MIRA
INFORM REPORT
|
Report Date : |
07.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
ABBOTT INDIA LIMITED |
|
|
|
|
Registered
Office : |
3-4, Corporate |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
22.08.1944 |
|
|
|
|
Com. Reg. No.: |
11-007330 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 212.493 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
l24239mh1949plc007330 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK08663E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB5170B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Provider of Healthcare Solutions services. |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 21760000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established company having good track record.
Financial position of the company appears to be sound. Directors are reported
to be experienced and respectable businessmen. Trade relations are fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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.
INFORMATION DECLINED
Management Non-Cooperative
Tel No.: 91-22-67978888
LOCATIONS
|
Registered Office : |
3-4, Corporate Park Sion - |
|
Tel. No.: |
91-22-67978888 |
|
Fax No.: |
91-22-67978920 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
L-18/19, Verna Industrial Area, Verna Salcette, Goa – 403 722, India |
|
Tel. No.: |
91-0832-6680232 / 3 / 2783412 Security Office :91-832- 6680229 R Barretto : 91-832-6680227 DPG/Depot : 91-832-6680228 |
|
Fax No.: |
DPG/Depot
:91-832-6680228 |
|
|
|
|
Distribution Network :- |
Located at : ·
Mumbai C and FA / Warehouse Agent / Sample
Warehouse ·
Bangaore C and FA ·
Kolkata C and FA ·
Chandigarh C and FA ·
·
Guwahati C and FA ·
Hyderabad C and FA ·
Lucknow C and FA ·
Chennai C and FA ·
Patna C and FA ·
Ahmedabad C and FA ·
Indore C and FA ·
Jaipur Depot ·
Cuttack C and FA ·
Raipur C and FA ·
Ollur C and FA ·
Ranchi C and FA ·
Taloja Warehouse Agent |
DIRECTORS
As on 31.12.2011
|
Name : |
Mr. Munir Shaikh |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
25.11.1942 |
|
Qualification : |
Masters Degree in English from St. Stephens College, Delhi. |
|
Date of Appointment : |
18.11.2006 |
|
|
|
|
Name : |
Mr. Ashok Dayal |
|
Designation : |
Director |
|
Date of Birth/Age : |
02.06.1937 |
|
Qualification : |
B.A. (Hons) AIB (Part I) Fellow of the Indian Institute of Bankers. Fellow of the Royal Geographical Society (London). |
|
Date of Appointment : |
18.06.2003 |
|
|
|
|
Name : |
Mr. Vivek
Mohan |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Rajendra Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Ranjan
Kapur |
|
Designation : |
Director |
|
Date of Birth/Age : |
25.11.1942 |
|
Qualification : |
Masters Degree in English from St Stephens College, Delhi |
|
Date of Appointment : |
18.09.2006 |
|
Other Directorship : |
v
Pidilite Industries Limited v
MIRC Electronics Limited v
Hitech Plast Limited v
Nimbus Communications Limited v
Tagit (India) Private Limited v
Annik Technology Services Private Limited v
GroupM Media India Private Limited v
Bates India Private Limited v
Sercon India Private Limited v
Quasar Media Private Limited v
Ray and Keshavan Design Associates v
Private Limited |
|
|
|
|
Name : |
Mr. Thomas
Dee |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Laurent
Van Lerberghe |
|
Designation : |
Director |
|
Date of Birth/Age : |
14.10.1969 |
|
Qualification : |
ess Engineer from Catholic University of Louvain, CEMS Master’s degree
from ESADE, Master’s in Business Administration from INSEAD |
|
Date of Appointment : |
29.09.2009 |
|
|
|
|
Name : |
Mr. Ramon F Neira Hoyos |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kaiyomarz Marfatia |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. Rehan Khan |
|
Designation : |
Director |
|
Date of Birth/Age : |
14.06.1969 |
|
Qualification : |
BS Degree from
the University of Wisconsin - Madison, USA, a MS degree in Biomedical Sciences
from Harvard Medical School, USA and MIT Sloan, USA and a MBA from Drexel
University, USA. |
|
Date of Appointment : |
15.03.2012 |
KEY EXECUTIVES
|
Name : |
Mr. Krupa Anandpara |
|
Designation : |
Company Secretary |
|
|
|
|
Corporate Management : |
|
|
|
|
|
Name : |
Mr. Vivek Mohan |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. S Vasudevan |
|
Designation : |
Director - Marketing |
|
|
|
|
Name : |
Mr. R Sonalker |
|
Designation : |
Director - Finance |
|
|
|
|
Name : |
Mr. M Ische |
|
Designation : |
Director – Financial
Controlling |
|
|
|
|
Name : |
Mr. A Bhatt |
|
Designation : |
Director - Human Resources |
|
|
|
|
Name : |
Dr B Nair |
|
Designation : |
Director – Medical |
|
|
|
|
Name : |
Mr. U D Chiniwala |
|
Designation : |
Director - Risk and Financial Controlling |
|
|
|
|
Name : |
Mr. K M Marfatia |
|
Designation : |
Director - Legal and Secretarial |
|
|
|
|
Name : |
Mr. V Nagesh |
|
Designation : |
Head – Quality |
|
|
|
|
Name : |
Ms S Dalal |
|
Designation : |
Director – Commercial
Development |
|
|
|
|
Name : |
Ms D Mukerji |
|
Designation : |
Director – Business HR |
|
|
|
|
Name : |
Mr. TR Prasad |
|
Designation : |
Associate Director – Operations |
|
|
|
|
Name : |
Mr. M Niranjan |
|
Designation : |
Associate Director – Commercial Excellence |
|
|
|
|
Audit Committee : |
|
|
|
|
|
Name : |
Mr. Ashok Dayal |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Rajendra Shah |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Ranjan Kapur |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Munir Shaikh |
|
Designation : |
Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2012
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
15934048 |
74.99 |
|
|
15934048 |
74.99 |
|
Total shareholding
of Promoter and Promoter Group (A) |
15934048 |
74.99 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
1100679 |
5.18 |
|
|
10132 |
0.05 |
|
|
173686 |
0.82 |
|
|
937 |
0.00 |
|
|
1285434 |
6.05 |
|
|
|
|
|
|
312369 |
1.47 |
|
|
|
|
|
|
3375562 |
15.89 |
|
|
273064 |
1.29 |
|
|
68825 |
0.32 |
|
|
68254 |
0.32 |
|
|
100 |
0.00 |
|
|
471 |
0.00 |
|
|
4029820 |
18.96 |
|
Total Public
shareholding (B) |
5315254 |
25.01 |
|
Total (A)+(B) |
21249302 |
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) |
21249302 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and Promoter Group
|
Name
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
Solvay Healthcare Limited |
37,44,951 |
17.62 |
|
British Colloids Limited |
14,70,000 |
6.92 |
|
Abbott Capital India Limited |
1,07,19,097 |
50.44 |
|
Total |
1,59,34,048 |
74.99 |
Shareholding of securities (including shares, warrants, convertible securities)
of persons belonging to the category Public and holding more than 1% of the
total number of shares
|
Name
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
Reliance Capital Trustee Company Limited
Reliance |
270062 |
1.27 |
|
Reliance Capital Trustee Company Limited |
439246 |
2.07 |
|
Reliance Capital Trustee Company Limited |
214900 |
1.01 |
|
Total |
924208 |
4.35 |
BUSINESS DETAILS
|
Line of Business : |
Provider of Healthcare Solutions services. |
||||||||
|
|
|
||||||||
|
Products/Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
|
|
|
|
Bankers : |
v
Standard Chartered Bank v
BNP Paribas v HDFC Bank
Limited |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins
and Sells Chartered Accountants |
|
|
|
|
Solicitors : |
v Wadia Ghandy and
Company v Crawford Bayley and
Company |
|
|
|
|
Ultimate Holding
Company : |
Abbott Laboratories, USA |
|
|
|
|
Holding Company
: |
Abbott Capital India Limited, UK |
|
|
|
|
Fellow
Subsidiaries : |
v Abbott Logistics
BV, Netherlands v Abbott
Laboratories Intl. Company, USA v Abbott Healthcare
Private Limited, India v Abbott Japan
Company Limited, Japan v Abbott
Laboratories Limited, UK v Abbott
International Limited, USA v Solvay Pharma,
India (for the period December 01, 2009 to December 31, 2010) v Abbott
Laboratories (Singapore) Pte Limited, Singapore v Abbott
Laboratories S.A., DAFZ (Dubai Airport Free Zone), Dubai v British Colloids
Limited, U.K v Abbott
Laboratories S.A., China v Abbott
Laboratories SA, USA v Abbott SA NV,
Belgium v Abbott GmbH and
Company KG, Germany v Abbott Products Operations
AG. Switzerland v Abbott Products
GmbH. Germany v Abbott Mature
Products Management Limited, Ireland v Abbott Products
SAS, France v Abbott
Laboratories Trading (Shanghai) Company Limited, China v Abbott
Laboratories Limited, Thailand v Abbott
Healthcare Products Limited, U.K |
CAPITAL STRUCTURE
As on 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21700000 |
Equity Shares |
Rs.10/- each |
Rs. 217.000 Millions |
|
5800000 |
Unclassified Shares |
Rs. 10/- each |
Rs. 58.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 275.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21249302 |
Equity Shares |
Rs.10/- each |
Rs. 212.493 Millions |
|
|
|
|
|
Note
1,09,42,047 Equity
Shares are held by Abbott Capital India Limited U.K, the holding company
37,44,951 Equity
Shares are held by Abbott Healthcare Products Limited, U.K
14,70,000 Equity Shares
are held by British Colloids Limited, U.K
The ultimate
holding company is Abbott Laboratories, USA
Of the above:
75,74,062 Equity
Shares were allotted to shareholders of erstwhile Solvay Pharma India Limited pursuant
to a scheme of amalgamation with the Company.
a) 99,995 Equity
Shares were allotted as fully paid pursuant to a contract without payment being
received in cash
b) 1,50,99,570
Equity Shares were issued as fully paid Bonus Shares by capitalisation of Share
Premium and Revenue Reserve
c) 25,000 Equity
Shares were allotted to the financial institutions on conversion of 5% of
Debentures into Equity shares
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 (12 Months) |
31.12.2010 (13 Months) |
30.11.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
212.493 |
136.752 |
136.752 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5228.933 |
2917.071 |
2578.810 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5441.426 |
3053.823 |
2715.562 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
1.894 |
21.979 |
|
|
|
|
|
|
|
|
TOTAL |
5441.426 |
3055.717 |
2737.541 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
796.605 |
497.060 |
487.914 |
|
|
Capital work-in-progress |
13.502 |
8.638 |
3.559 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
62.027 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2548.976
|
1285.862 |
1023.766
|
|
|
Sundry Debtors |
1326.147
|
652.761 |
443.975
|
|
|
Cash & Bank Balances |
2589.456
|
1885.141 |
1756.091
|
|
|
Other Current Assets |
46.328
|
12.049 |
4.297
|
|
|
Loans & Advances |
575.981
|
192.809 |
109.543
|
|
Total
Current Assets |
7086.888
|
4028.622 |
3337.672 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1201.305
|
577.533 |
431.072
|
|
|
Other Current Liabilities |
402.914
|
402.087 |
147.915
|
|
|
Provisions |
913.377
|
498.983 |
512.617
|
|
Total
Current Liabilities |
2517.596
|
1478.603 |
1091.604
|
|
|
Net Current Assets |
4569.292
|
2550.019 |
2246.068
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5441.426 |
3055.717 |
2737.541 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 (12 Months) |
31.12.2010 (13 Months) |
30.11.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
14455.729 |
9898.808 |
7609.264 |
|
|
|
Other Income |
512.403 |
359.898 |
292.795 |
|
|
|
TOTAL (A) |
14968.132 |
10258.706 |
7902.059 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw and Packing Materials Consumed |
1230.696 |
441.872 |
6636.056 |
|
|
|
Purchase of Finished Goods |
7987.170 |
6281.954 |
|
|
|
|
Manufacturing, Administrative and Selling Expenses |
4534.842 |
2731.292 |
|
|
|
|
Increase in Work-in-Progress and Finished Goods |
(736.412) |
(250.752) |
|
|
|
|
TOTAL (B) |
13016.296 |
9204.366 |
6636.056 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1951.836 |
1054.340 |
1266.003 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.300 |
0.387 |
2.025 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1951.536 |
1053.953 |
1263.978 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
149.953 |
112.503 |
90.141 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1801.583 |
941.450 |
1173.837 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
597.653 |
332.098 |
394.852 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1203.930 |
609.352 |
778.985 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2634.469 |
2357.143 |
(3.883) |
|
|
|
|
|
|
|
|
|
Add |
Tax Provision
(charged)/ reversed pertaining to prior years |
-- |
-- |
1931.540 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
|
|
|
|
|
|
For the year ended December 31, 2011 |
361.238 |
-- |
|
|
|
|
For the period ended December 31, 2010 |
-- |
232.479 |
349.499 |
|
|
|
Corporate Dividend Tax |
58.602 |
-- |
|
|
|
|
For the year ended December 31, 2011 |
(1.395) |
38.612 |
|
|
|
|
For the period ended December 31, 2010 |
|
|
|
|
|
|
Revenue Reserve |
120.393 |
60.935 |
|
|
|
BALANCE CARRIED
TO THE B/S |
3299.561 |
2634.469 |
2357.143 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Goods exported on FOB basis |
58.771 |
|
85.533 |
|
|
|
Reimbursement of Expenses/ Earnings from Affiliates |
51.928 |
49.008 |
|
|
|
TOTAL EARNINGS |
110.699 |
123.280 |
85.533 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
11.341 |
|
389.328 |
|
|
|
Finished Goods |
482.566 |
358.781 |
|
|
|
|
Raw Materials and Packing Materials |
681.420 |
29.627 |
|
|
|
|
Consumable stores |
0.546 |
0.866 |
|
|
|
TOTAL IMPORTS |
1175.873 |
405.351 |
389.328 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
56.66 |
44.56 |
56.68 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2012 |
30.06.2012 |
30.09.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
3759.800 |
4118.200 |
4168.800 |
|
Total Expenditure |
3466.200 |
3673.200 |
3617.600 |
|
PBIDT (Excl OI) |
293.600 |
445.000 |
551.200 |
|
Other Income |
53.000 |
56.800 |
58.200 |
|
Operating Profit |
346.600 |
501.800 |
609.400 |
|
Interest |
0.100 |
0.100 |
0.000 |
|
Exceptional Items |
103.900 |
0.000 |
0.000 |
|
PBDT |
450.400 |
501.700 |
609.400 |
|
Depreciation |
59.200 |
39.500 |
48.500 |
|
Profit Before Tax |
391.200 |
462.200 |
560.900 |
|
Tax |
120.400 |
167.000 |
177.600 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
270.800 |
295.200 |
383.300 |
|
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 |
270.800 |
295.200 |
383.300 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 (12 Months) |
31.12.2010 (13 Months) |
30.11.2009 |
|
PAT / Total Income |
(%) |
8.04
|
5.94 |
9.86 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.46
|
9.51 |
15.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.85
|
9.51 |
30.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.31 |
0.43 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.46
|
0.48 |
0.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.81
|
2.72 |
3.06 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAILS:
|
Particulars |
31.12.2011 (12 Months) |
31.12.2010 (13 Months) |
30.11.2009 |
|
|
(Rs. In Millions) |
||
|
Total
outstanding dues to Micro Enterprises and Small Enterprises |
23.991 |
|
431.072 |
|
Total outstanding dues to other creditors |
1177.314 |
569.760 |
|
|
Total |
1201.305
|
577.533 |
431.072 |
|
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 |
Yes |
|
8] |
No. of employees |
No |
|
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 |
No |
|
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 |
Yes |
|
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 |
No |
Merger of Solvay
Pharma India Limited
In early 2010,
Abbott Laboratories announced the acquisition of Solvay’s global
pharmaceuticals business. The Hon’ble High Court of Bombay vide its Order dated
July 15, 2011 sanctioned the Scheme of Amalgamation of Solvay Pharma India
Limited (“Solvay Pharma”) with Abbott India Limited (“the Scheme”). The
certified copy of the said Order was filed with the Registrar of Companies,
Maharashtra on August 10, 2011, upon which the merger became effective. The
Appointed Date for the merger was January 1, 2011.
In terms of the
said Scheme, the swap ratio for the merger was 2:3 i.e. every two shares of
erstwhile Solvay Pharma entitled their holders to three shares of the Company.
Accordingly, 75,74,062 Equity shares of Rs. 10 each were issued and allotted to
the shareholders of erstwhile Solvay Pharma. Consequently, the Issued,
Subscribed and Paid up capital of the Company stands increased to 2,12,49,302
Equity shares of Rs. 10 each aggregating to Rs. 212.493 Millions.
The merger of
erstwhile Solvay Pharma with the Company has significantly enhanced market
competitiveness of the Company, and will enable us to better serve the needs of
the medical community, patients and partners.
Management Discussion and Analysis
Industry structure and developments
Market growth
The Indian
pharmaceutical market grew by 14.9% for the year ended December 2011. This
performance comes on the back of a stronger 16.5% growth in the previous year
(Source : IMS MAT Dec 2011). The growth of the industry in 2011 was equally
driven by volume increases and new introductions.
The Indian economy
has experienced considerable turbulence in recent times. Real GDP growth rates
have been revised downward to 6.9% from 8.0%, industrial output is volatile,
escalated interest rates, and high inflation levels are an ongoing concern. The
fallout has extended to the Indian pharmaceuticals market, with industry growth
being lower than the previous year.
The outlook for
the pharmaceuticals sector, however, remains positive. Increased government
investment in healthcare, augmented household spending on health products,
increased access for Tier 2 and below markets, enhanced investments in
healthcare infrastructure and greater penetration of health insurance are
expected to be key growth enablers for the pharmaceutical industry going
forward.
Chronic Therapy
segments remain key growth segments
The Chronic
therapy segment accounts for about 28% of the total market, an increase of 1%
over 2010 and 3% over 2007. This segment continues to grow faster than Acute
category. During the year, Chronic segment grew by 19.3% versus Acute
segment growth of 13.3%.
Within the Chronic
segment, Anti-Diabetes is the fastest growing therapy area, followed by the
Cardiovascular
segment.
Neurology/Psychiatry, Respiratory and the Anti-arthritis and Anti-osteoporosis
therapy segments
have also
outperformed the overall market.
Within the Acute
segment Gastroenterology, Gynecology and Dermatology have been the best
performing therapeutic segments.
Competitive intensity
leading to sector innovation
Competition in the
pharmaceuticals sector remains intense, with an ever increasing number of
brands and combinations expected to hit the market. Apart from regional local
entrants, a growing number of multinational companies are expected to invest
heavily into the Indian market to expand access and coverage.
In such a crowded
market, many companies’ promotional strategies have been founded on field force
expansion and increased frequency of doctor visits. Doctors may now be meeting
more than 50 MRs a day at an average (Source : IMS). Amidst such competition,
the importance of differentiation from peers becomes of vital importance.
Heightened
competition and a greater presence of branded generics are putting greater pricing
pressures on the industry. The low priced segment of the market has almost
doubled its share over the last four years (Source : IMS).
This elevated
competitive dynamic has had positive effects on sector innovation. Companies
have developed creative models of patient and doctor engagement in order to
further differentiate their brands. Better diagnostic tools, wider treatment
options and stronger compliance programs benefit patients. Aggressive attempts
to penetrate into Tier 2 and below markets by national players are leading to
modified business models, which will be scaled up further as demand in these
markets picks up.
Outlook
2012 will be a
year to leverage on the transformations and other initiatives taken over the
previous few years to enhance them performance and achieve leadership positions
in them core therapy areas.
Revenue growth for
the Company will be driven through strengthening them focus on them core
therapy areas to achieve leadership positions. This entails, among other
things, further adapting them organisation structure around therapeutic areas,
sustaining investments in marketing excellence programs, greater emphasis on
cross-functional collaboration, boosting patient identification with point of
care diagnosis, life cycle management plans for heritage brands, new product
introductions and clinical development programs to enhance the scientific
standing of them brands. In addition, there will be robust investment in
expanding and training them field force, and a high focus on driving
productivity through Commercial Excellence programs such as rigorous training
to first line and second line managers, and training to the field force to
improve their in-clinic effectiveness.
In order to
support sales objectives, the Company will continue to drive operational
excellence to increase efficiency and commercial responsiveness. Enhancements
in them supply chain and distribution processes will allow us to reduce the
cost of goods. Projects to increase sales force responsiveness are underway and
will act as a key enabler to drive productivity, and an Enterprise Resource and
Planning system (ERP) will go live in the latter half of the year.
Finally,
institutionalisation of a strong Employee Value Proposition, focus on talent
development and building leadership capability will help drive all round
growth.
STATEMENT OF UNAUDITED
RESULTS FOR THE QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2012
Part I
(Rs. in Millions)
|
|
Particulars |
Quarter
ended |
Nine Months Ended |
|
|
|
|
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net Sales (Net of
Excise Duty) |
4063.00 |
4028.300 |
11755.700 |
|
|
(b) Other Operating
Income |
105.800 |
89.900 |
291.100 |
|
|
Total Income from
Operations (Net) |
4168.800 |
4118.200 |
12046.800 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of Materials
Consumed |
103.600 |
337.500 |
880.900 |
|
|
(b) Purchase of
Stock-in-Trade |
2122.300 |
1805.800 |
5609.600 |
|
|
(c) Changes in Inventory
of Finished Goods, |
202.300 |
224.800 |
528.000 |
|
|
Work-in-Progress and
Stock in Trade |
|
|
|
|
|
(d) Employee Benefits
expense |
566.000 |
531.000 |
1591.300 |
|
|
(e) Depreciation and
Amortisation expense |
48.500 |
39.500 |
147.200 |
|
|
(Refer Note 3) |
|
|
|
|
|
(f) Other expenses |
623.400 |
774.100 |
2147.200 |
|
|
Total expenses |
3666.100 |
3712.700 |
10904.200 |
|
3 |
Profit from Operations
before Other |
502.700 |
405.500 |
1142.600 |
|
|
Income, Finance Costs and
Exceptional |
|
|
|
|
|
Items (1-2) |
|
|
|
|
4 |
Other Income |
58.200 |
56.800 |
168.000 |
|
5 |
Profit from Ordinary
Activities before |
560.900 |
462.300 |
1310.600 |
|
|
Finance Costs and
Exceptional Items (3+4) |
|
|
|
|
6 |
Finance Costs |
- |
0.100 |
0.200 |
|
7 |
Profit from Ordinary
Activities after |
560.900 |
462.200 |
1310.400 |
|
|
Finance Costs but before
Exceptional |
|
|
|
|
|
Items (5-6) |
|
|
|
|
8 |
Exceptional Items |
|
|
|
|
|
(a) Provision for Anticipated
Date Expired |
|
- |
(186.900) |
|
|
Goods (Refer Note 2(i)) |
- |
|
|
|
|
(b) Writeback of
Depreciation (Refer Note 2(H)) |
- |
- |
290.800 |
|
|
Total Exceptional Items |
- |
- |
103.900 |
|
9 |
Profit from Ordinary
Activities before Tax |
560.900 |
462.200 |
1414.300 |
|
|
(7+8) |
|
|
|
|
10 |
Tax Expense |
177.600 |
167.000 |
465.000 |
|
11 |
Net Profit from Ordinary
Activities after |
383.300 |
295.200 |
949.300 |
|
|
Tax (9-10) |
|
|
|
|
12 |
Paid-up Equity Share Capital
(Face Value: Rs. |
212.500 |
212.500 |
212.500 |
|
|
10/- per share) |
|
|
|
|
13 |
Reserves excluding
revaluation reserves (As per |
|
|
|
|
|
Balance Sheet of previous
accounting year) |
|
|
|
|
14 |
Basic and Diluted Earning
Per Share (of Rs. 10/- each) not annualised except for year ended December
31, 2011 - Rs |
18.04 |
13.89 |
44.67 |
Part II
|
|
Particulars |
Quarter
ended |
Nine
Months Ended |
|
|
|
|
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
A |
Particulars of
Shareholding |
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
Number of Shares |
53,15,254 |
53,15,254 |
53,15,254 |
|
|
Percentage of
Shareholding |
25.01% |
25.01% |
25.01% |
|
2 |
Promoters and promoter
group shareholding (a) Pledged/ Encumbered : Percentage of Shares (as
a % of the total shareholding of promoter and promoter group) Percentage of Shares (as
a % of the total share ca pital of the company) (b) Non - encumbered : |
- |
- |
- |
|
|
Number of Shares |
159,34,048 |
159,34,048 |
159,34,048 |
|
|
Percentage of Shares (as
a % of the |
100% |
100% |
100% |
|
|
total shareholding of
promoter and |
|
|
|
|
|
promoter group) |
|
|
|
|
|
Percentage of Shares (as
a % of the |
74.99% |
74.99% |
74.99% |
|
|
total share capital of
the company) |
|
|
|
|
|
Particulars |
For the Quarter Ended September
30, 2012 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of
the quarter |
- |
|
|
Received during the
quarter |
1 |
|
|
Disposed of during the
quarter |
1 |
|
|
Remaining unresolved at
the end of the quarter |
- |
Notes:
1. The results for the quarter
and nine months ended September 30, 2012 have been reviewed by the Audit
Committee, approved by the Board of Directors and subjected to a 'Limited
Review' by the statutory auditors of the Company, in compliance with Clause 41
of the Listing Agreement with the Bombay Stock Exchange Limited.
2. Exceptional Items
includes :
In line with an opinion of
the Expert Advisory Committee of the Institute of Chartered Accountants of
India on "Accounting for Sales Return" and to align the practices
followed by the Company and erstwhile Solvay Pharma India Limited, the Company
has revised its approach for estimating the anticipated returns for date expiry
in respect of its sales with effect from March 31, 2012. Accordingly a
provision of Rs. 186.900 Millions towards the same, made in respect of Sales
till December 2011, has been disclosed as an exceptional item for the nine
months ended September 30, 2012.
During the quarter ended
March 31, 2012, the Company retrospectively changed its method of depreciation on
fixed assets from written down value (WDV) method to straight line method
(SLM), resulting in write back of depreciation of Rs.290.800 Millions. This has
been disclosed as an exceptional item for the nine months ended September 30,
2012.
3. With effect from January
1, 2012, the company has revised the estimated useful life of its fixed assets.
The additional depreciation on account of this revision is Rs. 10.200 Millions,
Rs. 10.400 Millions and Rs. 48.600 Millions for the quarter ended June 30,
2012, quarter ended September 30, 2012 and nine months ended September 30, 2012
respectively.
4. The Company operates in
one reportable business segment i.e. "Pharmaceuticals" and one
reportable geographical segment i.e. "Within India".
CONTINGENT
LIABILITIES: (AS ON 31.12.2011)
(Rs. in millions)
a. In February
1996, the Government had made a tentative claim for a sum of Rs. 111.166
Millions to be paid into the Drugs Prices Equalisation Account (DPEA) on
account of unintended benefit allegedly enjoyed by the Company during the
period May 1, 1981 to August 25, 1987. This was contested by the Company and
subsequently during the year ended November 30, 2005, a final demand was
received for Rs. 34.664 Millions (including interest of Rs. 19.039 Millions
upto March 31, 2004). The Company, being aggrieved of the said demand and based
on legal advice obtained in this regard, contested the above final demand of
Rs. 34.664 Millions and filed a Writ Petition before the Bombay High Court to
restrain the Government from recovering the said amount. The Bombay High Court
has admitted the Writ Petition and granted stay of the recovery of the amount
of Rs. 34.664 Millions subject to the Company furnishing a Bank Guarantee in
respect of the principal amount of Rs. 15.625 Millions. The said Bank Guarantee
has been furnished. The Company however, out of abundant caution and based on
its understanding of the facts and circumstances of the case provided for a sum
of Rs. 8.742 Millions (2010: Rs. 8.351 Millions) including interest liability
till date.
|
PARTICULARS |
31.12.2011 |
|
b. Claims
against the Company, not acknowledged as debts, in respect of : |
|
|
(i) Sales Tax,
Central Excise and Service Tax demands under appeals |
109.352 |
|
(ii) Income Tax
demands under appeals |
13.109 |
|
(iii)
Reimbursement claimed by third party |
4.784 |
|
c. Estimated
amount of Contracts remaining to be executed on capital account and not
provided for (net of advances) |
49.126 |
|
d. In respect of
the guarantees issued by the banks. |
14.156 |
FIXED ASSETS
v
Tangible Assets
·
Leasehold Land
·
Leasehold Improvements
·
Buildings
·
Machinery and Equipment
·
Furniture, Fittings and Office
·
Equipment
·
Vehicles
v
Intangible Assets
·
Software
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 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.54.85 |
|
|
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
No |
|
--AFFILIATION |
YES.NO |
Yes |
|
--LISTED |
YES.NO |
Yes |
|
--OTHER MERIT FACTORS |
YES.NO |
Yes |
|
TOTAL |
|
69 |
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.