MIRA INFORM REPORT
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Report Date : |
08.06.2013 |
IDENTIFICATION DETAILS
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Name : |
PIRAMAL ENTERPRISES LIMITED
(w.e.f. 31.07.2012) |
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Formerly Known
As : |
PIRAMAL HEALTHCARE LIMITED (w.e.f. 24.06.2008) NICHOLAS PIRAMAL
INDIA LIMITED |
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Registered
Office : |
Nicholas Piramal
Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra |
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Country : |
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Financials (as on)
: |
31.03.2012 |
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Date of
Incorporation : |
26.04.1947 |
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Com. Reg. No.: |
11-005719 |
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Capital
Investment / Paid-up Capital : |
Rs.345.100 Millions |
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CIN No.: [Company Identification
No.] |
L24110MH1947PLC005719 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN07675D |
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PAN No.: [Permanent Account No.] |
AAACN4538P |
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Legal Form : |
Public Limited
Liability Company. The company’s shares are listed on the stock exchange. |
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Line of Business
: |
Manufacturers of
tablets, capsules, liquids, powders, creams and ointments, granules, bulk
drugs and intermediates, vitamin A in various forms and combinations, soda
line and borosilicate and also glass manufacturers. |
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No. of Employees
: |
2913 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (65) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 445000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and a reputed pharmaceutical company having good track
record. There appears some dip in the profits during current year. However, Performance
capability of the company is good. Directors are reported to be experienced
and respectable industrialists. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
and as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com while quoting report
number, name and date.
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 |
Commercial Paper Program (A1+) |
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Rating Explanation |
Highest credit quality. It carry lowest credit risk. |
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Date |
December, 2012 |
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Rating Agency Name |
ICRA |
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Rating |
Non Convertible Debenture (AA) |
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Rating Explanation |
The High credit quality. It carry low credit risk. |
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Date |
October, 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
Office : |
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Tel No.: |
Not Available |
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Fax No.: |
Not Available |
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Email : |
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Website : |
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Head Office : |
100, Centrepoint,
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Tel. No.: |
91-22-66636666/24134653/24102082 |
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Fax No.: |
91-22-24163787/24172861/24163787/24144687/24902363 |
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E-Mail : |
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Website : |
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Administrative
Office : |
Morarjee Mills
Compound, Administrative Building, Dr.. Ambedkar Road, Parel, Mumbai - 400
012, |
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Tel. No.: |
91-22-66636666 |
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Fax No.: |
91-22-66636416 |
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E-Mail : |
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Website : |
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Plant 1: |
Plot No. 67-70, Sector II, Pithampur - 454 775, Madhya Pradesh, India |
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Plant 2 : |
Plot No. K-I, Additional MIDC, Mahad, District Raigad, Maharashtra, India |
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Plant 3: |
Ennore Express Highway, Chennai - 600 057, Tamilnadu, India |
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Plant 4: |
Digwal Village, Medak District - 502321, Andhra Pradesh, India |
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Plant 5: |
C-301/1 T.T.C. Industrial Area, Pawne Mahape, Navi Mumbai - 400705, Maharashtra, India |
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Plant 6: |
Plot No. 6505 /3, Sachin – 394 230, Surat, Gujarat, India |
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Plant 7: |
Plot No.19 - PHARMEZ, Village Matoda, Sarkhej
bawala, NH 8A, Taluka Sanand, Ahmedabad - 382 213, Gujarat, India |
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Plant 8: |
Shirish Research Campus, Plot No – 18,
PHARMEZ, Special Economic Zone, Taluka Sanand, Ahmedabad, Gujarat, India |
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Overseas Plant Location |
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Plant 1: |
Piramal
Healthcare UK Limited Morpeth, Northumberland, UK |
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Plant 2: |
Piramal
Healthcare UK Limited Grangemouth, Stirlingshire, UK |
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Plant 3: |
Piramal
Healthcare (Canada) Limited 110, Industrial Parkway North, Aurora,
Ontario, L4G 3H4, Canada |
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Plant 4: |
Piramal
Healthcare (Canada) Limited 475, Boul, Armand-Frappier, Laval, Quebec,
H7V 4B3, Canada |
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Plant 5: |
Piramal
Critical Care Inc. Bethlehem, PA 18017, 3950 Schelden Circle,
Pennsylvania State, USA. |
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Plant 6: |
Piramal
Critical Care Inc. 50 Cobham Dr, Orchard Park, New York - 14127 |
DIRECTORS
As on 31.03.2012
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Name : |
Mr. Ajay G. Piramal |
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Designation : |
Chairman |
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Qualification : |
B. Sc, M.M.S., A.M.P. |
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Date of Appointment : |
01.04.1997 |
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Name : |
Dr. (Mrs.) Swati A. Piramal |
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Designation : |
Vice Chairperson |
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Qualification : |
M.B.B.S, D.I.M., M.P.B. (Harvard) |
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Date of Joining : |
01.10.1994 |
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Name : |
Mr. N. Vaghul |
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Designation : |
Director |
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Name : |
Mr. Deepak Satwalekar |
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Designation : |
Director |
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Name : |
Mr. S. Ramadorai |
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Designation : |
Director |
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Name : |
Mr. Keki Dadiseth |
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Designation : |
Director |
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Name : |
Ms. Nandini Piramal |
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Designation : |
Executive Director |
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Name : |
Mr. Amit Chandra |
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Designation : |
Director |
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Name : |
Mr. Vijay Shah |
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Designation : |
Executive Director and Chief Operating Officer (w.e.f 1st January,
2012) |
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Name : |
Mr. R.A. Mashelkar |
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Designation : |
Director (w.e.f 21st December, 2011) |
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Name : |
Mr. Goverdhan Mehta |
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Designation : |
Director (w.e.f 21st December, 2011) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2012
|
Category of
Shareholder |
Number of Shares |
Percentage of Holding |
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(A) Shareholding of
Promoter and Promoter Group |
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330753 |
0.19 |
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88665451 |
51.38 |
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2442093 |
1.42 |
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2442093 |
1.42 |
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91438297 |
52.99 |
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Total shareholding
of Promoter and Promoter Group (A) |
91438297 |
52.99 |
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(B) Public
Shareholding |
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1612303 |
0.93 |
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5597092 |
3.24 |
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213 |
0.00 |
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1690731 |
0.98 |
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39942344 |
23.15 |
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48842683 |
28.30 |
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3830189 |
2.22 |
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20082261 |
11.64 |
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1799043 |
1.04 |
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6570627 |
3.81 |
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654804 |
0.38 |
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81100 |
0.05 |
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8014 |
0.00 |
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1509167 |
0.87 |
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631 |
0.00 |
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4316911 |
2.50 |
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32282120 |
18.71 |
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Total Public
shareholding (B) |
81124803 |
47.01 |
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Total (A)+(B) |
172563100 |
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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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
172563100 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of
tablets, capsules, liquids, powders, creams and ointments, granules, bulk
drugs and intermediates, vitamin A in various forms and combinations, soda
line and borosilicate and also glass manufacturers. |
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Products : |
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Brand Names : |
Ø
Anti-Infectives ·
Paraxin
·
Bactrim ·
Genticyn ·
Omnatax Ø
Cardio-
Vasculars ·
Sorbitrate ·
ISMO ·
Enace-D ·
Calaptin ·
Cytogard ·
Bezalip
Ø
Nutritionals
·
Becozym
C Forte ·
Supradyn ·
Redoxon ·
Exerge
Ø
Respiratory
·
Deletes Ø
Others
·
Haemaccel
Ø
Anti-Diabetics ·
Euglucon ·
Semi-Euglucon ·
Glimmer ·
Gluformin ·
Diabetrol Ø
CNS ·
Rivotril
·
Librium
·
Valium
·
Assert
Ø
NASID’s ·
Rejoint ·
Orthobid ·
Micropyrin ·
Multigesic Ø
Biotek
·
Recormon ·
Neupogen ·
Cellecept
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PRODUCTION STATUS (As on 31.03.2011)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Tablets |
Mios |
7975.0 |
6373.5 |
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Capsules |
Mios |
270.0 |
180.7 |
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Liquids |
KLs |
9801.4 |
7340.1 |
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Powders, creams and ointments |
MTs |
-- |
32.9 |
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Bulk drug and intermediates |
MTs |
2090.3 |
1430.7 |
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Vitamin A in various forms and combinations |
mmu |
276.0 |
136.8 |
Notes:
1.
Includes products processed by third parties.
2.
Includes production for captive consumption of Bulk Drugs 98328 kgs (PY 91850
kgs) and Vitamins 110.27 mmu (PY 138.33 mmu)
3.
Stocks are net of breakages and unsalable stock.
4.
Opening stocks, production, purchases and closing stocks are net of physician
samples.
5.
Licensed Capacity is not indicated as Industrial Licensing for all Bulk Drugs,
Intermediates and their Formulations stands abolished in terms of Press Note
No.4 (1994 series) dated 25th October, 1994 issued by the Department of
Industrial Development, Ministry of Industry Government of India.
6.
Excludes free samples issued.
7.
Variation in quantity/value is on account of change in product mix.
8. In
terms of Press Note No. 4 (1994 series) dated October 25, 1994 issued by the
Department of Industrial Development, Ministry of Industry, Government of
India, and Notification No. S.O 137 (E) dated March 1, 1999 issued by the
Department of Industrial Policy and Promotion, Ministry of Industry, Government
of India, industrial licensing has been abolished in respect of Bulk Drugs and
Formulations.
9. The
Pharmaceuticals business comprises of Manufacturing and trading of bulk drugs
and formulations.
10.
Installed capacities of the formulation factories of the Company (except where
continuous processes are involved) are on a triple shift basis are certified by
the Management and have not been verified by the Auditors, this being a
technical matter.
GENERAL INFORMATION
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No. of Employees : |
2913 (Approximately) |
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Bankers : |
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Facilities : |
(a) Notes on Secured Loans 1. The Non-Convertible Debentures are secured on the movable
properties of the Company (excluding working capital goods) and on the immovable
properties of the Company situated at Gujarat, Mahad, Pithampur, Digwal and
Bangalore. 2. Satisfaction of charges in respect of certain repaid loans are
still awaited. (b) Terms of repayment and rate of interest for unsecured borrowings
(c) The Company is in process of transferring
the loan taken from Central Bank of India (acquired on demerger of R and D
NCE Unit) in the name of the Company. (d) Loans are secured by hypothecation of stocks and book debts. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Solicitors: |
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Name : |
Crawaford Bayely and Company |
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Controlling Companies: |
*There are no transactions during the year
with the above Companies. |
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Subsidiaries : |
* Held through
Piramal Holdings (Switzerland) Limited. ** Held through
Piramal Healthcare Inc. # Held through
Piramal Pharmaceutical Development Services Private Limited. $ Held through PHL
Capital Private Limited. ## Held through
Piramal Systems and Technologies Private Limited. @ There are no transactions during the year with
the above Companies. |
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Other related parties where common control
exists : |
* There are no transactions during the year with the above Company. |
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Investing parties with whom the Company is a
JV Partner : |
* There are no transactions during the year with the above companies. |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000000 |
Equity Shares |
Rs.2/- each
|
Rs.500.000 Millions |
|
3000000 |
Preference Shares |
Rs.100/- each |
Rs.300.000 Millions |
|
24000000 |
Preference Shares |
Rs.10/- each |
Rs.240.000 Millions |
|
105000000 |
Unclassified Shares |
Rs.2/- each |
Rs.210.000 Millions |
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Total
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Rs.
1250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
172563100 |
Equity Shares of |
Rs.2/- each
|
Rs. 345.100 Millions |
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Notes:
1. Reconciliation
of number of shares
Equity Shares
|
Particulars |
No. of shares |
Rs. In Millions |
|
At the beginning of the year |
167,916,044 |
335.800 |
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Less: Shares bought back during the year |
705,529 |
1.400 |
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Add: Issued during the year - demerger of R and D NCE division of PLSL
into the Company |
5,352,585 |
10.700 |
|
At the end of the year |
172,563,100 |
345.100 |
2. Details of shareholders
holding more than 5% shares in the Company
|
Particulars |
No. of shares |
% Holding |
|
Paramount Pharma Private Limited |
33,058,878 |
19.16% |
|
BMK Laboratories Private Limited |
29,927,906 |
17.34% |
|
Cavaal Fininvest Private Limited |
14,775,684 |
8.56% |
|
Aberdeen Asset Managers Limited |
-- |
-- |
|
Aberdeen Global Indian Equity Fund Mauritius Limited |
12,401,000 |
7.19% |
3. Aggregate
number of shares issued for consideration other than cash and shares bought back
during the year of five years immediately preceding reporting financial year;
|
Particulars |
Financial Year |
No. of shares |
|
Equity Shares allotted as fully paid-up pursuant to demerger of R and
D NCE division of PLSL into the Company |
2011-12 |
5,352,585 |
|
Equity shares bought back by the Company |
2011-12 |
705,529 |
|
Equity shares bought back by the Company |
2010-11 |
41,097,100 |
4. Rights,
preferences and restrictions attached to shares
Equity Shares:
The company has one
class of equity shares having a par value of Rs.2/- per share. Each shareholder
is eligible for one vote per share held. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting, except in case of interim dividend. In the event of
liquidation, the equity shareholders are eligible to receive the remaining
assets of the Company after distribution of all preferential amounts, in
proportion to their shareholding.
5. The Company had decided to buyback 41,802,629 equity shares during the
financial year 2010-11 of which 4,10,97,100 equity shares were bought back
through tender offer during the financial year 2010-11 aggregating amount of
Rs.24658.300 Millions, by utilizing Securities Premium Account and General
Reserve to the extent of Rs.1433.300 Millions and Rs.23142.800 Millions
respectively. Capital Redemption Reserve has been created out of General
Reserve for Rs.82.200 Millions being the nominal value of shares bought back in
terms of Section 77AA of the Companies Act, 1956. In compliance with the
Foreign Exchange Management Act, 1999, buyback of 7,05,529 equity shares
belonging to one overseas corporate body was then kept in abeyance pending
Reserve Bank of India (RBI) approval.
During the year,
on receipt of approval from RBI the Company has bought back the remaining
7,05,529 equity shares for an aggregate amount of Rs.423.300 Millions, by
utilizing General Reserve of Rs.421.900 Millions. Capital Redemption Reserve
has been created out of General Reserve for Rs.1.400 Millions being the nominal
value of shares bought back in compliance with Section 77AA of the Companies
Act, 1956.
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 |
345.100 |
335.800 |
418.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
111062.700 |
116649.300 |
14588.300 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
111407.800 |
116985.100 |
15006.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2254.500 |
1970.700 |
4065.300 |
|
|
2] Unsecured Loans |
9666.700 |
892.000 |
2544.300 |
|
|
TOTAL BORROWING |
11921.200 |
2862.700 |
6609.600 |
|
|
DEFERRED TAX LIABILITIES |
1005.300 |
923.300 |
1304.800 |
|
|
|
|
|
|
|
|
TOTAL |
124334.300 |
120771.100 |
22920.700 |
|
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|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9039.000 |
6668.800 |
10738.900 |
|
|
Capital work-in-progress |
230.300 |
292.500 |
505.600 |
|
|
|
|
|
|
|
|
INVESTMENT |
71102.900 |
15832.500 |
1926.500 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
256.300 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2667.100
|
2302.000
|
2854.700
|
|
|
Sundry Debtors |
2424.800
|
2090.900
|
2730.700
|
|
|
Cash & Bank Balances |
132.400
|
17540.300
|
156.400
|
|
|
Other Current Assets |
42097.600
|
76960.300
|
72.700
|
|
|
Loans & Advances |
9749.900
|
9767.800
|
8830.300
|
|
Total
Current Assets |
57071.800
|
108661.300
|
14644.800
|
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3126.100
|
2761.300
|
2818.300
|
|
|
Other Current Liabilities |
6184.400
|
5363.200
|
794.900
|
|
|
Provisions |
3799.200
|
2559.500
|
1538.200
|
|
Total
Current Liabilities |
13109.700
|
10684.000
|
5151.400
|
|
|
Net Current Assets |
43962.100
|
97977.300
|
9493.400
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
124334.300 |
120771.100 |
22920.700 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
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SALES |
|
|
|
|
|
|
|
Income |
11534.800 |
8144.400 |
26509.400 |
|
|
|
Other Income |
5344.300 |
4722.900 |
269.200 |
|
|
|
TOTAL (A) |
16879.100 |
12867.300 |
26778.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw and packing materials consumed |
5389.500 |
3545.200 |
|
|
|
|
Purchases of stock-in-trade |
809.600 |
807.800 |
|
|
|
|
Changes in
inventories of finished goods, work-in progress and stock-in-trade |
(125.100) |
(377.600) |
|
|
|
|
Employee benefits expense |
1517.500 |
1449.200 |
|
|
|
|
Other Expenses |
5312.500 |
3986.600 |
|
|
|
|
Exceptional Items |
0.000 |
(162099.000) |
|
|
|
|
TOTAL (B) |
12904.000 |
(152687.800) |
20728.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3975.100 |
165555.100 |
6049.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES/ INTEREST (D) |
1999.000 |
800.600 |
355.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1976.100 |
164754.500 |
5694.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
763.900 |
589.900 |
922.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1212.200 |
164164.600 |
4772.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(95.000) |
35195.500 |
340.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1307.200 |
128969.100 |
4432.200 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
57683.000 |
4606.000 |
32086.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend |
|
|
|
|
|
|
– Equity Shares |
3020.000 |
2007.000 |
12286.000 |
|
|
|
- Dividend Distribution Tax thereon |
490.000 |
326.000 |
1875.000 |
|
|
|
Transfer to General Reserve |
131.000 |
73986.000 |
13933.000 |
|
|
|
Transfer from Debenture Redemption Reserve |
0.000 |
500.000 |
0.000 |
|
|
|
Transfer to Debenture Redemption Reserve |
75.000 |
75.000 |
3250.00 |
|
|
|
P&L Debit balance of Demerged R&D NCE Unit |
3300.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
51974.000 |
57682.000 |
4606.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
6515.300 |
4286.300 |
3679.700 |
|
|
|
Research Income |
0.000 |
0.000 |
6.600 |
|
|
|
Interest on Loans |
334.300 |
284.400 |
0.000 |
|
|
|
Other Earnings |
196.100 |
63.200 |
139.900 |
|
|
TOTAL EARNINGS |
7045.700 |
4633.900 |
3826.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2285.000 |
1823.600 |
1251.700 |
|
|
|
Capital Goods |
287.400 |
76.500 |
92.900 |
|
|
|
Traded Goods / reagents |
278.900 |
221.500 |
319.900 |
|
|
TOTAL IMPORTS |
2851.300 |
2121.600 |
1664.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.70 |
572.80 |
21.20 |
|
QUARTERLY RESULTS
|
Particular |
|
30.06.2012 |
30.09.2012 |
|
Type |
|
1st Quarter |
2nd Quarter |
|
Net Sales |
|
3885.800 |
3809.900 |
|
Total Expenditure |
|
3593.700 |
3791.700 |
|
PBIDT (Excl OI) |
|
292.100 |
18.200 |
|
Other Income |
|
594.900 |
253.200 |
|
Operating Profit |
|
887.000 |
271.400 |
|
Interest |
|
623.000 |
652.400 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
264.000 |
(381.000) |
|
Depreciation |
|
195.500 |
205.800 |
|
Profit Before Tax |
|
68.500 |
(586.800) |
|
Tax |
|
12.400 |
15.400 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
56.100 |
(602.200) |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
56.100 |
(602.200) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total
Income |
(%) |
7.74
|
1002.30
|
16.55
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.51
|
2015.67
|
18.00
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.83
|
142.34
|
18.80
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
1.40
|
0.32
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.11
|
0.02
|
0.44
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.35
|
10.17
|
2.84
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
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 |
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 |
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
|
|
|
|
Term Loans |
|
|
|
- From Banks |
666.700 |
892.000 |
|
Commercial Papers |
9000.000 |
0.000 |
|
|
|
|
|
Total |
9666.700 |
892.000 |
OPERATIONS REVIEW:
The financials of the year 2011-12 have been restated to show
separately profit from the discontinued operations. Total Operating Income for
the year grew by 17.9% to Rs.14082.000 Millions against Rs.11941.000 Millions
in FY2011. Operating Profit (OPBIDTA) was higher at Rs.3975.000 Millions
against Rs.3456.000 Millions in FY2011 due to higher foreign exchange gain
(Rs.2797.000 Millions in FY2012 as compared to Rs.926.000 Millions in FY2011).
Profit after Tax was Rs.1307.000 Millions and Earnings per share were Rs.7.7
for the year.
INDUSTRY OUTLOOK:
The global pharma outsourcing market grew at 15% CAGR from USD 44 billion in 2007 to USD 67 billion in 2010 (Source: ICRA Limited: CRAMS India, June 2011). The global outsourcing trend is likely to continue fuelled by the mounting healthcare costs in developed economies and decreasing profitability of pharma companies due to patent expiry of several blockbuster drugs. Strong growth prospects for the industry are backed by cost pressures for innovative companies and increasing genericisation. The de-stocking exercise of the client companies is over and the industry is back to its normal growth trajectory. Established relationships and trust with innovators, quality infrastructure, good regulatory track record and low production and R and D cost will aid strong growth for the Indian companies operating in this sector.
MANAGEMENT DISCUSSION
AND ANALYSIS
FY2012 KEY
HIGHLIGHTS:
· Demerger of NCE R and D unit of Piramal Life Sciences into Piramal Healthcare
· Entry into Financial Services business by setting up an NBFC
· Acquisition of INDIAREIT Fund Advisors and INDIAREIT Investment Management
· Financial investment in Vodafone for $1.2 billion (acquired ~11% equity stake)
Demerger of PLSL’s
NCE research unit into subject:
During the year, the NCE R and D unit of Piramal Life Sciences Limited (PLSL) was demerged into subject as per the scheme of arrangement approved by the Bombay High Court. Under the scheme, each shareholder of PLSL was allotted one fully paid up equity share of Rs.2 of subject for every four shares of Rs.10 each held in PLSL. All assets and liabilities of the NCE division were transferred to SUBJECT at book value.
The rationale behind the demerger of PLSL’s R and D unit into subject is to get access to the innovative platform of PLSL through which subject can build its innovative discovery and commercialisation business. Subject can better utilise its manufacturing infrastructure and leverage its marketing experience with products from the division.
The detailed discussion on the pipeline is given in the subsequent parts of Management discussion and analysis section.
Entry into Financial
Services Sector:
Piramal Healthcare has been evaluating various sectors to invest proceeds received on sale of the Healthcare Solutions business, in a way that results in long term value creation for shareholders. With this objective in mind, subject has forayed in Financial Services sector. India has had strong GDP growth in the past decade and is likely to continue with 7-8% GDP growth rate for the next decade. Given sound economic fundamentals, rising disposable income and growth of credit oriented culture; the financial services sector is poised for strong growth in India. To participate in this growth story, Subject has decided to invest in the financial services sector.
To begin with, subject has commenced lending to real estate sector and other sectors such as education through a Non Banking Finance Company – PHL Finance Private Limited
Acquisition of
INDIAREIT Fund Advisors and INDIAREIT Investment Management:
Towards building a strong financial services business, Piramal Healthcare has acquired INDIAREIT Fund Advisors Private Limited and INDIAREIT Investment Management Company for the total consideration of Rs.2250.000 Millions. INDIAREIT Fund Advisors Private Limited is advisors to the INDIAREIT Fund which is a domestic real estate private equity fund focused on the Indian markets. INDIAREIT Investment Management Company is manager to offshore real estate private equity funds investing in India through the FDI route. They have a demonstrated track record of raising and deploying effectively large sums of capital in the real estate sector in India. As on 31st March, 2012, the total fund size under management for these funds is Rs.41870.000 Millions.
Investment in
Vodafone India:
After the sale of Healthcare solutions business to Abbott, subject has significant funds which will be invested in growing existing businesses and building new businesses. However, the whole process of finding the right strategic investment opportunity will take time. In the interim, subject has acquired ~11% stake in Vodafone India Limited for a consideration of Rs.58640.000 Millions (US$ 1.2 billion) in two tranches, first ~5.5% for Rs.28580.000 Millions in August 2011 and second ~5.5% for Rs.30060.000 Millions in February 2012.
The rationale for this investment was to utilize surplus funds from sale of healthcare solutions. They believe this investment will generate attractive return.
BUSINESS PERFORMANCE
PHARMA SOLUTIONS (CUSTOM
MANUFACTURING)
Market commentary:
The global pharma outsourcing market grew at 15% CAGR from US$ 44 billion in 2007 to US$ 67 billion in 2010 (Source: CRAMS India report of ICRA Limited dated June 2011). The global outsourcing trend is likely to continue fuelled by the mounting healthcare costs in developed economies and decreasing profitability of pharma companies due to patent expiry of several blockbuster drugs. Strong growth prospects for the industry are backed by cost pressures for innovative companies and increasing genericisation. The de-stocking exercise of client companies is over and the industry is back to its normal growth trajectory. Established relationships and trust with innovators, quality infrastructure, good regulatory track record and low production and R and D cost will aid strong growth for the Indian companies operating in this sector.
Piramal Healthcare’s
performance:
The revenues from Pharma Solutions business grew by 32.7% to Rs.13545.000 Millions in FY2012 as compared to Rs.10206.000 Millions in FY2011. The revenues from Indian assets grew by 52.7% to Rs.8008.000 Millions against Rs.5245.000 Millions in FY2011. The sales from assets outside India increased to Rs.5537.000 Millions, up by 11.6%.
Significant growth in
API business:
Pharma Solutions sales from API division registered significant growth on the back of ramp up of sales in an existing contract with a key customer. A new contract was signed for commercial manufacturing of off-patent product on an exclusive basis for a large pharma company. During the year, DMFs were filed for five new APIs.
Scale-up of packaging
business at Morpeth:
Over the last few years, they have built a robust clinical trial packaging business at their Morpeth, U.K. facility. During the year, they secured contract for packaging for Pfizer’s key formulation in the U.S. market. The site has now end to end supply chain service.
Increased capacity
utilisation at formulation facility:
Capacity utilisation for solid oral dosage has seen significant improvement during the year.
Audits done/Awards
won:
During the year their sites at Digwal, Pithampur and Toronto went through successful USFDA inspection.
PIRAMAL CRITICAL CARE
Revenue from Critical Care business was Rs.4126.000 Millions as compared to Rs.3877.000 Millions in FY2011 registering growth of 6.4%. The growth was lower due to pricing pressure on sevoflurane in some markets and delayed regulatory approvals.
Settlement of patent
litigation with Baxter:
During the year, subject settled the patent litigation with Baxter Healthcare Corporation related to generic version of Baxter SUPRANE® (desflurane), inhalation anaesthetic agent typically used in the hospital. Under the settlement, subject may launch desflurane in the United States as of 1st January 2014, subject to US regulatory approval. However, subject may manufacture generic desflurane from 24th April 2012 solely for sale outside the United States in markets where it has obtained or will obtain regulatory registrations.
Increased market
share in US for sevoflurane:
Subject’s market share for sevoflurane in US has increased from 20% in March 2011 to 25% in March 2012 in volume terms.
Expansion in European
Union:
During the year, subject has received registrations for sevoflurane in 28 countries in European Union. Subject is currently focusing on preparing to launch sevoflurane in top 6 markets in EU.
OTC AND OPHTHALMOLOGY
Sales from OTC and Ophthalmology business grew by 12.3% to Rs.2200.000 Millions in FY2012 as compared to Rs.1958.000 Millions in FY2011. Subject’s rank improved from 9th to 7th in OTC market in India in FY2012. The market share has also gone up from 1.3% to 1.5%. During the year, subject has extended i-pill franchise across women’s intimate range of products.
INNOVATIVE DRUG
DISCOVERY AND COMMERCIALISATION
During the year, the NCE R and D unit of Piramal Life Sciences Limited (PLSL) was demerged into subject.
This is product focused biopharmaceutical unit specializing in the discovery and development of novel small-molecule drugs. The strategy is to discover and optimize compounds to meet important unmet medical needs in the target markets of cancer, metabolic disorder, inflammatory and infectious diseases. The operating spend on NCE R and D expense for FY2012 was Rs.1381.000 Millions.
FINANCIAL SERVICES
BUSINESS
During the year, subject formed a Non Banking Finance Company engaged in lending to real estate and other sectors – PHL Finance Private Limited and acquired INDIAREIT Fund Advisors and INDIAREIT Investment Management (together referred to “INDIAREIT”). These companies constitute financial services business for Piramal Healthcare Limited. The total revenue from this business was Rs.53.4 crores for the year.
Commencement of
operations at NBFC:
During the year, subject commenced operations of its NBFC – PHL Finance Private Limited A highly experienced and knowledgeable team is now in place. Well defined systems and processes are in place with robust credit approval policy from credit committee comprising of experts in this field. As of 31st March 2012, the total loan book for subject stood at Rs.3510.000 Millions.
Update on new funds
raised by INDIAREIT:
During the year, INDIAREIT Investment Manager has got a mandate from Trafalgar/F and C reit for managing their India Investment. (Fund size: US$ 36 million) The total asset under management (AUM) for INDIAREIT as on 31st March 2012 was Rs.41870.000 Millions.
JOINT VENTURE
PERFORMANCE
Allergan India
Limited (‘AIL’):
AIL is a 51:49 Joint Venture between Allergan Inc., USA and Piramal Healthcare Limited. Total revenues of AIL grew by 19.2% to Rs.1686.000 Millions (FY2011 Net Sales: Rs.1414.000 Millions).The Operating Profit for FY2012 was up by 4.8% to Rs.403.000 Millions as compared to Rs.384.000 Millions in FY2011. Profit after Tax for FY2012 was up by 5.7% to Rs.256.000 Millions as compared to Rs.242.000 Millions for FY2011.
CONTINGENT
LIABILITY:
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
1 Claims against
the company not acknowledged as debt: Demand dated
June 5, 1984 the Government has asked for payment to the credit of the Drugs
Prices Equalisation Account, the difference between the common sale price and
the retention price on production of Vitamin ‘A’ Palmitate (Oily Form) from
January 28, 1981 to
March 31, 1985 not accepted by the Company. The Company has been legally
advised that the demand is untenable. |
6.100 |
6.100 |
|
2 Guarantees issued
to Government authorities and limited companies including guarantees issued
on behalf of subsidiaries and performance guarantees. |
10893.600 |
9668.300 |
|
3 Others |
|
|
|
i. Appeals filed
in respect of disputed demands: Income Tax - where the Company
is in appeal - where the
Department is in appeal Sales Tax Central / State
Excise Labour Matters Stamp Duty Legal Cases |
4207.100 1710.800 143.700 110.500 2.900 40.500 70.700 |
213.250 1789.300 128.700 131.000 2.400 40.500 70.700 |
|
ii. Bills Discounted |
240.000 |
217.000 |
|
iii. Unexpired Letters of Credit |
132.100 |
90.200 |
|
Note: Future
cash outflows in respect of 1 and 3(i) above are determinable only on receipt
of judgments/decisions pending with various forums/authorities2.400 |
||
STATEMENT OF STANDALONE UNAUDITED
RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2012
PART I (Rs
in Millions)
|
Particulars |
3 months ended |
Preceding 3 months ended |
Year to date figures for current period ended |
|
|
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
|
(Unaudited) |
[Unaudited) |
(Unaudited) |
|
Income from
operations |
|
|
|
|
Net Sales / Income from Operations (Met of excise duty) |
3259.800 |
3340.400 |
6600.200 |
|
Other Operating Income/Investment Income |
550.100 |
545.400 |
1095.500 |
|
Total Income from
Operations (Net) |
3809.900 |
3885.800 |
7695.700 |
|
Expenses |
|
|
|
|
Cost of Materials Consumed |
1628.100 |
1595.500 |
3223.600 |
|
Purchase of Stock-in-Trade |
236.200 |
148.800 |
385.000 |
|
Changes in inventories of finished goods, work-in- progress and stock-in-trade |
(280.600) |
16.300 |
(264.300) |
|
Employee benefits expense |
517.100 |
416.500 |
933.600 |
|
Depreciation and amortisation expense |
205.800 |
195.500 |
401.300 |
|
Research and Development Expenses |
696.100 |
418.400 |
1114.500 |
|
Other Ex senses (Net) |
994.800 |
998.200 |
1993.000 |
|
Total Expenses |
3997.500 |
3789.200 |
7786.700 |
|
|
|
|
|
|
Profit / (Loss)
from operations before other Income, finance costs and exrrntional Items |
(187.600) |
96.600 |
(91.000) |
|
Other Income |
253.200 |
594.900 |
848.100 |
|
Profit / (Loss) from
ordinary activities before finance costs and exertional items |
65.600 |
691.500 |
757.100 |
|
Finance Costs |
652.400 |
623.000 |
1275.400 |
|
Profit / (Loss)
from ordinary activities after finance costs but before exceptional Items |
(586.800) |
68.500 |
(518.300) |
|
Excecitionai Items |
- |
- |
- |
|
Profit / (Loss)
from ordinary activities before tax |
(586.800) |
68.500 |
(518.300) |
|
Tax Exoense (Net) (Refer Note 4) |
15.400 |
12.400 |
27.800 |
|
Net Profit / (Loss)
from ordinary activities after tax |
(602.200) |
56.100 |
(546.100) |
|
Extraordinary Items (net of tax exoense) |
- |
- |
- |
|
Net Profit / (Loss)
for the period |
(602.200) |
56.100 |
(546.100) |
|
Paid-up Equity Share Capital (Face Value Rs.2/- each) |
345.100 |
345.100 |
345.100 |
|
Reserves (Excluding Revaluation Reserves) |
|
|
|
|
Paid-uo Debt Capital |
|
|
|
|
Debenture Redemption Reserve |
- |
|
- |
|
Earnings Per Share (EPS) |
|
|
|
|
a) Basic and diluted EPS before extraordinary items for the period (Rs.) |
(3.50) |
0.30 |
(3.20) |
|
b) Basic and diluted EPS after extraordinary items for the period (Rs.) |
(3.50) |
0.30 |
(3.20) |
|
Debt Service Coverage Ratio (Refer Footnote No. 1) |
- |
- |
2.20 |
|
Interest Service Coverage Ratio (Refer Footnote No. 2) |
- |
- |
0.60 |
Footnotes:
- Debt Service Coverage Ratio = Earnings before Interest and Tax/ (Interest Expense + Principal Repayment)
Debt = Long Term Debt
Interest Expense = Interest on Long Term Debt
- Interest Service Coverage Ratio = Earnings before Interest and Tax / Interest Expense
PART II (Rs
in Millions)
|
|
3 months ended |
Preceding 3 months ended |
Year to date figures for current period ended |
|
A. PARTICULARS OF
SHAREHOLDING |
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
81026828 |
81009478 |
81026828 |
|
- Percentage of shareholding |
46.95 |
46.94 |
46.95 |
|
|
|
|
|
|
2. Promoters and Promoter group Shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
- |
- |
- |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group |
- |
- |
- |
|
- Percentage of shares (as a % of the total share capital of the company) |
- |
- |
- |
|
b) Non-encumbered |
|
|
|
|
- Number of Shares |
91536272 |
91553622 |
91536727 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
- Percentage of shares (as a % of the total share capital of the company) |
53.05 |
53.06 |
53.05 |
|
Particulars |
3 months ended 30.09.2012 |
|
B. INVESTOR
COMPLAINTS |
|
|
Pending at the beginning of the quarter |
- |
|
Received during the quarter |
6 |
|
Disposed of during the quarter |
5 |
|
Remaining unresolved at the end of the quarter |
1 |
SEGMENT WISE REVENUE, RESULTS AND
CAPITAL EMPLOYED
(Rs in Millions)
|
Particular of Shareholding |
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
|
3 months ended |
Preceding 3 months ended |
Year to date figures for current period ended |
|
Segment Revenue |
|
|
|
|
Total Income from
Operations (Net) |
|
|
|
|
a. Pharmaceuticals manufacturing and services |
3093.100 |
3259.600 |
6352.700 |
|
b. Financial Services including Strategic Investments |
716.800 |
626.200 |
1343.000 |
|
Total |
3809.900 |
3885.800 |
7695.700 |
|
Less: Inter Segment revenue |
- |
- |
- |
|
Total Income from
Operations (Net) |
3809.900 |
3885.800 |
7695.700 |
|
|
|
|
|
|
Segment Results (Profit / (Loss)
before Tax, Finance Cost and Exchange Gain) |
|
|
|
|
a. Pharmaceuticals manufacturing and services |
(904.300) |
(529.500) |
(1433.800) |
|
b. Financial Services including Strategic Investments |
335.600 |
336.600 |
672.200 |
|
Total |
(568.700) |
(192.900) |
(761.600) |
|
Add : Exchange Gain |
253.100 |
594.800 |
847.900 |
|
Less: Finance Cost |
271.200 |
333.400 |
149.800 |
|
Total Profit /
(Loss) Before Tax |
(586.800) |
68.500 |
(518.300) |
|
|
|
|
|
|
Capital Employed (Segment Assets -
Segment Liabilities) |
|
|
|
|
a. Pharmaceuticals manufacturing and services |
7495.000 |
5409.800 |
7495.000 |
|
b. Financial Services including Strategic Investments |
103366.700 |
106054.100 |
103366.700 |
|
Total Capital
Employed in the Company |
110861.700 |
111463.900 |
110861.7110861.700 |
Notes:
- The standalone financial results, for the quarter and six months ended September 30, 2012, have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on November 5, 2012.
- Statement of Assets and Liabilities:
Disclosure of balance Sheet Items as per clause 41(V)(h) of the Listing Agreement as at September 30, 2012
STATEMENT OF
ASSETS AND LIABILITIES
(Rs in Millions)
|
Particular |
30.09.2012 |
|
|
Unaudited |
|
EQUITY AND
LIABILITIES |
|
|
Shareholders' Funds |
|
|
Share Capital |
345.100 |
|
Reserves and Surplus |
110516.600 |
|
Sub-total -
Shareholders' funds |
110861.700 |
|
Non-current
Liabilities |
|
|
Long-term borrowings |
2000.000 |
|
Deferred tax liabilities (Net) |
1030.300 |
|
Other long-term liabilities |
689.600 |
|
Long-term provisions |
196.300 |
|
Sub-total -
Non-current Liabilities |
3916.200 |
|
Current Liabilities |
|
|
Short-term borrowings |
19333.800 |
|
Trade payables |
3525.500 |
|
Other current liabilities |
4638.700 |
|
Short-term provisions |
183.300 |
|
Sub-total - Current
Liabilities |
27681.300 |
|
|
|
|
TOTAL - EQUITY AND
LIABILITIES |
142459.200 |
|
ASSETS |
|
|
Non-current assets |
|
|
Fixed assets |
9542.300 |
|
Non-current investments |
71671.700 |
|
Long-term loans and advances |
1115.900 |
|
Other non-current assets |
21284.900 |
|
Sub-total -
Non-current assets |
103614.800 |
|
Current Assets |
|
|
Current investments |
787.500 |
|
Inventories |
2894.100 |
|
Trade receivables |
2511.400 |
|
Cash and bank balances |
190.800 |
|
Short-term loans and advances |
11075.500 |
|
Other current assets |
21385.100 |
|
Sub-total - Current
Assets |
38844.400 |
|
|
|
|
TOTAL - ASSETS |
142459.200 |
- The figures for the quarter and six months ended September 30, 2012 are not comparable to the previous quarter and six months ended September 30, 2011 on account of demerger of New Chemical Entity (NCE) unit of Piramal Life Sciences Limited (PLSL) into the Company during the previous year.
- Tax Expense includes prior period tax expenses/(credit) of Rs. (11.600 Millions) during the quarter and Rs. 2.800 Millions for the six months ended September 30, 2012.
- The company has not recognized deferred tax asset on the tax losses in absence of virtual certainty for availability of taxable profits in the foreseeable future.
- The figures for the quarter and six months ended September 30, 2011 and for the year ended March 31, 2012 have been regrouped, wherever necessary.
Fixed Assets:
Intangible assets
·
Brand / Know- How/ Intellectual Property Rights
·
Computer software
Tangible assets
·
Land leasehold
·
Land freehold
·
Building
·
Plant and machinery
·
Furniture and fixtures and office equipments
·
Motor vehicle / transport
AS
PER WEBSITE
Profile
Subject
is one of
With
growth fuelled through a strategy of partnerships, quality acquisitions, brand
building, focused selling and manufacturing the Company consolidated net sales
turnover was US$ 313 million (INR 14.1 billion) in 2005-06 (April to March)".
The
Company has emerged among the leaders in Indian pharma with a unique mix of
inorganic and organic growth fuelled through a strategy of acquisitions, brand
building and focused selling, and manufacturing. The company has one of the
widest product portfolios in
The company was formed when the Piramal Group acquired Nicholas Laboratories, a
small formulations company in 1988 from Sara Lee. It has followed a
multi-pronged strategy to integrate and maximize synergies with the planned
acquisitions and develop and consolidate its major strength in marketing to
therapeutic niches.
Managed by a team of highly proficient industry professionals, the Company 's
key strengths come from its strong brand building, selling and distribution,
manufacturing and alliance/partnership management skills. The last, especially,
are quite unique in the Indian context - few Indian Pharmaceutical have
exhibited such a strong and consistent record in successfully and ethically
managing JVs/Alliances and Partnerships as NPIL has.
Its policy of respecting IPR and managing partnerships, in keeping with both
the letter and the spirit of written agreements, has been widely respected and
commended by its partners.
The Company is the flagship company of the Rs.25000 Millions (US $ 550 million)
Piramal Enterprises (PEL), one of
BUSINESS
DESCRIPTION
Piramal Healthcare Limited is an India-based company engaged
in the pharmaceutical business mainly consisting of manufacturing and sale of own
and traded bulk drugs and formulations. Its business segments are
Pharmaceuticals and Other. The Company’s businesses include Pharma Solutions,
which partners with multinational company (MNC) pharmaceutical companies to
service their manufacturing and development needs; Critical Care, which caters
to drug requirement of hospitals worldwide, and Consumer Products Division/OTC,
which is a domestic business that caters to Indian consumers through sales of
over the counter (OTC) products. During the fiscal year ended March 31, 2010
(fiscal 2010), the Company acquired Oxygen Bio Research (Oxygen). During fiscal
2010, it acquired an anesthetic products business of Bharat Serums and Vaccines
Limited. During 2010, the Company launched TRI-ACTIV. On November 3, 2010, the
Company incorporated a wholly owned subsidiary Piramal Critical Care Italia
SPA. For the nine months ended 31 December 2010, Piramal Healthcare Limited's
revenues decreased 21% to RS22.03B. Net income totaled RS126.82B, up from
RS3.18B. Revenues reflect a decrease in income from pharmaceuticals segment and
lower income from other business segment. Net income benifited by a decrease in
consumption of raw materials, Research and Development expenses, employees cost
and other expenditure. There is also a fall in foreign exchange gain.
Ajay G. Piramal -
Executive Chairman of the Board – Chairman
Shri. Ajay G. Piramal is Executive Chairman of the Board of Piramal
Healthcare Limited. He envisions making his company the most admired in the
Indian pharmaceutical industry, in the eyes of all its stakeholders -
customers, shareholders, employees, and the society. Mr. Piramal also heads
Piramal Enterprises, a Rs. 3,500 crore conglomerate with interests in textiles,
retailing and engineering, besides pharmaceuticals. The flagship company,
Nicholas Piramal India Limited. (NPIL), is the fourth pharmaceutical player in
India. It all began with the acquisition of the US$ 4 million Nicholas
Laboratories from Sara Lee in 1988. NPIL has registered dramatic growth over
the last 15 years through a string of acquisitions that include the Indian
subsidiaries of MNCs like Roche, Boehringer Mannheim, Rhone Poulenc, and
Hoechst Marion Roussel (research division), and the pharmaceutical division of
ICI India Limited.
Amit Chandra -
Additional Independent Director - Director/Board Member
Mr. Amit Chandra is Additional Independent Director of Piramal
Healthcare Limited. He is an MBA graduate from the Boston College, USA. He was
awarded the School’s distinguished alumni in 2007. He received his
under-graduate degree in Electrical Engineering from VJTI, Mumbai University.
Mr. Chandra is a investment banker. He is a Director on the Board of Bain
Capital Advisors (India) Private Limited, which is part of the Bain Capital
Group, a global Private Equity firm. He joined Bain Capital in 2008 to found
its Mumbai office. Prior to this, he was the Managing Director and Board Member
of DSP Merrill Lynch where he spent most of his professional career, having
direct oversight of its global market and investment banking business. Mr.
Chandra is also active in the country’s not-for-profit space and serves as a
Board Member of the Akanksha Foundation (which provides education to less
privileged children) and GiveIndia (India’s philanthropic exchange). Among his
other achievements, Mr. Chandra was named the “Young Global Leader” by the
World Economic Forum in 2007
Keki Bomi Dadiseth
- Non-Executive Independent Director - Director/Board Member
Mr. Keki Bomi Dadiseth is Non-Executive Independent Director of Piramal
Healthcare Limited. Mr. Dadiseth is a Fellow of the Institute of Chartered
Accountants of England and Wales. He joined Hindustan Lever Limited in India in
1973 as Manager in the Audit Department. His tenure with Hindustan Lever
included a three-year secondment to Unilever Plc in London (1984-87), where he
held senior financial and commercial positions. In 1987 Mr. Dadiseth joined the
Board of Hindustan Lever till he became Chairman in 1996. Mr. Dadiseth headed
several businesses (Detergents and Personal Products) and functions (Personnel
and Acquisitions and Mergers activities) for the Group in India. Mr. Dadiseth
was appointed as Director on the Board of Unilever Plc and Unilever NV in May
2000 and a Member of the Executive Committee. On January 1, 2001, he took over
as Director, Home and Personal Care, responsible for the HPC business of
Unilever worldwide. He retired from Unilever in May 2005. In India, Mr.
Dadiseth is closely associated with various industry, educational, management
and medical bodies. He is a Trustee of the Ratan Tata Trust and a Member of the
Managing Committee, Breach Candy Hospital Trust.
Yezdi H. Malegam -
Independent Non-Executive Director - Director/Board Member
Mr. Yezdi H. Malegam is Independent Non-Executive Director of Piramal
Healthcare Limited. He is a Chartered Accountant and the former Managing
Partner of Messrs S. B. Billimoria and Company, Chartered Accountants. He was
also the Co-Chairman of Deloitte Haskins and Sells, Chartered Accountants. He
is a member of the Central Board of Directors of the Reserve Bank of India and
a member of the Board of Directors of several public limited companies.
Nandini Piramal -
Executive Director - Director/Board Member
Ms. Nandini Piramal is Executive Director of Piramal Healthcare Limited
since 01 April 2009. Ms. Piramal graduated in Bachelor of Arts (Hons.) from
Hertford College, Oxford University and is an Masters of Business
Administration of the Stanford Graduate School of Business. Her academic
performance in the Masters of Business Administration Programme was
acknowledged by the Stanford Graduate School of Business. In July, 2006 Ms.
Nandini Piramal was appointed as GM - Strategic Marketing of the Company and
was deputed to the Company’s wholly-owned subsidiary in the US, NPIL Pharma
Inc. As GM - Strategic Marketing, Ms. Piramal gained deep insight into the
Group’s Pharma Solutions business. She was instrumental in increasing
co-ordination between UK, India and China towards globalized sourcing. In
September 2008, she was appointed as a non-executive director on the Board of
Piramal Healthcare (Canada) Inc (formerly Torcan). She played a key role in
implementation of the Operational Excellence Project at Torcan and Grangemouth.
She was also actively involved in due diligence of acquisition and joint
venture targets. Prior to her appointment with the Company, Ms. Piramal was
associated with McKinsey and Company as a Business Analyst, during which time
she worked on many projects, including Purchase and Supply Management, Growth
Strategy and Information Technology Strategy of various corporates. She was
also associated with the slum rehabilitation proposal of McKinsey, which was
part of its larger project for the future growth of Mumbai city.
Swati A. Piramal -
Executive Director - Director/Board Member
Dr. Swati A. Piramal is Executive Director of Piramal Healthcare
Limited. Her current responsibilities include Research and Development,
Information Technology, Medical Services and Knowledge Management for the
Healthcare Group of Piramal Enterprises. A Medical Doctor (MBBS) from the
University of Bombay, Dr. Piramal graduated with a Masters Degree from Harvard
School of Public Health, Boston USA, where she had the unique honour of being
selected Commencement Speaker at the 1992 Graduation Ceremony. Dr. Piramal's
special research interests include: Herbal, Clinical Discovery and Nutrition
Research in Pharmaceuticals, the use of management techniques like Information
Technology and Communication to improve access and lower healthcare costs to
meet the needs of the underprivileged children. Her specific Research interests
focus on Malaria, Tuberculosis, AIDS and Diabetes.
Subramanian
Ramadorai - Non-Executive Independent Director - Director/Board Member
Mr. Subramanian Ramadorai is Non-Executive Independent Director of
Piramal Healthcare Limited. Mr. Ramadorai is the Chief Executive Officer and
Managing Director of Tata Consultancy Services Limited (TCS) and has been
associated with TCS for the past thirty seven years. Mr. Ramdaorai joined TCS
as a trainee and took over as CEO in 1996. In October 2006, TCS was recognized
by Economic Times as the Company of the Year, a fitting tribute to its
increasing global presence. Mr. Ramadorai’s vision is evident through the
active role he played in establishing Offshore Development Centers (ODCs) in
India to provide high-end quality solutions to corporations. With a view to
remain abreast with changing technologies at all times, he set up Technology
Excellence Centers in India that have acquired knowledge, and equipment in
specialized technology areas. Mr. Ramadorai was presented with the UK Trade and
Investment Special Recognition Award by Prime Minister Blair, in September 2005
for TCS’ exemplary contribution to India - UK economic ties. In 2008, he was
recognized as the ‘International CEO of the Year’ at the 14th Annual LT Bravo
Business Awards, which are widely acknowledged as the Oscars of Latin American
business, and organized by the Latin Trade magazine.
N. Santhanam -
Chief Operating Officer, Executive Director - Director/Board Member
Mr. N Santhanam is Chief Operating Officer, Executive Director of
Piramal Healthcare Limited. He is the Chief Financial Officer of Nicholas
Piramal India Limited reporting to the Chairman, Mr. Ajay Piramal. As CFO, Mr.
Santhanam plays a key role and acts as a strategic business partner to the
Chairman and the company's senior management team. The mission at Nicholas
Piramal is to build a world class finance organization with the objective of
creating an information environment to facilitate decision making and Mr.
Santhanam is a qualified Chartered Accountant with a academic career. He has
over 30 years of and varied experience in Corporate Accounts and Finance. Prior
to joining the Group he was with The Bombay Dyeing and Manufacturing Company
Limited. During his long tenure spanning over two decades with the Wadia Group,
he gained and experience in not only the entire gamut of Finance (including
Legal), but also in General Business Management.
Deepak M.
Satwalekar - Non-Executive Independent Director - Director/Board Member
Mr. Deepak M. Satwalekar is Non-Executive Independent Director of
Piramal Healthcare Limited. He was formerly the Managing Director and the Chief
Executive Officer of HDFC Standard Life Insurance Company Limited. and prior to
that, Managing Director of HDFC Limited. Mr. Satwalekar has been a consultant
to the World Bank, the Asian Development Bank and other bilateral and
multilateral agencies and is the recipient of the “Distinguished Alumnus Award”
from the Indian Institute of Technology, Bombay from where he obtained his
Bachelor of Technology. He has an MBA degree from the American University,
Washington D.C., USA.
Rajendra A. Shah -
Non-Executive Independent Director - Director/Board Member
Shri. Rajendra A. Shah is Non-Executive Independent Director of Piramal
Healthcare Limited. He is Solicitor and Senior Partner of Messrs Crawford
Bayley and Company. He specializes in a broad spectrum of Corporate Laws in
general, with special focus on foreign investments, joint ventures, technology
and licence agreements, intellectual property rights, mergers and acquisitions,
industrial licensing, anti-trust and competition laws. He is on the Board of
several reputed companies. Mr. R. A. Shah is a member of the Managing Committee
of the Bombay Chamber of Commerce and Industry, Indo-German Chamber of Commerce
and President of the Society of Indian Law Firms (Western Region).
Narayanan Vaghul -
Non-Executive Independent Director - Director/Board Member
Shri. Narayanan Vaghul is Non-Executive Independent Director of Piramal
Healthcare Limited. He served as the Chairman of ICICI Bank Limited. He was the
Chairman of ICICI Limited from September 1985 until it merged with ICICI Bank
Limited in 2001. He also served as Chief Executive Officer of ICICI until 1996.
Mr. Vaghul has been a visiting professor at the Leonard N. Strn School of
Business at New York University since 1998. Mr. N.Vaghul holds a Bachelors of
Commerce in Banking from Madras University. His other Directorships include:
ICICI Bank Limited – Chairman – Chairman – Remuneration Committee; Mahindra and
Mahindra Limited – Director – Chairman – Compensation Committee; Mahindra World
City Developers Limited – Chairman; – Member – Audit Committee – Member –
Remuneration Committee Wipro Limited – Director.
N. Santhanam -
Chief Operating Officer, Executive Director - Chief Operating Officer,
Executive Director
Mr. N Santhanam is Chief Operating Officer, Executive Director of
Piramal Healthcare Limited. He is the Chief Financial Officer of Nicholas
Piramal India Limited reporting to the Chairman, Mr. Ajay Piramal. As CFO, Mr.
Santhanam plays a key role and acts as a strategic business partner to the
Chairman and the company's senior management team. The mission at Nicholas
Piramal is to build a world class finance organization with the objective of
creating an information environment to facilitate decision making and Mr. Santhanam
is a qualified Chartered Accountant with a academic career. He has over 30
years of and varied experience in Corporate Accounts and Finance. Prior to
joining the Group he was with The Bombay Dyeing and Manufacturing Company
Limited. During his long tenure spanning over two decades with the Wadia Group,
he gained and experience in not only the entire gamut of Finance (including
Legal), but also in General Business Management.
PRESS RELEASE
PIRAMAL SAYS LOOKING
TO EXIT VODAFONE INVESTMENT NEXT YEAR
May 10, 2013
Piramal Enterprises is looking to exit next year its investment in Vodafone Group Plc's local mobile phone unit, the drugmaker's chairman Ajay Piramal said on Friday.
Piramal owns an 11 percent stake in Vodafone India Limited, which is the country's second-biggest phone carrier. Piramal had bought the stake in two stages for a total of about 59 billion rupees.
Vodafone has the first right to buy the stake from Piramal if a planned listing of the phone unit does not happen within 18 months, Piramal said in February last year. Piramal had said the company expected an annual return of up to 20 percent from the investment.
PIRAMAL ENTERPRISES
ACQUIRES 2.26 CR SHARES OF SHRIRAM TRANSPORT FINANCE
May 15, 2013
Piramal Enterprises
has acquired that 22600000 equity shares of Shriram Transport Finance Company.
With reference to the earlier announcement dated May 10, 2013, whereby Piramal Enterprises Limited (PEL) had announced that PEL has acquired 2,28,47,468 equity shares of Shriram Transport Finance Company Limited (STFCL) representing approximately 10% of total equity share capital of STFCL, Piramal Enterprises Ltd has now informed BSE that the actual number of equity shares acquired was 2,26,00,000 (and not 2,28,47,468) and necessary disclosure under SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011 was duly filed with the Stock Exchanges for the acquisition of 2,26,00,000 equity shares of STFCL.
PIRAMAL
ENTERPRISES: UPDATES ON SCHEME OF AMALGAMATION AND ARRANGEMENT
May 16, 2013
Piramal Enterprises Limited has informed BSE that the Hon'ble High Court
of Judicature at Bombay has sanctioned the Scheme of Amalgamation and
Arrangement between PHL Holdings Private Limited and Piramal Enterprises
Limited and their respective shareholders and creditors by its order passed on
May 10, 2013.While the authenticated copy of the Order has now been received,
the certified copy of the order is awaited. Once the same is received and filed
with the Registrar of Companies, Maharashtra, the Scheme will become effective.
PIRAMAL ENTERPRISES LIMITED
ACQUIRES ~10% EQUITY STAKE IN SHRIRAM TRANSPORT FINANCE COMPANY LIMITED
Piramal Enterprises Limited ("Piramal", NSE: PEL, BSE: 500302) today announced that Piramal has acquired 2,28,47,468 shares of Shriram Transport Finance Company Limited, representing approximately 10% of total equity of the company. Piramal paid Rs.723 per share. The total consideration was Rs.16520.000 Cr. The transaction was consummated / completed on the floor of the exchange.
Piramal had earlier announced its foray into the financial services business. Piramal's financial services business includes an NBFC for lending to real estate and education sectors, a real estate focused private equity company – India REIT and a special vehicle for investments in infrastructure sector.
Shriram Transport is India's largest player in commercial vehicle finance with a niche presence in financing pre-owned trucks and small truck owners. Shriram's funding operations also brings in financial inclusion for many small truck owners in small towns. The company has a network of 528 branches and service centers across India. It is also one of the largest asset financing NBFCs in India. Shriram Transport had revenue of Rs.70140.000 Millions and PAT of Rs. 14630.000 Millions for the financial year ending 31st March 2013. The company had assets of over Rs.527170.000 Millions under management as of March 31, 2013.
This investment is in line with Piramal's long term strategy for the financial services business. Commenting on the transaction, Mr. Ajay Piramal, Chairman of Piramal Enterprises Limited, said "acquisition of this stake in Shriram Transport is in line with our strategy for building our presence in financial services sector and we see long term shareholder value creation from this stake acquisition. Shriram Transport is well known for their strong governance and business ethics, which resonates well with Piramal Group's business philosophy."
About the Piramal Group
The Piramal Group, led by Ajay G. Piramal is one of India's foremost business conglomerates. Driven by the core values of Knowledge Action Care, the Piramal Group has interests in a myriad of industries that encompass healthcare, drug discovery and research, diagnostics, glass, real estate and financial services. The Piramal Group steadfastly pursues inclusive growth while adhering to ethical and value driven practices. The Group's turnover exceeded $ 1 billion in FY2013.
About Piramal
Enterprises Limited (PEL)
Piramal Enterprises is one of India's largest diversified companies, with a presence in pharmaceutical, financial services and information management sectors. Piramal Enterprises had consolidated revenues of over $ 650 million in FY2013. In the pharmaceutical space, PEL is one of leading custom manufacturing player globally, has presence in the global critical care segment with a portfolio of inhalation and injectible anesthetics and its OTC business is ranked no. 7 in India. PEL is also engaged in drug discovery and research and has strong pipeline of development products. In the financial services space, PEL has a real estate focused PE fund - Indiareit and a NBFC that is focused on lending to real estate and education sector. PEL's information management business, Decision Resources Group is a leading provider of information based services to the healthcare industry.
PIRAMAL
ENTERPRISES LIMITED RECEIVES IND APPROVAL FROM THE US FDA FOR ITS GPR40 AGONIST
P11187; AN ANTI-DIABETIC MOLECULE
• P11187
Investigational New Drug (IND) dossier receives US FDA regulatory approval
• Piramal's
first US FDA approved Diabetes Phase I clinical trial; trials in the US to be
initiated shortly
• P11187's
anti-diabetic action is in a glucose-dependent manner, thus decreasing the
potential risks of hypoglycemia
Mumbai, May
14, 2013: Piramal Enterprises Limited "PEL"
(NSE: PEL, BSE: 500302) announced today that it has received approval from the
US FDA for its Investigational New Drug (IND) P11187. This approval will enable
PEL to initiate a Phase I clinical trial of P11187 in healthy volunteers in the
US.
P11187 is an orally active, small molecule
New Chemical Entity (NCE), discovered and developed by the NCE Research
Division of PEL. P11187 selectively acts on GPR40; a potential therapeutic
target for Type 2 Diabetes Mellitus (T2DM). T2DM is an emerging worldwide
health crisis with an incidence rate of 300 million by 2025 as predicted by the
WHO and accounts for about 90% of the diabetic population.
P11187 will be tested for safety and its
glucose-lowering properties for the first time in humans; both properties
having been well-established in our preclinical studies. Currently, the T2DM
treatment space has limitations in terms of efficacy and adverse side-effect
profiles. The advantage of P11187; as a GPR40 agonist, is the stimulation of
insulin secretion in a glucose-dependent manner, thus reducing the potential
risk of excess insulin production.
Dr. Swati Piramal, Vice Chairperson, Piramal
Enterprises Limited said, "The NCE Research division of PEL is dedicated
to finding new cures for metabolic disorders. It focuses upon nurturing
innovation and break-through thinking to impact the lives of millions of
people. P11187's IND approval by the US FDA; recognizes our untiring efforts to
identify candidates that would translate into more efficacious drugs for the
effective management of diabetes."
PIRAMAL ENTERPRISES
ANNOUNCES Q4 AND FULL YEAR FY2013 RESULT; THE BOARD OF DIRECTORS HAS
RECOMMENDED A DIVIDEND OF RS. 17.5 PER EQUITY SHARE (875%) FOR FY2013
Total
operating income for fy13 up by 50.7% to rs.35443.000 millions,
Mumbai, 3rd May 2013: Piramal Enterprises
Limited (formerly Piramal Healthcare Limited) ('PEL', NSE: PEL, BSE: 500302)
today announced results for FY2013 and for Q4 FY2013.
For
the year ended 31st March 2013, the Board of Directors has recommended a
dividend of Rs. 17.5 per share (i.e. 875%) of face value of Rs. 2. Total
dividend outgo (including dividend distribution tax) will be Rs. 3530.000
Millions.
For
the quarter ended Q4 FY2013, the Total operating income grew by 36.4% to Rs.
9386.000 Millions against Rs. 6881.000 Millions in Q4 FY2012. Operating Profit
(OPBITDA) for the quarter was Rs. 957.000 Millions in Q4 FY2013 as compared
with Rs. 78.2 Millions during the same period last year. Net Income for the
quarter was a net loss of Rs. 2004.000 Millions as compared with net loss of
Rs. 387.000 Millions during Q4 FY2012.
For
the full year FY2013, the total operating income was up by 50.7% to Rs.
35443.000 Millions as compared with FY 2012. The Operating Profit for the
financial year ended was at Rs. 4559.000 Millions against Rs. 1925.000 Millions
in the previous financial year. FY 2013 results also include the financial
results of Decision Resources Group ('DRG') and Piramal Imaging operations in
Germany. For FY 2013, PEL reported a Net loss of Rs. 227.3 Millions as compared
with net profit of Rs. 1115.000 Millions in FY2012. PEL spent Rs. 2867.000
Millions on R and D this year as against Rs. 2331.00 Millions in FY 2012.
Interest cost was higher at Rs. 5750.00 Millions for FY2013 as compared with
Rs. 2155.000 Millions during FY 2012. The higher interest cost was a result
debt raised by PEL to fund acquisitions of Vodafone shares, DRG and to fund
financial services business.
PIRAMAL
ENTERPRISES ANNOUNCES Q3 FY2013 RESULT
TOTAL
OPERATING INCOME UP BY 61% TO RS. 9940.000 MILLIONS, OPERATING PROFIT WAS
HIGHER AT RS. 2070.000 MILLIONS AND NET PROFIT WAS AT RS. 640.000 MILLIONS
Mumbai, 11th
February 2013: Piramal
Enterprises Limited (formerly Piramal Healthcare Limited) ("PEL",
NSE: PEL, BSE: 500302) today announced results for Q3 FY2013.
For the
quarter ended Q3 FY2013, the Total operating income showed strong growth of
60.9% to Rs.9936.000 Millions against Rs.6176.000 Millions in Q3FY2012.
Operating Profit (OPBITDA) for the quarter grew to Rs.2067.000 Millions in
Q3FY2013 as compared with Rs.87.000 Millions during the same period last year.
Similarly, the Operating profit margin for the quarter was higher at 20.8% as
compared to 1.4% in Q3FY2012. Net Profit for the quarter was Rs.638.000
Millions as compared with net profit of Rs.97.000 Millions during Q3FY2012.
9M
FY2013 performance:
Total
operating income for 9MFY2013 was up by 56.6% to Rs.26057.000 Millions. The
Operating Profit for the period was higher at Rs.3602.000 Millions against
Rs.1144.000 Millions in 9MFY2012. The Operating profit margin for 9MFY2013 was
13.8% as compared to 6.9% in 9MFY2012. The results for the period include the
financial results of DRG and NCE unit. DRG acquisition was completed in June
2012 while NCE unit was de-merged into PEL in Q3FY2012. For the 9M FY2013, PEL
reported a Net loss of Rs.223.000 Millions as compared with net profit of
Rs.1526.000 Millions in 9MFY2012. Interest cost was higher at Rs.3501.000
Millions for 9MFY2013 as compared with Rs.528.000 Millions in 9M FY2012. As of
December 2012, the total debt stood at Rs.73587.000 Millions raised to fund
acquisition of DRG and Abacus International and to fund growth of PHL Finance.
During 9M
FY2013, Pharma Solutions business grew by 16.7% to Rs.11232.000 Millions
against Rs.9625.000 Millions in 9MFY2012. The revenues from overseas facilities
recorded strong growth of 21.2% to Rs.4589.000 Millions over 9MFY2012. Critical
Care business grew by 65.9% to Rs.4656.000 Millions over 9MFY2012. OTC and
Ophthalmology business recorded sales of Rs.2083.000 Millions registering
growth of 22.7% during 9MFY2013.
For the nine
months ended December 2012, income from financial services business (PHL
Finance and INDIAREIT) was Rs.2488.000 Millions. The loan book as on 31st
December 2012 was Rs.13490.000
Millions. Piramal's real estate PE firm - INDIAREIT term sheeted exits worth
Rs.4400.000 Millions across three earlier funds and a third party mandate
during Q3 FY2013.
The revenues
from Decision Resources Group Inc. were Rs.4952.000 Millions for 9M FY2013. DRG
continued to achieve a high customer retention rate of over 96% in 2012 and has
retained all 2011 top 20 customers.
About
the Piramal Group
The Piramal Group, led by Ajay G. Piramal is one of India's foremost business conglomerates. Driven by the core values of Knowledge Action Care, the Piramal Group has interests in a myriad of industries that encompass healthcare, drug discovery and research, diagnostics, glass, real estate and financial services. The Piramal Group steadfastly pursues inclusive growth while adhering to ethical and value driven practices. The Group's turnover exceeded $ 700 million in FY2012.
About
Piramal Enterprises Limited
Piramal Enterprises is one of India's largest diversified companies, with a presence in pharmaceutical, financial services and information management sectors. Piramal Enterprises had consolidated revenues of $ 500 million in FY2012. In the pharmaceutical space, PEL is one of leading custom manufacturing player globally, has presence in the global critical care segment with a portfolio of inhalation and injectible anesthetics and its OTC business is ranked no. 7 in India. PEL is also engaged in drug discovery and research and has strong pipeline of development products. In the financial services space, PEL has a real estate focused PE fund - Indiareit and a NBFC that is focused on lending to real estate and education sector. Recently, PEL has also entered the global information management industry through acquisition of a US based company - Decision Resources Group.
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 : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
76 |
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.