MIRA INFORM REPORT
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Report Date : |
08.06.2013 |
IDENTIFICATION DETAILS
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Name : |
IND SWIFT LABORATORIES LIMITED |
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Registered Office : |
SCO 850, Shivalik Enclave, NAC, Manimajra, Chandigarh – 160 101 |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
04.01.1995 |
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Capital Investment / Paid-up Capital : |
Rs.379.455
millions |
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Com. Reg. No.: |
16-015553 |
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CIN No.: [Company
Identification No.] |
L24232CH1995PLC015553 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLI10111D / PTLI10125D |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business : |
Manufacturer and Seller of Active Pharmaceutical Ingredients (API) and
Advanced Intermediates. |
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No. of Employees : |
1200 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (13) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. The group company is passing through some financial crisis, due to
which the subject is facing a delay in servicing its debt payments. However, trade relations are fair. Business is active. Payments are
reported as slow. The company can be considered for business dealings on a safe and
secured 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 – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
Long Term Facilities: D (Default or are expected to be in default
soon.) |
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Date |
August, 2012 |
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Rating Agency Name |
ICRA |
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Rating |
Cash Credit Facilities: D (Default or are expected to be in default
soon.) |
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Date |
August, 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
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Registered/ Corporate Office : |
SCO 850, Shivalik Enclave, NAC, Manimajra, Chandigarh – 160 101, India
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Tel. No. |
91-172-2660918/ 2604934/ 2730503/ 2730920/ 5061850-53/ 5076458/ 2738827/ 2738828/ 5072079/ 5072079/ 3292003 |
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Fax No. |
91-172-2660920/ 2730504/ 2736294 |
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E-Mail : |
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Website |
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Factory 1 : |
Village Bhagwanpura, Barwala Road, Near Derabassi, District Mohali,
Punjab, India |
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Tel. No.: |
91-1762-231072/231048/233130 |
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Fax No.: |
91-1762-31073 |
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E-Mail : |
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Area : |
Owned |
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Factory 2 : |
SIDCO, Industrial Growth Centre, Jammu, Jammu and Kashmir, India |
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Research and
Development Facility : |
Plot No. E-5, Industrial Area, Phase II, Mohali, |
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International Marketing : |
711-712, Modi Tower, 98, Nehru Place, New Delhi – 110 019, India |
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Tel. No.: |
91-11-26226140-43 |
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Fax No.: |
91-11-264146140 |
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E-Mail : |
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Mumbai Office : |
304, 3rd Floor, Royal-Plaza, Near Fame Adlabs, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India |
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Tel. No.: |
91-22-40933737-99 |
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Fax No.: |
91-22-40933738 |
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E-Mail : |
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US Operations : |
IND-SWIFT Laboratories Inc., 3500, |
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Tel. No.: |
+1-9084211234 |
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Fax No.: |
+1-9083251613 |
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E-Mail : |
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EU Marketing Operations : |
IND-SWIFT Laboratories Limited, 25 Moorgate, London EC2R 6AY, United Kingdom |
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Tel. No.: |
+44-77-94385752 |
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E-Mail : |
DIRECTORS
As on 31.03.2012
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Name : |
Mr. S.R. Mehta |
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Designation : |
Chairman |
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Name : |
Mr. N.R. Munjal |
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Designation : |
Vice-Chairman cum Managing Director |
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Date of Birth/Age : |
09.02.1952 |
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Qualification : |
B.Sc. |
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Date of Appointment : |
04.01.1995 |
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Name : |
Mr. Himanshu Jain |
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Designation : |
Joint Managing Director |
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Name : |
Mr. Rishav Mehta |
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Designation : |
Executive Director |
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Name : |
Dr. V.R. Mehta |
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Designation : |
Director |
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Date of Birth/Age : |
30.11.1956 |
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Qualification : |
M. Sc. ( |
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Date of Appointment : |
31.07.2003 |
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Name : |
Dr. G. Munjal |
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Designation : |
Director |
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Name : |
Mr. K.M.S. Nambiar |
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Designation : |
Director |
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Name : |
Dr. H.P.S. Chawla |
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Designation : |
Director |
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Name : |
Mr. S.P. Sharma |
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Designation : |
Director |
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Name : |
Dr. J.K. Kakkar |
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Designation : |
Director |
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Name : |
Mr. Pradeep Kumar |
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Designation : |
Director |
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Name : |
Dr. N.P. Singh |
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Designation : |
Director |
KEY EXECUTIVES
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SENIOR MANAGEMENT TEAM ; |
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Name : |
Dr. Lalit K. Wadhwa |
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Designation : |
Director and Chief Operating Officer |
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Name : |
Mr. Vijay Kumar |
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Designation : |
Director Marketing and Special Projects |
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Name : |
Mr. N.K. Bansal |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Vikas Narendra |
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Designation : |
President-US Operations |
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Name : |
Mr. G.K. Sharma |
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Designation : |
Member Executive Board |
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Name : |
Mr. Subodh Gupta |
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Designation : |
Member Executive Board |
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Name : |
Dr. Rajesh Naik |
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Designation : |
Senior Vice-President (R&D and CRAMS) |
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Name : |
Uresh Raval |
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Designation : |
Vice President (HR) |
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Name : |
Mr. Ajay K. Srivastava |
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Designation : |
Vice President (Derabassi API facility) |
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Name : |
Mr. Sandeep Singh |
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Designation : |
Vice President (Procurement) |
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Name : |
Saranjai Tyagi |
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Designation : |
Vice President (QA) |
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Name : |
Mr. Rakesh Bahuguna |
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Designation : |
Vice President (QC) |
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COMMITTEES OF THE BOARD : |
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AUDIT COMMITTEE : |
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Name : |
Mr. K.M.S. Nambiar |
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Designation : |
Chairman |
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Name : |
Dr. J.K. Kakkar |
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Designation : |
Member |
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Name : |
Mr. S.P. Sharma |
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Designation : |
Member |
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Name : |
Mr. S.R. Mehta |
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Designation : |
Member |
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REMUNERATION COMMITTEE : |
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Name : |
Mr. K.M.S. Nambiar |
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Designation : |
Chairman |
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Name : |
Mr. S.P. Sharma |
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Designation : |
Member |
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Name : |
Mr. Pradeep Kumar |
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Designation : |
Member |
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Name : |
Dr. H.P.S. Chawla |
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Designation : |
Member |
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Name : |
S.R. Mehta |
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Designation : |
Member |
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SHARE TRANSFER AND SHAREHOLDER / INVESTOR GRIEVANCE COMMITTEE : |
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Name : |
Mr. K.M.S. Nambiar |
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Designation : |
Chairman |
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Name : |
Dr. J.K. Kakkar |
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Designation : |
Member |
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Name : |
Mr. N.R. Munjal |
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Designation : |
Member |
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Name : |
Mr. S.R. Mehta |
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Designation : |
Member |
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COMPENSATION COMMITTEE : |
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Name : |
Dr. J.K. Kakkar |
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Designation : |
Chairman |
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Name : |
Mr. K.M.S. Nambiar |
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Designation : |
Member |
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Name : |
Mr. S.P. Sharma |
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Designation : |
Member |
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SUB-COMMITTEE OF BOARD : |
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Name : |
Mr. N.R. Munjal |
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Designation : |
Chairman |
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Name : |
Mr. Dr. J.K. Kakkar |
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Designation : |
Member |
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Name : |
Mr. K.M.S. Nambiar |
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Designation : |
Member |
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Name : |
Mr. Himanshu Jain |
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Designation : |
Member |
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Name : |
Mr. Pardeep Verma |
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Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
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Category of Shareholders |
No. of Shares |
Percentage of Holding |
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(A) Shareholding of Promoter and Promoter Group |
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852605 |
2.17 |
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19011521 |
48.44 |
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19864126 |
50.61 |
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Total shareholding of Promoter and Promoter Group (A) |
19864126 |
50.61 |
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(B) Public Shareholding |
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|
492 |
0.00 |
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25030 |
0.06 |
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1646824 |
4.20 |
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1672346 |
4.26 |
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7711599 |
19.65 |
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7040429 |
17.94 |
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2768333 |
7.05 |
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190137 |
0.48 |
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190137 |
0.48 |
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17710498 |
45.13 |
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Total Public shareholding (B) |
19382844 |
49.39 |
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Total (A)+(B) |
39246970 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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0 |
0.00 |
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|
23500 |
0.00 |
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23500 |
0.00 |
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Total (A)+(B)+(C) |
39270470 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Seller of Active Pharmaceutical Ingredients (API) and
Advanced Intermediates. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2011
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Particulars |
Licensed
Capacity |
Installed
Capacity |
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Bulk Drugs, Intermediates, Solvents and others |
N.A. |
631831 kgs |
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Mint Derivatives |
N.A. |
3600000 Kg |
The installed capacity is as certified by the management on which
auditors have placed reliance being a technical matter.
GENERAL INFORMATION
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No. of Employees : |
1200 (Approximately) |
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Bankers : |
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Facilities : |
Notes: a) The Company
received Rs.150.000 millions against 14% Non-convertible Debentures on 28.05.2009
which are redeemable in 13 quarterly installments with effect from February
2010. Balance outstanding as on 31.03.2012 is Rs.46.500 millions (Previous
Year Rs.92.500 millions) b) Maturity
profile of term Loans: (Rs.
in millions)
1. 14% Non
Convertible Debentures amounting to Rs.46.500 millions (P.Y. Rs.92.500
millions) from Tata Capital Limited are secured by first ranking pari passu
charge on the immovable properties admeasuring 68 bighas and 13 biswas
situated at village Behra and village Bhagwanpura tehsil Rajpura, District
Patiala in the state of Punjab and land admeasuring 9435.56 square yards
being Plot No E-5, Industrial Focal Point, Phase II , Mohali in the state of
Punjab together with all buildings and structures, Plant and Machinery
thereon personal guarantees of Mr. S.R. Mehta, Mr. N.R. Munjal. 2. i) Bank
borrowings for working capital Rs.2285.400 millions (P.Y. Rs.1693.100
millions) are secured by a Pari Passu, first charge by way of hypothecation
of the Company’s current assets, namely, Stocks of Raw Materials, Semi
Finished, Finished Goods, Stores and Spares not relating to plant and
Machinery (Consumable Stores and Spares), Bills Receivable and Book Debts and
all other movables of the Company both
present and future excluding such movables as may be permitted by the said
Banks from time to time. The said facility is further secured by way of pari
passu second charge on the Company’s immovable and movable properties (other
than current assets) and personal Guarantees of Mr. S.R. Mehta, Dr. V.R.
Mehta, Mr. N.R. Munjal, Dr. G. Munjal, Mr. Himanshu Jain and Mr. Rishav
Mehta. ii) Term Loan
Rs. 6020.700 millions (P.Y. Rs.5305.100 millions) from State Bank of India,
Central Bank of India, State Bank of Patiala, Bank of India, Catholic Syrian
Bank, Export Import Bank of India, IDBI Bank, ICICI Bank Limited, State Bank
of Indore, State Bank of Hyderabad, IFCI, State Bank of Travencore, Allahabad
Bank, Bank of Baroda and DEG- Deutsche Investitions – Und Entwicklungsgesellschaft
Mbh are secured by first pari passu charge by way of Joint Equitable Mortgage
by deposit of title deeds of the Company’s immovable properties situated at
Derabassi Punjab and Plot No E-V, industrial Focal Point, Mohali and second
charge by way of hypothecation of all its movable assets, including
machinery, machinery spares , tools and accessories present and future,
subject to the charges created / to be created, in favour of the company
banker. These loans are further secured by the personal guarantee of Promoter
Directors. iii) Other Term
loan and advances Rs.305.800 millions (P.Y. Rs.160.700 millions) includes
Vehicle loans Rs.40.600 millions (P.Y. Rs.21.800 millions) are secured
against hypothecation of the vehicles under the hire purchase agreement and
ICICI Home Loan Rs.1.900 millions (P.Y. Rs.2.100 millions) is in the name of
Mr. N.R. Munjal, and is secured against the office premises in Mumbai and
Term Loans from Technology Development Board Rs.44.500 millions (P.Y.
Rs.55.600 millions) is secured by way of charges on immovable fixed assets
and personal guarantee of Shri N.R. Munjal and Term Loans from L&T
Finance Rs.218.700 millions (P.Y. Rs.81.300 millions) secured by the personal
guarantee of Promoter Directors. |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Jain and Associates Chartered Accountants, |
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Address : |
SCO 819-20, Sector 22-A, Chandigarh - 160 022, India |
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Solicitors : |
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Name : |
P.K. Goklaney
and Company Advocate and Solicitors |
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Address : |
#38, Sector 16A, Chandigarh – 160 015, India |
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Associates : |
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Subsidiary : |
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Joint Venture : |
Hackim Farayand Chemi Co. (Iran) |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 millions |
|
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Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
39270470 |
Equity Shares |
Rs.10/- each |
Rs.392.705
millions |
|
|
|
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|
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 millions |
|
|
|
|
|
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
37945470 |
Equity Shares |
Rs.10/- each |
Rs.379.455
millions |
|
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|
The Company has ESOP
Scheme called “ESOP 2006”. During the year, Company has granted no Stock Option
to its employees. During the year, 222400 options were exercised by the
employees against which 222400 equity shares of Rs.10/- each were allotted to
the employees.
Ind-Swift Limited,
Essix Biosciences Limited and Growmore Business Developments Private Limited
holding more than 5% shares in the company. The numbers of shares held by the
companies are 9499720, 5491801 and 2015000 respectively.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
379.455 |
342.231 |
278.524 |
|
|
2] Money received against share warrants |
27.122 |
100.237 |
37.500 |
|
|
3] Reserves & Surplus |
7830.861 |
5358.261 |
4204.794 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8237.438 |
5800.729 |
4520.818 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
8658.414 |
7251.342 |
4802.734 |
|
|
2] Unsecured Loans |
1470.323 |
940.566 |
1080.529 |
|
|
TOTAL BORROWING |
10128.737 |
8191.908 |
5883.263 |
|
|
DEFERRED TAX LIABILITIES |
403.767 |
433.551 |
438.002 |
|
|
|
|
|
|
|
|
TOTAL |
18769.942 |
14426.188 |
10842.083 |
|
|
|
|
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|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9064.309 |
5448.432 |
4787.508 |
|
|
Capital work-in-progress |
2942.286 |
3152.962 |
1725.227 |
|
|
Assets held for disposal |
22.336 |
22.336 |
23.595 |
|
|
|
|
|
|
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INVESTMENT |
293.303 |
581.796 |
684.656 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4938.092 |
3655.472 |
2372.423 |
|
|
Sundry Debtors |
2818.028 |
2870.545 |
1780.949 |
|
|
Cash & Bank Balances |
462.296 |
484.225 |
535.980 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
1511.891 |
1091.237 |
861.623 |
|
Total
Current Assets |
9730.307 |
8101.479 |
5550.975 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2384.766 |
2326.441 |
1667.597 |
|
|
Other Current Liabilities |
723.212 |
334.815 |
124.524 |
|
|
Provisions |
174.621 |
219.561 |
139.915 |
|
Total
Current Liabilities |
3282.599 |
2880.817 |
1932.036 |
|
|
Net Current Assets |
6447.708 |
5220.662 |
3618.939 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
2.158 |
|
|
|
|
|
|
|
|
TOTAL |
18769.942 |
14426.188 |
10842.083 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operation |
13206.813 |
10197.254 |
7822.051 |
|
|
|
Other Income |
322.184 |
104.167 |
83.224 |
|
|
|
TOTAL (A) |
13528.997 |
10301.421 |
7905.275 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
7204.944 |
4338.524 |
|
|
|
|
Purchase of Stock In Trade |
4003.457 |
4565.333 |
|
|
|
|
Change in Inventories of FG/WIP |
(812.072) |
(1295.010) |
|
|
|
|
Employee benefits expense |
271.546 |
199.935 |
|
|
|
|
Other Expenses |
785.001 |
680.769 |
|
|
|
|
Exceptional items |
|
|
|
|
|
|
Previous Year Income |
0.000 |
(0.203) |
|
|
|
|
Previous Year Expenses |
2.087 |
3.478 |
|
|
|
|
Extra ordinary Items |
|
|
|
|
|
|
Reversal of Previous year Provision |
0.000 |
(30.677) |
|
|
|
|
TOTAL (B) |
11454.963 |
8462.149 |
6480.009 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2074.034 |
1839.272 |
1425.266 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
845.471 |
558.718 |
510.624 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1228.563 |
1280.554 |
914.642 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
398.609 |
409.299 |
368.002 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
829.954 |
871.255 |
546.640 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(34.447) |
(4.907) |
(32.999) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
864.401 |
876.162 |
579.639 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
2430.930 |
1638.490 |
NA |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Provision for Dividend on Equity Shares |
0.000 |
34.220 |
27.852 |
|
|
|
Provision for Equity Dividend Tax |
0.000 |
5.690 |
4.734 |
|
|
|
Transfer to General Reserve |
0.000 |
43.810 |
28.982 |
|
|
BALANCE CARRIED
TO THE B/S |
3295.330 |
2430.930 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Goods |
5799.980 |
3994.680 |
2693.968 |
|
|
TOTAL EARNINGS |
5799.980 |
3994.680 |
2693.968 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4460.030 |
1238.085 |
1648.555 |
|
|
|
Capital Goods |
0.000 |
84.844 |
5.374 |
|
|
TOTAL IMPORTS |
4460.030 |
1322.929 |
1653.929 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
24.10 |
29.76 |
21.45 |
|
|
|
- Diluted |
23.25 |
27.57 |
20.76 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 (1st
Quarter) |
30.09.2012 (2nd
Quarter) |
31.12.2012 (3rd
Quarter) |
31.03.2013 (4th
Quarter) |
|
Net Sales |
3051.600 |
3357.700 |
2349.400 |
2246.800 |
|
Total Expenditure |
3147.400 |
3056.500 |
2036.900 |
2024.200 |
|
PBIDT (Excl OI) |
(95.800) |
301.300 |
312.500 |
222.600 |
|
Other Income |
0.000 |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
(95.800) |
301.300 |
312.500 |
222.600 |
|
Interest |
218.100 |
268.400 |
235.900 |
323.400 |
|
Exceptional Items |
0.000 |
(303.500) |
(56.400) |
9.500 |
|
PBDT |
(313.800) |
(270.600) |
20.200 |
(91.400) |
|
Depreciation |
119.300 |
123.200 |
140.400 |
160.600 |
|
Profit Before Tax |
(433.100) |
(393.800) |
(120.300) |
(252.000) |
|
Tax |
0.100 |
0.000 |
0.000 |
(9.600) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(433.300) |
(393.800) |
(120.300) |
(242.400) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(433.300) |
(393.800) |
(120.300) |
(242.400) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
6.39 |
8.51 |
7.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.28 |
8.55 |
6.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.42 |
6.43 |
5.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.15 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.23 |
1.41 |
1.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.96 |
2.81 |
2.87 |
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
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 |
Yes |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
No |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
LITIGATION
DETAILS:
PUNJAB AND HARYANA HIGH COURT
CASE STATUS INFORMATION SYSTEM
Case
Status: PENDING
|
Status of INCOME TAX
APPEAL 144
of 2011 COMMI. OF IT-II, CHD
Vs.
M/S IND SWIFT LABORATORIES LIMITED Pet's Adv. : URVASHI DHUGGA
Last Listed On : Friday, May 27, 2011 List Type : Ordinary FIR No. : NO FIR DETAILS AVAILABLE / NOT A CRIMINAL CASE Category : STATUTORY APPEALS INCOME TAX
Bench for Next Hearing Dt : MR. JUSTICE ADARSH KUMAR GOEL,
MR. JUSTICE AJAY KUMAR MITTAL ,--- Bench Sl. No
: 208 Bench for Last Hearing Dt : MR. JUSTICE ADARSH KUMAR GOEL,
MR. JUSTICE AJAY KUMAR MITTAL ,--- Bench Sl. No
: Not Available
Case Updated on: Friday, May 27, 2011 |
|
Unsecured Loans |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
(i) Fixed Deposits |
372.419 |
370.884 |
|
(ii) Term Loans and Advances |
|
|
|
From Others |
115.024 |
63.259 |
|
From Banks |
250.000 |
1.655 |
|
SHORT TERM BORROWINGS |
|
|
|
Fixed Deposits |
506.379 |
211.440 |
|
ICD |
226.501 |
293.328 |
|
Total
|
1470.323 |
940.566 |
OPERATIONS AND BUSINESS PERFORMANCE
The company has
recorded a turnover of Rs.13529.000 millions during 2011-12 registering a growth
of 31.33% over the turnover of previous year.
However, profit
before tax decreased from Rs.871.250 millions to Rs.829.950 millions
registering a decline of 4.74% whereas profit after tax decreased from
Rs.876.160 millions to Rs.864.400 millions registering a decline of 1.34%. The
Earning Per Share also reduced to Rs.24.10 per share from Rs.29.76 per share.
Inspite of
recording a better sales number during the financial year 2011-12, the rising
interest cost, rise in input cost and slowdown in global economies saw pressure
on the company’s financials during this period. A devastating fire at one of
the manufacturing facility of Dashmesh Medicare Private Limited taken on loan
licence, where one of the key product was being manufactured, only worsen the
already squeezing financial situation.
CHANGE IN CAPITAL STRUCTURE
During the year
the paid up share capital of the company raised to Rs.379.455 millions
consequent to:
Allotment of
3500000 equity shares upon conversion of equal number of Zero Coupon Optionally
Convertible Warrants (2010 Series) at a price of Rs.82.50/- per share on
preferential basis to promoter’s group companies and Allotment of 222400 equity
shares under Employee Stock Option Plan (ESOP) 2006 to the eligible employees
of the company at a price of Rs.27/- per share.
SUBSIDIARY COMPANIES
As on 31.03.2012
the Company had 3 Subsidiaries:
The US subsidiary
of the Company viz. Ind-Swift Laboratories Inc. achieved net sales of $
4,728,309 and recorded a net Profit of $ 326,887/-.
The Singapore
Subsidiary viz Meteoric Life Sciences PTE Limited achieved net sales of $
16,557,686/- and recorded a net profit of $ 212,816.
The Dubai
Subsidiary viz. Ind-Swift Middle East FZE has not started operations yet. To
achieve operational efficiencies and better management, the Board of Directors
of the Company has decided to transfer its investment in Iran Joint Venture to
its Dubai Subsidiary. Necessary steps as per RBI guidelines have been initiated
to give effect to the transaction.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE AND DEVELOPMENTS
The Global
Pharmaceutical market for 2011 is expected to be around $900 Bn which reflects
a growth of 4-5%. On a consolidated basis, the market is expected to grow at a
CAGR of 3-6% over 2011-15 to cross $1.1 Tn in sales by 2015. More than 60% of
this increase in the Pharmaceutical market is expected to be contributed by the
Pharmerging markets forecasted to grow at 13-16%, while the rest is expected to
come from the Developed markets which are forecast to grow at a much lower rate
of 0-5% p.a.
For 2012, the
forecast value of the Pharmaceuticals market is $920-950 Bn with a growth rate
of 3-5%. The Pharmaceutical sales in the largest market the United States of
America (USA) is expected to be in the range of $310-330 Bn during 2011-13,
with a growth rate of 1-4%. Sales in Japan, the second largest Pharma market
after the USA is expected to be in the range of $105-135Bn by 2015 reflecting a
CAGR of 2-5% over 2011-15. Top 5 European markets are expected to grow at a
CAGR of 0-3% till 2015 to achieve sales in the range of $140-170 Bn. Sales in
the Pharmerging markets is expected to grow at an impressive CAGR of 13-16% to
reach a size in the range of $315-345 Bn by 2015.
The Pharmerging
(pharma emerging) markets are expected to overtake the developed markets by
2020. These markets have been consistently contributing an increasing share of
global growth. Companies to maintain 20% YoY growth rates and justify their
higher P/E.
The global Pharma
industry continues to remain fragmented and fiercely competitive; and faces
increased genericization. The Generics industry on the other hand has the
opportunity to capitalize on the products going off patent in the coming years.
In the global
pharma industry $170bn (Rs.83300 bn) worth patents are set to expire over the
next five years. They believe that Indian Company’s are well placed globally to
capitalize on this opportunity. Domestic pharma market is showing healthy
growth. This market grew by 15.3% in FY-11 (3x global growth rate) and is
likely to do so by 15-17% over the next 3-4 years.
Contract Research
and Manufacturing Services (CRAMS) is likely to be the future growth driver for
the Indian pharma industry. The global outsourcing market was estimated as $67
bn (Rs. 3,280 bn) in 2010 and growing at a CAGR of 15% per annum. Over the last
five years, the CRAMS industry has contributed around 8% to the total pharma
business in India. They expect CRAMS business to grow to $ 15 bn (Rs 735 bn) by
2015.
OUTLOOK, RISKS AND CONCERNS
Though in the
world Pharmaceutical market, India has a share of about 3% by value, India is
recognized as one of the leading global players with large number of drug
master files and dossier registrations for Active Pharmaceutical Ingredients
(APIs) and formulations with manufacturing facilities approved by regulatory
authorities of the developed countries.
Indian Companies
are focusing on global generic and API business, R&D activities and
contract research and manufacturing alliances. India is also fast emerging as a
preferred pharmaceutical manufacturing location.
Several large
selling drugs going off patent over next few years and increasing use of
pharmaceutical generics in developed markets to reduce healthcare cost will
provide attractive growth opportunities to generic manufacturers and thus
Indian pharmaceutical industry is poised for an accelerated growth in the
coming years.
However, poor
public healthcare funding and infrastructure, low per capita consumption of
medicines in developing and under developed countries including India, currency
fluctuation, inflation and resultant all round increase in input cost are few
causes of concern.
COMPANY’S OUTLOOK
Key Business
Highlights
During the year the
Company achieved a turnover of Rs.13529.000 Millions and a net profit of
Rs.864.400 Millions. The Exports during the year stood at Rs.5887.480 Millions.
Company is well placed globally to claim the opportunities thrown open by the
patents going off patent for major drugs, majority of which Ind-Swift Labs is
already present. Company’s strong research and technical skills has made it a
preferred supplier of APIs and Intermediaries. Company is presently
manufacturing more than 40 products across 16 therapeutic segments, few of them
growing by more than the industry growth rates. Company has filed more than 397
DMF’s and it has filed DMF’s even for the Drugs going off patent by 2022-2023.
The benefits of which will start coming from 2014-15 onwards.
AUDITED FINANCIAL
RESULTS FOR THE YEAR ENDED 31ST MARCH 2013 (STANDALONE)
(Rs.
in millions)
|
Particulars |
Quarter
Ended |
Quarter
Ended |
Year Ended |
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|
|
Audited |
Unaudited |
Audited |
|
|
PART I |
|
|
|
|
Income from
Operations: |
|
|
|
|
(a) Net Sales/Incomes from Operations |
2195.135 |
2325.159 |
10827.008 |
|
(b) Other Operating Income |
51.642 |
24.195 |
178.486 |
|
Total Net
Sales / Operating Income |
2246.777 |
2349.354 |
11005.494 |
|
Total
Expenditure: |
|
|
|
|
a Cost of Materials Consumed |
1310.091 |
988.862 |
5564.564 |
|
b. Purchase of stock in Trade |
774.559 |
334.218 |
3012.159 |
|
c. (Increase) /decrease in FG.WIP &
stock in trade |
(558.547) |
264.635 |
92.206 |
|
d. Staff cost |
129.075 |
98.243 |
386.033 |
|
e. Depreciation |
160.587 |
140.441 |
543.506 |
|
f. Impairment of Assets |
0.000 |
0.000 |
0.000 |
|
g. Other expenditure |
369.051 |
350.933 |
1210.010 |
|
TOTAL |
2184.816 |
2177.332 |
10808.477 |
|
Profit from Operations before Other Income,
Interest & Exceptional Items |
61.962 |
172.022 |
197.017 |
|
Misc Income |
0.000 |
0.000 |
0.000 |
|
Profit before Interest & Exceptional
Items |
61.962 |
172.022 |
197.017 |
|
Interest |
323.383 |
235.926 |
1088.216 |
|
Profit/(Loss) after Interest but before
Exceptional Items |
(261.421) |
(63.904) |
(891.199) |
|
Exceptional Items (Forex Loss) |
(9.447) |
56.383 |
307.932 |
|
Profit / (Loss) from Ordinary Activities
before tax |
(251.974) |
(120.288) |
(1199.131) |
|
Provision for taxation |
0.000 |
0.000 |
0.000 |
|
Income Tax adjustment of Previous Year |
0.000 |
0.001 |
0.167 |
|
Mat Credit Entitlement |
0.000 |
0.000 |
0.000 |
|
Provision for deferred Tax |
(9.586) |
0.000 |
(9.586) |
|
Net Profit / (Loss) From ordinary
activities after Tax |
(242.388) |
(120.289) |
(1189.712) |
|
Retained Profit/ (Loss) |
(242.388) |
(120.289) |
(1189.712) |
|
Paid up Equity Share Capital(Face Value of
Rs. 10/- per Share) |
392.705 |
392.705 |
392.705 |
|
Reserve excluding revaluation reserves |
-- |
-- |
4530.658 |
|
EPS Rs. |
|
|
|
|
Basic |
(6.18) |
(3.07) |
(30.35) |
|
Diluted |
(6.18) |
(3.07) |
(30.35) |
|
|
|
|
|
|
PART-II |
|
|
|
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
Public
Shareholding |
|
|
|
|
Numbers of shares |
19406344 |
19406344 |
19406344 |
|
% of Shareholding |
49.42 |
49.42 |
49.42 |
|
Promoters
and Promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
19864126 |
Nil |
19864126 |
|
- Percentage of shares (as a % of total
shareholding of promoter & promoters group) |
100 |
Nil |
100 |
|
- Percentage of shares (as a % of total
share capital |
50.58 |
Nil |
50.58 |
|
of the Company) |
|
|
|
|
b)
Non-encumbered |
|
|
|
|
- Number of Shares |
Nil |
19864126 |
Nil |
|
- Percentage of shares (as a % of the total
share capital of the company) |
Nil |
100 |
Nil |
|
- Percentage of shares (as % of total share
capital of the Company) |
Nil |
50.58 |
Nil |
INVESTOR COMPLAINTS - QUARTER
ENDED 31.03.2013
|
Pending at the beginning of the Quarter |
NIL |
Disposed off during the Quarter |
NIL |
|
Received during the Quarter |
NIL |
Remaining unresolved at the end of the Qua |
NIL |
AUDITED
STATEMENTS OF ASSETS AND LIABILITIES (STANDALONE)
(Rs.
in millions)
|
Particulars |
As at
31.03.2013 |
|
1 .EQUITY AND LIABLITIES |
|
|
(1) Shareholders' Funds |
|
|
a)
Share Capital |
392.705 |
|
b)
Reserves & Surplus |
8032.285 |
|
c) Share
Application money |
93.100 |
|
d) Money
received against share warrants |
0.000 |
|
|
|
|
(2) Non-current liablities |
|
|
(a)
Long-term borrowings |
8181.644 |
|
(b)
Defferred Tax Liablities(Net) |
394.181 |
|
(c) Other
Long term liablities |
72.348 |
|
|
|
|
(3) Current Liablities |
|
|
(a) Short
term Borrowings |
3937.373 |
|
(b)Trade
Payable |
2142.849 |
|
(c) Other
current liablities |
268.855 |
|
(d) Short
term Provisions |
126.596 |
|
TOTAL |
23641.935 |
|
|
|
|
II. ASSETS |
|
|
Non-Current Assets |
|
|
(1) (a) Fixed Assets |
|
|
(i)
Tangible Assets |
11301.948 |
|
(ii)
Intangible Assets |
2176.487 |
|
(iii)
Capital work in Progress (Tangible) |
993.213 |
|
(iv)Capital
work in Progress (Intangible) |
619.789 |
|
(v) Assets
held for disposal |
22.336 |
|
|
15113.774 |
|
Accumulated
depriciation |
1806.822 |
|
Net Block |
13306.952 |
|
|
|
|
(b)
Non-Current investment |
271.714 |
|
(c)
Long-term loans & advances |
17.599 |
|
(2) Current assets |
|
|
(a) Current
investment |
1.000 |
|
(b)
Inventories |
4514.417 |
|
(c) Trade
receivables |
3938.654 |
|
(d) Cash
and Cash equivalents |
177.506 |
|
(e)
Short-term loans and advances |
1414.092 |
|
(f) Foreign
Currency Translation |
0.000 |
|
TOTAL |
23641.935 |
Notes: -
1. The Company's CDR Package stands implemented with
cutoff date being 1st July, 2012. For the first nine months from the
cutoff date the Company has achieved positive EBIDTA of Rs.979.800 millions
against the projected EBIDTA of Rs.825.000 millions.
2. The Company has revalued the fixed assets during the year by a sum of Rs.1423.1000 millions through an approved valuer.
3. The above results have
been reviewed by the Audit Committee and approved by the Board of Directors at
their respective Meetings held on 28th May, 2013.
4. The previous period
figures have been re-grouped and re-arranged wherever necessary.
5. The Company is exclusively in the Pharmaceutical Business segment.
FIXED ASSETS:
Tangible Assets
· Land Free Hold
· Land Lease Hold
· Factory Buildings
· Office Buildings
· Flats
· R&D Buildings
· Building – Pilot Plant
· Plant and Machinery
· R&D Machinery
· Plant and Machinery – Pilot Plant
· Electric Installations – Pilot Plant
· Electric Installations
· Furniture and Fixtures
· Office Equipments
· Vehicles
Intangible Assets
· R&D Technology
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.56.74 |
|
|
1 |
Rs.88.53 |
|
Euro |
1 |
Rs.75.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
1 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
13 |
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.