645 |
3.03 |
|
|
966870 |
1.07 |
|
|
118105 |
0.13 |
|
|
689816 |
0.76 |
|
|
63141 |
0.07 |
|
|
887463 |
0.98 |
|
|
16250 |
0.02 |
|
|
33033558 |
36.52 |
|
Total Public shareholding (B) |
45651886 |
50.47 |
|
Total (A)+(B) |
90448126 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
90448126 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
TrustsBUSINESS DETAILS
|
Line of Business : |
Manufacturer and Sale of Pharmaceutical Products such as formulations
in forms of Tablets/ Capsules, Syrups, Injections, Eyemides, Ointments and Power,
Transfusions, Protein Foods, Bulk Drugs and Chemicals. |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Products : |
|
PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
Tablets/Capsules |
No. in Lacs |
58070 |
28903 |
|
Syrups |
Litres |
960000 |
83293 |
|
Injections |
Litres |
90000 |
5515 |
|
Eyemides,
Ointments and Dry and sterile powder |
Kilograms |
197520 |
64880 |
|
Bulk Drugs and
Chemicals |
Kilograms |
731074 |
467837 |
GENERAL INFORMATION
|
No. of Employees : |
4200 (Approximately) |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Bank
of ·
The
Sakura Bank Limited |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
Cash
credit and Packing credit of Rs. 94.914 Millions (Previous year Rs. 84.727
Millions) from Bank of India and Bank of Baroda are secured against
hypothecation of Inventories, Book debts and mortgage of immovable properties
located at Jogeshwari, Roha,
Ghaziabad on first pari passu charge & on immovable properties at Goa and
Baddi Unit I on a second and subservient charge. Short Term unsecured
borrowings represent Packing / Buyers credit in Foreign currency availed from
various banks against Export receivables and Import Letter of Credit. Maximum
tenor of such borrowings is 6 months from the date of availment. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B D Jokhakar and Company Chartered Accountant |
|
Address : |
8 Ambalal Doshi Marg, Fort, Mumbai – 400001, |
|
|
|
|
Subsidiaries of the Company: |
·
Niche
Generics Limited ·
Unichem
SA Private Limited ·
Unichem
Farmaceutica Do ·
Brasil
Limited ·
Unichem
Pharmaceuticals ·
( ·
Unichem Laboratories Limited,Ireland |
|
|
|
|
Enterprises under significant influence of key management personnel: |
·
Chevy
Capital Services Private Limited ·
PM
Capital Services Private Limited ·
AVM
Capital Services Private Limited ·
Pranit
Trading Private Limited ·
Viramrut
Trading Private Limited |
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175,000,000 |
Equity Shares |
Rs.2/- each |
Rs.350.000 Millions |
|
50,000,000 |
Unclassified Shares |
Rs.2/- each |
Rs.100.000 Millions |
|
5,000,000 |
Preference Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90,321,502 |
Equity Shares |
Rs.2/- each |
Rs.180.643
Millions |
|
Less: |
Share capital Cancelled on Amalgamation |
|
Rs.56.588
Millions |
|
Add: |
Share Capital pending allotment |
|
Rs.56.588
Millions |
|
|
|
|
Rs.180.643 Millions |
|
|
2011-12 |
|
|
Reconciliation of Number of Shares (Equity |
Number of shares |
Rs. in millions |
|
Number of Shares outstanding as at the beginning of the
year* |
90239500 |
180.479 |
|
Add: Number of Shares allotted under ESOP during the
year |
82002 |
0.164 |
|
Number
of Shares outstanding as at the end of the year* |
90321502 |
180.643 |
* Excluding effect of amalgamation as referred to in Note
No. 2
Rights, preferences and restrictions attached to Equity
Shares.
The company
has one class of equity shares having a par value of ` 2/- per share. Each
shareholder is eligible for one vote per share held. The dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting, except in case of interim dividend. In the
event of liquidation, the equity shareholders are eligible to receive the
remaining assets of the Company after distribution of all preferential amounts,
in proportion to their shareholding.
|
|
2011-12 |
|
|
Name of the Shareholders |
Number of shares |
% held |
|
Dr. Prakash Amrut Mody |
11,100,984 |
12.29 |
|
Pranit Trading Private Limited |
8,252,673 |
9.14 |
|
Viramrut Trading Private Limited |
5,452,506 |
6.04 |
|
Chevy Capital Services Private Limited |
5,246,074 |
5.81 |
|
PM Capital Services Private Limited |
4,670,186 |
5.17 |
|
AVM Capital Services Private Limited |
4,672,552 |
5.17 |
As per
the records of the company, including its register of shareholders / members
& other declarations received from shareholders regarding beneficial
interest, the above shareholding represents both legal and beneficial ownership
of shares.
*Scheme
of amalgamation becoming effective from 01.04.2011 (appointed date) consequent
upon sanction from Hon'ble High Court of Mumbai, shares in the name of said
companies will get cancelled and new shares will be issued to the shareholders
of respective companies. (Refer Note no.2)
**Scheme
of amalgamation becoming effective from 01.04.2011 (appointed date) consequent
upon sanction from Hon'ble High Court of Mumbai, New shares will be issued to
the shareholders of respective companies (Refer Note No. 2) the effect of which
is not included in shareholding as of 31st March, 2012
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 |
180.643 |
180.479 |
180.315 |
|
|
2] Share Application Money |
0.345 |
0.000 |
0.264 |
|
|
3] Reserves & Surplus |
7119.527 |
6599.760 |
5926.129 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
7300.515 |
6780.239 |
6106.708 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
94.914 |
84.727 |
24.808 |
|
|
2] Unsecured Loans |
388.697 |
227.156 |
204.835 |
|
|
TOTAL BORROWING |
483.611 |
311.883 |
229.643 |
|
|
DEFERRED TAX LIABILITIES |
384.743 |
378.143 |
346.843 |
|
|
|
|
|
|
|
|
TOTAL |
8168.869 |
7470.265 |
6683.194 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3852.110 |
3556.443 |
3149.207 |
|
|
Capital work-in-progress |
1113.424 |
628.716 |
636.308 |
|
|
|
|
|
|
|
|
INVESTMENT |
1061.193 |
1001.435 |
1283.144 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1411.311
|
1354.183 |
976.413
|
|
|
Sundry Debtors |
1848.247
|
1839.423 |
1624.344
|
|
|
Cash & Bank Balances |
138.612
|
104.412 |
190.640
|
|
|
Other Current Assets |
44.295
|
29.948 |
0.000
|
|
|
Loans & Advances |
795.215
|
642.032 |
426.968
|
|
Total
Current Assets |
4237.680
|
3969.998 |
3218.365 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1367.850
|
1069.163 |
1134.041
|
|
|
Other Current Liabilities |
292.296
|
226.888 |
113.400
|
|
|
Provisions |
435.392
|
390.276 |
356.389
|
|
Total
Current Liabilities |
2095.538
|
1686.327 |
1603.830 |
|
|
Net Current Assets |
2142.142
|
2283.671 |
1614.535 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8168.869 |
7470.265 |
6683.194 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8031.873 |
7647.374 |
6905.967 |
|
|
|
Other Income |
93.947 |
79.622 |
65.836 |
|
|
|
TOTAL (A) |
8125.820 |
7726.996 |
6971.803 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1942.855 |
1773.866 |
|
|
|
|
Purchase of Stock -in-Trade |
1029.078 |
1016.127 |
|
|
|
|
Employee benefits expenses |
1048.840 |
930.663 |
|
|
|
|
Other expenses |
2377.682 |
2168.426 |
|
|
|
|
Research & Development Expenses |
379.402 |
366.832 |
|
|
|
|
Changes in inventories of Finished goods,
Work-in-progress and Stock -in-Trade |
(20.258) |
(222.376) |
|
|
|
|
TOTAL (B) |
6757.599 |
6033.538 |
5111.455 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1368.221 |
1693.458 |
1860.348 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
32.985 |
19.482 |
5.097 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1335.236 |
1673.976 |
1855.251 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
282.881 |
272.177 |
214.685 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1052.355 |
1401.799 |
1640.566 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
227.722 |
316.821 |
304.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
824.633 |
1084.978 |
1336.266 |
|
|
|
|
|
|
|
|
|
Less/ Add |
Prior
Period Items |
0.000 |
0.000 |
(0.086) |
|
|
|
|
|
|
|
|
|
Less/ Add |
Excess/Short
Provision for Taxation pertaining to previous year |
0.000 |
0.000 |
3.263 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4424.220 |
3909.169 |
3140.711 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
|
252.671 |
0.000 |
|
|
|
Interim Dividend |
|
108.283 |
360.665 |
|
|
|
Tax on Proposed Dividend |
NA |
40.989 |
0.000 |
|
|
|
Tax on Interim Dividend |
|
17.984 |
60.320 |
|
|
|
Transfer to General Reserve |
|
150.000 |
150.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
4424.220 |
3909.169 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Goods calculated on FOB Basis |
2236.201 |
1458.551 |
1231.823 |
|
|
|
Other |
33.693 |
46.060 |
29.501 |
|
|
TOTAL EARNINGS |
2269.894 |
1504.611 |
1261.324 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
355.575 |
310.674 |
200.104 |
|
|
|
Packing Materials |
31.891 |
14.541 |
1.351 |
|
|
|
Stores & Spares |
1.176 |
6.129 |
0.778 |
|
|
|
Capital Goods |
262.336 |
192.768 |
12.962 |
|
|
TOTAL IMPORTS |
650.978 |
524.112 |
215.195 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
9.13 |
12.03 |
14.86 |
|
|
|
Diluted |
9.09 |
11.95 |
14.77 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
30.06.2012 (1st
Quarter) |
30.09.2012 (2nd
Quarter) |
|
Net Sales |
|
2648.610 |
2642.470 |
|
Total Expenditure |
|
2170.580 |
2113.170 |
|
PBIDT (Excl OI) |
|
478.030 |
529.300 |
|
Other Income |
|
68.530 |
21.860 |
|
Operating Profit |
|
546.560 |
551.160 |
|
Interest |
|
8.580 |
6.640 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
537.980 |
544.520 |
|
Depreciation |
|
82.760 |
82.090 |
|
Profit Before Tax |
|
455.220 |
462.430 |
|
Tax |
|
123.80 |
111.700 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
331.420 |
350.730 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
331.420 |
350.730 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
10.15 |
14.04
|
19.17
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.10 |
18.33
|
23.76
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.00 |
18.62
|
25.76
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.21
|
0.27
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.35 |
0.29
|
0.30
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.02 |
2.35
|
2.01
|
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 |
No |
|
No.
of Employees |
Yes |
|
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 |
Yes |
|
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 |
Yes |
|
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 |
REVIEW OF OPERATIONS
During the year , Sales/Income from operations (Net) increased to Rs. 8031.873 Millions in 2011-12 from Rs. 7647.374 Millions in 2010-11, registering a growth of 5.0%. Consolidated Sales/Income from operations (Net) stood at Rs.8754.630 Millions as compared to Rs. 8240.381 Millions During the year , 82,002 of 2/- options were registering an increase of 6.24%.
Review of
Subsidiaries
Niche Generics
Limited
Niche Generics Limited is a wholly-owned subsidiary of the Company. It is engaged in manufacturing formulations and dossier filing in European markets. It recorded sales of GBP 103.2 Lacs for the year ended March 31, 2012 as compared to GBP 100.4 Lacs for the previous year ended March 31, 2011. The loss for the year ended March 31, 2012 stood at GBP 1.9 Lacs compared tothe loss of GBP 7.9 Lacs for the year ended March 31, 2011.
Unichem
Pharmaceuticals (
Unichem Pharmaceuticals (USA) Inc., a wholly-owned
subsidiary of the Company in
Unichem Farmaceutica
Do Brasil Limited a
Unichem Farmaceutica Do Brasil L Limited a., is a wholly
owned subsidiary of the Company in
The subsidiary plans to have marketing alliances for promoting, warehousing and distribution. The entity suffered a loss of Brazilian Reals 24.8 Lacs in the current year as against Brazilian Reals 14.4 Lacs during the previous year.
Unichem SA
(Proprietary) Limited
Unichem SA (Proprietary) Limited is a wholly-owned
subsidiary of the Company in
Unichem Laboratories
Limited. Ireland
Unichem Laboratories Limited, Ireland is a wholly-owned subsidiary of the Company in Ireland. This subsidiary was incorporated during the year for business development and to own product registrations The subsidiary suffered a loss of Euro 8,512 during the year ended March 31, 2012.
Management’s
Discussion and Analysis
Global Pharma Market:
The global pharmaceutical market after experiencing a slowing growth during the past two years, is now poised to rebound from low 3-4 percent growth in 2012 to 5-7 percent in 2016 according to a new forecast issued by the IMS Institute for Healthcare Informatics
The annual global spending on medicines will rise from $956 billion in 2011 to nearly $1.2 trillion in 2016, representing a compound annual growth rate of 3-6 percent. Growth in annual global spending is forecast to more than double by 2016 to as much as $70 billion, up from a $30 billion pace this year, driven by volume increases in the pharmerging markets and an uptick in spending in developed nations (IMS - The Global Use of Medicines: Outlook through 2016).
The future
level of global spending on medicines will have implications for existing
healthcare systems and policy makers across the developed and emerging markets.
It is expected that the health systems in developed economies experience slow
growth in medicines, while the pharmerging markets to drive spending in the
next five years. With declining spending on medicines in US and
Biologics are expected to account for about 17 percent of total global spending on medicines by 2016, as important clinical advances continue to emerge from research Seven of the top ten global medicines by spending will be a biologic within five years. Adoption of biosimilars as low-cost alternatives to the original biologic medicines will remain limited, as biologics remain protected by patents or market exclusivity in many countries (IMS - The Global Use of Medicines: Outlook through 2016).
One of the drivers behind this potential growth expectation
is a favorable macro environment with higher real GDP growth. While this was
true for the last three fiscal years, the GDP growth is expected to slow down
to 6.9% in 2012, which is a cyclical response to higher interest rates and
lower external demand, policy uncertainty and supply bottlenecks are playing a
role and will need to be tackled in the near term to ensure that potential
growth does not decline (IMF World Economic Outlook April, 2012). Therefore,
Pharma industry’s growth depends upon country’s GDP growth and Government’s
propensity to spend more on healthcare The favourable demographics such as
rising population increased disposable incomes both in rural and urban
UNICHEM’S PERFORMANCE
Financial Highlights
· Consolidated Sales/Income from operations (Net) stood at Rs. 8754.630 Millions as compared to Rs. 8240.381 Millons in the previous year, registering an increase of 6.24%.
· Standalone Sales/Income from operations (Net) stood at Rs. 8031.873 Millions as compared to Rs. 7647.374 Millons in the previous year, registering an increase of 5.03%.
·
Sales outside
Other Highlights
· Completion of expansion at Goa Factory enhancing tablet / capsulation capacities
· Acceleration of construction at SEZ Pithampur for dosage formulations
·
Construction of new research facility at
· Sharpened focus on API business
Sales and Income from operations (Net) for the year stood at Rs. 8031.873 Millions as compared to Rs. 7647.374 Millions recorded last year. Out of this, Formulations contributed 87% with Active Pharmaceutical Ingredients (APIs) 87% with Active Pharmaceutical Ingredients (APIs) contributing 13%.
Domestic business accounts for 64% of consolidated revenues, while 30% is accounted by regulated developed markets and 6% by emerging markets.
DOMESTIC FORMULATIONS
Unichem Laboratories is predominately dosage Formulations Company and manufactures a wide range of pharmaceutical formulations. Formulations business continues to be a major contributor to the revenues of the Company. The Company continued to focus on transformation initiatives undertaken in F Y 2010 – 11 to accelerate growth of domestic formulation business These include portfolio prioritization and resource allocation, and sales force alignment and effectiveness essentially to streamline and drive efficiency, and improve internal standards for a variety of business practices to enhance process improvements and streamlining channel inventories. Year 2011-12 was a difficult year in terms of domestic growth, since transformation initiatives have taken little longer period than their estimation to deliver value.
The Company has strong presence in niche therapy areas of cardiology, neurology, and anti-infectives. Currently the top 25 brands contribute approximately 67% of the company’s domestic revenues. The Company’s domestic formulations’ portfolio revenues comprise of 63% from chronic therapies and 37% from acute therapies. During the year the Company entered into two new therapeutic segments i.e., Hospital products and Gynecology.
Cardiology continues to be the dominant segment for the company. Approximately 75% of the company’s revenues come from Cardiology, Anti-Infectives and Neurology therapeutic formulations
The top 10 brands of the company are Ampoxin, Losar Losar H, Linox, Serta, Telsar, TG-Tor, Trika, Unienzyme and Vizylac. The last financial year saw company launching 12 new products in various therapeutic segments like Cardiology and Neurology
ACTIVE PAHRMACEUTICAL
INGREDIENTS (API)
Their twin focus in API business is focusing on contract development and manufacturing at reasonable margins and backward integration with their formulation business through cost effective processes. There are strategies to expand customer base in new geographies, which should drive growth in the coming years.
INTERNATIONAL
BUSINESS
Unichem has made significant investments in building
infrastructure to support international business. The increasing number of
products getting off patent in international markets offers substantial revenue
opportunities. The Company is positioning itself to seize these opportunities
by addressing the challenges by focusing on larger and profitable markets in
Unichem has wholly-owned subsidiaries in
Strategic Alliances are in place for distribution and
marketing of branded generics in SAARC countries South East Asia,
European presence is through 100% subsidiary Niche Generics,
OUTLOOK
Growing the business exponentially would require investing
in infrastructure, in people and consolidating their strengths. The Company is
confident to create value by entering into new therapeutic segments and
launching new products across therapeutic segments and making them power brands
of the Company in their respective segments. Continued investments in
manufacturing marketing, research and development, product portfolio
prioritization and resource allocation are a testimony to their commitment to
growth.
CONTINGENT
LIABILITIES
Rs. in Millions
|
Particulars |
31.03.2012 |
31.03.2011 |
|
(i) Claims not acknowledged as debts*. |
141.600 |
68.403 |
|
(ii) In respect of the Guarantees given to Bank on behalf
of : |
|
|
|
- Subsidiaries |
239.715 |
253.560 |
|
- Others |
22.376 |
21.806 |
|
(iii) Letters of Credit |
37.682 |
51.844 |
|
TOTAL |
471.373 |
395.613 |
* includes Rs.8.820 millions (Previous Year Rs.8.820
millions) paid under protest/deposit pending adjudication.
Claims made by the employees whose services have been terminated are not acknowledged as debts, the exact liability, whereof is not ascertainable
STATEMENT
OF STANDALONE UNAUDITED FOR THE QUARTER AND HALF YEAR ENDED 30.09.2012
Rs.
in Millions
|
|
Three |
Three |
Half |
|
Particulars |
months |
months |
year |
|
|
30th Sep'12 |
30th Jun'12 |
30th Sep'12 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
INCOME FROM
OPERATIONS |
|
|
|
|
Net Sales/Income
from operations (Net of excise duty) |
26,11.657 |
263.2995 |
524.4652 |
|
Other Operating
Income |
30.811 |
15.615 |
46.426 |
|
TOTAL INCOME
FROM OPERATIONS (NET) |
2642.468 |
2648.610 |
5291.078 |
|
EXPENSES |
|
|
|
|
Cost of Material
Consumed |
610.459 |
7,222.82 |
1332.741 |
|
Purchases of
stock-in-trade |
282.778 |
335.673 |
618.451 |
|
Changes in inventories
of finished goods, work-in-progress and
stock-in-trade |
75.408 |
(29.389) |
46.019 |
|
Employee
benefits' expense |
359.361 |
33.7859 |
697.220 |
|
Depreciation and
amortisation expense |
82.087 |
82.761 |
164.848 |
|
Other expenses |
785.171 |
804.158 |
1568.313 |
|
TOTAL EXPENSES |
2186.264 |
2263.344 |
4427.592 |
|
Proflt/(Loss)
from operations before other Income, finance |
|
|
|
|
costs and
exceptional Items (1-2) |
447.204 |
396.266 |
863.486 |
|
Other Income |
21.864 |
68.532 |
69.380 |
|
Profit/(Loss)
from ordinary activities before finance costs and |
|
|
|
|
exceptional
Items (3+4) |
489.068 |
463.798 |
932.866 |
|
Finance costs |
6.639 |
8.576 |
15.215 |
|
Profit/ Loss)
from ordinary activities after finance costs but |
|
|
|
|
before
exceptional Items (54) |
462.429 |
455.222 |
917.651 |
|
Exceptional
Items |
|
|
|
|
Proflt/fLoss)
from ordinary activities before tax (7-8) |
452.429 |
455.222 |
917.651 |
|
Tax Expenses
(Including Deferred tax) |
111.700 |
123.800 |
235.500 |
|
Net profit from
ordinary activities after tax (9-10) |
360.729 |
331.422 |
682.161 |
|
Prior period
Expenses / (Income) |
|
|
|
|
Excess/(Short)
provision for taxation pertaining to earlier years. |
|
|
|
|
Met profit from ordinary
activities after tax and prior period |
|
|
|
|
Items (11-12-13) |
360.729 |
331.422 |
6,821.61 |
|
Extraordinary
items (net of tax expense) |
|
|
|
|
Net profit for
the period (14-15) |
350.729 |
331.422 |
6,821.51 |
|
Paid up Equity Share
Capital (Face Value Rs. 2 per share) |
180.896 |
180.664 |
1,808.96 |
|
Reserves and
Surplus excluding Revaluation Reserve as per balance |
|
|
|
|
sheet of
previous accounting year. |
|
|
|
|
a) Basic Earnings per share-not annualised |
3.88 |
3.67 |
7.55 |
|
before and after extraordinary hems - Rs. |
|
|
|
|
b) Diluted earnings per share after Employees
Stock Options |
3.87 |
3.65 |
7.52 |
|
|
|
|
|
|
. PARTICULARS OF SHAREHOLDING |
|
|
|
|
Public Shareholding |
|
|
|
|
Number of Shares |
45,651,866 |
45,535,761 |
45,651,886 |
|
Percentage of Shareholding |
50.47% |
50.41% |
50.47% |
|
Promoters and Promoters group shareholding |
|
|
|
|
a) Pledged
/Encumbered |
|
|
|
|
- Number
of Shares |
Nil |
Nil |
Nil |
|
- Percentage
of shares (as a % of the total shareholding of |
|
|
|
|
promoter and
promoter group) |
Nil |
Nil |
Nil |
|
-
Percentage of shares (as a % of the total share capital |
|
|
|
|
of the company) |
Nil |
Nil |
Nil |
|
b) Non-
encumbered |
|
|
|
|
- Number
of Shares |
44,796,240 |
44,796,241 |
44,796,240 |
|
-
Percentage of shares (as a % of the total shareholding of |
|
|
|
|
promoter and
promoter group) |
100.00% |
100.00% |
100.00% |
|
- Percentage
of shares (as a % of the total share capital |
|
|
|
|
of the company) |
49.53% |
49.59% |
49.53% |
1. The above results have been subjected to Limited Review by the Statutory Auditors
.reviewed by the Audit Committee and taken on record by the Board of Directors
of the Company in its meeting held on 20th October, 2012.
2.
Segment Report
Primary Segment
The Company has only one segment i.e.
'Pharmaceuticals'.
|
|
Three |
Three |
Half |
|
Net sales and operating income |
months |
months |
year |
|
|
30th Sep'12 |
30th Jun'12 |
30th Sep'12 |
|
|
|
|
|
|
Within India |
1771.042 |
1765.712 |
3536.754 |
|
Out side India |
871.426 |
882.898 |
5291.078 |
|
|
|
|
|
|
|
|
|
|
3.
Other expense/ other income includes exchange
gain/loss under
|
|
Three |
Three |
Half |
|
Net sales and operating income |
months |
months |
year |
|
|
30th Sep'12 |
30th Jun'12 |
30th Sep'12 |
|
|
|
|
|
|
Exchange gain included in other income |
- |
55.930 |
34.914 |
|
Exchange loss included in other expenses |
21.016 |
- |
- |
|
|
|
|
|
|
|
|
|
|
STATEMENT OF ASSETS
AND LIABILITIES
Rs. In Millions
|
Particular |
30.09.2012 |
|
EQUITY AND LIABILITIES |
|
|
Shareholders’
funds |
|
|
(a) Share capital |
180.896 |
|
(b) Reserves and surplus |
7814.415 |
|
Sub-total -
Shareholders' funds |
7995.311 |
|
|
|
|
Non-current
liabilities |
|
|
(a) Long-term borrowings |
247.573 |
|
(b) Differed Tax liabilities |
414.743 |
|
(c) Long-term provisions |
132.975 |
|
Sub-total
- Non-current liabilities |
795.291 |
|
|
|
|
Current
liabilities |
|
|
(a) Short-term borrowings |
4.695 |
|
(b) Trade payables |
1674.611 |
|
(c) Other current liabilities |
370.083 |
|
(d) Short-term provision |
65.103 |
|
Sub-total - Current
liabilities |
2114.492 |
|
TOTAL - EQUITY AND
LIABILITIES |
10901.094 |
|
|
|
|
ASSETS |
|
|
Non-current
assets |
|
|
(a) Fixed assets |
|
|
(i)Tangible Assets |
3602.509 |
|
(ii) Intangible Assets |
129.542 |
|
(iii) Capital work in progress |
1454.138 |
|
|
5186.189 |
|
|
|
|
(b) Non-current investments |
956.188 |
|
(c) Long-term loans and advances |
286.426 |
|
|
|
|
Current assets |
|
|
(a) Current investment |
250.279 |
|
(b) Inventories |
1445.169 |
|
(c) Trade Receivable |
2038.873 |
|
(d) Cash and Bank Balances |
42.245 |
|
(e) short term loans and advances |
657.006 |
|
(f) Other current assets |
38.719 |
|
Sub-total
- Current assets |
4472.291 |
|
TOTAL
- ASSETS |
10901.094 |
FIXED ASSETS
·
Freehold
·
Leasehold
·
Buildings
·
Plant and Machinery
·
Furniture Fixtures and Equipments
·
Cars and Vehicles
·
Patents and Trademarks
PRESS RELEASE
Mumbai, October 26, 2012
Unichem Laboratories receives ANDA tentative approval from USFDA for
Memantine Hydrochloride
Tablets
Unichem
laboratories Limited are pleased to announce that it has received ANDA tentative
approval from the United States Food and Drug Administration (U.S. FDA) for
Memantine Hydrochloride Tablets. Final approval will be received after the
patent expires on April 11, 2015.
Memantine
Hydrochloride Tablets 5mg and 10mg are therapeutically equivalent to NAMENDA®
Tablets 5mg and 10mg of Forest Laboratories Inc.,
Memantine
Hydrochloride is used to treat moderate to severe dementia of the Alzheimer's
type. Further, it reduces the actions of chemicals in the brain that may
contribute to the symptoms of Alzheimer's disease.
The product will
be commercialized from Unichem’s GOA plant. Active pharmaceutical ingredient
i.e. Memantine Hydrochloride used for this ANDA is also made in house at
Pithampur plant. The market size is US$ 1.5 billion as of March, 2012 at brand
price. About Unichem Laboratories Limited.
Unichem
Laboratories Limited is an international, integrated, specialty pharmaceutical
company. It manufactures and markets a large basket of pharmaceutical
formulations as branded generics as well as generics in India and several other
markets across the world. In India, the company is a leader in niche therapy
areas of cardiology, neurology, orthopedics and anti-infectives. The company
has strong skills in product development, process chemistry and manufacturing
of complex API as well as dosage forms
CMT REPORT (Corruption, Money Laundering and 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] 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.54.56 |
|
|
1 |
Rs.87.46 |
|
Euro |
1 |
Rs.71.08 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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 and 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.