MIRA
INFORM REPORT
|
Report Date : |
23.07.2013 |
|
|
|
|
Tel. No.: |
91 22 27893199 |
IDENTIFICATION DETAILS
|
Name : |
STRIDES ARCOLAB LIMITED |
|
|
|
|
Registered
Office : |
201, Devavrata, Sector 17,
Vashi, Navi Mumbai – 400705, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
28.06.1990 |
|
|
|
|
Com. Reg. No.: |
11-057062 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 588.040
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230MH1990PLC057062 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS36534B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCS8104P |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares
are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and Marketing of all types of Bulk Drugs,
Pharmaceuticals, etc. |
|
|
|
|
No. of Employees
: |
2700 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 54860000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having a good track record.
There appears drastic dip in sales and profitability during 2012. However, general financial strength seems to be strong. Liquidity
position appears to be good. Trade relations are reported to be fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered for normal 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.
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 [91-80-67840290]
LOCATIONS
|
Registered Office : |
201, Devavrata, Sector 17,
Vashi, Navi Mumbai – 400705, |
|
Tel. No.: |
91-22-27892924 / 27893199 |
|
Fax No.: |
91-22-27892942 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Strides House, Bilekahalli, Bannerghatta Road, Bangalore –
560076, Karnataka, India |
|
Tel. No.: |
91-80-26581343/ 44/ 67580738/
39/ 67580000/ 66580751/ 66580000/ 66580600 |
|
Fax No.: |
91-80-26583538/ 4330/ 67580700/
800/ 66580800 |
|
E-Mail : |
|
|
|
|
|
R and D Centre |
Strides Technology And Research, Bilekahalli, Bannerghatta
Road, Bangalore 560076, Karnataka, India |
|
Tel. No.: |
91-80-67840290 |
|
Fax No.: |
91-80-66580200/300 |
|
|
|
|
GLOBAL PLANTS : |
|
|
Factory 1 : |
Sterile Products Division – I Bilekahalli,
Bannerghatta Road, Bangalore - 560076, Karnataka, India |
|
|
|
|
Factory 2 : |
Penicillins Facility Estrada Doutor
Lorival Martins Beda, 926 – 968 28110-000- Donana – Campos dos, Goytacazes-
Rio de Janeiro- Brazil |
|
|
|
|
Factory 3 : |
Sterile Products Division – II Plot No. 284-A,
Bommasandra Jigani Link Road, Industrial Area, Jigani Village, Jigani, Hobli,
Anekal Taluk, Bangalore - 562106, Karnataka, India |
|
|
|
|
Factory 4 : |
Strides Arcolab Polska Sp.Zo.o ul. Daniszewska
10 03-230 Warszawa NIP-813-34-15-000, Poland |
|
|
|
|
Factory 5 : |
Oral Dosage Form Facility – III Plot No. 9-12,
Dewan and Sons Industrial Area, Veroor, Palghar, District Thane - 401404, Maharashtra,
India |
|
|
|
|
Factory 6 : |
Onco Therapies Limited Plot No. 284-B,
Bommasandra Jigani Link Road, Industrial Area, Jigani Village, Jigani Hobli,
Anekal Taluk, Bangalore - 562106, Karnataka, India |
|
|
|
|
Factory 7 : |
Strides Vital Nigeria Limited Gate No. 02,
Ladipo Oluwole Avenue, Opposite Cocoa Warehouse, Off Oba Akran Road, Ikeja
Industrial Area, Ikeja Lagos, Nigeria |
|
|
|
|
Factory 8 : |
Beta-lactams
Facility Bilekahalli, |
|
|
|
|
Factory 9 : |
Beltapharm SpA 20095 Cusano
MIL. (MI) – Via Stelvio, 66 Italy. |
|
|
|
|
Factory 10 : |
Penems Facility Estrada Doutor
Lorival Martins Beda, 926 – 968 28110-000- Donana – Campos dos, Goytacazes-
Rio de Janeiro- Brazil |
|
|
|
|
Factory 11 : |
Oral Dosage Form Facility – II 'KRS Gardens', Suragajakanahalli, Anekal
Taluk, Bangalore - 560106, Karnataka, India |
|
|
|
|
Factory 12 : |
Oral Dosage Form Facility – I 124, Sipcot Industrial Complex, Hosur - 635126, Tamilnadu, India |
|
|
|
|
Factory 13 : |
Beta-lactams Facility Bilekahalli, Bannerghatta Road,
Bangalore - 560076, Karnataka, India |
|
|
|
|
Factory 14 : |
Star Drugs and Research Labs Limited Plot No. 14, Sipcot-II, Hosur -
635109, Tamilnadu, India |
|
|
|
|
Factory 15 : |
Cephalosporins Facility Bilekahalli, Bannerghatta Road,
Bangalore - 560076, Karnataka, India |
|
|
|
|
Factory 16 : |
Penems Facility Estrada DoutorLorival Martins
Beda, 926 - 968 28110-000- Donana - Campos
dos Goytacazes- Rio de Janeiro- Brazil |
|
|
|
|
Warehouse : |
Plot No. 62, Sector – 1, Nerul, Navi Mumbai – 400706, Maharashtra,
India |
|
|
|
|
Global Offices : |
Located at : USA
South Africa 4, Angus Cresent, Longmeadow East, Modderfontein-1644, Norway Sorkedalsveien,
10B 0369, Oslo, Norway. United
Kingdom Unit 4,
Metro Centre, Tolpits Lane,Watford, Hertfordshire, WD18 9SS, UK Singapore 8 Cross
Street, No. 17-00 Singapore 048424 |
DIRECTORS
AS ON 31.12.2012
|
Name : |
Mr. Deepak Vaidya |
|
Designation : |
Chairman and Independent Director |
|
|
|
|
Name : |
Mr. Arun Kumar |
|
Designation : |
Executive Vice Chairman and Managing Director |
|
Qualification |
B.Com., PGDBM |
|
|
|
|
Name : |
Mr. K.R. Ravishankar |
|
Designation : |
Non Executive Director |
|
Qualification |
B.Sc. (Part) |
|
|
|
|
Name : |
Mr. Mukul Sarkar |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. P M Thampi |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Venkat S Iyer |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M.R. Umarji |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. A.K. Nair |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. S Sridhar |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Arun Kumar |
|
Designation : |
Founder and Group Chief Executive Officer |
|
|
|
|
Name : |
Mr. Venkat S Iyer |
|
Designation : |
Executive Director and Chief Executive
Officer – Agila |
|
|
|
|
Name : |
Mr. T. S. Rangan |
|
Designation : |
Group Chief Executive
Officer |
|
|
|
|
Name : |
Mr. Adam Levitt |
|
Designation : |
Chief Executive Officer Americas Operations |
|
|
|
|
Name : |
Dr. Anand Iyer |
|
Designation : |
Chief Executive Officer, Agila Biotech Division |
|
|
|
|
Name : |
Mr. D P Shrivastava |
|
Designation : |
Chief Executive Officer, Brazil
|
|
|
|
|
Name : |
Mr. Manish Gupta |
|
Designation : |
Chief Executive Officer – pharma |
|
|
|
|
Name : |
Mr. Subroto Banerjee |
|
Designation : |
President, Agila (India Region) |
|
|
|
|
Name : |
Mr. Sihue B Noronha |
|
Designation : |
Chief Executive Officer – Africa |
|
|
|
|
Name : |
Mr. Joe Thomas |
|
Designation : |
Chief Corporate Development Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3277326 |
5.55 |
|
|
12896876 |
21.84 |
|
|
16174202 |
27.39 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
16174202 |
27.39 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3351367 |
5.68 |
|
|
40829 |
0.07 |
|
|
1355675 |
2.30 |
|
|
30553544 |
51.74 |
|
|
15000 |
0.03 |
|
|
35316415 |
59.81 |
|
|
|
|
|
|
1083770 |
1.84 |
|
|
|
|
|
|
2434128 |
4.12 |
|
|
1404435 |
2.38 |
|
|
2637171 |
4.47 |
|
|
1515700 |
2.57 |
|
|
138901 |
0.24 |
|
|
193200 |
0.33 |
|
|
273115 |
0.46 |
|
|
495000 |
0.84 |
|
|
250 |
0.00 |
|
|
21005 |
0.04 |
|
|
7559504 |
12.80 |
|
Total Public shareholding (B) |
42875919 |
72.61 |
|
Total (A)+(B) |
59050121 |
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) |
59050121 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionShareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the
Shareholders |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Pronomz Ventures LLP |
12665000 |
21.45 |
|
2 |
Arun Kumar |
560797 |
0.95 |
|
3 |
K R Ravishankar |
1235906 |
2.09 |
|
4 |
Agnus Holdings Private Limited |
120816 |
0.20 |
|
5 |
Chayadeep Properties Private Limited |
61060 |
0.10 |
|
6 |
Triumph Venture Holdings LLP |
30000 |
0.05 |
|
7 |
Agnus Capital LLP |
20000 |
0.03 |
|
8 |
Padma Kumar |
171485 |
0.29 |
|
9 |
Deepa Arun Kumar |
201000 |
0.34 |
|
10 |
Tarini Arun Kumar |
200000 |
0.34 |
|
11 |
Aditya Arun Kumar |
200000 |
0.34 |
|
12 |
Vineetha Mohanakumar Pillai |
175000 |
0.30 |
|
13 |
K R Lakshmidevi |
130365 |
0.22 |
|
14 |
Rajeswari Amma |
93760 |
0.16 |
|
15 |
Sajitha Pillai |
80000 |
0.14 |
|
16 |
Gayatri Nair |
50000 |
0.08 |
|
17 |
Lakshmi Gopalakrishnan |
50000 |
0.08 |
|
18 |
Hemalatha Pillai |
48000 |
0.08 |
|
19 |
Rajitha Gopalakrishnan |
45000 |
0.08 |
|
20 |
G Purushothaman Pillai |
33013 |
0.06 |
|
21 |
Rahul Nair |
3000 |
0.01 |
|
|
Total |
16174202 |
27.39 |
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
|
Sl. No. |
Name of the
Shareholders |
No. of Shares held |
Shares as % |
|
|
1 |
Goldman Sachs Investments (Mauritius) I Limited |
3896664 |
6.60 |
|
|
2 |
Dvi Fund Managers |
2804778 |
4.75 |
|
|
3 |
Hsbc Global Investment Funds A/C HSBC Global Investment Funds
Mauritius Limited |
2782138 |
4.71 |
|
|
4 |
Morgan Stanley Asia (Singapore) Pte. |
2373211 |
4.02 |
|
|
5 |
Janus Overseas Fund |
1780895 |
3.02 |
|
|
6 |
Reliance Capital Trustees Company Limited A/C Reliance Growth Fund |
1699963 |
2.88 |
|
|
7 |
Valiant Mauritius Partners Limited |
1646360 |
2.79 |
|
|
8 |
Route One Investment Company, L.P. A/C Route One Fund 1, L. P |
1599796 |
2.71 |
|
|
9 |
Route One Investment Company, L.P. A/C Route One Offshore Master Fund
L.P |
1520904 |
2.58 |
|
|
10 |
Valiant Mauritius Partners Offshore Limited |
1459980 |
2.47 |
|
|
11 |
Reliance Life Insurance Company Limited |
1341073 |
2.27 |
|
|
12 |
Satpal Khattar |
1332286 |
2.26 |
|
|
13 |
Elara India Opportunities Fund Limited |
1303273 |
2.21 |
|
|
14 |
Bnp Paribas Arbitrage |
1001997 |
1.70 |
|
|
15 |
DB International (Asia) Limited |
815458 |
1.38 |
|
|
16 |
Deutsche Securities Mauritius Limited |
801689 |
1.36 |
|
|
17 |
DNB Fund A/C DNB Fund - Asian Small Cap |
775000 |
1.31 |
|
|
18 |
IDFC Sterling Equity Fund |
640000 |
1.08 |
|
|
19 |
SBI Magnum Tax Gain Scheme - 1993 |
611987 |
1.04 |
|
|
|
Total |
30187452 |
51.12 |
|
Shareholding of securities (including shares, warrants, convertible
securities) of persons (together with PAC) belonging to the category “Public”
and holding more than 5% of the total number of shares of the company
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % |
|
|
1 |
Goldman Sachs Investments (Mauritius) I Limited |
3896664 |
6.60 |
|
|
|
Total |
3896664 |
6.60 |
|
Details of Locked-in Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Locked-in Shares as % |
|
1 |
Pronomz Ventures LLP |
3220000 |
5.45 |
|
|
Total |
3220000 |
5.45 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of all types of Bulk Drugs,
Pharmaceuticals, etc. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.12.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Soft Gelatin Plant Softgel Capsules |
Numbers
in Millions |
2645 |
-- |
|
Hard Gelatin Plant Capsules |
Numbers
in Millions |
450 |
699734 |
|
Tablet Plant Tablets |
Numbers
in Millions |
2160 |
2115452 |
|
Others |
Numbers
in Millions |
-- |
2105 |
Note:
Installed
Capacities are as certified by the management and relied upon by the Auditors.
The installed capacities serve multiple purposes and will vary according to
product mix.
** Not applicable as the products have been de-licensed.
GENERAL INFORMATION
|
No. of Employees : |
2700 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
·
Axis Bank Limited
·
Central Bank of
India ·
HDFC Bank Limited
·
Indian Overseas
Bank ·
Ratnakar Bank
Limited ·
Syndicate Bank ·
Yes Bank Limited ·
Citi Bank · Exim Bank |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Deloitte Centre, |
|
Tel. No.: |
91-80-66276000 |
|
Fax No.: |
91-80-66276011 |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Grant Thornton International Chartered Accountants |
|
Address : |
Wings, 1st Floor, 16/1, Cambridge Road, Halasuru,
Bangalore-560008, Karnataka, India |
|
|
|
|
Wholly Owned Subsidiaries : |
Direct Holding ·
Arcolab Limited
SA, Switzerland ·
Agila Biotech
Private Limited, India (w.e.f. May 16, 2012) ·
Agila Specialties
Asia Pte. Limited, Singapore (w.e.f. August 4, 2012) ·
Agila Specialties
Private Limited, India ·
Agila Specialties
Limited (formerly Starsmore Limited), Cyprus ·
Strides Africa
Limited, British Virgin Islands (upto December 25, 2012) ·
Strides Arcolab
International Limited, U.K (SAIL) ·
Strides Emerging
Markets Private Limited, India (w.e.f. June 1, 2012 upto November7, 2012) ·
Strides Pharma
International Limited, Cyprus (formerly Strides Specialty (Cyprus) Limited) ·
Strides
Technology and Research Private Limited, India (Under the process of striking
off) Indirect Holding ·
Agila Australasia
Pty Limited, Australia (w.e.f. March 22, 2012) ·
Agila Biotech
(Malaysia) SDN BHD, Malaysia (Formerly Agila Specialties (Malaysia) SDN BHD) ·
Agila (NZ) Pty
Limited, New Zealand (w.e.f. February 8, 2012) ·
Agila Pharma
Canada Corporation, Canada (formerly Pharma Strides Canada Corporation) ·
Agila Specialties
Americas Limited, Cyprus (w.e.f. September 28, 2012) (Formerly Agila Specialties Latina Limited) ·
Agila Specialties
Asia Pte. Limited, Singapore (upto August 3, 2012) ·
Agila Specialties
Global Pte. Limited, Singapore (w.e.f. September 28, 2012) ·
Agila Specialties
UK Limited, UK (w.e.f. December 14, 2012) ·
Agila Specialties
Polska Sp. Z.o.o, Poland (Formerly Strides Arcolab Polska Sp.Z.o.o.) ·
Co Pharma Limited,
UK ·
Farma Plus AS ,
Norway ·
Onco Laboratories
Limited, Cyprus ·
Onco Therapies
Limited, India ·
Plus Farma ehfi,
Iceland ·
Scentia
Pharmaceuticals Pty Limited, Australia (formerly Linkace Investments Pty Limited), ·
Strides Africa
Limited, British Virgin Islands (w.e.f. December 26, 2012) Strides Australia Pty Limited, Australia ·
Strides Emerging
Markets Private Limited, India (w.e.f. November 8, 2012) ·
Strides Inc., USA ·
Strides Pharma
(Cyprus) Limited, Cyprus (upto June 28, 2012) Strides Pharma Limited, Cyprus
(formerly Linkace Limited) ·
Strides
Pharmaceuticals (Holdings) Limited, Mauritius ·
Strides
Pharmaceuticals (Mauritius) Limited, Mauritius ·
Strides S.A.
Pharmaceuticals Pty. Limited, South Africa (w.e.f. December31, 2012) ·
Strides
Specialties (Holdings) Cyprus Limited, Cyprus · Strides Specialties (Holdings) Limited, Mauritius |
|
|
|
|
Other Subsidiaries : |
Indirect Holding ·
African
Pharmaceuticals Development Company, Cameroon · Agila Marketing e distribicao de Productos Hospitalaries Limited. (formerly Ephos – 106 Produtos Hospitalaries Limited Me), Brazil · Beltapharm S.p.A., Italy · Congo Pharma SPRL, Congo · Inbiopro Solutions Private Limited, India · Sorepharm SA, Burkinofaso · SPC Company Limited, Sudan · Strides CIS Limited, Cyprus ·
Strides
Farmaceutica Participacoes Limited, Brazil ·
Agila Jamp Canada
Inc., Canada (w.e.f. March 20, 2012) ·
Strides Pharma
Cameroon Limited, Cameroon ·
Strides Pharma
(Cyprus) Limited, Cyprus · Strides Pharma Namibia (Pty) Limited, Namibia · Strides S.A. Pharmaceuticals Pty. Limited, South Africa · Strides Vital Nigeria Limited, Nigeria ·
Ascent
Pharmahealth Asia Pte., Limited, Singapore · Ascent Pharma Pty Limited (formerly Genepharm Pty Limited), Australia ·
Ascent Pharmacy
Services Pty Limited, Australia ·
Ascent
Pharmaceuticals Limited (formerly Genepharm (New Zealand) Limited), New
Zealand · Ascent Pharmahealth Asia (Hong Kong) Limited (formerly Strides Arcolab Hong Kong Limited), Hong Kong · Ascent Pharmahealth Asia (Malaysia) SDN BHD (formerly Strides Arcolab Malaysia SDN. BHD) , Malaysia · Drug Houses of Australia (Asia) Pte. Limited, Singapore · Pharmasave Australia Pty Limited, Australia |
|
|
|
|
Joint Ventures : |
· Akorn Strides LLC, USA · Sagent Agila LLC, USA |
|
|
|
|
Enterprises owned or significantly influenced by key
management personnel and relative of key management personnel : |
· Atma Projects, India ·
Agnus Holdings
Private Limited, India ·
Agnus Global
Holdings Pte Limited, Singapore ·
Agnus IPCO
Limited, BVI ·
Mandala Valley
Vineyards Private Limited, India ·
Nous Infosytems
Private Limited, India ·
Patsys Consulting
Private Limited, India ·
Santo Properties
Private Limited, India ·
Sequent
Scientific Limited, India ·
Sequent Research
Limited, India ·
Sequent Penems
Private Limited, India ·
Sequent Global
Holdings Limited, Mauritius ·
Sequent
Antibiotics (Private) Limited, India ·
Sequent
Oncolytics (Private) Limited, India ·
Skanray
Healthcare Private Limited, India (Formerly known as Triumph Fincap Ventures
Private Limited) ·
Karuna Ventures
Private Limited, India ·
Paradime
Infrastructure Development Company ·
Deesha
Properties, India ·
Agnus Capital
LLP, India ·
Atma Enterprises
LLP India ·
Chayadeep
Ventures LLP India ·
Qualichem
Remedies LLP India ·
Triumph Venture
Holdings LLP, India ·
Chayadeep
Properties Private Limited, India ·
Higher Pharmatech
Private Limited, India · Pronomz Ventures LLP, India |
CAPITAL STRUCTURE
AS ON 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
89750000 |
Equity Shares |
Rs.10/- each |
Rs. 897.500 Millions |
|
620000 |
Cumulative Redeemable Preference Shares |
Rs.1000/- each |
Rs. 620.000 Millions |
|
|
TOTAL |
|
Rs. 1517.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
58803721 |
Equity Shares |
Rs.10/- each |
Rs. 588.040
Millions |
|
|
|
|
|
NOTE:
Reconciliation of the number of shares and amount outstanding at the
beginning and at the end of the reporting period:
|
PARTICULARS |
31.12.2012 |
|
|
|
No. of shares |
(Rs. In Millions) |
|
Equity share of Rs.10/- each |
|
|
|
Opening balance |
58380171 |
583.800 |
|
Issued pursuant to employee stock option
plan |
423550 |
4.240 |
|
Closing balance |
58803721 |
588.040 |
Detail of the rights, preferences and restrictions attaching
to each class of shares outstanding Equity shares of Rs. 10/- each:
The Company
has only one class of equity shares, having a par value of Rs.10/-. The holder
of equity shares is entitled to one vote per share. The Company declares and
pays dividends in Indian rupees. The dividend proposed by the Board of
Directors is subject to approval by the shareholders at the ensuing Annual
General Meeting. In the event of liquidation of the Company, the holders of the
equity shares will be entitled to receive any of the remaining assets of the
Company, after distribution to all other parties concerned. The distribution
will be in proportion to number of equity shares held by the shareholders.
Details of equity shares held by each
shareholder holding more than 5% of shares:
|
PARTICULARS |
31.12.2012 |
|
|
|
No. of shares |
% |
|
Pronomz Ventures LLP |
12665000 |
21.54% |
Details of aggregate number of equity shares allotted
as fully paid-up pursuant to contract without payment being received in cash
for the period of five year immediately preceding the balance sheet date:
|
PARTICULARS |
31.12.2012 |
|
|
No. of shares |
|
Equity shares of Rs.10- issued pursuant to a scheme of amalgamation in
2009 |
13524 |
Details of equity shares ofRs.10/- each reserved for issuance:
|
PARTICULARS |
31.12.2012 |
|
|
No. of shares |
|
Towards Employee stock options under the various Strides Stock option
plans |
2702350 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
588.040 |
583.800 |
|
(b) Reserves & Surplus |
|
13126.100 |
13008.360 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
13714.140 |
13592.160 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
2846.610 |
3639.350 |
|
(b)
Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
79.940 |
45.860 |
|
(d) long-term provisions |
|
504.290 |
588.640 |
|
Total Non-current Liabilities (3) |
|
3430.840 |
4273.850 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
2935.810 |
4142.280 |
|
(b) Trade payables |
|
1429.370 |
2096.120 |
|
(c) Other current liabilities |
|
1104.260 |
7684.170 |
|
(d) Short-term provisions |
|
373.390 |
833.840 |
|
Total Current Liabilities (4) |
|
5842.830 |
14756.410 |
|
|
|
|
|
|
TOTAL |
|
22987.810 |
32622.420 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2285.870 |
2354.360 |
|
(ii) Intangible Assets |
|
776.740 |
884.660 |
|
(iii) Capital work-in-progress |
|
81.200 |
54.710 |
|
(iv) Intangible assets under
development |
|
214.470 |
15.420 |
|
(b) Non-current Investments |
|
12953.230 |
7868.180 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
922.580 |
5835.170 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
17234.090 |
17012.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.380 |
0.000 |
|
(b) Inventories |
|
1043.540 |
1303.190 |
|
(c) Trade receivables |
|
1930.960 |
2642.830 |
|
(d) Cash and cash equivalents |
|
293.300 |
814.610 |
|
(e) Short-term loans and
advances |
|
2343.170 |
10520.270 |
|
(f) Other current assets |
|
142.370 |
329.020 |
|
Total Current Assets |
|
5753.720 |
15609.920 |
|
|
|
|
|
|
TOTAL |
|
22987.810 |
32622.420 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
577.450 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
13462.740 |
|
|
4] Employees stock options outstanding account |
|
|
20.860 |
|
|
5] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
14061.050 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
6461.360 |
|
|
2] Unsecured Loans |
|
|
5969.340 |
|
|
TOTAL BORROWING |
|
|
12430.700 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
26491.750 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
3115.520 |
|
|
Capital work-in-progress |
|
|
375.280 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
8645.200 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1293.080 |
|
|
Sundry Debtors |
|
|
1597.310 |
|
|
Cash & Bank Balances |
|
|
810.290 |
|
|
Other Current Assets |
|
|
145.280 |
|
|
Loans & Advances |
|
|
14210.230 |
|
Total
Current Assets |
|
|
18056.190 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1882.820 |
|
|
Other Current Liabilities |
|
|
326.790 |
|
|
Provisions |
|
|
1490.830 |
|
Total
Current Liabilities |
|
|
3700.440 |
|
|
Net Current Assets |
|
|
14355.750
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
26491.750 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
7120.070 |
7496.200 |
5046.610 |
|
|
|
Other Income |
1189.080 |
195.990 |
561.030 |
|
|
|
TOTAL |
8309.150 |
7692.190 |
5607.640 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2815.420 |
3178.380 |
|
|
|
|
Purchase of stock in trade |
1003.070 |
1072.110 |
|
|
|
|
(Increase)/Decrease in stock |
66.760 |
66.180 |
|
|
|
|
Employees benefits expenses |
709.190 |
629.760 |
|
|
|
|
Other Expenses |
1568.570 |
1061.020 |
|
|
|
|
TOTAL |
6163.010 |
6007.450 |
4347.240 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2146.140 |
1684.740 |
1260.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
712.200 |
805.900 |
733.740 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1433.940 |
878.840 |
526.660 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
190.990 |
176.150 |
150.820 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL ITEM
|
(644.090) |
559.060 |
514.990 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
598.860 |
1261.750 |
890.830 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
39.000 |
82.500 |
155.210 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
559.860 |
1179.250 |
735.620 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports of Goods |
5098.960 |
5404.610 |
3277.180 |
|
|
|
Development Income |
30.170 |
447.590 |
609.680 |
|
|
|
Management advisory service
fees |
507.150 |
332.64 |
312.970 |
|
|
|
Interest |
516.340 |
10.230 |
9.880 |
|
|
|
Profit on sale of investment |
308.460 |
0.000 |
94.400 |
|
|
|
Share of Profit on |
11.610 |
0.000 |
97.920 |
|
|
|
Other Income |
9.200 |
131.260 |
149.970 |
|
|
TOTAL EARNINGS |
6481.890 |
6326.330 |
4552.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1379.150 |
1241.020 |
612.690 |
|
|
|
Capital Goods |
69.290 |
37.120 |
185.550 |
|
|
|
Others |
66.070 |
11.560 |
6.450 |
|
|
TOTAL IMPORTS |
1514.510 |
1289.700 |
804.690 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
9.55 |
20.30 |
15.69 |
|
|
|
Diluted |
5.84 |
20.13 |
11.98 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2013 |
|
|
4th Quarter |
|
Sales Turnover |
1783.700 |
|
Total Expenditure |
1462.600 |
|
PBIDT (Excl OI) |
321.100 |
|
Other Income |
166.800 |
|
Operating Profit |
487.900 |
|
Interest |
124.600 |
|
Exceptional Items |
8.300 |
|
PBDT |
371.600 |
|
Depreciation |
88.800 |
|
Profit Before Tax |
282.700 |
|
Tax |
(33.000) |
|
Provisions and Contingencies |
0.000 |
|
Reported PAT |
315.700 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
315.700 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total
Income |
(%) |
6.74
|
15.33
|
13.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.41
|
16.83
|
17.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.15
|
5.11
|
4.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.09
|
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.42
|
0.57
|
0.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98
|
1.06
|
4.88 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Current Maturities of Long Term Debt |
560.360 |
1162.700 |
NA |
|
|
|
|
|
|
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 |
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
|
Unsecured Loans |
31.12.2012 |
31.12.2011 |
|
|
(Rs. In Millions) |
|
|
LONG-TERM BORROWINGS |
|
|
|
Term loan from banks |
2605.450 |
2663.500 |
|
SHORT-TERM BORROWINGS |
|
|
|
Unsecured loan repayable on demand from others |
0.000 |
100.000 |
|
Total |
2605.450 |
2763.500 |
TURNOVER AND
PROFITS
On a Standalone basis the
total income during the year stood at Rs. 8309.150 Millions as against Rs. 7692.190
Millions in the previous year. The Standalone net profits Rs.559.806 Million as
against a net profit ofRs.1179.250
Millions for the previous year.
BUSINESS OVERVIEW
2012 began and ended on an
optimistic note for the Company. During the year, their revenues and EBIDTA
increased considerably, compared to 2011, primarily driven by consistent new
product launches and increase in operational scale. Besides, both Agila and
Pharma divisions demonstrated significant operating leverage across all global
manufacturing facilities and consistent regulatory filings. Besides, there were
significant corporate initiatives round the year.
KEY BUSINESS HIGHLIGHTS FOR
2012
PHARMA
COLLABORATION WITH GILEAD
SCIENCES
The Company entered into an
in-licensing agreement to collaborate with Gilead Sciences, Inc. to promote
access to high-quality, low-cost generic versions of Gilead's HIV medicine
emtricitabine (FTC) in developing countries - including fixed-dose combinations
of emtricitabine co-formulated with other Gilead HIV medicines.
FUNDING FROM FRENCH
DEVELOPMENT
FINANCING INSTITUTION
During the year the French
Development Financing Institution Proparco invested USD12.5 Million in the form
of equity participation for a 20% stake in Strides' African front-end arm,
valuing the African operations at about USD 60 Million. The proceeds will be
used to create additional manufacturing infrastructure in key markets in Africa
and to build a regional Company.
BIOTECH
CONSOLIDATION OF STAKE IN
INBIOPRO
During the year 2012, the
Company consolidated its stake in Inbiopro Solutions Private Limited (Inbiopro)
the Biotech arm of the Company from the initial holding of 70% to 96.79%.
As at the date of this
report the Company further consolidated its stake to 100% and consequently
Inbiopro is a wholly owned subsidiary of the Company.
CUSTOMISED BIOTECH FACILITY
IN MALAYSIA
In March 2013, the Company's
wholly owned subsidiary Agila Biotech (Malaysia) SDN BHD, Malaysia, entered
into an arrangement with Bio-XCell Sdn Bhd (Malaysian Government undertaking)
for the establishment of a customised biotech facility located in the Bio-XCell
ecosystem in Johor, Malaysia.
The Company plans to
incorporate into this facility, the "next-generation" technology
platforms which revolutionise the way biomolecules are developed, manufactured
and commercialised.
SPECIALTIES (AGILA)
BRAZIL STERILE PENEMS
FACILITY - US FDA APPROVAL
In February 2012, the
Brazilian Sterile Penems facility received US FDA approval. This
state-of-the-art facility manufactures sterile dry powder injectables of
Penems. The plant has already been approved by other international regulatory
agencies like MHRA and ANVISA.
POLISH FACILITY - US-FDA
APPROVAL
During the year, the Company's
polish sterile facility received US-FDA approval. This state-of-the-art
facility located in Warsaw, Poland, manufactures vials, ampoules, pre-filled
syringes and lyophilized injections. The approval offers significant
flexibility to the manufacturing which is currently experiencing strong demand
on a worldwide basis.
ACQUISITION OF USFDA
APPROVED STERILE MANUFACTURING FACILITY
During the year, the Company
through its wholly owned subsidiary, Agila Specialties Private Limited acquired
a USFDA approved Sterile Formulations facility situated at Hosur, Tamil Nadu
from Star Drugs and Research Labs Limited.
JOINT VENTURE WITH JAMP
PHARMA CORPORATION
During the year, the Company
through its wholly owned subsidiary Agila Specialties Pharma Corporation,
Canada (part of injectable division of Strides), formed a joint venture with
Jamp Pharma, a Canadian generic drug company, to introduce a variety of quality
injectable generic drugs in Canada.
COLLABORATION WITH ELI LILLY
In December 2012, the
Company along with its subsidiary Agila Specialties Private Limited
collaborated with Eli Lilly to expand delivery of cancer medicines in the
emerging markets. As a part of this arrangement, Lilly will in-license a
portfolio of high-quality, branded generic injectable and oral cancer medicines
from
Agila Specialties, the
specialties division of Strides.
MANAGEMENT DISCUSSION AND ANALYSIS
GLOBAL
ECONOMY
The global
economy weathered unpredictable headwinds in 2012. The Euro zone had little to
cheer in 2012 as governments continued to look for ways and means to keep
financial markets afloat without promoting unsustainable debts, or continue
with austerity measures without impacting the economy. Emerging economies were
also impacted in a largely interdependent world.However, the world's largest
economy, the United States, seems to be recovering.
In 2012
the economy grew 2.2% against 1.8% in 2011.
Reliable
forecasts of the US economy for 2013 put growth upwards of 2% and for 2014,
above 3%. These estimates apparently look insignificant, but considering the
size of the economy, around US$ 15 Trillion, even a 2% growth would add an
output worth US$ 300 Billion. This will create a fresh wave of economic
activity not only in the US, but around the world, thanks to globalisation. The
global economy is expected to have grown by 3.2% in 2012. It is estimated to
grow at the rate of 3.5% in 2013.
INDIAN ECONOMY
India's GDP is estimated to
have grown by 5% in FY 2012-13. The Reserve Bank of India infused Rs. 18,000
crore to its economy by reducing the cash reserve ratio (CRR) to 4% in its
third monetary policy during 2012-13. Moreover, he Reserve Bank of India twice
lowered the repo rate by 25 basis points in 2012-13 to help revive growth.
Increasing FDI limits across major sectors have significantly improved India's
capital inflows. The government is also taking various initiatives to keep the
fiscal deficit within 5.2%. More financial reforms are expected to strengthen
India's growth story.
GLOBAL PHARMACEUTICAL
INDUSTRY
PHARMACEUTICAL INDUSTRY
OVERVIEW
The global pharmaceutical
market has witnessed a 6% CAGR from 2006 to 2012 to reach a US$ 956 Billion
market size in 2012. According to IMS Health, the global pharmaceutical spend
is estimated to touch US$ 1.2 Trillion by CY2016, growing at 4.5%annually.
Growth will be primarilydriven by higher generic spending (accounting for 3/4th
of the total increase) and increasing medical expenditure.
The pharmerging countries
will be the primary growth driver with market share likely to rise to 30% by
CY2016 from 20% in CY2011. Simultaneously, the share of developed markets is
likely to decline to 57% by CY2016 from 66% in CY2011, led by around US$ 100
Billion of patent expiries in the next five years.
Gradually growth is
gravitating from developed countries to emerging markets. This is owing to an
enhanced focus on biopharmaceuticals, compared to small molecule drugs and
higher preference for generics, compared to their branded counterparts.
INNOVATOR MARKET
As the innovator market
emerges from a wave of patent expiries in the US, there has been a sharp
increase in the number of NDA (new drug application) approvals. The year 2012
saw around 34 new drug approvals, highest in the last eight years.
GENERIC MARKET
Growing generics spending in
the developed Market over the next five year will be fuelled by generic
competition due to patent expiries, with some additional increases due to
expanded generic use for off-patent molecules. In
pharmerging markets generic
companies will increase most of the spending
GLOBAL
PHARMACEUTICAL MARKETS
REGULATED MARKET
USA
The US pharmaceutical market valued is US$ 322 Billion in 2011, is
expected to grow at a CAGR of 1-4% over 2012-16, likely to reach a market value
of 350-380 Billion by 2016 The year 2012 witnessed around US$ 35 Billion worth
of drugs to go off patent The US generics market, worth US$ 100 Billion, is
also estimated to register a CAGR of 8-9% in the medium term on account of
patent expiries
JAPAN
Japan is the world’s second largest pharmaceutical market. Japan’s
pharmaceutical market valued at US$ 111 Billion in 2011, is likely to witness
CAGR of 1-4% over 2012-16, reaching a market size of US$ 105 – 135 Billion.Growth
rate is marginally hindered by price cuts expected in 2014 and 2016. Rising
healthcare costs and ageing population have forced the government to initiate a
shift towards generic drugs. The generics segment is the highest growing of all
with anestimated CAGR of ~14% (2010-2015).
EUROPE
Europe is one of the largest global pharmaceutical market (around 17%)
followed by the US and Japan. In Europe pharmaceutical market is likely to
witness growth in the range of -1% to 2% by 2016. Sluggish growth is expected
due to healthcare cost containment measures adopted in order to curtail
the debt crisis. The EU5* nations are likely to touch a market size of US$
125-175 Billion by 2016.
PHARMERGING
MARKETS
The pharmerging markets are likely to double their pharmaceutical
spending from US$ 151 Billion 2011 to around US$ 285-313 Billion by 2015.Growth
will be led by gradual economic growth and government efforts to expand
healthcare access. IMS expects the pharmerging markets to grow by 13%-plus CAGR
from 2011 to 2016, reaching US$ 357 Billion by 2016.
CHINA
China’s pharmaceutical market is expected to soar to 2.3 Trillion yuan
(US$ 369.2 Billion) by 2020, up from 926.1 Billion yuan (US$ 148. 66 Billion),
currently. The growth will be led by China’s ageing population and economic development,
driving social insurance and consumption capacities (Source: Life Sciences
Health Industry Group, 2013).
LATIN AMERICA
The outlook for the Latin American market is positive, given the sheer
size and the burgeoning population. Generics and biologics are among the
strongest areas. Even if standards vary, the tendency is for ‘similar drugs’
without proven bio-equivalence to be phased out.
According to the IMS Health, the Latin American market will double from
2011 to 2015.The Latin America’s pharmaceutical market is worth US$ 45 Billion
in 2011.
Brazil’s is the largest market in Latin America and ranks the 7th
globally. The market is growing at 14-15%, and is expected to reach US$ 25
Billion by 2014 (Source: IMS, Fortune).
INDIA
India’s pharmaceutical industry is expected to reach US$ 29 Billion,
growing at a CAGR of 15-16%. The country is expected to have registered a
growth of US$ 15.7 Billion in 2012(Source: Espicom). The key growth enablers
(disposable income, insurance penetration, growing prevalence of lifestyle
diseases) will continue to drive growth.
GLOBAL APPROACH
India is rapidly emerging as one of the most preferred outsourcing
destinationsfor pharmaceuticals. A favourable regulatory environment has
attracted significant foreign investment. The cumulative drugs and pharmaceutical
industry attracted a foreign direct investment (FDI) of US$ 9,596 Million
between April 2000 and May 2012.
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED MARCH 31, 2013
(Rs. In Millions)
|
Sl. No. |
Particulars |
3
Months ended 31.03.2013 Unaudited |
|
1 |
Income from operations |
|
|
|
(a) Net Sales / Income
from Operations (Net of excise duty) |
1613.426 |
|
|
(b) Other Operating
Income |
170.235 |
|
|
Total Income from
operations (net) |
1783.661 |
|
2 |
Expenses |
|
|
|
(a) Cost of material
consumed |
707.978 |
|
|
(b) Purchases of
stock-in-trade |
243.863 |
|
|
(c) Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
51.429 |
|
|
(d) Employee benefit
expenses |
192.177 |
|
|
(e) Depreciation and
amortisation expense |
88.815 |
|
|
(f) Other expenses |
267.156 |
|
|
Total expenses |
1551.418 |
|
3 |
Profit/(Loss) from
Operations before Other Income, finance cost & Exceptional Items (1 -2) |
232.243 |
|
4 |
Other Income |
166.805 |
|
5 |
Profit/ (Loss) from
ordinary activities before finance cost & Exceptional Items (3+4) |
399.048 |
|
6 |
Finance costs |
124.595 |
|
7 |
Profit/(Loss) from
ordinary activities after finance cost but before Exceptional Items (5-6) |
274.453 |
|
8 |
Exceptional Items |
|
|
|
Exchange Fluctuation
(Loss) / gain (Net) |
8.276 |
|
9 |
Profit / (Loss) from Ordinary
Activities before tax (7+ 8) |
282.729 |
|
10 |
Tax Expense / (credit) |
(32.999) |
|
11 |
Net Profit / (Loss) after tax
(9-10) |
315.728 |
|
12 |
Paid-up Equity Share
Capital (Face value of Rs.10/-each) |
590.483 |
|
13 |
Earnings per share (face
value of Rs. 10/- each) - not annualised |
|
|
|
Basic EPS (Rs.) |
5.36 |
|
|
Diluted EPS (Rs.) |
5.32 |
SELECT
INFORMATION FOR THE QUARTER ENDED MARCH 31, 2013
|
|
|
3
Months ended 31.03.2013 |
|
A 1 |
PARTICULARS
OF SHAREHOLDING Public shareholding : |
|
|
|
(a) Number of shares |
42,874,119 |
|
|
(b) Percentage of shareholding |
72.61% |
|
2 |
Promoters and Promoter group shareholding : (a)
Pledged / Encumbered |
|
|
|
- Number of shares |
7,253,786 |
|
|
- Percentage of shareholding (as a % of the total
share holding of promoter and promoter group) |
44.85% |
|
|
- Percentage of shareholding (as a % of the total
share capital of the Company) |
12.28% |
|
|
(b) Non Pledged / Non Encumbered |
|
|
|
- Number of shares |
8,920,416 |
|
|
- Percentage of shareholding (as a % of the total
share holding of promoter and promoter group) |
55.15% |
|
|
- Percentage of shareholding (as a % of the total
share capital of the Company) |
15.11% |
|
|
Particulars |
3
Months ended 31.03.2013 |
|
B |
INVESTOR COMPLAINTS [Nos.] Pending at the beginning
of the quarter Received during the
quarter Disposed of during the
quarter Remaining unresolved at
the end of the quarter |
-- 22 22 -- |
NOTE:
1.
The
above unaudited results of the Company has been reviewed by the Audit Committee
and taken on record by the Board of Directors at their meeting held on April
25, 2013.
2.
The
statutory auditors have carried out limited review of the above standalone results.
3.
The
previous period's figures have been regrouped/ reclassified wherever necessary
to conform to the classification of the current period.
4.
Consequent
to the approval of Scheme of Arrangement during the year ending December 31,
2009 by the Hon'ble High Courts of Judicature ('the Scheme'), the Company has
utilised the Reserve for Business Restructure (BRR) as mentioned below. In
2009, as per the Scheme, investments in a subsidiary had been fair valued and
the resultant surplus over the previously carried book values, amounting to Rs.
5856.200 Millions had been credited to BRR. The maximum amount that can be
written off against the BRR instead of being debited to the statement of profit
and loss account on or at any time after January 1, 2009 would be restricted to
the balance in the BRR or upto December 31, 2012 and not beyond that.
|
|
Particulars |
3
Months ended 31.03.2013 Unaudited |
|
|
Utilisation of BRR : - Employee benefit expenses accrued / (reversed) - net - Depreciation and Amortisation - Other expenses - Interest on Fixed Loans Impact if the Company
followed the Accounting Standards instead of the accounting treatment
provided in the Scheme :- |
|
|
|
|
- |
|
|
Net Profit for the period
would have decreased by : |
- |
|
|
Earnings / (Loss) per
share (EPS) (Face value of Rs.10/-each) would have been : - Basic (not annualised) - Diluted (not annualised) |
Rs. 5.36 5.32 |
5.
Figures
for the quarter ended December 31, 2012 are the balancing figures between (a)
the audited figures for the year end December 31, 2012 and (b) the published
year to date figures up to the third quarter ended September 30, 2012.
6.
During
the quarter, 122,250 and 122,350 equity shares were allotted by the Company on
exercising equal number of options under Strides Arcolab ESOP 2006 and ESOP
2008 Schemes respectively. No options were granted under this scheme in the
current period.
7.
As
part of the ongoing restructuring in the group, the following changes have been
made during the year:
(a)
Agila Australasia Pty Limited Australia has acquired 100% stake in Catalist Pty
Limited with effect from January 1, 2013.
(b)
Agila Specialties Private Limited has acquired balance 3.21% stake in Inbiopro
Solutions Private Limited, making Inbiopro Solutions Private Limited a wholly
owned subsidiary of the group
8. Exchange fluctuation gain/ loss (net) included under Exceptional Items comprises the exchange gains/ losses arising out of there statement/ settlement of borrowings in foreign currency, intra group loans given and certain foreign currency denominated monetary items.
9. The Company’s operations fall within a single business segment viz. “Pharmaceutical Products” and as such there is no reportable segment information as per Accounting Standard 17 issued under the relevant provision of the Companies Act, 1956.
10. During the quarter (February 27, 2013), the Company and its subsidiary, Agila Specialties Asia Pte Limited (Agila Asia), have entered into definitive agreements for the sale of entities into Specialty products (apart of the Pharmaceutical business that the Group is into) by way of share sales to Mylan Inc. Pursuant to this agreement, the purchaser will acquire:
· the entire share capital of Agila Specialties Private Limited, from the Company, and
· the entire share capital of Agila Specialties Global Pte Limited, from Agila Asia.
In terms of the agreements, the consideration is subject to certain retentions, post completion adjustments and deposit of escrow amounts asset out in the agreements. The completion of the sale is subject to various regulatory and corporate approvals as may be required and fulfillment of other terms and conditions agreed between the parties and set out in the agreements. Upon satisfaction of the terms and conditions and receipt of all regulatory and corporate approvals, the Company and its subsidiary will tender the shares to the buyer. Pending completion of all the formalities, no effect has been given to above sale of shares to Mylan Inc in this results.
CONTINGENT LIABILITIES (AS ON 31.12.2012)
The Company has given corporate guarantees
upto Rs.26298.570 Millions (Previous year Rs.4572.940 Millions) to financial
institutions and other parties, on behalf of its subsidiaries. At December 31, 2012,
the subsidiaries had availed facilities from such financial institutions/ were
obligated to the parties referred above for an aggregate amount of Rs.4068.850
Millions (Previous year Rs.3672.540 Millions). The Company has additionally
provided its fixed assets (under a paripassu second charge) as security in
respect of some of these facilities.
The Company has disputed tax liabilities
arising from assessment proceedings relating to earlier years from the income
tax authorities amounting to Rs.741.310 Millions (Previous year Rs.741.270).
The outflow on account of disputed taxes is dependent on completion of
assessments.
The Company has preferred an appeal with the
CESTAT against the order of the Commissioner of Central Excise disallowing
transfer of CENVAT credit of Rs.3.860 Million (Previous year Rs.3.860 Millions)
as on the date of conversion of one of the units of the Company into a 100%
EOU. The outflow on account of disputed taxes is dependent on completion of
assessments.
FIXED ASSETS
·
·
Leased
·
Buildings
·
Furniture and Fixtures
·
Office Equipment and Computers
·
Plant and Machinery
·
Motor Vehicles
·
Registration and Brands
·
Software Licences
PRESS RELEASE
STRIDES ANNOUNCES WHO
PRE-QUALIFICATION FOR ARTEMETHER+LUMIFANTRINE (AL)
Product to be launched immediately
June 25, 2013, Bangalore: Strides Arcolab Limited today announced the
World Health Organization (WHO) pre-qualification of its anti-malarial product
Artemether + Lumifantrine (AL) Tablets.
AL constitutes over 80% of Artemesinin Combination Therapy (ACT)
procured under Global Fund and other similar programs. The benefits of ACTs are
their high efficacy, fast action and reduced likelihood of resistance
developing. WHO currently advises that all malaria cases should be treated with
ACT.
Over 300 million new malaria cases were reported in Africa alone in
2011. It is estimated that only about 10% of the actual incidence gets
reported. ACT procurement plan for 2013 is estimated to be in the region of $
450 million.
Commenting on the development, Manish Gupta, CEO-Pharma, Strides Arcolab
stated – “This approval is another initiative by Strides to make high quality,
affordable medicines available in the African sub-continent and other
middle-income countries and compliments our basket of products in the
anti-HIV/AIDS and anti-TB therapies for these markets. With this approval,
Strides becomes the only player to provide complete treatment portfolio in the
major diseases of HIV, TB and malaria, which continue to plaque the low and
middle-income countries. The product will be manufactured at our US-FDA
approved and WHO pre-qualified facility in Bangalore. The supplies of the
product will commence immediately.
About
Artemether+Lumefantrine (AL)
Artemether+Lumefantrine Tablets 20/120mg is a fixed-dose combination
indicated for the treatment of acute uncomplicated Plasmodium falciparum
malaria. The development and manufacturing of this fixed dose combination is
challenging due to complex bioequivalence, stability and manufacturability of
the product.
About Strides
Arcolab
Strides Arcolab, listed on the Bombay Stock Exchange Limited (532531)
and National Stock Exchange of India Limited (STAR), is a global pharmaceutical
company headquartered in Bangalore, India that develops and manufactures a wide
range of IP-led niche pharmaceutical products with an emphasis on sterile injectables.
The company has 14 manufacturing facilities across 6 countries with presence in
more than 75 countries in developed and emerging markets. Manufacturing is ably
supported by a 350-scientist strong global R&D Centre located in Bangalore.
MALAYSIAN BIO-XCELL SDN BHD SEALS A DEAL EXCEEDING
US$35M (RM107M) WITH AGILA BIOTECH SDN BHD DURING BIOPHARMA ASIA 2013
Bangalore, March 19 2013 – In conjunction
with Asia’s leading biopharma industry gathering, the BioPharma Asia Convention
(BioPharma Asia) held in Singapore from 19th to 21st March 2013 witnessed
Malaysian Bio-XCell Sdn Bhd (Bio-XCell) and Agila Biotech Sdn Bhd (Agila Biotech
(Malaysia)) sealing a US$34.4m (RM107m) Build-and-Lease Agreement. This
agreement is for the establishment of a customized biotech facility located in
the Bio-XCell ecosystem in Nusajaya, Johor, Malaysia.
The agreement was
signed between En. Rizatuddin Ramli, CEO of Bio-XCell and Dr. Anand Iyer, CEO
of Agila Biotech (Malaysia), a subsidiary of India-listed Strides Arcolab Limited,
replacing an earlier agreement signed in May 2011.
“Agila Biotech
(Malaysia) is indeed poised to be a major anchor tenant for the Bio-XCell ecosystem
and we are extremely pleased to be able to offer our services and support for
this promising project," said En. Rizatuddin Ramli. Bio-XCell will fund
RM67.32 million (approximately US$22 Million) to be provided under the
Build-and-Lease Agreement with Agila Biotech (Malaysia), which will cover the
construction of the building and part of the equipment. All other related
state-of-the-art equipment, integration service and testing of this turnkey project
(estimated at US$13-15 million) will be funded by Agila Biotech (Malaysia) from
internal accruals and funding from external sources.
Work on the facility
for the end-to-end manufacturing of biologics located on an 8.77 acre plot is
expected to start as soon as all necessary clearances and permits have been
obtained and all supplemental agreements have been executed. Both parties are
aiming for the R and D and manufacturing facilities to be operational by end
2014.
Agila Biotech
(Malaysia) plans to incorporate into its facility at Bio-XCell, the
“next-generation” technology platforms which revolutionize the way biomolecules
are developed, manufactured and commercialized. It is built around a unique
platform that features the innovative application of single-use component
technology and transforming biomanufacturing economics, thus reducing
deployment of new manufacturing capacity from 3-5 years to a faster 12-18
months. There's also a significant capital investment savings compared to
conventional approaches.
“Successful foray
into the biologics space would require building a state-of-the-art infrastructure
and strong technical foundation to support three pillars for a successful
biotech business," said Dr. Anand lyer, while adding that the three
pillars are strong pipeline of products; partnering capabilities; and novel
formulations/ delivery capabilities, all of which will be found in their new
facility planned in Malaysia.
Dr. Iyer also
noted that the facility in Bio-XCell represents a strategic move to further
bolster Agila Biotech (Malaysia)’s manufacturing presence in the region and tap
into unmet global demand and window of opportunity in biologics. The proposed
facility at Bio-XCell will include a Mammalian Cell Culture Single-Use
Technology Manufacturing Suite, a Microbial Fermentation Single-Use Technology
Manufacturing Suite, a Fill and Finish Suite, Analytical/ QC/ R and D labs,
utilities infrastructure and offices.
Agila Biotech
(Malaysia)'s plans for their facility at Bio-XCell include the development of a
state of- the-art, multi-product, scalable manufacturing facility with a
production capacity for mammalian (2KL expandable up to 8KL) and microbial (500
L expandable up to 2KL) products. It also aims to develop advanced formulation/
fill finish facilities to meet Agila Biotech (Malaysia)’s business model which
will support the manufacturing of internal pipeline products as well as CMO
activities. These facilities will be able to support the production of
Recombinant
Monoclonal
Antibodies (mAbs) from DS to DP, Recombinant Therapeutic Proteins from DS to DP,
CMO activities for DS and DP, chemistry and formulation activities for
PEGylation, novel formulation development and sterile fill finish facilities
for vials, PFS, cartridges and lyophilized products.
Agila Biotech
(Malaysia) is also building a 15,000sq.ft, state-of-the-art biologics R and D
facility in Bangalore that will support and complement its operations in
Malaysia.
Agila Biotech
(Malaysia) joins Biocon (India), MetEx (France) and Glycos Biotechnologies
(USA) as the early entrants into the Bio-XCell ecosystem. The site is supported
by a network of five seaports and two international airports, all within 59km
from the park. The ecosystem at Bio- XCell is designed for industrial and
healthcare biotechnology with a focus on manufacturing and R and D.
ABOUT BIO-XCELL
Bio-XCell, a
biotechnology park and ecosystem dedicated to healthcare and industrial biotechnology
is being developed by Malaysian Bio-XCell Sdn Bhd, a joint venture company formed
between Malaysian Biotechnology Corporation and property developer UEM Land Berhad
in 2009.
Bio-XCell is
strategically located on 160 acres in Nusajaya, within the Iskandar region of
Johor, Malaysia, and close to the border with Singapore providing global
connectivity through a network of five seaports and two international airports,
all within 59 km. Bio-XCell offers a conducive environment for the development
and manufacturing of biologics, pharmaceuticals, bio-based/ green chemicals and
other solutions to heal, fuel and green the world.
As a managed park,
Bio-XCell will provide its clients and investors with a range of value added benefits
including comprehensive infrastructure, high speed internet access, park
maintenance and security as well as core facilities to nurture the ecosystem.
Key facilities of the park include the Central Hub and Central Utilities
Facility (CUF).
The Central Hub is
a multipurpose complex featuring a business centre, auditorium, lab and office space
as well as amenities such as F and B and retail outlets. The CUF will provide specialized
utilities for bio manufacturing to the park’s clients. Clients have options to
locate their manufacturing operations at one of the ready-built standard shell
buildings or customise their own facility on one of the land plots available at
the park.
The park's global
clients include Biocon (India) whose biologics facility will represent the
largest insulin production plant in Asia, as well as Agila Biotech (India),
METabolic EXplorer (France) and Glycos Biotechnologies (USA).
About Agila
Biotech (Malaysia) / Strides Arcolab Limited:
Agila Biotech Sdn
Bhd is a wholly owned subsidiary of Agila Biotech Private Limited, India. Agila
Biotech (Malaysia) is a Strides Acrolab Limited (Strides) enterprise.
Strides Arcolab,
listed on the Bombay Stock Exchange Limited (532531) and National Stock Exchange
of India Limited (STAR), is a global pharmaceutical company headquartered in Bangalore,
India that develops and manufactures a wide range of IP-led niche
pharmaceutical products with an emphasis on sterile injectables.
The company has 14
manufacturing facilities across 6 countries with presence in more than 75 countries
in developed and emerging markets. Manufacturing is ably supported by a 350-
scientist strong global R and D Centre located in Bangalore.
STRIDES REPORTS STRONG QUARTERLY PERFORMANCE
BANGALORE, APRIL 25, 2013
|
|
Q1 ‘13 |
Q1 ‘12 |
Up by |
|
Revenues |
1930.00 |
1330.000 |
45% |
|
EBITDA |
470.000 |
180.000 |
100+% |
|
PBT |
280.000 |
(280.000) |
100+% |
|
PAT |
320.000 |
(280.000) |
100+% |
|
EPS |
Rs.53.600 |
(Rs.48.000) |
100+% |
Note: Management
has opted to report standalone fin ancials, which captures the Pharma business.
Management opted out of reporting
consolidated financials as the Agila business is in transition consequent to
the sale of Agila business to Mylan Inc., as announced in February 2013.
Bangalore, April 25, 2013 Strides Arcolab (BSE: 532531, NSE: STAR) today announced
its financial results for the Quarter ended March 31, 2013.
“Year 2013 has
started on a promising note and we continue to be upbeat about our pharma
business which is currently tracking ahead of guidance,” said Arun Kumar, Vice
Chairman and Group CEO, Strides Arcolab Limited. He further stated that “the
quarter also witnessed focused effort on growing the biotech business through
new exciting partnerships”
.
HIGHLIGHTS
PHARMA
·
Pharma
business scaling up and is in line with guidance for 2013 (Revenue guided at
Rs. 10000.000 Millions with an EBITDA of Rs. 2000.000 Millions)
·
Consolidated
Pharma Revenues grew by 47% (Rs.2350.000 Millions in Q1 2013 against
Rs.1600.000 Millions in Q1 2012)
·
Consolidated
Pharma EBITDA grew by 100+% (Rs.610.000 Millions in Q1 2013 against Rs.230.000 Millions
in Q1 2012)
BIOTECH
·
Agreement
closed with Bio-Xcell, Malaysia for establishing a customized biotech facility
located in the Bio-XCell ecosystem in Nusajaya, Johor, Malaysia.
·
Joint
Venture with Pfenex Inc. announced – JV to
develop, manufacture and commercialize an initial pipeline of six
biosimilar products for theglobal market
·
Acquired
incremental stake in Inbiopro making it a wholly owned subsidiary Pharma
Regulatory Update
·
47
filings as on date with USFDA with 19 pending approvals
·
Expects
3-4 key approvals during H2 2013
Corporate Update
Dr. T S Rangan,
Group CFO has decided to pursue post-doctoral study at Massachusetts Institute
of Technology (MIT) and Harvard University as a visiting fellow focusing on
“Advanced Corporate Finance” with an investigation study on “Corporate
Governance”. He will continue to be with the Company till 31st July
’13 supporting transition and succession planning.
About Strides Arcolab
Strides Arcolab,
listed on the Bombay Stock Exchange Limited (532531) and National Stock
Exchange of India Limited (STAR), is a global pharmaceutical company
headquartered in Bangalore, India, that develops and manufactures a wide range
of IP-led niche pharmaceutical products with an emphasis on sterile
injectables.
The Company has 14
manufacturing facilities across 6 countries with presence in more than 75
countries in developed and emerging markets. Manufacturing is ably supported by
a 350-scientist strong global R and D Centre located in Bangalore.
STRIDES ARCOLAB GETS USFDA
APPROVAL FOR GENERIC CANCER DRUG
NOVEMBER 29, 2012
Strides Arcolab said its wholly-owned arm Onco Therapies has received approval from US health regulator for its generic version of cancer drug Ifosfamide. The abbreviated new drug approval (ANDA) by US Food and Drug Administration is for Ifosfamide injection in multiple strengths of 50 mg/mL packaged in 1 gram/20 mL and 3 grams/60 mL single-dose vials, the company said in a statement.
Ifosfamide is part of the oncology portfolio licensed to Pfizer for the US market and the product is available for immediate launch, it added. Citing IMS data, Strides Arcolab said the US market for generic Ifosfamide is approximately USD 15 million. Ifosfamide is a chemotherapy drug that is usually used to treat sarcoma, testicular cancer and some types of lymphomas. Occasionally, it may be used to treat other types of cancer, it added.
MYLAN TO BUY AGILA SPECIALTIES
FROM STRIDES FOR $1.6BN
FEBRUARY 28, 2013,
Generic drugmaker Mylan Inc said it would buy Agila Specialties from Strides Arcolab Ltd for USD 1.6 billion to expand its injectable drugs business.
Mylan, one of the world's largest generic drugmakers with more than 1,100 products, said the acquisition is expected to immediately add to Mylan's adjusted diluted earnings per share following closing.Mylan said the deal was unanimously approved by its board.
STRIDES ARCOLAB GAINS ON JV WITH
PFENEX
APRIL 17, 2013
The stock of Strides Arcolab moved up over one percent on Wednesday as the company's subsidiary Agila Biotech and US-based Pfenex Inc entered into a joint venture to develop and manufacture six biosimilar products for global market.
As per the deal, Pfenex will be responsible for development of an optimised production strain, process and analytical package for each product, while Agila Biotech will be responsible for pre-clinical and phase 1 development as well as cGMP manufacturing.
"The lead product for the joint venture is interferon beta-1b, a biosimilar to Betaseron, indicated for relapsing-remitting and secondary-progressive forms of multiple sclerosis, commencing human clinical trials by Q4 2013," the company said in a release.
At 13:00 hours IST, the share was up 1.11 percent to Rs 827 on Bombay Stock Exchange, which gained as much as 2.7 percent intraday.
In the previous trading session, the share closed up 2.10 percent or Rs 16.85
at Rs 817.95.
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. 59.41 |
|
|
1 |
Rs. 90.74 |
|
Euro |
1 |
Rs. 78.11 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.