1. Summary Information
|
|
|
Country |
INDIA |
|
Company Name |
PARENTERAL DRUGS (INDIA) LIMITED |
Principal Name 1 |
MR. MANOHARLAL GUPTA |
|
Status |
MODERATE |
Principal Name 2 |
MR. VINOD KUMAR GUPTA |
|
|
|
Registration # |
11-126481 |
|
Street Address |
340, LAXMI PLAZA, LAXMI INDUSTRIAL ESTATE, NEW LINK ROAD, ANDHERI
(WEST), MUMBAI – 400 053, MAHARASHTRA |
||
|
Established Date |
13.12.1983 |
SIC Code |
-- |
|
Telephone# |
91-22-66943547 |
Business Style 1 |
MANUFACTURER |
|
Fax # |
91-22-26333763 |
Business Style 2 |
EXPORTER |
|
Homepage |
http://www.pdindia.com |
Product Name 1 |
PHARMACEUTICAL PRODUCTS |
|
# of employees |
1800 (APPROXIMATELY) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.323,289,000/- |
Product Name 3 |
-- |
|
Shareholders |
PROMOTER AND PROMOTER GROUP – 69.29% PUBLIC SHAREHOLDING – 30.71% |
Banking |
STATE BANK OF INDIA |
|
Public Limited Corp. |
YES |
Business Period |
30 YEARS |
|
IPO |
YES |
International Ins. |
-- |
|
Public |
YES |
Rating |
B (36) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
SUBSIDIARIES |
-- |
PARENTERAL
BIOTECH LIMITED |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,142,162,000
|
Current Liabilities |
626,674,000
|
|
Inventories |
536,388,000
|
Long-term Liabilities |
2,704,840,000 |
|
Fixed Assets |
3,382,517,000 |
Other Liabilities |
238,977,000
|
|
Deferred Assets |
0,000 |
Total Liabilities |
3,570,491,000 |
|
Invest& other Assets |
1,396,835,000 |
Retained Earnings |
2,281,855,000 |
|
|
|
Net Worth |
2,887,411,000 |
|
Total Assets |
6,457,902,000 |
Total Liab. & Equity |
6,457,902,000 |
|
Total Assets (Previous Year) |
6,498,152,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
2,225,608,000 |
Net Profit |
(478,160,000) |
|
Sales(Previous yr) |
3,807,134,000 |
Net Profit(Prev.yr) |
87,150,000 |
MIRA
INFORM REPORT
|
Report Date : |
20.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
PARENTERAL DRUGS ( |
|
|
|
|
Registered
Office : |
340, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri
(West), Mumbai – 400 053, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
13.12.1983 |
|
|
|
|
Com. Reg. No.: |
11-126481 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.323.289
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1983PLC126481 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP19676G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP2820L |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Pharmaceutical Products like Intravenous
Transfusions, Tablets Capsules and Water for Injections. |
|
|
|
|
No. of Employees
: |
1800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 11550000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
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Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a moderate track record, There
appears drastic fall in sales turnover and incurred huge loss during
2011-2012. However, networth appears to be strong. Trade relations are reported
to be fair. Business is active. Payments are reported to be slow but correct.
The company can be considered for business dealings with some caution.
|
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: B |
|
Rating Explanation |
Having high risk of default regarding timely servicing of financial
obligation. |
|
Date |
June, 2012 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Ravi Chauhan |
|
Designation : |
Export Department |
|
Contact No.: |
91-731-4092000 |
|
Date : |
17.04.2013 |
LOCATIONS
|
Registered Office : |
340, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri
(West), Mumbai – 400 053, Maharashtra, India |
|
Tel. No.: |
91-22-66943547/ 26304940/ 42762888 |
|
Fax No.: |
91-22-26333763 |
|
E-Mail : |
|
|
Website : |
http://www.pdindia.com
|
|
Location : |
Owned |
|
|
|
|
Corporate Office and Investors Grievances Centre : |
Shree Ganesh Chambers, A.B. Road , Navlakha Crossing, Indore – 452 001
Madhya Pradesh, India |
|
Tel. No.: |
91-731-4092000/ 2401108 |
|
Fax No.: |
91-731-2401052/ 2401307 |
|
|
|
|
Plants (Manufacturing Location) : |
·
Village Asrawad, Post Dudhia, Nemawar Road,
Indore – 452 016, Madhya Pradesh, India Tel No.: 91-731-3917834 ·
Village Sura, Post Suranussi, Jalandhar – 144
027, Punjab, India ·
Village Bhud, Tehsil Nalagarh, District Solan –
173 205, Himachal Pradesh, India ·
Honda Industrial Estate, Plot No. 1, Phase III
Sattari – 403 530, Goa, India |
|
|
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Overseas Factory 1 : |
Old |
|
|
|
|
Overseas Factory 2 : |
ARNA Industrial Estate, Kapchagai, Republic of Kazakhstan |
|
|
|
|
Overseas Factory 3 : |
Located at: ·
Nairobi |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Manoharlal Gupta |
|
Designation : |
Chairman cum Managing Director |
|
|
|
|
Name : |
Mr. Vinod Kumar Gupta |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Govind Das Garg |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Anil Mittal |
|
Designation : |
Whole Time Director and Chief Executive |
|
|
|
|
Name : |
Mr. Satish Chandra Consul |
|
Designation : |
Non Executive – Independent Director |
|
|
|
|
Name : |
Mr. Dharam Pal Khanna |
|
Designation : |
Non Executive – Independent Director |
|
|
|
|
Name : |
Mr. Dilip Kumar Panchaity |
|
Designation : |
Non Executive – Independent Director |
|
|
|
|
Name : |
Mr. Dilip Kumar Sinha |
|
Designation : |
Non Executive – Independent Director |
KEY EXECUTIVES
|
Name : |
Ms. Archna Agar |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
Name : |
Mr. Ravi Chauhan |
|
Designation : |
Export Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
17921907 |
69.29 |
|
|
17921907 |
69.29 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
17921907 |
69.29 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
7998 |
0.03 |
|
|
1332 |
0.01 |
|
|
450258 |
1.74 |
|
|
459588 |
1.78 |
|
|
|
|
|
|
3060857 |
11.83 |
|
|
|
|
|
|
1459202 |
5.64 |
|
|
2872383 |
11.10 |
|
|
92894 |
0.36 |
|
|
26439 |
0.10 |
|
|
59190 |
0.23 |
|
|
2200 |
0.01 |
|
|
5065 |
0.02 |
|
|
7485336 |
28.94 |
|
Total Public shareholding (B) |
7944924 |
30.71 |
|
Total (A)+(B) |
25866831 |
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) |
25866831 |
0.00 |
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%20LIMITED%20-%20217771%2020-Apr-2013_files/image004.gif){kind=small}
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Pharmaceutical Products like Intravenous Transfusions,
Tablets Capsules and Water for Injections. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
Iraq ·
Kenya ·
Mauritius ·
Sri Lanka ·
Nepal ·
Kazakhstan |
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Terms : |
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Selling : |
Cash, Credit and Cheque |
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Purchasing : |
Cash, Credit and Cheque |
PRODUCTION STATUS (AS ON 31.03.2011)
(Units in Lacs)
|
Particulars |
Licensed
Capacity (p.a.) |
Installed
Capacity (p.a.) |
Actual
Production |
|
I.V. Section |
|
|
|
|
Large Volume |
2700.00 |
2700.00 |
1876.81* |
|
Tablet Section |
|
|
|
|
Tablets and Capsules |
14250.00 |
14250.00 |
3536.44** |
|
Opthalmics
Section |
|
|
|
|
Ampoules |
4500.00 |
4500.00 |
2618.82 |
|
Injections |
1080.00 |
1080.00 |
284.97** |
* It includes
103.84 lacs bottle manufactured on job work.
** Tablets includes
Trading Purchase for 534.07 lacs nos. and Injections includes Trading Purchase
for 64.47 lacs nos.
GENERAL INFORMATION
|
No. of Employees : |
1800 (Approximately) |
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Bankers : |
·
State Bank of India, Near GPO, Indore, Madhya Pradesh,
India (Contact No.: 91-731-4298501) ·
Punjab National Bank, Chandigarh, India ·
HDFC Bank Limited |
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Facilities : |
Notes: Long Term Borrowings A. Nature of security is as under:- i. Term Loans of
Rs.1116.075 millions are secured by first pari passu charge on entire fixed assets
of the Company and second pari passu charge on entire current assets of the
Company and first pari passu charge by way of equitable mortgage of property
belonging to Diamond Crystal Private Limited situated at Nemawar Road, Indore
and first exclusive charge by way of pledge of 666666 equity shares of PDIL
held by Rajratan Exports Private Limited and first exclusive charge by way of
pledge of fixed deposit and equitable mortgage of office property belonging
to Parenteral Medicine Limited situated at Andheri (West), Mumbai and
personal guarantee of two Managing Directors, two director, Smt. Alpana
Gupta, HUF of three directors, Diamond Crystal Private Limited, Rajratan
Exports Private Limited. ii. Term Loans
of Rs.13.409 millions are secured by first pari passu charge on entire fixed
assets of the Company and second pari passu charge on entire current assets
of the Company and first pari passu charge by way of equitable mortgage of
property belonging to Diamond Crystal Private Limited situated at Nemawar
Road, Indore and equitable mortgage of office property belonging to
Parenteral Medicine Limited situated at Andheri (West), Mumbai and personal
guarantee of two Managing Directors, one director, Smt. Alpana Gupta, HUF of
three directors, Diamond Crystal Private Limited, Rajratan Exports Private
Limited. iii. Corporate
Loans of Rs.279.826 millions are secured by first pari passu charge on entire
fixed assets of the Company and second pari passu charge on entire current
assets of the Company and first pari passu charge by way of equitable mortage
of property belonging to Diamond Crystal Private Limited situated at Nemawar
Road, Indore and first exclusive charge by way of pledge of 2666666 equity
shares of PDIL held by Rajratan Exports Private Limited and first exclusive
charge by way of pledge of fixed deposit and equitable mortgage of office
property belonging to Parenteral Medicine Limited situated at Andheri (West),
Mumbai and personal guarantee of two Managing Directors, two director, Smt.
Alpana Gupta, HUF of three directors, Diamond Crystal Private Limited,
Rajratan Exports Private Limited. iv. Vehicle Loan of Rs.1.462 millions are secured by hypothecation of
bus. B. Term Loan
includes Rs.20.912 millions as interest due. Corporate Loan
includes Rs.6.517 millions as interest due. Vehicle Loan includes amount of Rs.0.165 million unmatured interest. C. Term Loan Installment of Rs.1.150 millions
which is due in March'12 is paid on 20th April, 2012 Term Loan Installment of Rs.1.250 millions which is due in March'12 is
paid on 4th May, 2012
Short Term Borrowings A Nature of
Security is as under:- a. Working
Capital Loans of Rs.856.326 millions are secured by first pari passu charge
on entire current assets of the Company and second pari passu charge on
entire fixed assets of the Company and first pari passu charge by way of
equitable mortage of property belonging to Diamond Crystal Private Limited
situated at Nemawar Road, Indore and first exclusive charge by way of pledge
of 666666 equity shares of PDIL held by Rajratan Exports Private Limited and
first exclusive charge by way of pledge of fixed deposit and equitable
mortgage of office property belonging to Parenteral Medicine Limited situated
at Andheri (West), Mumbai and personal guarantee of two Managing Directors,
two director, Smt. Alpana Gupta, HUF of three directors, Diamond Crystal
Private Limited, Rajratan Exports Private Limited. b. Working
Capital Loans of Rs.353.328 millions are secured by first pari passu charge
on entire current assets of the Company and second pari passu charge on
entire fixed assets of the Company and first pari passu charge by way of equitable
mortgage of property belonging to Diamond Crystal Private Limited situated at
Nemawar Road, Indore and equitable mortgage of office property belonging to
Parenteral Medicine Limited situated at Andheri (West), Mumbai and personal
guarantee of two Managing Directors, one Director, Smt. Alpana Gupta, HUF of
three directors, Diamond Crystal Private Limited, Rajratan Exports Private
Limited. B. Working Capital Loan include amount of Rs.0.673 million as interest
due.
|
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Banking
Relations : |
-- |
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|
Auditors : |
|
|
Name : |
T.N. Unni and Company Chartered Accountants |
|
Address : |
402, Alankar Point, Geeta Bhawan Square, Indore – 452 001, Madhya
Pradesh, India |
|
|
|
|
Subsidiaries : |
·
Parenteral Biotech Limited ·
Abhay Drugs Limited ·
Parenteral Impex Limited ·
Anjaney Pharmaceuticals Limited ·
Parentech Healthcare Limited ·
Parenteral Surgical Limited ·
Punjab Formulations Limited ·
Goa Formulations Limited ·
Mascareignes Pharmaceuticals Manufacturing
Company Limited ·
Parenteral Drugs Kazakhstan |
|
|
|
|
Enterprises Controlled by Key Management Personnel / Relatives of Key
Management Personnel : |
·
Rajratan Exports Private Limited ·
Mahaganpati Investments Private Limited ·
PDPL Holdings Private Limited ·
PDPL Securities Private Limited ·
Parenteral Medicines Limited ·
Panorama Remedies Limited ·
Anitas Exports Private Limited ·
Lalit Media and Education Limited ·
Orissa Formulations Private Limited ·
Anitas Management Private Limited ·
MVG Mercantile Private Limited ·
Vino Infratech Private Limited ·
Chiron Metco Private Limited ·
Kanak Fairdeal (India) Private Limited ·
Diamond Crystal Private Limited ·
Earawat Steels Private Limited ·
Neptune Packaging Private Limited ·
Prem Pharmaceuticals ·
Parenteral Commercial Services Private Limited ·
Manish Medicates Private Limited ·
AGT Mercantile Private Limited ·
Simtrad Overseas Private Limited ·
KRM Holdings Private Limited ·
Fastrack Aviation Private Limited ·
Ujjai Estates Private Limited |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital : Rs.500.000 millions
Issued, Subscribed & Paid-up Capital : Rs.377.409
millions
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
36500000 |
Equity Shares |
Rs.10/- each |
Rs.365.000 millions |
|
3500000 |
Redeemable, Non
Cumulative, Non convertible Preference Shares |
Rs.10/- each |
Rs.35.000
million |
|
2962102 |
0% Optionally convertible, redeemable Preference Shares |
Rs.10/- each |
Rs.29.621 millions |
|
7037898 |
Redeemable Preference Shares |
Rs.10/- each |
Rs.70.379 millions |
|
|
Total |
|
Rs.500.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25866831 |
Equity Shares |
Rs.10/- each |
Rs.258.668
millions |
|
3500000 |
Redeemable, Non Cumulative, Non Convertible Preference Shares |
Rs.10/- each |
Rs.35.000
millions |
|
2962102 |
0% Optionally Convertible Redeemable Preference Shares |
Rs.10/- each |
Rs.29.621
millions |
|
|
Total |
|
Rs.323.289 millions |
|
Particulars |
Number of Shares |
|
a. Name of
Shareholders hold more than 5% of Shares |
|
|
Equity Shares:- |
|
|
Rajratan Exports Private Limited |
6666665 |
|
PDPL Holding Private Limited |
3217120 |
|
Mahaganpati Investments Private Limited |
1600000 |
|
MVG Mercantile Private Limited |
5773497 |
|
|
|
|
0% Optionally
convertible, redeemable preference shares:- |
|
|
PDPL Holding Private Limited |
3500000 |
|
|
|
|
Redeemable
preference shares:- |
|
|
MVG Mercantile Private Limited |
2962102 |
|
|
|
|
b. Detail of Shares allotted in last five years
in each class other than value received in cash |
|
|
Equity Shares |
|
|
- Shares issued pursuant to scheme of amalgamation sanctioned by High
court |
4330123 |
|
- Bonus Shares Issued by capitalisation of general reserve |
12066708 |
|
|
|
|
0% Optionally
convertible, redeemable preference shares |
|
|
Shares issued pursuant to scheme of amalgamation sanctioned by High
court |
2962102 |
|
|
|
|
c. 2962102 0% optionally convertible, redeemable preference shares are
convertible in equity shares or redeemed upto 1 November, 2013. If converted,
each preference share shall be replaced by one equity share of the Company. |
|
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 |
323.289 |
323.289 |
258.622 |
|
|
2] Share Application Money Pending Allotment |
282.267 |
132.267 |
59.264 |
|
|
3] Reserves & Surplus |
2281.855 |
2916.711 |
2887.632 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2887.411 |
3372.267 |
3205.518 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2620.436 |
2390.075 |
1794.722 |
|
|
2] Unsecured Loans |
84.404 |
125.412 |
198.117 |
|
|
TOTAL BORROWING |
2704.840 |
2515.487 |
1992.839 |
|
|
DEFERRED TAX LIABILITIES |
202.797 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5795.048 |
5887.754 |
5198.357 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3382.517 |
3158.882 |
2259.687 |
|
|
Capital work-in-progress |
0.428 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1396.407 |
1396.407 |
1395.335 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
536.388
|
690.065
|
669.513
|
|
|
Sundry Debtors |
681.527
|
781.388
|
1017.134
|
|
|
Cash & Bank Balances |
73.209
|
46.469
|
96.940
|
|
|
Other Current Assets |
21.565
|
0.000
|
0.000
|
|
|
Loans & Advances |
365.861
|
424.877
|
371.256
|
|
Total
Current Assets |
1678.550
|
1942.799
|
2154.843 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
614.255
|
478.636
|
380.764 |
|
|
Other Current Liabilities |
12.419
|
127.701
|
101.069
|
|
|
Provisions |
36.180
|
4.061
|
129.739
|
|
Total
Current Liabilities |
662.854
|
610.398
|
611.572 |
|
|
Net Current Assets |
1015.696
|
1332.401
|
1543.271
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.064 |
0.064 |
|
|
|
|
|
|
|
|
TOTAL |
5795.048 |
5887.754 |
5198.357 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
2225.608 |
3807.134 |
3372.821 |
|
|
|
Other Income |
2.765 |
5.185 |
13.388 |
|
|
|
TOTAL (A) |
2228.373 |
3812.319 |
3386.209 |
|
|
|
(Due to adverse market condition) |
|
||
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
905.385 |
-- |
-- |
|
|
|
Purchase of Stock-in-Trade |
164.307 |
-- |
-- |
|
|
|
Changes in
inventories of finished goods, work-in-progress and Stock-in-Trade |
73.962 |
(37.471) |
1.869 |
|
|
|
Employee Benefit Expense |
198.785 |
166.045 |
107.334 |
|
|
|
Other Expenses |
797.607 |
-- |
-- |
|
|
|
Material Consumed |
-- |
2212.428 |
1848.322 |
|
|
|
Manufacturing Expenses |
-- |
292.924 |
221.351 |
|
|
|
Administrative Expenses |
-- |
208.296 |
183.338 |
|
|
|
Selling and Distribution Expenses |
-- |
518.367 |
458.833 |
|
|
|
TOTAL (B) |
2140.046 |
3360.589 |
2821.047 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
88.327 |
451.730 |
565.162 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
391.901 |
225.087 |
138.026 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(303.574) |
226.643 |
427.136 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
128.442 |
109.354 |
76.660 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(432.016) |
117.289 |
350.476 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
46.144 |
30.139 |
77.578 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(478.160) |
87.150 |
272.898 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
581.571 |
494.421 |
306.737 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
-- |
-- |
40.935 |
|
|
|
Proposed Dividend |
-- |
-- |
37.847 |
|
|
|
Tax on Distributed |
-- |
-- |
6.432 |
|
|
BALANCE CARRIED
TO THE B/S |
103.411 |
581.571 |
494.421 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
90.200 |
142.920 |
45.490 |
|
|
TOTAL EARNINGS |
90.200 |
142.920 |
45.490 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
162.951 |
229.416 |
428.970 |
|
|
|
Capital Goods |
0.000 |
15.976 |
0.145 |
|
|
TOTAL IMPORTS |
162.951 |
245.392 |
429.115 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(18.49) |
3.37 |
14.44 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
485.900 |
478.400 |
390.300 |
|
Total Expenditure |
635.600 |
469.100 |
429.100 |
|
PBIDT (Excl OI) |
(149.800) |
9.300 |
(38.800) |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
(149.800) |
9.300 |
(38.800) |
|
Interest |
107.500 |
123.600 |
118.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(257.200) |
(114.300) |
(157.200) |
|
Depreciation |
43.000 |
43.000 |
43.000 |
|
Profit Before Tax |
(300.200) |
(157.300) |
(200.200) |
|
Tax |
5.000 |
5.000 |
5.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(305.200) |
(162.300) |
(205.200) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(305.200) |
(162.300) |
(205.200) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(21.46)
|
2.28
|
8.06
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(19.41)
|
3.08
|
10.39
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.54)
|
2.30
|
7.94
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.15)
|
0.03
|
0.11
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.94
|
0.75
|
1.61
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.53
|
3.18
|
3.52
|
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
No |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
Yes |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
|
Unsecured Loans |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM BORROWINGS |
|
|
1. Security Deposit from Suppliers and Customers |
79.397 |
|
2. Loans and Advances From Related Parties |
5.007 |
|
Total
|
84.404 |
|
Unsecured Loan |
31.03.2011 (Rs.
in millions) |
|
From Directors and Relatives |
4.991 |
|
Inter Corporate Deposits |
0.000 |
|
Security Deposit from Dealers and Suppliers |
120.421 |
|
Total |
125.412 |
FINANCIAL
PERFORMANCE
The turnover on standalone
basis stood Rs.2228.300 millions as against Rs.3789.200 millions in the
previous year. On a consolidated basis, the Company earned profit before
interest and depreciation of Rs.143.500 millions during the year as against
profit before interest and depreciation of Rs.503.700 millions in the previous
year and incurred loss before tax of Rs.485.200 millions as against the profit
before tax of Rs.92.500 millions during the previous year. On a standalone
basis, the Company earned profit before interest and deprecation of Rs.88.300
millions during the year as against Rs.451.700 millions in the previous year
and incurred loss before tax of Rs.432.000 millions as against profit before
tax of Rs.117.200 millions during the previous year. The reduction in profitability
is due to adverse market conditions.
FINANCIAL
FACILITIES
During the year,
the Company has repaid the term loan installments of Rs.139.200 millions and
Fresh Term loan/ Corporate Loan of Rs.450.000 millions were availed during the
year. The total outstanding fund based and non-fund based borrowings of
Rs.2571.200 millions from the State Bank of India and Rs.366.500 millions from
the Punjab National Bank.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENT
The Indian
pharmaceutical industry currently tops the chart amongst India's science based
industries with wide ranging capabilities in the complex field of drug
manufacture and technology. A highly organized sector, the Indian
pharmaceutical industry is estimated to be worth $4.5billion, growing at about
8 to 9 percent annually. It ranks very high amongst all the third world
countries, in terms of technology, quality and the vast range of medicines that
are manufactured.
The Indian
pharmaceutical sector is fragmented with more than 20000 registered users. It
has expanded drastically in the last two decades. The Pharmaceuticals and
Chemicals in India is an extremely fragmented market with severe price
competition and government price control. The pharmaceutical industry in India
meets around 70% of the country's demand for bulk drugs, drug intermediates,
pharmaceutical formulations, tablets, capsules, orals and injectibles. There
are approximately 250 large units and about 8000 small scale units, which form
the core of the pharmaceutical industry in India.
India based
pharmaceutical companies are not only catering to the domestic market and
fulfilling the country's demands, they are also exporting to around 220
countries. They are exporting high quality, low cost drugs to countries such as
the U.S., Kenya, Malaysia, Nigeria, Russia, Singapore, South Africa, Ukraine,
Vietnam and more. Currently, the U.S is the biggest customer and accounts for
22 percent of the sector's exports, while Africa accounts for 16 percent and the
Commonwealth of Independent States (CIS) places around eight percent of orders,
as per Research and Market report.
CURRENT SCENARIO:-
India's
pharmaceutical market grew at 15.7 percent during December 2011.Globally India
ranks third in terms of manufacturing pharma products by volume. The Indian
pharmaceutical market is expected to grow at a rate of 9.5% till 2015. The
Indian pharmaceutical market is expected to touch US$ 11 billion. The market
has further potential to reach US$ 70 billon by 2020 in an aggressive growth
scenario.
Moreover, the
increasing population of the higher-income group in the country will open a
potential US$ 8 billion market for multinational companies selling costly drugs
by 2015. Besides, the domestic pharma market is estimated to touch US$20
billion by 2015, making India a lucrative destination for clinical trials for
global giants. Further estimates the healthcare market in India to reach US$
31.59 billion by 2020.
ROAD AHEAD AND
CHALLENGES
The Indian
pharmaceutical market is highly competitive and remains dominated by low
priced, domestically-produced generics. Despite having the second largest
population in the world and a growing middle class with high health
expectations India accounts for less than 2% of the world economies, spending
on pharmaceuticals accounts for less than 1% of GDP and average per capita
spending remains one of the lowest levels in the region.
India's
biopharmaceutical sector is currently experiencing double digit growth and this
is expected to continue, driven by the vaccines market. Growth drivers include
education and increased awareness of disease prevention, increases in
disposable incomes and government participation in immunization programmes.
Continued growth is also expected in the diagnostic and therapeutic segments,
including cancer and diabetes. India is already known as the diabetes capital
of the world and the number of diabetes patients in India is expected to grow
to 70 million by 2025. Cancer therapies are also lucrative for many Indian
companies due to high unmet need, increased awareness and the comparative
affordability of domestically produced drugs.
The Indian
pharmaceutical industry is responsible for around 10% of world pharmaceutical
production. Over the past few years a number of Indian pharmaceutical companies
have been targeted for foreign acquisition and so concerns have been raised
that this trend could adversely affect generic drug prices in India. The
Ministry of Health wants safeguards built into the Foreign Direct Investment
process amid fears that continued foreign acquisitions will adversely affect
the domestic industry and push prices up, thereby potentially undermining the
government's efforts to make generic drugs affordable .This could lead to essential
medicines becoming more expensive and adversely affecting public health
programmes.
Major Challenges
Facing Larger Pharmaceutical Companies:
One of the most
obvious trends in the pharmaceutical industry over the last fifteen years has
been consolidation via mergers and acquisitions. Deals involving major
pharmaceutical companies have grown in size, and have created a new class of
big companies. Pharmaceutical companies had undertaken these deals for
strengthening pipelines, gaining economies of scale, and improving R&D
efficiency. However, the unprecedented size of these companies has created
substantial management challenges and organizational complexities. Following
are some major challenges faced by Pharmaceutical Companies:
The challenges have
collided with other problems in global economies to send pharmaceutical
companies into an era of increased cost pressures and lowered market
valuations. Margin and earning pressures are bringing an increased focus on
traditional financial controls and operational efficiencies, in an industry
that has historically given them little attention. Topics like purchasing and
supply management, IT cost containment, outsourcing and off shoring, and
manufacturing cost reductions are becoming increasingly important to senior
executives. In the face of these challenges, the pharmaceutical industry needs
to innovate and change in terms of product innovations and creative approach to
the distribution models and internal organization design.
OUTLOOK: “Indian
Pharmaceutical Industry: The Growth Story to Continue….”
India is among the
most significant emerging markets for the global pharma industry, given that it
will feature among the world's top 10 sales markets by 2020. Currently, it is
regarded as one of the fastest-growing pharma industries globally, primarily
driven by a large population, evolving patient demographics, increasing health
care expenditure, growing urbanization, rising life expectancy, and active
private-sector participation.
In August 2010,
the Government of India announced its plans to set up a $639.56 million venture
capital (VC) fund to give impetus to drug discovery and strengthen the
country's pharma infrastructure. Both domestic and MNC pharma players are
expected to leverage these initiatives to expand their operations in the
country.
PHARMA VISION 2020
-“The Pharmacy of Developing World”
“Pharma Vision
2020,” aimed at making India one of the leading destinations for end-to-end
drug discovery and innovation. It envisages meeting this objective by building
top-notch infrastructure for talent and research, encouraging public-private
partnership (PPP) models, offering financial incentives to encourage and
incubate innovation and shaping a favorable regulatory environment.
Following are the implications of the Industry by 2020:
·
Various researches and studies shows that, from a
market size of USD 12.6 Billion in 2009, the Indian pharmaceutical industry
will grow to USD 55 Billion by 2020 with the potential to reach USD 70 Billion
in an aggressive growth scenario. But in a pessimistic scenario characterized
by regulatory and economic slowdown, the market will be depressed and is
expected to reach USD 35 Billion.
·
Over the next decade India’s Population is expected
to increase by 1.3%; the prevalence of diseases such as Diabetes and Cancer
will increase by 25% to 40%; GDP will grow at close 8% and innovators will
launch 25% of their patented products, resulting in 7 to 9 patented product
launched every year.
·
Medical Infrastructure will experience dramatic
growth over the next decade, with over 200 billion being invested in creating
and upgrading medical infrastructure. As a result over 1,60,000 beds will be
added every year across different segments of hospitals.
Over the next decade,
the market will proliferate, presenting a variety of opportunities. To lead,
players must not only participate across multiple opportunity areas but also
significantly modify their business models to enable a profitable scaling up.
Pharmaceutical companies
have taken note of new opportunities and begun to make meaningful investment in
these areas. While there are all steps in the right direction but lot more
needs to be done fully capture the potential market.
The requirement
for leadership has gone up manifold.
Market creating
during the next decade will involve collaborating with broadest of partners to
enhance diagnosis rate and compliance, thereby changing the very nature of
patient funnel.
Organizations need
to strengthen their organization by focusing on three priorities:
Firstly, they need to
import talent and skill from outside the industry. Second, organizations
need to encourage risk taking. Aspiring market leaders will do well to place
multiple bets and create a portfolio of opportunities. Third, the top
team attention should be focused on longer term business health.
CONTINGENT
LIABILITIES (AS ON 31.03.2012)
i) Claim against
the company not acknowledged as debt
-Certain show-causes
notices are pending to be adjudicated by the Central excise department.
The challenged
demand under the notices is Rs.23.021 millions.
-one demand under
CST Act for Rs.25.594 millions for which the Company has filed an appeal with
DC (Appeal).
-Income Tax demand
of Rs.1.283 millions was raised by Assessing Officer, which is not admitted and
rectification is pending.
-Gratuity fund
contribution towards past service liability to the tune of Rs.21.637 millions
(as current investment are considered to meet gratuity liability)
ii) Bank
Guarantees: Rs.44.754 millions
iii) Other
contingent liabilities
-Two group
companies have offered collateral securities (1) by mortgage of one company
immovable properties &
(2) by pledge of
shares in favour of the Company against credit facilities and corporate loan.
Amount involved was uncertain.
-Corporate Guarantee given to three subsidiary companies to the tune of
Rs.1035.400 millions
FIXED ASSETS:
·
Land
·
Building
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Computer and Software
WEBSITE DETAILS
PROFILE
Subject is one of the leading and fastest growing healthcare company, that has constantly followed a path created by its own will, hard work and determination. PDPL is involved in research, production and manufacturing of pharmaceutical products viz. intravenous infusion, tablets, capsules, liquids syrups, injections etc. Established in the year 1983, PDPL has dedicated itself to the manufacturing of the best quality vital life saving drugs at the lowest possible cost.
PDPL is a forerunner among healthcare companies with a focus on innovative research and inspiring customer service.
· Anticipating a potent activity area, converting it to a field of opportunity, approaching it with right solutions and achieving complete success in a societal and corporate goals of reaching every village of India and various corners of the World is the PDPL’s mission.
· After winning trust and renown in the domestic market, Subject is now amongst the major drug export units for ethical formulations abroad too, and has won acclaim and recognition in African, Russian, Middle Eastern, Asian and CIS countries
They firmly believe that success is a result of teamwork and
that teamwork divides a task but multiplies the success. They have an
extremely committed and competent team of professionals and specialists who
combine both expertise and experience.
NEWS:
PARENTERAL DRUG - SALE OF UNIT BY A SUBSIDIARY COMPANY
15th
March, 2013
Parenteral Drugs India Limited has informed BSE that that one of the wholly owned subsidiaries of the Company Goa Formulations Limited has executed an agreement with Fresenius Kabi India Private Limited to sell its only pharmaceutical manufacturing unit at Goa at a consideration of Rs.2000.000 millions, and the agreement has become binding on the parties. Further the Company has informed that Parenteral Drugs (India) Limited has also accorded its consent to the transaction as the holding company.
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 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.54.03 |
|
|
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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.