MIRA
INFORM REPORT
|
Report Date : |
28.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
WOCKHARDT LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
08.07.1999 |
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Com. Reg. No.: |
11-120720 |
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Capital
Investment / Paid-up Capital : |
Rs.8160.900
Millions |
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|
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|
CIN No.: [Company Identification
No.] |
L24230MH1999PLC120720 |
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|
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKW00152F |
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PAN No.: [Permanent Account No.] |
AAACW2472M |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturing and Marketing of Pharmaceuticals in the form of
Injections, Liquids and solutions, Agro Products, Tablets and Capsules, Ointments,
Powders, Bulk Drugs, Large Volume Parenterals and Others. |
|
|
|
|
No. of Employees
: |
7000 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 35200000 |
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|
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Company
has performed well in the current year and wiped out its accumulated losses.
Trade relations are reported to be fair. Business is active. Payments are reported
to be usually correct and as per commitments. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered / Corporate Office : |
Wockhardt Towers, Bandra-Kurla Complex, Bandra (East), Mumbai – 400
051, Maharashtra, India |
|
Tel. No.: |
91-22-26534444 / 26533333 |
|
Fax No.: |
91-22-26522727 / 26522828 / 26534242 |
|
E-Mail : |
|
|
Website : |
www.wockhardt.com |
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Factory 1 : |
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Tel. No.: |
91-240-6626444 |
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Fax No.: |
91 240 6626333 |
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Factory 2 : |
L1 M.I.D.C., Chikalthana, |
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Tel. No.: |
91-240-6637444 |
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Fax No.: |
91-240-6637333 |
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Factory 3 : |
87A Bhimpore, Nani Daman - 396210, Union Territory, India |
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Tel. No.: |
91-260-6610300 / 6610333 |
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Fax No.: |
91-260-2220940 |
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Factory 4 : |
106/4,5,7 Kadaiya, Nani Daman 396210, Union Territory India |
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Tel. No.: |
91260-6531306 |
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Fax No.: |
91-260-2220214 |
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Factory 5 : |
138 G.I.D.C. Estate, Ankleshwar 393002, District Bharuch, |
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Tel. No.: |
91-2646-661444 |
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Fax No.: |
91-2646-661555 |
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Factory 6 : |
57, Kunjhal, Barotiwala,
Nalagarh, District Solan, Himachal Pradesh 174103, |
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Tel. No.: |
91-1795-664490 |
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Fax No.: |
91-1795-664242 |
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Factory 7 : |
Ash Raod North, Wexham Industrial Estate, |
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Tel. No.: |
+44-1978-661261 |
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Fax No.: |
+44-1978-660130 |
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Factory 8 : |
Ballymacarbry Clonmel Co., |
|
Tel. No.: |
+353-52-6186000 |
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Fax No.: |
+353-52-6136311 |
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|
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Factory 9 : |
6451, |
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Tel. No.: |
+1-847+9675600 |
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Fax No.: |
+1-847-9672211 |
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International Office : |
LOCATED AT: |
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Research Centres : |
LOCATED AT:
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DIRECTORS
AS ON 31.03.2012
|
Name : |
Dr. Habil Khorakiwala |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Dr. Murtaza Khorakiwala |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Shekhar Datta |
|
Designation : |
Director |
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|
Name : |
Mr. Aman Mehta |
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Designation : |
Director |
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Name : |
Mr. R A Shah |
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Designation : |
Director |
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|
Name : |
Dr. Huzaifa Khorakiwala |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Dr. Habil Khorakiwala |
|
Designation : |
Group Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
887625 |
0.81 |
|
|
79697757 |
72.85 |
|
|
80585382 |
73.67 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
80585382 |
73.67 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1204099 |
1.10 |
|
|
2765834 |
2.53 |
|
|
201400 |
0.18 |
|
|
7447863 |
6.81 |
|
|
11619196 |
10.62 |
|
|
|
|
|
|
2449116 |
2.24 |
|
|
|
|
|
|
8324865 |
7.61 |
|
|
5697098 |
5.21 |
|
|
718318 |
0.66 |
|
|
260673 |
0.24 |
|
|
332270 |
0.30 |
|
|
3775 |
0.00 |
|
|
121600 |
0.11 |
|
|
17189397 |
15.71 |
|
Total Public shareholding (B) |
28808593 |
26.33 |
|
Total (A)+(B) |
109393975 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
164128 |
0.00 |
|
|
164128 |
0.00 |
|
Total (A)+(B)+(C) |
109558103 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Pharmaceuticals in the form of
Injections, Liquids and solutions, Agro Products, Tablets and Capsules, Ointments,
Powders, Bulk Drugs, Large Volume Parenterals and Others. |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Injections |
Ltrs. |
262000 |
116862 |
|
Liquids and Solutions |
Ltrs. |
3000000 |
2411848 |
|
Tablets and Capsules |
Nos. in Lacs |
83240 |
70997 |
|
Ointments |
Kgs. |
160000 |
93595 |
|
Powder |
Kgs. |
-- |
5878639 |
|
Bulk Drugs |
Kgs. |
520400 |
360403 |
GENERAL INFORMATION
|
No. of Employees : |
7000 [Approximately] |
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Bankers : |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
|
|
Name : |
Haribhakti and Company Chartered Accountants |
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|
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Solicitors : |
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|
|
|
Holding Company : |
Khorakiwala
Holdings and Investments Private Limited |
|
|
|
|
Associate Company : |
Swiss
Biosciences AG |
|
|
|
|
Fellow Subsidiary : |
Carol Info
Services Limited |
|
|
|
|
Wholly owned subsidiary companies
(including step down subsidiaries) |
|
|
|
|
|
Related Parties : |
·
Palanpur Holdings and Investments Private Limited ·
Wockhardt Hospitals Limited ·
Merind Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000000 |
Equity Shares |
Rs.5/- each |
Rs.1250.000 Millions |
|
2000000000 |
Preferences Shares |
Rs.5/- each |
Rs.10000.000 Millions |
|
|
TOTAL
|
|
Rs.11250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
109435903 |
Equity Shares |
Rs.5/- each |
Rs.547.200
Millions |
|
446549949 |
Optionally Convertible Cumulative Redeemable Preference shares |
Rs.5/- each |
Rs.2232.700
Millions |
|
1043883858 |
Non Convertible Cumulative Redeemable Preference shares |
Rs.5/- each |
Rs.5219.400
Millions |
|
32315130 |
Add: Shares Issued During The Year |
Rs.5/- each |
Rs.161.600
Millions |
|
|
TOTAL |
|
Rs.8160.900 Millions |
NOTE:
(a) The Company
has only one class of equity shares having a par value of Rs. 5/- per share. Each
holder of equity shares is entitled to one vote per share held and is entitled
to dividend, if declared at the Annual General Meeting. In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive the remaining assets of the Company, after distribution of all
preferential amounts. The distribution will be in proportion to the number of
equity shares held by the shareholders.
(b) Issue of
Preference Shares as per Corporate Debt Restructuring (CDR) Scheme:
During the year,
32,315,130 (Previous Year – 153,275,327) preference shares of Rs. 5/- each
fully paid up were issued pursuant to approved CDR package against various
liabilities of the Company to Banks/Financial Institutions as per the details
given below.
(i) Nil (Upto
Previous Year – 208,555,274) 0.01% Optionally Convertible Cumulative Redeemable
Preference shares (OCCRPS Series 1), on the following terms and conditions:
The Preference
Share holders shall have the right to convert OCCRPS Series 1, along with
accumulated dividend, into fully paid equity shares of the Company, in one or
more tranches, commencing October 25, 2015 till December 31, 2018, at
conversion price as per the then applicable SEBI formula on the date of
conversion. The said shares, in case not converted, shall get redeemed along
with accumulated dividend on December 31, 2018 without any redemption premium.
The Deemed Date of allotment is 25th October 2009.
(ii) Nil (Upto
Previous Year – 237,994,675) 0.01% Optionally Convertible Cumulative Redeemable
Preference shares (OCCRPS Series 2), on the following terms and conditions:
The Preference
Share holders shall have the right to convert OCCRPS Series 2 along with
accumulated dividend, into fully paid equity shares of the Company, in one or
more tranches, commencing July 4, 2016 till December 31, 2018, at conversion
price as per the then applicable SEBI formula on the date of conversion. The
said shares, in case not converted, shall get redeemed along with accumulated
dividend on December 31, 2018 without any redemption premium.
(iii) Nil (Upto
Previous Year – 208,555,274) 0.01% Non-Convertible Cumulative Redeemable
Preference shares (NCRPS Series 1), which shall be redeemed at a premium of 38%
of the face value along with cumulative dividend on December 31, 2018.
(iv) Nil (Upto
Previous Year – 32,265,110) 0.01% Non-Convertible Cumulative Redeemable
Preference shares (NCRPS Series 2), which shall be redeemed at a premium of 20%
of the face value along with cumulative dividend on December 31, 2018.
(v) Nil (Upto
Previous Year – 555,320,909) 0.01% Non-Convertible Cumulative Redeemable
Preference shares (NCRPS Series 3), which shall be redeemed at a redemption
premium calculated at 4% p.a. on simple basis along with cumulative dividend on
December 31, 2018.
(vi) 32,315,130
(Upto Previous Year – 87,742,565) 0.01% Non-Convertible Cumulative Redeemable
Preference shares (NCRPS Series 4), which shall be redeemed along with
cumulative dividend on September 30, 2018. However, in case the Company exits
CDR, the Preference Shares shall be redeemed at the point of exit.
(vii) Nil (Upto
Previous Year – 160,000,000) 0.01% Non-Convertible Cumulative Redeemable
Preference shares (NCRPS Series 5), which shall be redeemed at a premium of 20%
of the face value along with cumulative dividend on March 31, 2019.
(c) Shares held
by holding company:
69,716,132
(Previous Year – 69,716,132) Equity Shares are held by Khorakiwala Holdings and
Investments Private Limited, the holding company. 160,000,000 (Previous Year –
160,000,000) Non-Convertible Cumulative Redeemable Preference shares – Series 5
are held by Khorakiwala Holdings and Investments Private Limited, the holding
company.
(d) Details of equity shares held by each shareholders holding more
than 5% of total equity shares:
|
PARTICULAR |
AS ON 31.03.2012 |
AS ON 31.03.2011 |
||
|
|
NO. OF SHARE
HELD |
% OF HOLDING |
NO. OF SHARE
HELD |
% OF HOLDING |
|
Khorakiwala
Holdings and Investments Private Limited |
69716132 |
63.70 |
69716132 |
63.70 |
|
Dartmour Holdings Private Limited |
6828325 |
6.24 |
6828325 |
6.24 |
(e) Details of
Non-Convertible Cumulative Redeemable Preference Shares (NCRPS) held by each
shareholders holding more than 5% of total NCRPS:
|
PARTICULAR |
AS ON 31.03.2012 |
AS ON 31.03.2011 |
||
|
|
NO. OF SHARE
HELD |
% OF HOLDING |
NO. OF SHARE
HELD |
% OF HOLDING |
|
Khorakiwala
Holdings and Investments Private Limited |
160000000 |
14.87 |
160000000 |
15.33 |
|
Indian Overseas Bank |
106533189 |
9.90 |
106011701 |
10.16 |
|
State Bank of India |
497255832 |
46.20 |
492753320 |
47.20 |
|
Union Bank of India |
75624553 |
7.03 |
75097154 |
7.19 |
(f) Details of
Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS) held by
each shareholder holding more than 5% of total OCCRPS:
|
PARTICULAR |
AS ON 31.03.2012 |
AS ON 31.03.2011 |
||
|
|
NO. OF SHARE
HELD |
% OF HOLDING |
NO. OF SHARE
HELD |
% OF HOLDING |
|
Indian Overseas Bank |
39888348 |
8.93 |
39888348 |
8.93 |
|
State Bank of India |
325095022 |
72.80 |
325095022 |
72.80 |
|
Union Bank of India |
31884492 |
7.14 |
31884492 |
7.14 |
(g) Shares
reserved for issue under options:
1,540,000
(Previous Year – Nil) Shares have been reserved for issue under Wockhardt Stock
Option Scheme – 2011. No shares have been vested as on March 31, 2012.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
8160.900 |
7999.300 |
7232.970 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
654.900 |
0.000 |
399.480 |
|
|
4] (Accumulated Losses) |
0.000 |
(1284.500) |
(2116.140) |
|
|
NETWORTH |
8815.800 |
6714.800 |
5516.310 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
9547.500 |
12588.800 |
15343.290 |
|
|
2] Unsecured Loans |
90.500 |
91.100 |
4638.070 |
|
|
TOTAL BORROWING |
9638.000 |
12679.900 |
19981.360 |
|
|
DEFERRED TAX LIABILITIES |
2051.400 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
20505.200 |
19394.700 |
25497.670 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8559.600 |
7624.500 |
7152.210 |
|
|
Capital work-in-progress |
4736.600 |
4655.600 |
4628.830 |
|
|
Intangible Assets Under Development |
3371.400 |
3061.800 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
3079.500 |
3079.500 |
3156.440 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4530.700
|
3050.700 |
3059.720 |
|
|
Sundry Debtors |
2608.400
|
3117.300 |
4635.910 |
|
|
Cash & Bank Balances |
759.400
|
1616.700 |
989.520 |
|
|
Other Current Assets |
0.000
|
0.000 |
2155.410 |
|
|
Loans & Advances |
3998.700
|
3789.900 |
4260.580 |
|
Total
Current Assets |
11897.200
|
11574.600 |
15101.140 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3695.300
|
2911.600 |
2604.460
|
|
|
Other Current Liabilities |
6943.300
|
7316.100 |
1307.880
|
|
|
Provisions |
500.500
|
373.600 |
628.610
|
|
Total
Current Liabilities |
11139.100
|
10601.300 |
4540.950 |
|
|
Net Current Assets |
758.100
|
973.300 |
10560.190 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
20505.200 |
19394.700 |
25497.670 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
25604.000 |
17549.200 |
18685.060 |
|
|
|
Other Income |
201.200 |
170.900 |
333.870 |
|
|
|
TOTAL (A) |
25805.200 |
17720.100 |
19018.930 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
8231.900 |
5813.600 |
|
|
|
|
Purchases of Stock-in-Trade |
2370.300 |
2229.200 |
|
|
|
|
Employee Benefits Expense |
2347.200 |
1719.400 |
|
|
|
|
Other Expenses |
5216.900 |
3678.000 |
20922.120 |
|
|
|
Exchange Fluctuation Loss/(Gain), Net |
270.500 |
(158.900) |
|
|
|
|
Changes in
inventories of Finished Goods Work-in-Progress and Stock-in-Trade |
(901.000) |
184.100 |
|
|
|
|
Exceptional
Items |
2160.900 |
2928.800 |
|
|
|
|
TOTAL (B) |
19696.700 |
16394.200 |
20922.120 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6108.500 |
1325.900 |
(1903.190) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1607.700 |
2030.800 |
2319.730 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4500.800 |
(704.900) |
(7222.920) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
663.700 |
615.800 |
710.480 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
3837.100 |
(1320.700) |
(7933.400) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1997.100 |
0.000 |
8.740 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1840.000 |
(1320.700) |
(7942.140) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(2116.140) |
(2967.590) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
0.000 |
(8793.590) |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
(3436.840) |
(2116.140) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of goods on F.O.B. basis |
12094.400 |
6748.700 |
6863.950 |
|
|
|
Management and Technical fees |
128.100 |
140.000 |
197.450 |
|
|
|
Outlicensing fees |
1400.000 |
0.000 |
0.000 |
|
|
|
Royalty |
7.300 |
6.200 |
28.540 |
|
|
|
Interest |
31.400 |
28.700 |
72.580 |
|
|
|
Research and Development Services |
101.900 |
31.500 |
0.000 |
|
|
|
Others |
26.000 |
22.700 |
0.000 |
|
|
TOTAL EARNINGS |
13789.100 |
6977.800 |
7162.520 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2314.900 |
1449.200 |
1937.350 |
|
|
|
Component and Spares |
217.900 |
86.800 |
0.000 |
|
|
|
Capital Goods |
366.400 |
213.100 |
308.120 |
|
|
TOTAL IMPORTS |
2899.200 |
1749.100 |
2245.470 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
16.81 |
(12.07) |
(72.57) |
|
|
|
Diluted |
16.72 |
(12.07) |
(72.57) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd Quarter |
|
Net Sales |
6073.800 |
6048.400 |
5548.300 |
|
Total Expenditure |
4779.900 |
4763.200 |
4775.100 |
|
PBIDT (Excl OI) |
1293.900 |
1285.200 |
773.200 |
|
Other Income |
57.500 |
381.000 |
133.100 |
|
Operating Profit |
1351.400 |
1666.200 |
906.300 |
|
Interest |
292.000 |
259.900 |
187.300 |
|
Exceptional Items |
(66.100) |
2678.700 |
(31.000) |
|
PBDT |
993.300 |
4085.000 |
688.000 |
|
Depreciation |
159.700 |
203.100 |
224.400 |
|
Profit Before Tax |
833.600 |
3881.900 |
463.600 |
|
Tax |
92.600 |
466.200 |
(42.500) |
|
Profit After Tax |
741.000 |
3415.700 |
506.100 |
|
Other Adjustments |
0.000 |
37.300 |
0.000 |
|
Net Profit |
741.000 |
3453.000 |
506.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
7.13
|
(7.45) |
(41.76)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.99
|
(7.53) |
(42.46)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.75
|
(6.88) |
(35.65)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
(0.20) |
(1.44)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.35
|
3.47 |
4.45
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07
|
1.09 |
3.33
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter 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 |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
FINANCIAL PERFORMANCE
The Company
registered 23% growth in consolidated income to Rs. 46370.000 Millions and 46% growth
in standalone income to Rs. 25810.000 Millions for the year ended March 31,
2012, on a year on year basis. The Profit before depreciation, interest and tax
on a consolidated basis grew from Rs. 9320.000 Millions to Rs. 14630.000
Millions thereby registering a healthy growth of 57% and profit after tax on
consolidated basis grew from Rs. 900.000 Millions to Rs. 3430.000 Millions. On
a standalone basis, the Company registered profit after tax of Rs. 1840.000
Millions as against loss of Rs. 1320.000 Millions for the previous year.
CHANGES IN CAPITAL STRUCTURE
During the year,
the Company allotted 3,23,15,130 Non-Convertible Cumulative Redeemable
Preference Shares of Rs. 5/- each aggregating to Rs. 161.600 Millions in terms
of approved CDR package dated July 4, 2009. There was no change in paid up
equity share capital of the Company.
DIVESTMENT OF NUTRITION BUSINESS
Pursuant to the
approval provided by the members of the Company, divestment of Nutrition
business to Danone was completed on July 26, 2012. The Company along with its
wholly owned subsidiary has received the entire consideration of Rs. 12800.000
Millions towards this divestment.
MANAGEMENT DISCUSSION AND ANALYSISA YEAR OF
DRAMATIC TURNAROUND
2011-12 was a year
of dramatic turnaround for Wockhardt as it accomplished the demanding goals it
set for itself.
The company
achieved many a milestone viz., a sterling overall business performance driven
by the US, a new drug delivery product introduction, the resolution of FCCB
bond issue. Profitability went up by a few notches to underlie the strong
business foundation the Company has with its focus on R&D, manufacturing
and consistent product availability.
SUSTAINED GROWTH
IN TURNOVER:
The net sales grew
by 23% to Rs. 46140.000 Millions from Rs. 37510.000 Millions achieved during
the previous year.
The revenue growth
in FY 2012 is higher by 23% over FY 2011 driven by 78% growth in US market, 17%
growth in India and Emerging markets and 7% growth in European market
(excluding France). The revenue split was lead by US operations at 41%
(compared to 28% as in FY 2011) while European Business contributed 28%
(compared to 38% in FY 2011) & India and Rest of the World contributing 31%
(compared to 34% in FY 2011).
IMPROVED
PROFITABILITY
The strong sales
growth and controlled expenditure ensured substantial increase in EBITDA –
rising by 57.2% (vs 43% in previous year) to Rs. 14400.000 Millions (vs Rs.
9160.000 Millions in previous year). Company’s EBITDA margins went up to 31.2%
compared to 24.4% in the previous year. The company has recorded nine
successive quarters of EBITDA growth.
As a result, the
Company recorded net profits of Rs. 3430.000 Millions compared to Rs. 900.000
Millions in the previous year. Stripping out the exceptional items, the adjusted
Net Profit after Tax (as computed below) of the Company was Rs. 9470.000
Millions vs Rs. 5850.000 Millions in the previous year, representing a growth
of 62%.
BUSINESS OVERVIEW
US BUSINESS –
GROWTH MOMENTUM
2011-12 marks the year
when US business became the highest revenue generator for Wockhardt among its
geographies for the first time. Revenue surged by 78% to Rs. 19080.000 Millions
through its two subsidiaries Wockhardt USA and Morton Grove Pharmaceuticals.
Treading on its philosophy of introduction of differentiated technology
products, the Company scaled a new peak when it successfully introduced
Fluticasone Propionate Nasal Spray in US markets this year. This nasal spray
technology will not only have less competition but also provides an opportunity
to introduce more such products. Earlier the Company had successfully
introduced the extended release version of many products which was again
technologically superior to the otherwise available instant release version.
Company’s key product portfolio in both subsidiaries Wockhardt USA and Morton
Grove Pharmaceuticals continued its strong performance to yet again generate a
highly profitable growth. The company received 9 US ANDA approvals during the
year. The company has plans to launch 15 to 18 products in US markets during
the financial year 2012-13.
INDIAN AND
EMERGING MARKET OPERATIONS
Indian branded
business in particular, continues to grow ahead of the market growth rate.
Manpower increases in strategically relevant therapy areas helped grow the
power brands. Strategic initiatives were undertaken to strengthen our presence
in Pain management to achieve leadership position in the coming 2-3 years.
There are 5 brands featuring amongst top 200 brands and 7 in top 300 brands in
Indian pharmaceutical industry. The overall Indian markets grew by 15% last
year. The Company maintained its market share of 2% (IMS-MAT March 2012) in the
Indian Pharmaceutical Industry, same as the year before. The emerging market
business outside India at Rs. 2920.000 Millions has registered a growth of over
35% and company has clearly outlined this as a strategic area for growth.
EUROPEAN
OPERATIONS
Wockhardt UK’s
operations continued to be ranked 3rd largest in UK generic market, while it
sustained 2nd rank in the UK hospital generics market. It continued to be the
largest Indian pharmaceutical company in UK during the year. The revenues
continued to have a good growth despite no growth in healthcare expenditure
scenario by the government. The company expects to launch 20 new products in
2012-13. The Irish business subsidiary Pinewood Laboratories continued to be
the 1st ranked generic company in the country. The Irish economy was marred by
the prevalent slowdown in general; yet Pinewood had a positive sales growth
driven by its export business. The Company expects to launch 20 new products in
domestic and exports business in the coming year.
In France, the
safeguard process was completed in the year under which the Company
restructured the loans, initiated reduction in costs by re-aligning product
manufacturing and undertook significant manpower reduction. The Company is
focused on the development of a patented product as well as bolster its generic
portfolio to improve the business performance.
ANALYSIS OF
CONSOLIDATED FINANCIAL PERFORMANCE
Keeping up with
the spirit of More & More with Less and Less, the Company continued to
focus on productivity and efficiencies. Material consumption at 36% was about
4% less than the previous year. The blended interest cost continued at less
than 6%, with higher cost domestic loans being repaid. The cash flow from
operating activities were Rs. 11840.000 Millions (vs Rs. 6420.000 Millions in
the previous year), an increase of 85%.
GLOBAL TRENDS AND
INDIAN SCENARIO
Globally, the
pharmaceutical market stood at US$ 880-890 billion (Source: IMS Market
Prognosis) and is projected to grow by 4-5% in 2012. While the world’s largest
market, USA is expected to have a lower growth projection of around 3%, the key
drivers of growth will be China which is expected to grow at 15-20% to about
US$ 60 billion, India (growing at 15%) and other smaller markets to follow.
Significantly though, in the US pharmaceutical market the Generic Pie has
increased to about US$100 billion (Generics, Branded Generics and OTC) which is
where the opportunity lies for Wockhardt. The Indian pharmaceutical industry
grew at stable rate of 14-15% in terms of revenues and 9% in terms of units
during the year ended March 2012 (IMS MAT March 2012) and is expected to
maintain similar growth for the next few years. Major expansions in healthcare
services including tertiary care as well as rapid growth in healthcare
insurance coverage will be the key driver in the market growth.
CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR):
a) Demands by
Central Excise authorities in respect of Classification/Valuation/Cenvat Credit
related disputes; stay orders have been obtained by the Company in case of
demands which have been confirmed Rs. 51.800 Millions (Previous Year – Rs.
51.800 Millions).
(b) Demand by
Income tax authorities Rs. 416.300 Millions (Previous Year – Rs. 773.500
Millions) disputed by the Company.
(c) Corporate Guarantee
given on behalf of various subsidiaries in respect of credit facilities amounts
to Rs. 12707.500 Millions (Previous Year – Rs. 12374.900 Millions). This
comprises corporate guarantee given by the Company and Wockhardt UK Holdings
Limited against loan of USD 250 million amounting Rs. 12707.500 Millions
(Previous Year – Rs. 11152.500 Millions) taken by Wockhardt EU Operations
(Swiss) AG in earlier years. The said loan is comprehensively covered under CDR
Scheme and is being rescheduled. As on March 31, 2012 lenders aggregating 86.8%
(Previous Year – 69%) of the loan value have acceded to the reschedulement.
This loan availed
by the subsidiary is secured by:
(i) First ranking
pari passu charge on immovable properties of Wockhardt Limited situated at
Kadaiya, Daman and Baddi in Himachal Pradesh.
(ii) Second
ranking pari passu charge by way of hypothecation on all the current assets,
movables, inventories and book debts of Wockhardt Limited.
Further, out of loan of Rs. 12707.500 Millions,
term loan of Rs. 5133.800 Millions, in addition to aforesaid security, is also
secured by:
(i) Subservient
charge on movable properties of Wockhardt Limited situated at Bhimpore (Daman),
Ankleshwar, L-1, D-4, Chikhalthana and Biotech Park, Waluj, Aurangabad (except book
debts and current assets).
(ii) Subservient
charge on movable properties of Wockhardt Infrastructure Development Limited
situated at Shendra, Aurangabad. Also, the Company has made an application to
Reserve Bank of India for obtaining its approval to create a subservient charge
on fi xed assets of the Company situated at all locations except Baddi and
Kadaiya in Daman.
(d) Claims against
Company not acknowledged as debt in respect of disputed derivative contracts
Rs. Nil (Previous Year – Rs. 3322.500 Millions).
(e) The Group is
involved in other disputes, lawsuits, claims, inquires and proceedings,
including commercial matters that arise from time to time in the ordinary
course of business. The group believes that there are no such pending matters
that are expected to have any material adverse effect on its financial
statements in any given accounting period.
(f) Estimated
amount of contracts remaining to be executed on capital account and not
provided for Rs. 559.100 Millions (Previous Year – Rs. 328.700 Millions) after
deducting advance on capital account of Rs. 159.700 Millions (Previous Year –
Rs. 88.200 Millions).
FIXED ASSETS:
·
Trademarks / Technical knowhow
·
Software
·
Freehold land
·
Leasehold land
·
Buildings
·
Plant and Machinery
·
Furniture and Fittings
·
Office Equipments
·
Information Technology Equipments
·
Vehicles
PRESS RELEASE:
WOCKHARDT RECEIVES THE `BEST ENTERPRISE’ AWARD FROM THE EUROPE BUSINESS
ASSEMBLY
MUMBAI, JANUARY 10, 2012
Pharmaceutical and
biotechnology major Wockhardt Limited, was recently bestowed with the `Best
Enterprise’ award by the Europe Business Assembly in Vienna, Austria for its
achievements in the global pharmaceutical industry.
The award was
given in the field of pharmacy and is an acknowledgement of Wockhardt’s success
within the industry and around the world. Dr. Murtaza Khorakiwala, Managing
Director, Wockhardt, received the award at a glittering ceremony at the
Austrian Emperor’s palace in Vienna, Austria.
Speaking about the
award, Dr. Murtaza said, “We are very happy to be recognized by the Europe
Business Assembly and be awarded the Best Enterprise Award. This is indeed a
testament to our success in being able to establish a truly global
pharmaceutical business.”
The award is also
accompanied with a certificate that allows Wockhardt to use the trademark `BEST
ENTERPRISE’ for marketing purposes for a period of five years.
ABOUT EUROPE BUSINESS ASSEMBLY:
The Europe
Business Assembly, Oxford, Great Britain, is an independent corporation for
development and management of economic, social, and humanitarian collaboration.
Creation of a positive image of dynamically developing regions, companies and
individuals in the European and global business community is the main mission
of the EBA institutions and of its strategic partners.
Further, the EBA
has developed a prestigious and an ongoing awards programme that is overseen by
their national committees and other national and international organizations.
The nominees include businessmen, politicians, scientists, and artists whose
work has helped to provide scientific, economic and cultural development of the
society.
ABOUT WOCKHARDT:
Wockhardt is a
high--‐technology intensive global pharmaceutical and
biotechnology company with multi--‐ disciplinary and
innovative R and D programmes. It has 3 research centres globally and
manufacturing facilities across India, USA, UK and Ireland. Wockhardt has a
significant presence in USA, Europe and India, with 81% of
Its global revenues
coming from international businesses. With a large pool of Patents and
Intellectual Property knowhow, Wockhardt is home to 578 scientists, of whom 80
are doctorates. In all, Wockhardt has 169 Patents granted worldwide. In
biotechnology research, it has built a competent ‘Concept to Market’
capabilities in all facet of development and manufacture of recombinant
biopharmaceuticals. Wockhardt boasts of a multi--‐ethnic workforce
of more than 7,900 people from 21 different nationalities.
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.53.84 |
|
|
1 |
Rs.81.24 |
|
Euro |
1 |
Rs.70.39 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.