1. Summary Information
|
|
|
Country |
|
|
Company Name |
STRIDES ARCOLAB LIMITED |
Principal Name 1 |
Mr. Deepak Vaidya |
|
Status |
Good |
Principal Name 2 |
Mr. P M Thampi |
|
|
|
Registration # |
11-057062 |
|
Street Address |
201, Devavrata, Sector 17,
Vashi, Navi Mumbai – 400705, |
||
|
Established Date |
28.06.1990 |
SIC Code |
-- |
|
Telephone# |
91-22-27892924 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-22-27892942 |
Business Style 2 |
Marketing |
|
Homepage |
Product Name 1 |
Bulk Drugs |
|
|
# of employees |
800 (Approximately) |
Product Name 2 |
Pharmaceuticals |
|
Paid up capital |
Rs.588,,040,000/- |
Product Name 3 |
-- |
|
Shareholders |
Promoter
and Promoter Group –27.39%, Public shareholding –72.61% |
Banking |
HDFC Bank Limited |
|
Public Limited Corp. |
Yes |
Business Period |
24 Years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
Ba (54) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Joint
Ventures |
USA |
Akorn Strides
LLC |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.12.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
5,632,380,000 |
Current Liabilities |
2,613,570,000 |
|
Inventories |
1,043,540,000 |
Long-term Liabilities |
5,782,420,000 |
|
Fixed Assets |
3,277,080,000 |
Other Liabilities |
877,680,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
9,273,670,000 |
|
Invest& other Assets |
13,034,810,000 |
Retained Earnings |
13,126,100,000 |
|
|
|
Net Worth |
13,714,140,000 |
|
Total Assets |
22,987,810,000 |
Total Liab. & Equity |
22,987,810,000 |
|
Total Assets (Previous Year) |
33,299,670,000 |
|
|
|
P/L Statement as of |
31.12.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
7,120,070,000 |
Net Profit |
559,860,000 |
|
Sales(Previous yr) |
7,163,550,000 |
Net Profit(Prev.yr) |
1,179,210,000 |
MIRA
INFORM REPORT
|
Report Date : |
06.06.2013 |
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 (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 55000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having fine track record.
Trade relations are reported as 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term rating: BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
November 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term rating: A2 |
|
Rating Explanation |
Strong degree of safety and low credit |
|
Date |
November 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
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, |
|
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, |
|
|
|
|
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 562 106, 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, Dist. Thane 401 404,
Maharashtra, India. |
|
|
|
|
Factory 6 : |
Onco Therapies Limited Plot No. 284-B, Bommasandra
Jigani Link Road, Industrial Area, Jigani Village, Jigani Hobli, Anekal
Taluk, Bangalore 562 106, India |
|
|
|
|
Factory 7 : |
Strides Vital Nigeria Limited Gate No. 02, |
|
|
|
|
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 - 635 126, India. |
|
|
|
|
Factory 13 : |
Beta-lactams Facility Bilekahalli, Bannerghatta Road, Bangalore 560 076, Karnataka, India. |
|
|
|
|
Factory 14 : |
Star Drugs and Research Labs Limited Plot No. 14, Sipcot-II, Hosur -
635 109, T.N,, 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 – 400 706, 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 |
|
Date
of Joining |
June 1990 |
|
|
|
|
Name : |
Mr. K.R. Ravishankar |
|
Designation : |
Non Executive Director |
|
Qualification |
B.Sc. (Part) |
|
Date
of Joining |
June, 1990 |
|
|
|
|
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 |
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|
|
|
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 31.03.2013
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|
|
(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 |
|
|
|
|
|
|
|
|
|
|
4218587 |
7.14 |
|
|
|
44376 |
0.08 |
|
|
|
1839431 |
3.12 |
|
|
|
26870504 |
45.51 |
|
|
|
32972898 |
55.84 |
|
|
|
|
|
|
|
|
1395250 |
2.36 |
|
|
|
|
|
|
|
|
2936907 |
4.97 |
|
|
|
2810566 |
4.76 |
|
|
|
2758498 |
4.67 |
|
|
|
1672507 |
2.83 |
|
|
|
275081 |
0.47 |
|
|
|
193200 |
0.33 |
|
|
|
101455 |
0.17 |
|
|
|
495000 |
0.84 |
|
|
|
250 |
0.00 |
|
|
|
21005 |
0.04 |
|
|
|
9901221 |
16.77 |
|
|
Total Public shareholding (B) |
42874119 |
72.61 |
|
|
Total (A)+(B) |
59048321 |
100.00 |
|
|
I 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) |
59048321 |
0.00 |
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) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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, India |
|
|
|
|
Joint Ventures : |
·
Akorn Strides LLC, USA ·
Sagent Strides LLC, USA |
|
|
|
|
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 |
|
|
|
|
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
AFTER 25.05.2012
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 |
|
|
|
|
|
|
59048321 |
Equity Shares |
Rs.10/- each |
Rs. 590.483
Millions |
|
|
|
|
|
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 |
|
|
|
|
|
|
58840000 |
Equity Shares |
Rs.10/- each |
Rs. 588.400
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 |
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
588.040 |
583.800 |
577.450 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
13126.100 |
12980.710 |
13462.740 |
|
|
4] Employees stock options outstanding account |
0.000 |
27.590 |
20.860 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
13714.140 |
13592.100 |
14061.050 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3179.970 |
8330.170 |
6461.360 |
|
|
2] Unsecured Loans |
2602.450 |
6067.840 |
5957.200 |
|
|
TOTAL BORROWING |
5782.420 |
14398.010 |
12418.560 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
19496.560 |
27990.110 |
26479.610 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3277.080 |
3239.020 |
3115.150 |
|
|
Capital work-in-progress |
81.200 |
79.920 |
375.280 |
|
|
|
|
|
|
|
|
INVESTMENT |
12953.610 |
7868.180 |
18200.670 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1043.540
|
1303.200
|
1293.080 |
|
|
Sundry Debtors |
1930.960
|
2642.840
|
1597.310 |
|
|
Cash & Bank Balances |
293.300
|
814.610
|
810.290 |
|
|
Other Current Assets |
142.370
|
305.620
|
145.280 |
|
|
Loans & Advances |
3265.750
|
17046.280
|
4654.760 |
|
Total
Current Assets |
6675.920
|
22112.550
|
8500.720 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1429.370
|
2761.510
|
1920.200 |
|
|
Other Current Liabilities |
1184.200
|
398.400
|
301.180 |
|
|
Provisions |
877.680
|
2149.650
|
1490.830 |
|
Total
Current Liabilities |
3491.250
|
5309.560
|
3712.210 |
|
|
Net Current Assets |
3184.67
|
16802.990
|
4788.510
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
19496.560 |
27990.110 |
26479.610 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7120.070 |
7163.550 |
5046.380 |
|
|
|
Other Income |
1189.080 |
498.920 |
248.060 |
|
|
|
TOTAL (A) |
8309.150 |
7662.470 |
5294.440 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials consumed |
2815.420 |
4250.490 |
3015.410 |
|
|
|
Purchase of stock in trade |
1003.07 |
-- |
-- |
|
|
|
(Increase)/Decrease in stock |
66.760 |
66.190 |
(78.540) |
|
|
|
Employees benefits expenses |
709.190 |
-- |
-- |
|
|
|
Other Expenses |
1568.570 |
-- |
-- |
|
|
|
Exceptional Items |
644.090 |
-- |
-- |
|
|
|
Personnel cost |
-- |
629.780 |
525.510 |
|
|
|
Operating and other expenses |
-- |
1061.330 |
884.630 |
|
|
|
Reversal of Exchange
Fluctuation on Restatement of Hedged investments in earlier years |
-- |
0.000 |
695.680 |
|
|
|
Exchange Gain |
-- |
(370.210) |
(948.030) |
|
|
|
Changes in fair value of
embedded derivatives in FCCBs |
-- |
(188.850) |
15.630 |
|
|
|
Profit on FCCB buyback |
-- |
0.000 |
0.000 |
|
|
|
Interest reversal on FCCB
buyback |
-- |
0.000 |
0.000 |
|
|
|
Profit on sale of Investment |
-- |
0.000 |
(94.400) |
|
|
|
Provision no longer required
for diminution in value of investment |
-- |
0.000 |
(183.870) |
|
|
|
TOTAL (B) |
6807.100 |
5448.730 |
3832.020 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I |
1502.05 |
2213.740 |
1462.420 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
712.200 |
775.880 |
420.770 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
789.850 |
1437.860 |
1041.650 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
190.990 |
176.150 |
150.820 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
598.860 |
1261.710 |
890.830 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
39.000 |
82.500 |
155.210 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
559.860 |
1179.210 |
735.620 |
|
|
|
|
|
|
|
|
|
|
Profit before
tax from discontinued Operations |
0.000 |
0.000 |
890.830 |
|
|
Less |
Tax Expenses |
0.000 |
0.000 |
155.210 |
|
|
|
Net Profit from
Continuing Operations |
0.000 |
0.000 |
735.620 |
|
|
|
|
|
|
|
|
|
|
Profit before
tax from Discontinued Operations |
0.000 |
0.000 |
0.000 |
|
|
Less |
Tax Expenses |
0.000 |
0.000 |
0.000 |
|
|
|
Net Profit From
Discontinued Operations |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER
TAX |
559.860 |
1179.210 |
735.620 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1983.930 |
1029.800 |
780.600 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend on equity shares |
NA |
117.370 |
91.590 |
|
|
|
Tax on proposed equity dividend |
NA |
18.710 |
14.980 |
|
|
|
Dividend on preferences shares |
NA |
0.000 |
0.000 |
|
|
|
Tax on preference dividends |
NA |
0.000 |
0.000 |
|
|
|
Transfer to general reserve |
NA |
89.000 |
36.780 |
|
|
|
Reversal of Dividend on Preference Shares and Taxes Thereon, no longer
payable |
NA |
0.000 |
(148.540) |
|
|
|
Transfer to Capital Redemption Reserve |
NA |
0.000 |
491.610 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1983.930 |
1029.800 |
|
|
|
|
|
|
|
|
|
|
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 |
-- |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2013 |
|
|
5th
Quarter |
|
Net Sales |
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 |
|
Profit After Tax |
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
|
15.39
|
13.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.41
|
17.61
|
17.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.97
|
4.98
|
4.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.09
|
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.42
|
1.06
|
0.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.91
|
4.16
|
4.88 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
6.75] |
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) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
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.
UNSECURED LOAN
|
PARTICULARS |
31.12.2012 (Rs.
in Millions) |
||||||
|
Term loan from banks |
2602.450 |
||||||
|
Total |
2602.450 |
||||||
|
Reconciliation
|
|||||||
|
UNSECURED LOAN |
Rs.
In Millions 31.12.2011 |
|
1. Long term
loans |
|
|
a) Foreign currency convertible bonds (FCCB’s) |
|
|
- Debt Portion of FCCB’s |
5854.240 |
|
- Fair value of embedded derivatives in FCCB’s |
2.090 |
|
b) From subsidiaries |
0.000 |
|
2. Short term
loans |
|
|
a) From banks |
111.510 |
|
b) From others |
100.000 |
|
|
|
|
TOTAL |
6067.840 |
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 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 |
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.
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.
As part of the ongoing
restructuring in the group, the following changes have been made during the
year:
Agila Australasia Pty Limited
Australia has acquired 100% stake in Catalist Pty Limited with effect from
January 1, 2013
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
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
WEBSITE DETAILS
NEWS
PRESS RELEASE
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 biomanufacturing 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 exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 56.42 |
|
|
1 |
Rs. 86.54 |
|
Euro |
1 |
Rs. 73.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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 |
- |