MIRA
INFORM REPORT
|
Report Date : |
30.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
TORRENT PHARMACEUTICALS LIMITED |
|
|
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Registered
Office : |
Torrent House, Off. Ashram Road, Navarangpura 9, Ahmedabad – 380009, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
15.07.1972 |
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Com. Reg. No.: |
04 - 002126 |
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Capital
Investment / Paid-up Capital : |
Rs. 423.092
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230GJ1972PLC002126 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMT00474F |
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PAN No.: [Permanent Account No.] |
AAACT5456A |
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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
: |
Manufacturing and
Marketing of Pharmaceutical formulations viz. Tablets, Capsules, Liquids,
Injections, Vials, Ointments, Bulk Drugs and others and Medical Electronic
Equipments. |
|
|
|
|
No. of Employees
: |
9003 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (78) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 43000000 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and a reputed company. It is a part of Torrent group. Directors
are reported to be experienced and respectable businessmen. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are regular and as per commitments. Fundamentals are
strong and healthy. The company can be considered good for normal business
dealings at usual trade terms and conditions. The company can
be regarded as promising business partner in medium to long run. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
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|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered
Office/ Corporate
office : |
Torrent House Off
|
|
Tel. No.: |
91-79-26585090/26583060 |
|
Fax No.: |
91-79-26582100 |
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E-mail : |
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|
Website : |
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|
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Factory 1 : |
Indrad Plant: Village Indrad, Taluka
Kadi, District Mehsana-382721, |
|
Tel. No.: |
91-2764-233671-75,
233678-80 |
|
Fax No.: |
91-2764-233676 |
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E-Mail : |
|
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|
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|
Factory 2 : |
Baddi Plant : Village Bhud and
Makhnu Majra, Baddi, Tehsil Nalagarh, District: Solan, |
|
Tel. No.: |
91-1795-246821 |
|
Fax No.: |
91-1795-247159 |
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|
|
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Factory 3 : |
32 No. Middle Camp, NH-31A, East District, Gangtok ( |
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Project Site: |
Plot No.
Z104-106, Dahej SEZ Phase II, Taluka Vagra, Dist. Bharuch, |
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Research and
Development Facility : |
Torrent Research
Centre, Near |
|
Tel. No.: |
91-79-23269124/23969100 |
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Fax No.: |
91-79-23269135/23969135/
23969124-34 |
|
E-Mail : |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Sudhir Mehta |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Markand Bhatt |
|
Designation : |
Director |
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|
Name : |
Mr. S. H. Bhojani |
|
Designation : |
Director |
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|
|
|
Name : |
Dr. Prasanna Chandra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shailesh Haribhakti |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Renu Sud Karnad |
|
Designation : |
Non Executive and Independent Director |
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|
Name : |
Mr. Sanjay S. Lalbhai |
|
Designation : |
Director (w.e.f. 23.01.2003) |
|
|
|
|
Name : |
Dr. C. Dutt |
|
Designation : |
Director (Research and Development) |
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|
|
Name : |
Mr. Samir Mehta |
|
Designation : |
Managing Director |
KEY EXECUTIVES
|
Name : |
Mr. Mahesh
Agarwal |
|
Designation : |
VP (Legal) and Company
Secretary |
|
Address : |
Torrent House Off
|
|
Tel No : |
91-79-26585090 |
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Fax No : |
91-79-26582100 |
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E-Mail : |
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Audit
Committee : |
Mr. S. H.
Bhojani, Chairman Dr. Prasanna
Chandra Mr. Shailesh
Haribhakti |
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|
|
|
Securities
Transfer and Investors Grievance Committee: |
Mr. Sudhir Mehta,
Chairman Mr. Markand Bhatt Mr. Samir Mehta |
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|
|
|
Nomination
& Remuneration
Committee: |
Mr. S. H.
Bhojani, Chairman Mr. Markand Bhatt Mr. Shailesh
Haribhakti |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individual / Hindu
Undivided Family |
1898740 |
2.24 |
|
Bodies Corporate
|
43057736 |
50.89 |
|
|
15545384 |
18.37 |
|
|
15545384 |
18.37 |
|
|
60501860 |
71.51 |
|
|
|
|
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
60501860 |
71.51 |
|
|
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
9742965 |
11.51 |
|
|
80366 |
0.09 |
|
|
421410 |
0.50 |
|
|
4083906 |
4.83 |
|
|
14328647 |
16.93 |
|
|
|
|
|
|
|
|
|
|
3560024 |
4.21 |
|
|
|
|
|
|
3583932 |
4.24 |
|
|
195597 |
0.23 |
|
|
|
|
|
|
2441300 |
2.89 |
|
|
122804 |
0.15 |
|
|
400 |
-- |
|
|
9916 |
0.01 |
|
|
2195972 |
2.60 |
|
|
112.208 |
0.13 |
|
|
9780853 |
11.56 |
|
|
|
|
|
Total Public shareholding (B) |
24109500 |
28.49 |
|
|
|
|
|
Total (A)+(B) |
846113600 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
846113600 |
100.00 |
(1) Indian
Any Others (Specify)
Directors/Promoters & their Relatives
& FriendsBUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Marketing of Pharmaceutical formulations viz. Tablets, Capsules, Liquids,
Injections, Vials, Ointments, Bulk Drugs and others and Medical Electronic
Equipments. |
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Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
1) Formulation |
|
|
|
|
Tablets |
‘ 000 Nos. |
Not Applicable |
10,000 Millions |
|
Capsules |
‘ 000 Nos. |
Not Applicable |
1,000 Millions |
|
Injection/Vials |
Ltr. |
Not Applicable |
26 Millions |
|
Suspension / Liquid [Ltr] |
Ltr. |
Not Applicable |
1 Millions |
|
2) Bulk Drugs |
Kg. |
Not Applicable |
30,000 Kg. |
Production:
|
Particulars |
Unit |
Production* |
|
1) Formulation |
|
|
|
Tablets |
‘ 000 Nos. |
6,379,946 |
|
Capsules |
‘ 000 Nos. |
321,900 |
|
Suspension / Liquid |
Ltr. |
480,000 |
|
Injections |
Ltr. |
50,198 |
|
Vials / Cartridges |
Nos. |
23,680,374 |
|
Ointment |
Kg. |
4,041 |
|
2) Bulk Drugs |
Kg. |
26,170 |
* Notes:
1) Includes production in factories of third parties on loan license.
2) Bulk Drug includes production
for captive consumption.
GENERAL INFORMATION
|
No. of Employees : |
9003 (Approximately) |
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Bankers : |
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Facilities : |
Note: (1) The future annual repayment obligations on principal amount for
the above long term loans are as under :
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Ahmedabad, |
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Subsidiaries and Step Down Subsidiaries: |
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|
|
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Enterprises controlled by the Company: |
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|
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Holding Company / Enterprises Controlled by the Holding Company: |
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|
|
|
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Enterprises Controlled by Key Management Personnel / Relatives of Key
Management Personnel: |
|
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150,000,000 |
Equity Shares |
Rs.5/- each |
Rs. 750.000 Millions |
|
2,500,000 |
Preference Shares |
Rs.100/- each |
Rs. 250.000 Millions |
|
|
TOTAL |
|
Rs. 1000.000
Millions |
Issued & Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
84,625,360 |
Equity Shares |
Rs.5/- each |
Rs. 423.127
Millions |
|
|
|
|
|
Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
84,611,360 |
Equity Shares |
Rs.5/- each |
Rs. 423.057
Millions |
|
|
Amount originally paid up on 14,000 Equity Shares forfeited |
|
Rs. 0.035
Millions |
|
|
TOTAL |
|
Rs. 423.092 Millions |
NOTES :
(1) 70,980,592 Equity
Shares of Rs.5 each were allotted as fully paid up bonus shares; out of which
42,305,680 Shares were allotted by way of capitalisation from Capital
Redemption Reserve and 28,674,912 Equity Shares were allotted by way of
capitalisation from General Reserve.
(2) 1,244,768
Equity Shares of Rs.5 each were allotted without payment being received in cash
pursuant to the schemes of amalgamation.
(3) 43,057,736
Equity Shares (previous year 43,057,736 Equity Shares) of Rs.5 each are held by
holding company Torrent Private Limited.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
423.092 |
423.092 |
423.092 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10507.360 |
8385.424 |
6903.732 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10930.452 |
8808.516 |
7326.824 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4284.662 |
3646.416 |
3182.730 |
|
|
2] Unsecured Loans |
1435.884 |
1577.541 |
1637.884 |
|
|
TOTAL BORROWING |
5720.546 |
5223.957 |
4820.614 |
|
|
DEFERRED TAX LIABILITIES |
617.053 |
620.709 |
683.312 |
|
|
|
|
|
|
|
|
TOTAL |
17268.051 |
14653.182 |
12830.750 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5876.091 |
5256.277 |
4872.282 |
|
|
Capital work-in-progress |
443.728 |
746.055 |
418.074 |
|
|
Advance for capital expenditure |
234.611 |
307.721 |
39.213 |
|
|
|
|
|
|
|
|
INVESTMENT |
4305.221 |
2314.759 |
2449.591 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3428.250
|
2278.834 |
1918.438 |
|
|
Sundry Debtors |
3400.137
|
2597.845 |
2408.119 |
|
|
Cash & Bank Balances |
2653.257
|
3467.891 |
1833.061 |
|
|
Other Current Assets |
614.852
|
370.749 |
261.389 |
|
|
Loans & Advances |
1251.387
|
1137.818 |
1950.501 |
|
Total
Current Assets |
11347.883
|
9853.137 |
8371.508 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
3281.047
|
2616.609 |
2180.662 |
|
|
Other Current Liabilities |
607.224
|
382.632 |
563.885 |
|
|
Provisions |
1051.212
|
825.526 |
575.371 |
|
Total
Current Liabilities |
4939.483
|
3824.767 |
3319.918 |
|
|
Net Current Assets |
6408.400
|
6028.370 |
5051.590 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
17268.051 |
14653.182 |
12830.750 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales
and Operating Income |
17781.954 |
14489.558 |
11848.918 |
|
|
|
Other Income |
80.376 |
90.023 |
33.604 |
|
|
|
TOTAL |
17862.330 |
14579.581 |
11882.522 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
6007.795 |
4689.707 |
4197.524 |
|
|
|
Employees Remuneration |
2210.415 |
1638.668 |
1329.926 |
|
|
|
Manufacturing Expenses |
4121.122 |
2940.233 |
2729.375 |
|
|
|
Research and
Development Expenses |
1217.743 |
1090.688 |
1058.180 |
|
|
|
TOTAL |
13557.075 |
10359.296 |
9315.005 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4305.255 |
4220.285 |
2567.517 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
581.262 |
544.232 |
373.916 |
|
|
|
|
|
|
|
|
|
Less |
Net Borrowing
Cost |
141.709 |
167.932 |
194.360 |
|
|
|
|
|
|
|
|
|
Less |
Exceptional
Items |
0.000 |
370.889 |
87.595 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3582.284 |
3137.232 |
1911.646 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
673.648 |
1063.555 |
44.391 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2908.636 |
2073.677 |
1867.255 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1781.857 |
860.165 |
838.874 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1530.000 |
560.000 |
1450.000 |
|
|
|
Dividend |
676.891 |
507.668 |
338.445 |
|
|
|
Tax on Dividend |
109.809 |
84.317 |
57.519 |
|
|
BALANCE CARRIED
TO THE B/S |
2373.793 |
1781.857 |
860.165 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
5781.767 |
4420.027 |
3301.691 |
|
|
|
Interest |
0.360 |
0.499 |
2.421 |
|
|
|
Other Income [Product registration dossiers
and others] |
298.483 |
221.929 |
188.161 |
|
|
TOTAL EARNINGS |
6080.610 |
4642.455 |
3492.273 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Packing Material |
1923.947 |
1674.886 |
1452.764 |
|
|
|
Stores & Spares |
63.637 |
58.889 |
57.904 |
|
|
|
Capital Goods |
297.616 |
225.273 |
91.208 |
|
|
TOTAL IMPORTS |
2285.200 |
1959.048 |
1601.876 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
34.38 |
24.51 |
22.07 |
|
QUARTERLY RESULTS
(UNAUDITED)
(Rs. In Millions)
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
Type |
1st Quarter |
2nd
Quarter |
3rd
Quarter |
4th Quarter |
|
Net Sales |
5106.800 |
5079.000 |
5184.000 |
5445.900 |
|
Total Expenditure |
3697.500 |
4031.300 |
4291.800 |
4794.500 |
|
PBIDT (Excl OI) |
1409.300 |
1047.700 |
892.200 |
651.400 |
|
Other Income |
24.200 |
42.200 |
73.800 |
992.500 |
|
Operating Profit |
1433.500 |
1089.900 |
966.000 |
1643.900 |
|
Interest |
35.800 |
39.700 |
6.200 |
93.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
(612.000) |
|
PBDT |
1397.700 |
1050.200 |
959.800 |
938.300 |
|
Depreciation |
146.800 |
162.300 |
162.300 |
167.600 |
|
Profit Before Tax |
1250.900 |
887.900 |
797.500 |
770.700 |
|
Tax |
256.500 |
185.600 |
182.400 |
(30.000) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
994.400 |
702.300 |
615.100 |
800.700 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
994.400 |
702.300 |
615.100 |
800.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
16.28
|
14.22 |
15.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.15
|
21.65 |
16.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.80
|
20.76 |
14.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.36 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.03
|
1.09 |
1.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.30
|
2.57 |
2.52 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info
Agents |
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 |
|
Promoter’s 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 in the business |
Yes |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
No |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
----------- |
|
Litigations that the firm/ Promoters Involved in |
------------ |
|
Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
----------- |
|
Buyer visit details |
----------- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
No |
STANDALONE
OPERATING RESULTS
The sales and operating
income increased to Rs. 17781.900 Millions from Rs. 14489.600 Millions in the
previous year yielding a growth of 22.72%. The operating profit for the year
under review increased to Rs. 4305.200 Millions as against Rs. 4220.300
Millions in the previous year registering a growth of 2.01%. The profits after
tax for the year under review increased to Rs. 2908.600 Millions as against Rs.
2073.700 Millions in the previous year registering a growth of 40.26%. Growth
in the net profit adjusted for the MAT write off as stated above is 11.77%.
SUBSIDIARIES
During the year,
the Company incorporated three wholly owned subsidiaries, one each at
Brief review of
the important subsidiaries is given below:
Heumann Pharma
GmbH and Company Generica KG (Heumann), Heunet Pharma GmbH and Norispharm GmbH
at
Heumann along with
Heunet Pharma GmbH and Norispharm GmbH at Germany posted revenues of Euro 48.15
million (Rs. 2906.500 Millions) for the financial year 2010-11 as compared with
Euro 40.07 million (Rs. 2678.700 Millions) for the previous year, registering a
growth of 8.51% in Rupees. Net profi t for the year was Euro 2.07 million (Rs.
84.000 Millions) as against a net profit of Euro 0.48 million (Rs. 46.300
Millions) for the previous year. During the year, Heumann was successful in
obtaining several tenders announced by the various health insurance funds.
Torrent do Brasil
Ltda. (TdBL),
During the year,
TdBL achieved revenues of Reai 1312.700 million (Rs. 3462.800 Millions), as
compared with Reai 118.04 million (Rs. 3009.700 Millions) in the previous year,
registering a growth of 15.06% in Rupees. TdBL earned a net profit after tax of
Reai 2.90 million (Rs. 78.300 Millions), as compared to a net profit after tax
of Reai 4.84 million (Rs. 183.800 Millions) in the previous year.
ZAO Torrent Pharma
(ZAO TP),
During the year,
ZAO TP achieved revenue of RRU 238.88 million (Rs. 36.020 Millions) as compared
with RRU 195.27 million (Rs. 30.06 Millions) in the previous year, registering
a growth of 19.83% in Rupees. Net profit after tax for the year was at RRU
92.08 million (Rs. 13.050 Millions) as against a net loss after tax of RRU
56.88 million (Rs. 9.09 Millions) for the previous year.
Torrent Pharma
Inc. (TPI),
During the year,
TPI earned revenues of USD 24.47 million (Rs. 1113.600 Millions), as compared
with USD 19.66 million (Rs. 931.000 Millions) in previous year registering a
growth of 19.61% in Rupees. Net profit for the year was at USD 0.30 million
(Rs. 01.200 Millions) as against a net profit of USD 0.21 million (Rs. 1.400
Millions) for the previous year. The Company has 25 ANDA’s approvals, 30
pending approvals and 30 filings under development. Steady flow of product
approvals from this pipeline is expected to sustain growth momentum.
Laboratorios
Torrent S.A. de C.V. (LTSA)
During the year,
LTSA earned revenues of Mexican Peso 69.50 million (Rs. 255.400 Millions) as
compared with Mexican Peso 1.68 million (Rs.6.000 Millions) for the previous
year. Net loss for the year was at Mexican Peso 2 million (Rs. 6.600 Millions)
as against a loss of Mexican Peso 17.23 million (Rs. 62.000 Millions) for the
previous year.
MANAGEMENT DISCUSSION AND ANALYSIS TO THE
SHAREHOLDERS
CAVEAT
Shareholders are
cautioned that certain data and information external to the Company is included
in this section. Though these data and information are based on sources
believed to be reliable, no representation is made on their accuracy or
comprehensiveness. Further, though utmost care has been taken
to ensure that the opinions expressed by
the management herein contain their perceptions on most of
the important trends having a material impact
on the Company's operations, no
representation is made that
the following presents an
exhaustive coverage on and of all issues related to the
same. The opinions expressed by
the management may contain
certain forward-looking
statements in the current
scenario, which is
extremely dynamic and increasingly
fraught with risks and uncertainties. Actual results, performances, achievements or
sequence of events may be materially different from the views expressed herein.
Shareholders are hence cautioned not to place undue reliance on these
statements, and are advised to conduct their
own investigation and analysis of the
information contained or referred
to in this section before taking any action with regard to their own specific objectives. Further, the
discussion following herein reflects the perceptions on major issues as on date
and the opinions expressed here are subject to change without notice. The
Company undertakes no obligation to publicly
update or revise any of
the opinions or
forward-looking statements expressed in this section, consequent to new
information, future events, or otherwise.
PERFORMANCE SNAPSHOT
Torrent is one of
the leading pharmaceutical companies having presence in
During the
financial year 2010-2011, the Company reported revenues of Rs.220.500 millions (excluding
foreign exchange gains of Rs. 220.000
millions), a growth of 17% compared with Rs. 190.400 millions in the previous
financial year.
The break up of Revenues under key segments is
under:
(Rs. in Millions)
Segment 2010-11 2009-10 Growth
Amount Share Amount Share
%
of excise
duty) 8380.000 38% 7260.000 38% 15%
International
Operations
11250.000 51% 9700.000 51% 16%
Contract
Manufacturing
2380.000 11% 2050.000 10% 16%
Others
40.000 0% 20.000 0% 101%
Total
22050.000 100% 19040.000 100% 16%
The
Revenues from International
Operations grew 16% (21% in constant currency terms ) on the back of growth in
Brazil growing at 15% (11% in constant currency terms) and U.S sales growing at
21% (27% in constant currency terms). Generic business in Germany registered a
strong growth of 14% (28% in constant currency terms ) on account of increased
volumes from tenders won during the year inspite of difficult market
environment. Revenues from Rest of the World registered a growth of 12% (17% in
constant currency terms) on the back of healthy growth from the markets of
Srilanka, Africa and
Contract
manufacturing income includes one time license fee and dossier upgradation
income of Rs. 240.000 Millions from multi-product, multi-market out licensing
contracts signed during financial years 2009-10 and 2010-11.
1. INDIAN
PHARMACEUTICAL MARKET
The
Indian market is
witnessing gradual transition from acute diseases to lifestyle diseases and
chronic therapies like Cardiology, Neurology, Psychiatry, and Diabetes. With
current demographic profile and growth prospects of the economy, Indian
Pharmaceutical market could see continuing trend of transition towards chronic
and super specialty therapies, with acute therapies like Anti – Infectives
retaining their market size.
Over the coming
years, patent laws will provide an impetus to the launch of patent protected
products. The market for patented products is likely to be concentrated in
therapeutic segments like Neuro-Psychiatry, Oncology, Anti-Infective,
Gastro-Intestinal, and Cardiovascular. Such products have the potential to
capture 10% of the overall market in the coming years.
However outlook
for generics products looks positive due to several factors. The current
pipeline of the generics products that are either undergoing new process
development or have been recently launched is strong. In addition, domestic
players have the opportunity to develop new combinations and formulations of
the products that are already in the market. Generics players continue to have
a wide range of options for new generics launches from the basket of pre 1995
products.
Currently, the
prices of 75 drugs are controlled as per the mandate issued by the Drug Price
Control Order, 1995 (DPCO).Currently 9% of company’s revenues are from products
covered by DPCO.
Given the above
developments, companies need to focus on brand building and customize marketing
approach to suit different customer segments. Medium term growth would be
driven by therapy expansion, expanding geographical reach and new product
introductions.
2. OPERATING
HIGHLIGHTS
During the year,
the company has expanded its reach in Tier II to VI cities and rural markets
and now it has pan-India presence. In 2011-12, company would consolidate its
operations in these markets.
The company has
further expanded its therapeutic reach into Gynecology segment having a market
size of Rs. 27400.000 Millions growing at 14% (Source: ORG - IMS Mat Mar 11).
The company has already launched 19 products and is planning to expand the
portfolio by another 6 products in 2011-12. With total 25 products in basket,
the company would cater to 46% of the regular obstetrics and gynecology market.
Future plans include entry into infertility market.
3. POSITIONING OF
TORRENT IN INDIAN PHARMACEUTICAL MARKET
Torrent is one of
the significant players in Indian Pharmaceuticals industry maintaining
leadership position in some of the key chronic therapies of Cardiovascular and
Neuro - Psychiatry. The Company is ranked No. 2 in cardiovascular segment and
No. 3 in Neuro – Psychiatry therapies. The graph below sets forth the market
share movement of the Company in the key therapeutic segments of Cardiovascular
and Neuro-Psychiatry over a period of 5 years.
As per ORG IMS data
set for the financial year 2010-11, the Company registered a growth of 16.8%
(previous year 17.2 %) against a market growth of 15.3% (previous year 17.7%).
The Company is ranked 18th by turnover in the domestic market, has 6 brands in
top 300 brands and has 36 brands in leadership positions in their respective
molecule segments.
4. OPPORTUNITIES
AND OUTLOOK
The Indian
pharmaceutical industry is going through structural change with lesser number
of products available for introduction due to patent regime effective from 2005
and increased focus of MNCs in Indian Pharmaceutical Market on account of block
buster products going off patent in developed markets. The business environment
will continue to remain challenging characterized by intense competition,
margin pressures and regulatory interventions. These changes pose many
challenges and opportunities to companies operating in this environment. In
this context, the Company has identified several growth initiatives, part of
which has since been rolled out as detailed below:
Following are the
areas where action has been initiated, the results of which are expected to
flow in the foreseeable future:
- Geographical expansion to cover Tier II
to VI cities
- Increasing sales force to expand doctor
coverage in Metros
- Consolidating recent entry in
Gynecology.
- Accelerate growth through increasing
doctor coverage, product exposure to new medical specialties, increased
product focus, territorial expansion, new product introductions, new
therapeutic areas and building strong sales operations systems.
Further growth
areas are:
- Emerging market segments like organized
buyer groups, pharmacy chains and corporate hospitals.
- Leverage on the strong franchise,
specialized sales force and distribution built in the domestic market by
in-licensing of molecules.
- Product and assets acquisition
opportunities.
- Use of information technology for
efficient customer servicing and improved sales productivity.
B. INTERNATIONAL
FORMULATIONS
Global
Pharmaceutical market grew 4-5% in 2010 to US$ 880 billion and is expected to
grow at 5% to 7% in 2011. Global Generic pharmaceutical market is valued at
approximately US$ 108 billion in 2009 and is expected to reach US$ 130 billion
by 2014 with a CAGR of 9%. At present, U.S is the largest generic market with
market share of 28% followed by EU 15% and
Global generics
market continues to present a positive outlook and growth opportunities based
on i) increasing health cost burden in developed economies compelling
governments to encourage genericisation ii) approximately US$ 156 billion drugs
to lose patent protections between 2010 to 2019 iii) rising income levels and
improving healthcare coverage in the emerging economies to provide signifi cant
growth opportunities. Much of the rise in global pharmaceutical market will
come from pharmerging markets, where sales are forecasted to grow at 13%-16%
over the period of next 5 years. Growth in emerging markets is driven by
increasing domestic consumptions on the back of high economic growth,
strengthening of healthcare infrastructure and greater healthcare awareness.
Emerging markets like Latin America, Eastern European countries,
International
generic opportunity continues to be a growth engine for the company. The
Company is well positioned to capitalize on these growth opportunities with
strong development pipeline, low R and D and manufacturing costs and sound
marketing reach and capabilities built over a period of time. Blockbuster drugs
going off patent continue to offer significant opportunity.
1. BRAZILIAN
BRANDED FORMULATION
Brazilian Pharmaceutical
market is the largest market in
Torrent is one of
the leading Indian branded generic players in Brazilian market covering a
market of US$ 1.50 billion (Source: IMS) enjoying a market share of 6.80% in
the covered market. During the year, the
2. US
The
The Company has
started to realize the benefits of its investments in the
3.
German
pharmaceutical market is the largest generic market in Europe with generic
market size of US$ 6 billion de-growing by 2.1% on account of government
reforms on pricing and on reimbursement. The pharmaceutical market is expected
to grow at low CAGR between 2011 to 2016.
Revenues from
their
15 new products
are proposed to be launched in the coming year. Heumann growth plans include
filling portfolio gaps in the existing therapies and expanding into new therapy
areas. Focus of the Company is to successfully service the increased demand
from the tender business, garner incremental share in the market by
aggressively bidding for upcoming tenders and launch of new products.
4. OTHER MARKETS
Dossier
outlisensing and product supply business (
5. OPPORTUNITIES
AND OUTLOOK
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF :
|
Particulars |
Rs.
in million 31.03.2011 |
Rs. in million 31.03.2010 |
|
(a) Claims against the Group not acknowledged as debts |
|
|
|
Disputed Demand of Income Tax for which appeals have been preferred |
15.317 |
22.766 |
|
Disputed |
39.098 |
28.754 |
|
Disputed Legal cases for supply of goods and services |
0.178 |
12.290 |
|
Disputed Demand of Excise and Service tax |
7.216 |
3.031 |
|
Disputed Demand of Local Sales Tax and C.S.T |
6.532 |
7.056 |
|
Disputed cases at |
9.267 |
6.236 |
|
(b) The Company has
issued guarantee aggregating Rs. 20.000 Millions (previous year Nil) for
borrowing a demand loan at “Torrent Pharma Employee Welfare Trust”. The
outstanding amount of liabilities by the said trust as on balance sheet date,
is |
16.250 |
-- |
FIXED ASSETS:
- Buildings
- Plant and Machineries
- Electrical Installations
- Furniture and Fixtures
- Office and Factory Appliances
- Vehicles
- Computer Software
STATEMENT OF
STANDALONE AUDITED RESULTS FOR THE QUARTER AND YEAR ENDED
31-MARCH-2012
Rs. in Millions
|
SL. NO. |
PARTICULARS |
QUARTER ENDED |
YEAR ENDED |
|
|
|
|
31.03.2012 |
31.12.2011 |
31.03.2012 |
|
1. |
Income
from Operations |
|
|
|
|
|
Net Sales (Net of excise duty) |
5265.700 |
5006.900 |
19866.900 |
|
|
Other Operating Income |
180.200 |
177.100 |
893.500 |
|
|
Total income from operations (net) |
5445.900 |
5184.000 |
20760.400 |
|
2 |
Expenses |
|
|
|
|
a) |
Cost of materials consumed |
1474.900 |
1503.600 |
5901.700 |
|
b) |
Purchases of stock- in -Trade |
832.900 |
703.200 |
2521.000 |
|
c) |
Changes in inventories of finished goods, work-in progress and stock-in
trade |
51.500 |
(189.500) |
(359.600) |
|
d) |
Employee benefits expense |
786.800 |
769.200 |
3090.500 |
|
e) |
Depreciation and amortisation expense |
167.600 |
162.300 |
639.000 |
|
h) |
Other Expenses |
1648.400 |
1442.600 |
5602.900 |
|
|
Total Expenses |
4962.100 |
4391.400 |
17395.500 |
|
3 |
Profit from Operations before Other Income,
finance costs and Exceptional Items (1-2) |
483.800 |
792.600 |
3364.900 |
|
4 |
Other income |
992.500 |
108.200 |
1351.900 |
|
5 |
Profit from ordinary activities before
finance costs and Exceptional Items (3 - 4) |
1476.300 |
900.800 |
4716.800 |
|
6 |
Interest |
93.600 |
103.300 |
397.800 |
|
7 |
Profit from ordinary activities after
finance costs but before Exceptional Items (5 - 6) |
1382.700 |
797.500 |
4319.000 |
|
8 |
Exceptional Items |
612.000 |
-- |
612.000 |
|
9 |
Profit from ordinary activities before tax
(7 - 8) |
770.700 |
797.500 |
3707.000 |
|
10 |
Tax expenses |
(30.000) |
182.400 |
594.500 |
|
11 |
Net Profit for the period (9 - 10) |
800.700 |
615.100 |
3112.500 |
|
16 |
Paid-up Equity Share Capital
(Face Value per Share (Rs.) |
4231 |
4231 |
4231 |
|
17 |
Reserves excluding revaluation
reserves |
-- |
-- |
126218 |
|
18 |
Earnings per Share Basic and Diluted
(not annualised) (Rs.) |
|
|
|
|
|
Basic |
9.46 |
7.27 |
36.79 |
|
|
Diluted |
9.46 |
7.27 |
36.79 |
|
19 |
Public shareholding |
|
|
|
|
|
No. of Shares |
24109500 |
24109500 |
24109500 |
|
|
Percentage of shareholding |
28.49% |
28.49% |
28.49% |
|
|
Promoters and promoter group
Shareholding a) Pledged/Encumbered |
|
|
|
|
|
-No. of Shares |
NIL |
NIL |
NIL |
|
|
-Percentage of shares (as a %
of the total |
NIL |
NIL |
NIL |
|
|
shareholding of promoter and
promoter group) |
|
|
|
|
|
-Percentage of shares (as a %
of the total share |
NIL |
NIL |
NIL |
|
|
capital of the company) |
|
|
|
|
|
b) Non-Encumbered |
|
|
|
|
|
-No. of Shares |
60501860 |
60501860 |
60501860 |
|
|
-Percentage of shares (as a %
of the total |
100% |
100% |
100% |
|
|
shareholding of promoter and
promoter group) |
|
|
|
|
|
-Percentage of shares (as a %
of the total share |
71.51% |
71.51% |
71.51% |
|
|
capital of the company) |
|
|
|
Notes:
1. The above results
were reviewed by the Audit Committee and approved by the Board of Directors, in
their respective meetings held on 18-May-2012. There is no qualification in the
Auditors Report on this statement of financial results.
2. The Company
operates solitary business segment viz. pharmaceuticals, comprising mainly
manufacture of branded formulations. A further breakdown of pharmaceutical
sales is given below.
Rs.
in Millions
|
Particulars |
Quarter ended |
Year ended |
||
|
31.03.2012 |
Growth % |
31.03.2012 |
Growth % |
|
|
(A) Sales in |
|
|
|
|
|
Branded sales |
2015.800 |
11% |
9167.000 |
9% |
|
Contract manufacture |
653.700 |
21% |
2427.100 |
13% |
|
Others |
84.700 |
-- |
147.200 |
-- |
|
Total sales in India |
2754.200 |
16% |
11741.300 |
11% |
|
(B) Sales outside |
2524.700 |
71% |
8173.600 |
31% |
|
Total sales (A+B) |
5278.900 |
37% |
19914.900 |
18% |
|
Less: Excise duty |
13.200 |
-- |
48.000 |
-- |
|
Net sales |
5265.700 |
37% |
19866.900 |
18% |
3. Other income
for the current quarter and year end, includes Rs 764.800 Millions (previous
quarter and year ended Rs. NIL) as share of profit from partnership firm
Torrent Pharma (
4. With effect
from 01-Apr-2011, the Company has adopted Accounting Standard 30 (AS30)
“Financial Instruments: Recognition and Measurement” with respect to accounting
for derivatives, to the extent adoption does not conflict with existing
mandatory accounting standards and other authoritative pronouncements, Company Law
and other regulatory requirements. This adoption has resulted in change in
accounting policy followed by the Company in respect of derivatives. As per
requirement of the transitional provisions in AS 30, Rs 12.900 Millions, being
the difference between the carrying value and fair value of the derivatives, as
on 01-Apr-2011 has been credited to the General Reserve Account. Further,
consequent to this, for the current quarter, net foreign exchange loss is
higher by Rs. 428.700 Millions and net profit is lower by Rs. 344.300 Millions
and for the year ended on 31-Mar-2012, net foreign exchange loss is lower by
Rs. 166.200 Millions and net profit is higher by Rs. 132.900 Millions.
5. Hitherto, the
Company has been accounting for sales returns as and when the returns are
physically received at the Company's premises. During the quarter, the Company
has effected a change in method of estimating sales returns. A detailed
exercise was done to estimate future sales returns on all sales effected till
31-Mar-2012. This has resulted into a one-time charge of Rs. 612.000 Millions
which has been shown under Exceptional item during the current quarter and the
year ended 31-Mar-2012.
6. During the
current quarter, the Company made additional investment of Rs. 175.200 Millions,
in equity shares of GPC Cayman Investor I Limited,
7. The Board of
Directors have proposed final & special dividend of Rs. 2.50 per equity
share, in addition to interim dividend of Rs 6.00 per equity share making the
total dividend for the year 2011-12 as Rs. 8.50 (previous year Rs. 8.00) per
equity share of Rs. 5.00 each fully paid up. The aggregate amount of equity
dividend proposed to be distributed is Rs. 245.800 Millions including tax on
distributed profits of Rs. 34.300 Millions.
STANDALONE
STATEMENT AUDITED OF ASSETS AND
LIABILITIES AS ON 31 MARCH 2012
Rs. in Millions
|
Particulars |
As on 31.03.2012
|
|
EQUITY AND LIABILITIES |
|
|
SHAREHOLDERS FUNDS |
|
|
1] Share Capital |
423.100 |
|
2] Reserves & Surplus |
12621.800 |
|
Sub-total Shareholders' funds |
13044.900 |
|
Non-current
liabilities |
|
|
Long-term borrowings |
3220.600 |
|
Deferred tax liabilities (Net) |
631.700 |
|
Other long term liabilities |
4.500 |
|
Long term provisions |
596.500 |
|
Sub-total Non Current liabilities |
4453.300 |
|
Current Liabilities |
|
|
Short-term borrowings |
1381.200 |
|
Trade payables |
3734.000 |
|
Other current liabilities |
2573.700 |
|
Short-term provisions |
596.700 |
|
Sub-total Current liabilities |
8285.600 |
|
TOTAL - EQUITY AND LIABILITIES |
25783.800 |
|
|
|
|
ASSETS |
|
|
Non Current Assets |
|
|
Fixed Assets |
6631.700 |
|
Non-current investments |
3913.000 |
|
Long-term loans and advances |
536.700 |
|
Other non-current assets |
462.500 |
|
Sub-total Non
Current assets |
11543.900 |
|
Current assets |
|
|
Current investments |
865.200 |
|
Inventories |
3931.200 |
|
Trade receivables |
4096.200 |
|
Cash and Bank Balance |
3666.900 |
|
Short term loans and advances |
629.600 |
|
Other current assets |
1050.800 |
|
Sub-total
Current assets |
14239.900 |
|
TOTAL ASSETS |
25783.800 |
9. The figures for
the comparative periods have been regrouped, wherever necessary, to make them
comparable with the figures for the current period.
10. The company
has also prepared and published consolidated financial results for the quarter
and year ended 31-Mar-2012.
AS PER WEB DETAILS
PROFILE
These words sum up the efforts of the Torrent group, which integrates
people, processes and potential towards the betterment of mankind.
It all began with the toil of one enterprising individual, Shri. U
The foundations for Torrent were laid when 'Trinity Laboratories' began
operations under the able guidance of Shri Mehta whose efforts are worthy of
emulation.
'Trinity' was renamed 'Torrent' and with this not only did the company
get a new name, it also focused on establishing its own manufacturing
facilities in the early 80s. Torrent augmented its efforts with the expansion
of its manufacturing capacity, emphasis on marketing and creating business
opportunities through focus on exports. Torrent Pharmaceuticals Limited
recorded a quantum leap in the year 1994. It has also been rated
In recognition of the consistent performance Torrent Pharmaceuticals
Limited has been receiving accolades from various quarters, such as the
President's award for highest pharmaceuticals exports of Rs. 1570 million in
1991-92. The Company that had a humble beginning has now grown to become one of
the leading players in pharmaceuticals.
It has ambitious plans for the years ahead. The emphasis is on Post-2005
opportunities with greater focus on the international market, in particular the
lucrative North American market.
CORPORATE PROFILE
The flagship company of Torrent group, Torrent Pharmaceuticals Limited,
is a dominant player in the therapeutic areas of cardiovascular (CV) and
central nervous system (CNS) and has achieved significant presence in
gastro-intestinal, diabetology, anti-infective and pain management segments.
To cater to new niche segments and sharpen its focus among customers,
Torrent Pharma has six marketing divisions, each catering to defined
therapeutic segment. A 2300 strong field force caters to around 2,00,000
doctors across the country, which makes it rank fifth in terms of market reach.
Torrent Pharma’s competitive advantage as a manufacturer stems from its
world-class manufacturing facilities. Its manufacturing facilities at Indrad,
With a view to cater to its growth requirements, Torrent Pharma
commissioned a new formulations manufacturing facility at Baddi, Himachal
Pradesh, in November 2005. The facility has a capacity to manufacture 3600
million tablets, 400 million capsules and 18 million Oral Liquid bottles, per
annum and would cater to the domestic formulations requirement.
Torrent has a modern and well-equipped state-of-the-art R and D Centre,
built with an investment of US $ 40 million. It is manned by more than 525
highly qualified scientists, with a combined experience of over 2500 scientific
man-years in Drug Discovery and Development. Torrent Pharma has earmarked 9% of
sales year-after-year for RandD advancement.
In the International operations arena, Torrent Pharma exports to more
than 50 countries around the world with over 1000 product registrations. The
international business has been broadly divided into five zones-
Torrent Pharma is now gearing up to enter the advanced highly regulated
international markets. Torrent Pharma has incorporated Zao Torrent Pharma in
BOARD OF DIRECTORS :
Born in the year 1954, Mr. Sudhir Mehta obtained his Bachelors' Degree
in 1974. Soon after he took a plunge into the business arena to assist his father,
the legendary U
As Chairman, Torrent Group, Sudhir Mehta has taken calculated risks that
have, time and again, borne rewards for the Group. His other directorships
include Torrent Private Limited, Torrent Power Limited, Arvind Mills Limited,
Torrent Power Grid Limited, Torrent Pipavav Generation Limited, and Torrent
Energy Limited
Born in the year 1946, Mr. Markand Bhatt, a PGDM from Indian Institute
of Management, Ahmedabad, after a brief professional career with reputed organizations,
practised as a Management Consultant for over two decades and was associated
with various premier government organizations and private groups such as
Torrent, Nirma, Raymond Woollen Mills, etc. What started as a client-consultant
relationship with Torrent Group, culminated in his being associated full time
with the Group from the early nineties.
As Managing Director of Gujarat Torrent Energy Corporation Limited
(GTEC), Mr. Bhatt was instrumental in the successful implementation of the 655
MW dual fuel Combined Cycle Power Project, within budgeted costs and estimated
time frames at a cost of Rs.22470.000 Millions. GTEC was divested in 1999 for
strategic reasons under his leadership. Mr. Bhatt, who became the Group Chief
Executive Officer of the Torrent Group in 1999, was actively involved in the
consolidation phase (1999-2003) of the Torrent Group.
His other directorships include Torrent Power Limited, Torrent Pipavav
Generation Limited, and Torrent Energy Limited
Born in the year 1943, Mr. S.H. Bhojani obtained his Bachelors Degree in
Science (B.Sc.) and Masters Degree in Law (L.L.M.) with specialization in
International Law, Company Law, Labour Law and Banking Law. He has been
associated with the Company since 2001. Mr. Bhojani started his career in 1969
with Bharat Bijli Limited as an Assistant Company Secretary. Over the last 3
decades, he has worked with renowned companies like Bombay Suburban Electric
Supply Limited, now Reliance Energy Limited, Crompton Greaves Limited and
finally with ICICI Limited, now ICICI Bank Limited His innings with ICICI
spanned 28 years, starting as a legal officer and eventually rising to the rank
of Deputy Managing Director. He has the distinction of being the first ever
legal professional to become a director on the Board of any bank or financial
institution. He retired from ICICI in April 2001 and is presently practicing as
partner in the renowned legal firm M/s Amarchand and Mangaldas and Suresh A
Shroff and Company
His other directorships include National Commodity and Derivatives Exchange Limited, and National Collateral Management Services Limited
Born in the year 1946, Dr. Prasanna Chandra is an MBA and Ph.D. a
Doctorate in Finance, with over three and half decades of teaching and training
experience at various institutions in
Mr. Shailesh Haribhakti :
Born in the year 1956, Mr. Shailesh Haribhakti, is a fellow Chartered Accountant
and the Chairman of BDO Consulting Private Limited, which is the Indian Member
Firm of the world's fifth largest accountancy network, BDO International.
During a career span of more than three decades, he has successfully led many
complex engagements involving business consulting across various geographies
and industries. His prior experiences include stints with Arthur Young and Co.,
Chicago and consulting assignments with Polish Business Advisory Services, an
affiliate of International Finance Corporation (Washington. He strongly
believes in the virtues of Corporate Social Responsibility, Governance and
promoting a greener environment. He actively promotes these causes through
forums like ASSOCHAM, CII and the Indian Merchants’ Chamber.
His other Directorship includes Pantaloon Retail (India) Limited, Future
Capital Holdings Limited, Hexaware Technologies Limited, Ackruti City Limited,
ACC Limited, Ambuja Cements Limited, Mahindra Lifespace Developers Limited,
Blue Star Limited, The Dhanalakshmi Bank Limited, JK Paper Limited, Everest
Kanto Cylinder Limited, Raymond Limited, Future Value Retail Limited and L and
T Finance Holdings Limited.
Mr Haigreve Khaitan
Mr. Haigreve Khaitan is a Corporate and Commercial lawyer and a Senior
Partner of Khaitan and Co. Mr. Khaitan heads Khaitan and Company’s Mergers and
Acquisitions (MandA) practice. Mr. Khaitan joined Khaitan and Company in the
year 1988. He spent considerable years of his initial practice in representing
clients on litigation matters, and thereafter, he went on represent many
clients on project finance and real estate transactions. Mr. Khaitan presently
focuses his practice on M&A, Private Equity, Venture Capital, Corporate
Restructuring, and advises various Indian and international clients on other
strategic transactions. Mr. Khaitan comes highly recommended by world’s leading
law chambers / legal accreditation bodies as one of the leading lawyers in
Mr. Khaitan has been involved in some of the most high profile and
complex transactions in
1) Advised
iGATE Corporation on acquisition of Patni Computer SystemsLimited, having deal
size of approx USD 1.25 billion;
2) Advised
Vedanta Resources plc in acquisition of controlling stake of Sesa Goa, having a
deal size of USD 1.37 billion; and
3) Advised
Hutchinson Telecommunications lnternational Limited in sale of stake in Hutch –
Essar to Vodafone, plc, having a deal size of USD 11.1 billion.
Mr. Khaitan is on the board of directors of various other Indian companies,
including Jindal Steel and Power Limited, JSW Ispat Steel Limited, Sterlite
Technologies Limited, Bajaj Corp Limited, Ceat Limited, Inox Leisure Limited,
Harrisons Malayalam Limited, The Oudh Sugar Mills Limited, Xpro India Limited,
Rama Newsprint and Papers Limited, National Engineering Industries Limited,
Great Eastern Energy Corporation Limited, Orient Cement Limited and AVTEC
Limited.
Born in the year 1954, Mr. Sanjay Lalbhai holds a Bachelors' degree in
science from
His other directorships include Arvind Mills Limited, Arvind
Spinning Limited, Mauritius, Amol Dicalite Limited, Arvind Worldwide Inc.,
Born in the year 1960, Dr. Leena Srivastava holds a Ph. D. in Energy
Economics from the Indian Institute of Science in
Dr. Srivastava is also member of Technical Group of the UN Secretary-General’s
High Level Group on Sustainable Energy for All, International Advisory Panel,
Global Carbon Capture and Storage (CCS) Institute, ESMAP Expert Panel on
Sustainable Energy Supply, Poverty Reduction and Climate Change, International
Public Policy Advisory Board (IPPAB), The Coca Cola Company, International
Advisory Board of Wuppertal Institute, Foresight Advisory Council of Suez
Environment, Council of Advisors for Fraunhofer India, Caterpillar's
Sustainable Development Advisory Board, Senior Advisory Group of Cement
Sustainability Initiative of WBCSD and Energy Advisory Board of World Economic
Forum. She is also amongst the Board of Directors at Meridian Institute and in
the Governing Board of the Stockholm Resilience Centre. Previously, she was
member of the Advisory Group on Energy and Climate of the UN Secretary General,
Expert Committee to formulate
Born in the year 1950, Dr. Chaitanya Dutt holds an MD in Medicine. He
practiced as a consulting physician before joining the company in 1982. Since
then he has been associated with the Company. His rich experience spans areas
of Pharma R and D, clinical research, manufacturing, quality assurance, etc. He
is one of the key professionals in the top management team of the Company. He
has been instrumental in setting up the Torrent Research Centre (TRC), the
research wing of the Company. Under his prudent guidance and leadership, TRC
has achieved tremendous progress in the areas of discovery research as well as
development work on formulations.
Mr. Samir Mehta - Executive Vice Chairman:
Born in the year 1963, Mr. Samir Mehta, a commerce graduate, holds an
MBA degree from the
His other directorships include Torrent Private Limited, Torrent Power
Limited, Torrent Pipavav Generations Limited, and Torrent Energy Limited
Press Releases
TORRENT PHARMA 44% GROWTH IN OPERATING PROFIT IN Q4 FY12; DECLARES
DIVIDEND OF RS 2.50 P.S.
May 18th, 2012
Ahmedabad-based Torrent Pharmaceuticals Limited, today released its financial results for the fourth quarter ended 31st March, 2012. The Q4 revenues stood at Rs. 6740.000 Millions, up by 32% from Rs. 5110.000 Millions in the comparable quarter of last year. The company declared a final dividend of Rs 2.50 per share taking the total dividend for the year to Rs 8.50 per share.
During Q4, domestic formulation business recorded revenues
of Rs. 2000.000 Millions, growing by 10% with a relatively low performance in
the acute therapy segment. International revenues grew by 47% to Rs. 3940.000
Millions supported by healthy growth in
Exceptional item during the quarter of Rs. 650.000 Millions represents provision for estimated future sales returns from the market. During the quarter the Company has effected a change in method of estimating the provisioning requirement of sales returns resulting into a onetime provision. As per trade practice, the Company accepts sales returns which are primarily on account of goods whose shelf life have expired or about to expire.
For FY 11-12, the revenues increased by 23% to Rs. 26960.000 Millions compared with Rs. 21980.000 Millions for the corresponding period last year. For FY 11-12, the PBDIT grew by 29% to Rs. 5010.000 Millions while the Net Profit before exceptional items, grew by 25% to Rs. 3380.000 Millions.
Investments in product development are being made to support
the build-up of the
About Torrent Pharma: Torrent Pharma, with an annual turnover
of over Rs. 2,6500.000 Millions is the flagship company of the Torrent Group.
With many of its products ranking among the Top 200 brands, Torrent continues
to be at the forefront of the Indian pharmaceutical industry through research,
innovation and breakthrough discoveries in the therapeutics areas of
Diabetology, Cardiovascular, Central Nervous System, Gastro-Intestinal,
Anti-infective, Pain management and Gynecology. Its
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. 56.31 |
|
|
1 |
Rs. 88.06 |
|
Euro |
1 |
Rs. 70.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
ACH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
78 |
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.