1. Summary Information
|
Country |
India |
||
|
Company Name |
Alembic Limited |
Principal Name 1 |
Mr. Chirayu R. Amin |
|
Status |
Good |
Principal Name 2 |
Mrs. Malika C. Amin |
|
Registration # |
04-000033 |
||
|
Street Address |
Alembic Road, Vadodara – 390 033, Gujarat, India |
||
|
Established Date |
30.07.1907 |
SIC Code |
-- |
|
Telephone# |
91-265-2284074/
75 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-265-2280331 |
Business Style 2 |
Marketing |
|
Homepage |
http://www.alembic-india.com |
Product Name 1 |
Fermentation and
Chemistry based Active Pharmaceuticals Ingredients (API) |
|
# of employees |
4058
(Approximately) |
Product Name 2 |
Research and
Development |
|
Paid up capital |
Rs.267,040,000/- |
Product Name 3 |
-- |
|
Shareholders |
Shareholding of
Promoter and Promoter Group- 63.76%, Public Shareholding- 36.24% |
Banking |
Bank of Baroda |
|
Public Limited Corp. |
Yes |
Business Period |
106 years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
A
(57) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates
|
-- |
Alembic Pharmaceuticals Limited |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
764,657,000 |
Current Liabilities |
837,707,000 |
|
Inventories |
942,482,000 |
Long-term Liabilities |
1,033,277,000 |
|
Fixed Assets |
1,949,504,000 |
Other Liabilities |
72,313,000 |
|
Deferred Assets |
19,797,000 |
Total Liabilities |
1,943,297,000 |
|
Invest& other Assets |
238,542,000 |
Retained Earnings |
1,704,645,000 |
|
|
|
Net Worth |
1,971,685,000 |
|
Total Assets |
3,914,982,000 |
Total Liab. & Equity |
3,914,982,000 |
|
Total Assets (Previous Year) |
3,403,393,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
1,168,727,000 |
Net Profit |
121,976,000 |
|
Sales(Previous yr) |
2,019,303,000 |
Net Profit(Prev.yr) |
129,019,000 |
MIRA INFORM REPORT
|
Report Date : |
19.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
ALEMBIC LIMITED
(w.e.f. 31.05.1999) |
|
|
|
|
Formerly Known
As : |
Alembic Chemical Works Company
LIMITED |
|
|
|
|
Registered
Office : |
Alembic Road, Vadodara – 390 033, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
30.07.1907 |
|
|
|
|
Com. Reg. No.: |
04-000033 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.267.040 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26100GJ1907PLC000033 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDA00819A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCA7950P |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturing and Marketing of Fermentation and Chemistry
based Active Pharmaceuticals Ingredients (API) and company is also engaged in
Research and Development |
|
|
|
|
No. of Employees
: |
4058
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 7900000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is one of the oldest pharmaceutical companies in India. It manufacturers
wide range of formulations and bulk drugs. It is an old, well-established and
a reputed company having a fine track record. Alembic Limited’s (AL’s) pharmaceutical business (consisting of
domestic formulations, international generics and active pharmaceutical
ingredients) was transferred to APL [Alembic Pharmaceuticals Limited],
following APL’s demerger from AL, effective from April 1, 2010. There appears sharp dip in the sales turnover of the company during
2012 over the previous year. It has been incurring loss from its operation
from past two years. However, its net worth appears to be good. It has established market
in both domestic and overseas. Trade relations are reported as
trustworthy. Business is active. Payment terms are regular and as per
commitments. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Fund Based facilities: BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
March, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Non Fund Based facilities: A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
March, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered/ Corporate Office/ Factory 1 : |
Alembic Road, Vadodara – 390033, Gujarat, India |
|
Tel. No.: |
91-265-2284074/
75/ 2280550/ 2280880/ 3053333 |
|
Fax No.: |
91-265-2280331/
2228293/ 2281229/ 2282506/ 2282934/ 2281508/ 2282506/ 2284728 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
Wind Mills at
Village Ukharla/ Trambak, Tal-Ghogha, District Bhavnagar, Gujarat, India |
|
|
|
|
Branch Office : |
2nd floor,
Prime Corporate Park, Behind ITC Grand Maratha Sheraton, |
|
Tel. No.: |
91-22-30611698/ 30611682 |
|
Fax No.: |
91-22-30611682 |
|
|
|
|
Factory 3: |
Panelav, Tal. Halol, District
Panchmahal – 389350, Gujarat, India |
|
|
|
|
Factory 4: |
Plot No. 21, 22 , EPIP - Phase
I Jhamajri, Baddi, Tehsil - Nalagarh District Solan, Himachal Pradesh, India |
|
|
|
|
Factory 5: |
Village Karakhadi, Taluka
Padra District Vadodara, Gujarat, India |
|
|
|
|
Alembic Research Centre : |
Division of Alembic
Limited, Alembic Campus, Vadodara – 390003,
Gujarat, India |
|
Tel No.: |
91-265-3007989/ 3007874 |
DIRECTORS
(AS ON 31.03.2012)
|
Name : |
Mr. Chirayu R. Amin |
|
Designation : |
Chairman and Managing Director |
|
Address : |
F-10/192, |
|
Qualification
: |
B. Sc., MBA |
|
Date of
Appointment : |
01.05.1983 |
|
|
|
|
Name : |
Mrs. Malika C. Amin |
|
Designation : |
Whole Time Director |
|
Address : |
F-10/192, |
|
Qualification
: |
M.A. |
|
Date of
Appointment : |
02.07.1988 |
|
|
|
|
Name : |
Dr. Babubhai R. Patel |
|
Designation : |
Director |
|
Address : |
Opposite Brahman Sabha Hall, |
|
Qualification
: |
M.A., MRCP EDIN. |
|
|
|
|
Name : |
Mr. Milin Mehta |
|
Designation : |
Director |
|
Date of
Appointment: |
30.03.2010 |
|
|
|
|
Name : |
Mr. Ramanlal M. Kapadia |
|
Designation : |
Director |
|
Address : |
49/50, Marti Mandir Society, |
|
Qualification
: |
M. Com. LLB., DTP, FICWA, FCS, AIMA.DM |
|
|
|
|
Name : |
Mr. Ashok Tulankar |
|
Designation : |
Director (w.e.f. 30.08.2011) |
KEY EXECUTIVES
|
Name : |
Mr. Chirag K. Shukla |
|
Designation : |
Company Secretary (w.e.f. 29.07.2011) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2013)
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
13402430 |
10.04 |
|
|
71721748 |
53.72 |
|
|
85124178 |
63.76 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
85124178 |
63.76 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
897726 |
0.67 |
|
|
11320827 |
8.48 |
|
|
|
|
|
|
3600 |
0.00 |
|
|
750 |
0.00 |
|
|
2850 |
0.00 |
|
|
12222153 |
9.15 |
|
|
|
|
|
|
|
|
|
|
6129229 |
4.59 |
|
|
|
|
|
|
|
|
|
|
24111673 |
18.06 |
|
|
5182302 |
3.88 |
|
|
|
|
|
|
746379 |
0.56 |
|
|
177173 |
0.13 |
|
|
535776 |
0.40 |
|
|
33430 |
0.03 |
|
|
36169583 |
27.09 |
|
|
|
|
|
Total Public
shareholding (B) |
48391736 |
36.24 |
|
|
|
|
|
Total (A)+(B) |
133515914 |
100.00 |
|
|
|
|
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total
(A)+(B)+(C) |
133515914 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Fermentation and Chemistry
based Active Pharmaceuticals Ingredients (API) and company is also engaged in
Research and Development |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
4058
(Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
·
Bank
of Baroda ·
Axis
Bank ·
HDFC
Bank Limited ·
Yes
Bank Limited |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
K. S. Aiyar and
Company Chartered
Accountants |
|
Address : |
Laxmi Estate No. F – 07/08, |
|
|
|
|
Associates Companies : |
· Alembic Pharmaceuticals Limited · Paushak Limited · Sierra Healthcare Limited · Alembic Export Limited · Nirayu Private Limited · Viramya Packlight Limited · Quick Flight Limited · Whitefield Chemtech Private Limited · Shreno Limited · Sierra Investments Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs. 2/- each |
Rs.300.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.300.000
Millions |
Issued, Subscribed
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
138464270 |
Equity Shares |
Rs. 2/- each |
Rs. 276.929 Millions |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
133515914 |
Equity Shares |
Rs. 2/- each |
Rs. 267.031 Millions |
|
9365 |
Forfeited Equity Shares |
Rs. 2/- each |
Rs. 0.009 millions |
|
|
|
|
|
|
|
Total |
|
Rs.267.040 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND
LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
267.040 |
267.040 |
|
(b) Reserves & Surplus |
|
1704.645 |
1826.620 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3) Non-current
liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
302.852 |
7.574 |
|
(d) long-term
provisions |
|
9.825 |
13.460 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short
term borrowings |
|
1033.277 |
679.954 |
|
(b) Trade
payables |
|
256.802 |
479.428 |
|
(c) Other
current liabilities |
|
278.053 |
67.914 |
|
(d) Short-term
provisions |
|
62.488 |
61.403 |
|
TOTAL |
|
3914.982 |
3403.393 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
1949.504 |
2020.763 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
4.257 |
0.994 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
234.285 |
162.376 |
|
(c) Deferred tax assets (net) |
|
19.797 |
5.624 |
|
(d) Long-term Loan and Advances |
|
7.099 |
19.551 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
942.482 |
622.640 |
|
(c) Trade
receivables |
|
160.411 |
471.478 |
|
(d) Cash
and cash equivalents |
|
31.428 |
30.271 |
|
(e)
Short-term loans and advances |
|
565.719 |
69.696 |
|
(f) Other
current assets |
|
0.000 |
0.000 |
|
TOTAL |
|
3914.982 |
3403.393 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
267.040 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
2890.293 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
3157.333 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
2493.130 |
|
|
2] Unsecured Loans |
|
|
1590.627 |
|
|
TOTAL BORROWING |
|
|
4083.757 |
|
|
DEFERRED TAX LIABILITIES |
|
|
138.405 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7379.495 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
3931.846 |
|
|
Capital work-in-progress |
|
|
38.972 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
84.918 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2449.493
|
|
|
Sundry Debtors |
|
|
1861.193
|
|
|
Cash & Bank Balances |
|
|
20.829
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
1254.443
|
|
Total
Current Assets |
|
|
5585.958
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
1868.185
|
|
|
Other Current Liabilities |
|
|
204.234
|
|
|
Provisions |
|
|
189.780
|
|
Total
Current Liabilities |
|
|
2262.199
|
|
|
Net Current Assets |
|
|
3323.759
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7379.495 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1168.727 |
2019.303 |
10215.129 |
|
|
|
Other Income |
103.553 |
26.233 |
43.001 |
|
|
|
TOTAL (A) |
1272.280 |
2045.536 |
10258.130 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
777.404 |
1267.985 |
|
|
|
|
Purchase of Finished Goods |
0.000 |
7.008 |
|
|
|
|
Changes in inventories of Finished Goods and Work in process |
(244.495) |
36.855 |
|
|
|
|
Employee Benefit Expenses |
255.088 |
296.842 |
9291.864 |
|
|
|
Other expenses |
434.336 |
380.578 |
|
|
|
|
Exceptional Items - Voluntary Retirement Scheme |
24.763 |
42.232 |
|
|
|
|
TOTAL (B) |
1247.096 |
2031.500 |
9291.864 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
25.184 |
14.036 |
966.266 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
52.039 |
23.988 |
300.533 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(26.855) |
(9.952) |
665.733 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
109.320 |
100.677 |
430.190 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(136.175) |
(110.629) |
235.543 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(14.199) |
18.390 |
28.702 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(121.976) |
(129.019) |
206.841 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
753.235 |
723.615 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Debenture Redemption Reserve |
NA |
0.000 |
79.170 |
|
|
|
Dividend – Equity Shares |
NA |
0.000 |
66.758 |
|
|
|
Corporate Dividend Tax – Equity Shares |
NA |
0.208 |
11.346 |
|
|
|
Reversal of Provision of Dividend – Buy
back shares |
NA |
0.000 |
0.630 |
|
|
|
Reversal of Provision of Corporate
Dividend Tax- Buy Back Share |
NA |
0.000 |
0.107 |
|
|
|
General Reserve |
NA |
0.000 |
20.684 |
|
|
BALANCE CARRIED TO
THE B/S |
NA |
609.995 |
751.761 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
85.789 |
212.406 |
3125.537 |
|
|
TOTAL EARNINGS |
85.789 |
212.406 |
3125.537 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
59.466 |
123.713 |
1024.188 |
|
|
|
Stores & Spares |
6.270 |
3.188 |
25.253 |
|
|
|
Capital Goods |
0.000 |
0.194 |
5.912 |
|
|
TOTAL IMPORTS |
65.736 |
127.095 |
1055.353 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.91) |
(0.97) |
1.53 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd Quarter |
4th Quarter |
|
Net Sales |
261.200 |
322.500 |
745.300 |
437.500 |
|
Total Expenditure |
286.600 |
373.700 |
605.800 |
369.000 |
|
PBIDT (Excl OI) |
(25.400) |
(51.200) |
139.500 |
68.500 |
|
Other Income |
16.100 |
103.400 |
0.700 |
8.500 |
|
Operating Profit |
(9.300) |
52.200 |
140.200 |
77.000 |
|
Interest |
8.900 |
15.000 |
17.900 |
9.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
(18.200) |
37.200 |
122.300 |
67.400 |
|
Depreciation |
24.800 |
24.700 |
24.500 |
24.500 |
|
Profit Before Tax |
(43.000) |
12.500 |
97.800 |
42.900 |
|
Tax |
(3.700) |
0.200 |
(4.700) |
3.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(39.300) |
12.300 |
102.500 |
39.600 |
|
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 |
(39.300) |
12.300 |
102.500 |
39.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(9.59)
|
(6.31) |
2.02
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(11.65)
|
(5.48) |
2.31
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.72)
|
(3.42) |
2.47
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.07)
|
(0.05) |
0.07
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.52
|
0.32 |
2.01
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04
|
0.93 |
2.47
|
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 |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOANS
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
SHORT TERM
BORROWINGS |
|
|
|
Others from related parties |
|
|
|
Inter Corporate Deposits Repayable on Demand @ coupon of 11% |
630.000 |
0.000 |
|
|
|
|
|
Total |
630.000 |
0.000 |
OPERATIONS:
The Company’s
Gross Sales including export incentives were Rs.1239.600 Millions for the year ended
31st March, 2012 as compared to Rs.2169.100 Millions for the previous year.
The profit before
Interest, Depreciation, Nonrecurring Income and Expenses and Taxes was
Rs.50.000 Millions for the year as compared to Rs.56.300 Millions for the
previous year.
During the year,
the interest and financing cost was Rs.52.000 Millions as compared to Rs.24.000
Millions in previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY
PERSPECTIVE VIS-À-VIS COMPANY
The Company
operates primarily in three lines of business, manufacture of Bulk Drugs, Real
Estate and Power Generation through Windmills and Co-gen Power Plant which is
presently used for captive consumption for the operation of the Bulk Drugs
Manufacturing plant at Vadodara.
FINANCE
The Company has
registered a total income of Rs.1168.700 Millions for the year as compared to
Rs.2019.300 Millions for the previous year ended on 31st March, 2011. The
Company incurred a net loss of Rs.122.000 Millions compared to net loss of
Rs.129.000 Millions for the previous year ended on 31st March, 2011.
OUTLOOK:
The Pen-G business
was facing difficulties due to uneconomical prices of Pen-G and lack of support
from the Government. Hence the Company has stopped manufacturing of Pen G and
now focusing on other API products. The Company’s operations therefore have
been downsized.
The Company is
developing its maiden residential project in Vadodara. The project is spread on
6 Acres of Land consisting of 532 residential units and the total project cost
is around Rs.1320.000 Millions (excluding the value of land). As per the policy
of the Company, the cost/revenue from the project shall be recognized when 40%
of the cost of the project is incurred. The Company also has few Commercial
properties in Vadodara and Mumbai and the same have been leased out to various
corporate clients.
INTERNAL CONTROL
SYSTEMS AND ADEQUACY:
The Company
maintains a system of well-established policies and procedures for internal
control of operations and activities. The internal audit function is further
strengthened in consultation with statutory auditors for monitoring statutory
and operational issues. The Company has appointed M/s. S. H. Bathiya and
Associates, Chartered Accountants, as Internal Auditors.
The prime objective
of this audit is to test the adequacy and effectiveness of all internal control
systems and suggest improvements. Significant issues are brought to the
attention of the audit committee for periodical review.
CONTINGENT
LIABILITIES NOT PROVIDED FOR.
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Wage revision and reinstatement of employees and other demands |
Unascertained |
Unascertained |
|
Letter of credit, Guarantees and counter guarantees |
55.444 |
32.998 |
|
Liabilities Disputed in appeal |
|
|
|
- Excise duty |
42.605 |
38.525 |
|
- Sales Tax |
24.221 |
24.221 |
|
Claims against the company not acknowledged as debt |
-- |
0.300 |
|
Income tax |
71.123 |
66.920 |
|
Non fulfillment of export obligation against advance license |
10.828 |
10.426 |
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH, 2013
(RS. IN MILLIONS)
|
|
|
STANDALONE |
||
|
|
|
Quarter Ended |
Year Ended |
|
|
|
Particulars |
March-13 |
December-12 |
March-13 |
|
|
PART- I |
(Audited) |
(Reviewed) |
(Audited) |
|
1 |
(a) Net Sales / Income from Operations |
|
|
|
|
|
Domestic |
2362.400 |
2547.000 |
10087.700 |
|
|
Exports |
1417.700 |
1173.500 |
4895.200 |
|
|
Total |
3780.100 |
3720.500 |
14982.900 |
|
|
Less :
Excise Duty |
17.800 |
32.500 |
87.500 |
|
|
Net Sales
/ Income from Operations |
3762.300 |
3688.000 |
14895.400 |
|
|
(b) Other Operating Income |
15.000 |
4.400 |
30.900 |
|
|
Total
Income from Operations |
3777.300 |
3692.400 |
14926.200 |
|
|
|
|
|
|
|
2 |
Expenses |
|
|
|
|
|
(a)
Decrease/(increase) in stock in trade and work in progress |
255.000 |
(222.300) |
213.400 |
|
|
(b)
Consumption of Raw Materials & Packing Materials |
1081.000 |
1242.000 |
4703.000 |
|
|
(c)
Purchase of traded goods |
334.800 |
486.600 |
1655.900 |
|
|
(d)
Employees' Cost |
507.700 |
495.200 |
1937.900 |
|
|
(e)
Research and Development Expense |
220.000 |
217.200 |
736.300 |
|
|
(f)
Excise Duty |
17.100 |
(30.200) |
10.000 |
|
|
(g)
Other Expenditure |
744.600 |
801.900 |
3232.200 |
|
|
Total
Expenses |
3160.200 |
2990.400 |
12488.600 |
|
|
|
|
|
|
|
3 |
Profit
from Operations before Other Income, Interest, Depreciation & Exceptional
Items |
617.100 |
702.000 |
2437.600 |
|
4 |
Other
Income |
0.700 |
34.600 |
39.300 |
|
5 |
Profit/(Loss)
from Ordinary Activities before Interest, Depreciation, & Exceptional
Items |
617.800 |
736.600 |
2476.900 |
|
6 |
Depreciation |
86.400 |
88.500 |
349.600 |
|
7 |
Interest
(Net) |
18.300 |
38.800 |
145.700 |
|
8 |
Net Profit
/ (Loss) from Ordinary Activities before Tax |
513.100 |
609.300 |
1981.600 |
|
9 |
Tax
Expense |
|
|
|
|
|
Less :
Provision for Current Tax |
102.400 |
122.200 |
397.500 |
|
|
Less /Add
: Provision for Deferred Tax Liability/(Assets) |
13.600 |
(2.900) |
9.600 |
|
10 |
Net Profit
/ (Loss) from Ordinary Activities after Tax |
397.100 |
490.000 |
1574.500 |
|
11 |
Paid up
Equity Share Capital ( Face value of share % 2/- ) |
377.000 |
377.000 |
377.000 |
|
12 |
Reserves
excluding Revaluation Reserve |
-- |
-- |
42,206 |
|
13 |
Debenture
Redemption Reserve |
-- |
-- |
-- |
|
14 |
Basic and
Diluted EPS (Not Annualised) |
2.11 |
2.60 |
8.35 |
|
15 |
Debt
Equity Ratio |
-- |
-- |
0.36 |
|
16 |
Debt
Service Coverage Ratio |
-- |
-- |
-- |
|
17 |
Interest
Service Coverage Ratio |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
PART- II |
|
|
|
|
A |
Particulars
of Shareholding |
|
|
|
|
1 |
Public
Shareholding |
|
|
|
|
|
- Number
of Shares |
48777294 |
48777294 |
48777294 |
|
|
-
Percentage of Shareholding |
25.87 |
25.87 |
25.87 |
|
2 |
Promoters
and Promoter Group Shareholding - Fully
Non - Encumbered |
|
|
|
|
|
- Number
of Shares |
139738620 |
139738620 |
139738620 |
|
|
-
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) |
74.13 |
74.13 |
74.13 |
|
B |
INVESTOR COMPLAINTS |
Quarter ended on 31st
March, 2013 |
|
|||
|
|
Pending at the beginning of the quarter |
|
|
NIL |
|
|
|
|
Received during the quarter |
|
|
2 |
|
|
|
|
Disposed of during the quarter |
|
|
2 |
|
|
|
|
Remaining unresolved at the end of the quarter |
|
|
NIL |
|
|
NOTES:
·
The above results, duly audited by Statutory Auditors, were
recommended by the Audit Committee and were approved by Board of Directors. The
results include duly audited financial statements of Company's Subsidiary
Alembic Global Holding SA (AGH), but consolidation of newly set-up step down
subsidiaries of AGH have not been audited as the same are not yet operational.
·
The Company has opted to publish consolidated financial
results, pursuant to option made available as per clause 41 of the listing
Agreement. The Standalone Financial Results are available on the company's
website www.alembic-india.com.
·
The Board has recommended dividend on Equity Shares at Rs.
2.50 per share i.e. 125% for the year ended on 31.03.2013 (PY Rs. 1.40 per
share)
·
The Company is engaged in Pharmaceuticals business only and therefore,
there is only one reportable segment in accordance with the Accounting Standard
on Segment Reporting (AS-17).
·
The previous quarter's/ year's figures have been regrouped/
rearranged wherever necessary to make it comparable with the current quarter /
year.
Fixed AssetS:-
·
Freehold Land
·
Buildings
·
Employees Quarters
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Machinery
·
Vehicles
PRESS RELEASE
DRUG PRICES SET TO
GET CHEAPER, PHARMA COS WORRY
May 20, 2013
The Indian pharma industry is bracing itself for a serious shift in dynamics. The recently notified Drug Price Control Order (DPCO) will bring down the prices of 348 essential drugs by as much 35-40 percent, reports CNBC-TV18's Archana Shukla, adding that this may see some rejig in pharma companies' rankings.
Healthcare is finally set to get cheaper, with the new Drug Price Control Order 2013 becoming a reality after 10 years of debate. But for drugmakers, this has some serious consequences.
Experts say the new order will erode almost Rs.16000.000 Millions in annual sales for the industry, meaning drug firms will see, on average, 3-4 percent of their revenues being wiped out.
Companies like GSK, Pfizer and Alembic, which are market leaders in several categories, may take the worst hit on the revenues front. But it's actually the smaller drug-makers who will feel the heat.
Experts point out that the big boys, thanks to muscle and higher brand recall, will see price cuts being offset by higher volumes. But middle-rung players will lose the price differentiator advantage.
Amit Bakliwal, MD - South Asia, IMS Health, says, "For the patient or doctor to pick the product is much easier and lucrative as the efficacy is already there and the brand value is attached. So the middle-brand companies will look at dropping prices even more which will mean profitability erosion or increase investment with their field force to really go and increase their market share.”
Higher investment in brand building and expanding field force will mean higher costs, and so lower profitability. This could mean a revision in the valuations of these mid-rung players. And consequently a new wave of consolidation. Experts also say that lower revenues due to price cuts could see lesser investments into developing essential drugs.
DG Shah, secretary-general, IPA says, "Unless it is changed in future, you are in a downward spiral as selling price fixed today. After 3 years, it would be lower than what is fixed now and this would discourage fresh investment both in manufacture and marketing. So to that extent, availability may not grow as it would grow for drugs which are outside the NLEM."
Now the real effects of the policy could take a few months to show. Some have pointed out that the policy allows for price hikes in keeping with wholesale price index. But others counter that stiff competition has always deterred such practices.
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.58.45 |
|
|
1 |
Rs.91.60 |
|
Euro |
1 |
Rs.77.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
NO |
|
--EPF |
|
NO |
|
TOTAL |
|
57 |
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.