MIRA INFORM REPORT
|
Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
INTAS PHARMACEUTICALS LIMITED (w.e.f. 10.03.1995) |
|
|
|
|
Formerly Known
As : |
INTAS LABORATORIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor, Chinubhai Center, Ashram Road, Ahmedabad – 380009, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
31.05.1985 |
|
|
|
|
Com. Reg. No.: |
04-007866 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1034.767 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24231GJ1985PLC007866 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMI00350A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI5120L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer,
Importer and Exporter of Pharmaceutical Products. |
|
|
|
|
No. of Employees
: |
5000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
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 52400000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exists |
|
|
|
|
Comments : |
Subject is a flagship company of the Ahmedabad based Chudgar Group.
Over the year, the company diversified into wide therapeutic areas and also
ventured into international markets through exports of generic drugs and
contract manufacturing. The company is ranked as the 12th largest pharmaceutical
company in the domestic market as per IMS Health India. It is a well
established company having fine track record. The company is performing well. Financial position of the company is
good. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A1+ (Short Term Bank Facilities) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
03.07.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
AA (Long Term Bank Facilities) |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
03.07.2012 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. J. G. Vyas |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-79-26576655 |
|
Date : |
28.03.2013 |
LOCATIONS
|
Registered Office/
Corporate Office : |
2nd Floor, Chinubhai Center, Ashram Road, Ahmedabad – 380009, Gujarat,
India |
|
Tel. No.: |
91-79-26576655/ 26579052/ 26578269/ 26623100 |
|
Fax No.: |
91-79-26588862/ 26578862 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
400 Sq. Ft |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Plot No. 457/458
, Sarkhej - Bavla Highway, Village: Matoda, Taluka: Sanand, Ahmedabad -
382210, Gujarat, India |
|
Tel. No.: |
91-2717-551111/
551298 |
|
Fax No.: |
91-2717-551106 |
|
|
|
|
Factory 2 : |
7/3, GIDC Estate, Behind Dena Bank,
Vatva, Ahmedabad- 382445, Gujarat,
India |
|
Tel No : |
91-79-25831279 |
|
Fax No : |
91-79-25830207 |
|
|
|
|
Factory 3 : |
85/87 Kailash Industrial Estate, Post Jyawa Taluka, Sanand, Ahmedabad,
Gujarat, India |
|
Tel. No.: |
91-2717-284188 |
|
|
|
|
Factory 4 : |
Valia, Near Bharuch, Ankaleshwar, Gujarat, India |
DIRECTORS
As on: 27.08.2012
|
Name : |
Mr. Hasmukh Chudgar |
|
Designation : |
Managing Director |
|
Address : |
13-14, Sanidhya Bunglows, Near Someshwar Complex, Shyamal Cross
Road, Satellite, Ahmedabad -380015,
Gujarat, India |
|
Date of Birth/Age : |
16.05.1933 |
|
Qualification : |
B Pharm |
|
Date of Appointment : |
01.07.2009 |
|
DIN No.: |
00172265 |
|
|
|
|
Name : |
Mr. Binish Hasmukh Chudgar |
|
Designation : |
Managing Director |
|
Address : |
12, Aristo Villa Opposite Gold Coin Complex, Satellite, Jodhpur Char
Rasta, Ahmedabad - 380015, Gujarat, India |
|
Date of Birth/Age : |
01.12.1963 |
|
Qualification : |
B Com MBA |
|
Date of Appointment : |
01.04.2011 |
|
DIN No.: |
00119503 |
|
|
|
|
Name : |
Mr. Nimish Hasmukh Bhai Chudgar |
|
Designation : |
Managing Director |
|
Address : |
13-14, Sanidhya Bunglows, Near Someshwar Complex, Shyamal Cross
Road, Satellite, Ahmedabad -380015,
Gujarat, India |
|
Date of Birth/Age : |
19.08.1960 |
|
Qualification : |
B Sc |
|
Date of Appointment : |
01.04.2011 |
|
DIN No.: |
00212400 |
|
|
|
|
Name : |
Mr. Urmish Hasmukh Chudgar |
|
Designation : |
Managing Director |
|
Address : |
16, Nishant Bungalows, Satellite, Ahmedabad-380015, |
|
Date of Birth/Age : |
16.02.1959 |
|
Qualification : |
MD in Oncology and Haematology |
|
Date of Appointment : |
01.09.2011 |
|
DIN No.: |
00096080 |
|
|
|
|
Name : |
Mr. Sanjiv Dwarkanath Kaul |
|
Designation : |
Nominee director |
|
Address : |
22, Siris Road, DLF Phase-3, Gurgaon - 122002, Haryana, India |
|
Date of Birth/Age : |
25.07.1957 |
|
Date of Appointment : |
16.06.2012 |
|
DIN No.: |
01550413 |
|
|
|
|
Name : |
Mr. Nitin Ram Potdar |
|
Designation : |
Director |
|
Address : |
202, Phoenix House. Sayani Road, Opposite Ravindra Natya Mandir, Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
21.02.1963 |
|
Date of Appointment : |
12.08.2011 |
|
DIN No.: |
00452644 |
|
|
|
|
Name : |
Mr. John Geoffrey Goddard |
|
Designation : |
Director |
|
Address : |
38. Delvino Road, London SW6 4AJ, United kingdom |
|
Date of Birth/Age : |
19.07.1951 |
|
Date of Appointment : |
12.08.2011 |
|
DIN No.: |
03420601 |
|
|
|
|
Name : |
Mr. Hemant Devidas Sheth |
|
Designation : |
Director |
|
Address : |
101, Aangan Plot No. 40, T. V. Chindambaran Marg, Sion (East), Mumbai
– 400 022, Maharashtra, India |
|
Date of Birth/Age : |
29.11.1961 |
|
Date of Appointment : |
12.08.2011 |
|
DIN No.: |
01261486 |
|
|
|
|
Name : |
Mr. Surender Kumar Tuteja |
|
Designation : |
Director |
|
Address : |
S-307, Ilnd Floor, Panchshceel Park, New Delhi – 110017, India |
|
Date of Birth/Age : |
15.06.1945 |
|
Date of Appointment : |
09.02.2011 |
|
DIN No.: |
00594076 |
|
|
|
|
Name : |
Mr. Tilokchand Punamchand Ostwal |
|
Designation : |
Additional director |
|
Address : |
103-104, Falcon’s Crest, G. D. Ambedkar Marg, Parel, Mumbai - 400012, Maharashtra, India |
|
Date of Birth/Age : |
07.11.1954 |
|
Date of Appointment : |
12.08.2011 |
|
DIN No.: |
00821268 |
KEY EXECUTIVES
|
Name : |
Mr. J. G. Vyas |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Mr. Manoj Narayanan Nair |
|
Designation : |
Company Secretary |
|
Address : |
Plot No. 648/1, Sector-4 C, Gandhinagar – 382006, Gujarat, India |
|
Date of Birth/Age : |
20.10.1979 |
|
Date of Appointment : |
08.07.2007 |
|
PAN No.: |
AEBPN7909Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 27.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Nimish H Chudgar |
|
6261080 |
|
Binish H Chudgar |
|
6037480 |
|
Umish H Chudgar |
|
100200 |
|
Kusumben H Chudgar |
|
2008050 |
|
Bindiben B Chudgar |
|
6813816 |
|
Parulben U Chudgar |
|
6889116 |
|
Binaben N Chudgar |
|
5390216 |
|
Hasmukh K Chudgar |
|
3493660 |
|
Equatorial Private Limited, India
|
|
46200000 |
|
Mozart Limited, Mauritius |
|
11621100 |
|
Intas Enterprise Private Limited, India |
|
4000000 |
|
Chudgar U. Shall |
|
4661980 |
|
Cara Vaggio |
|
6898447 |
|
|
|
|
|
Total
|
|
110375145 |
Equity Share Break up (Percentage of Total Equity)
As on: 27.08.2012
|
Category |
|
Percentage |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
16.78 |
|
Bodies corporate |
|
45.48 |
|
Directors or relatives of directors |
|
37.74 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Importer and Exporter of Pharmaceutical Products. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users and Industries |
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|
||||||||||||||||
|
No. of Employees : |
5000 (Approximately) |
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|
Bankers : |
Tel. No.: 91-79-26575607
Tel. No.: 91-824-2426416
|
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|
|
||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Apaji Amin and Company Chartered Accountants |
|
Address : |
304, Akansha Building, Opposite Vadilal House, Navrangpura, Ahmedabad - 380009, Gujarat, India |
|
Tel. No.: |
91-79-2303603 |
|
PAN No.: |
AAFFA6140C |
|
|
|
|
Related Parties : |
|
|
|
|
|
Associates : |
|
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Step-down
Subsidiary : |
|
CAPITAL STRUCTURE
As on: 27.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs.10/- each |
Rs.1250.000 Millions |
|
500000 |
Preference Shares |
Rs.10/- each |
Rs.5.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.1255.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
110375145 |
Equity Shares |
Rs.10/- each |
Rs.1103.751
Millions |
|
|
|
|
|
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs.10/- each |
Rs.1250.000 Millions |
|
500000 |
Preference Shares |
Rs.10/- each |
Rs.5.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.1255.000
Millions |
Issued, Subscribed Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
103476698 |
Equity Shares |
Rs.10/- each |
Rs.1034.767
Millions |
|
400000 |
Preference Shares |
Rs.10/- each |
Rs.4.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.1038.767 Millions |
Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
103476698 |
Equity Shares |
Rs.10/- each |
Rs.1034.767
Millions |
|
|
|
|
|
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 |
1034.767 |
1038.767 |
518.683 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
12077.177 |
8284.738 |
5831.406 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
13111.944 |
9323.505 |
6350.089 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4641.015 |
|
3564.092 |
|
|
2] Unsecured Loans |
3939.229 |
|
465.926 |
|
|
TOTAL BORROWING |
8580.244 |
7927.642 |
4030.018 |
|
|
DEFERRED TAX LIABILITIES |
228.847 |
223.730 |
241.069 |
|
|
|
|
|
|
|
|
TOTAL |
21921.035 |
17474.877 |
10621.176 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2835.397 |
2266.027 |
2194.257 |
|
|
Capital work-in-progress |
945.840 |
865.303 |
414.241 |
|
|
|
|
|
|
|
|
INVESTMENT |
8682.568 |
6505.105 |
2769.248 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4646.117
|
3505.340 |
2475.655
|
|
|
Sundry Debtors |
6934.153
|
3924.506 |
2992.566
|
|
|
Cash & Bank Balances |
189.309
|
175.127 |
190.859
|
|
|
Other Current Assets |
51.337
|
27.013 |
413.027
|
|
|
Loans & Advances |
4794.855
|
5373.001 |
2777.540
|
|
Total
Current Assets |
16615.771
|
13004.987 |
8849.647 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4512.419
|
3379.867 |
2149.094
|
|
|
Other Current Liabilities |
2112.485
|
1269.705 |
1043.272
|
|
|
Provisions |
533.637
|
516.973 |
413.851
|
|
Total
Current Liabilities |
7158.541
|
5166.545 |
3606.217 |
|
|
Net Current Assets |
9457.230
|
7838.442 |
5243.430
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
21921.035 |
17474.877 |
10621.176 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
26044.833 |
19243.285 |
16092.523 |
|
|
|
Other Income |
469.447 |
408.292 |
321.161 |
|
|
|
TOTAL (A) |
26514.280 |
19651.577 |
16413.684 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
5856.996 |
4210.364 |
|
|
|
|
Purchases of stock-in-trade |
7500.920 |
5830.118 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(905.566) |
(720.133) |
|
|
|
|
Employee benefit expense |
1895.883 |
1457.596 |
|
|
|
|
Amortisation expense |
83.318 |
76.830 |
|
|
|
|
Other expenses |
6109.715 |
5106.990 |
|
|
|
|
TOTAL (B) |
20541.266 |
15961.765 |
13546.740 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5973.014 |
3689.812 |
2866.944 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
774.974 |
419.577 |
312.347 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5198.040 |
3270.235 |
2554.597 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
218.957 |
192.516 |
244.542 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4979.083 |
3077.719 |
2310.055 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
550.117 |
262.480 |
234.011 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4428.966 |
2815.239 |
2076.044 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2791.594 |
1966.876 |
1310.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Equity Dividend |
206.953 |
206.953 |
103.477 |
|
|
|
Divided on Preference Shares |
0.000 |
0.000 |
0.162 |
|
|
|
Corporate Dividend Tax |
33.573 |
33.573 |
17.213 |
|
|
|
General Reserve |
1000.000 |
1000.000 |
100.000 |
|
|
|
Transfer to Capital Redemption Reserve |
0.000 |
400.000 |
1.300 |
|
|
|
Transfer to Debenture Redemption Reserve |
350.000 |
350.000 |
350.000 |
|
|
BALANCE CARRIED
TO THE B/S |
6870.558 |
2791.594 |
1966.874 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
9808.451 |
5536.198 |
4976.166 |
|
|
TOTAL EARNINGS |
9808.451 |
5536.198 |
4976.166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
42.80 |
27.20 |
40.13 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
16.70 |
14.33 |
12.65
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.12 |
15.99 |
14.35
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.60 |
20.15 |
20.91
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38 |
0.33 |
0.36
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.65 |
0.85 |
0.63
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.32 |
2.52 |
2.45
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors |
4512.419
|
3379.867 |
2149.094
|
|
|
|
|
|
|
Total |
4512.419
|
3379.867 |
2149.094
|
|
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 |
Yes |
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
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 |
LITIGATION DETAILS
|
HIGH COURT OF GUJARAT TAX APPEAL No. 415 of 2010 |
|
Status : PENDING |
( Converted from : ST/383/2010 ) |
CCIN No : 001092201000415 |
|
|
||||
|
|
|
S.NO. |
Name of the
Petitioner |
Advocate On Record |
|
1 |
COMMISSIONER OF CENTRAL EXCISE, AHMEDABAD - II |
MS SEJAL K MANDAVIA for: Appellant(s) |
|
S.NO. |
Name of the
Respondant |
Advocate On Record |
|
1 |
M/S INTAS PHARMACEUTICALS LTD. |
MR DHAVAL SHAH for :Opponent(s) |
|
Presented On |
: 02/02/2010 |
Registered On |
: 02/02/2010 |
|
Bench Category |
: DIVISION BENCH |
District |
: AHMEDABAD |
|
Case Originated
From |
: THROUGH ADVOCATE |
Listed |
: 5 times |
|
StageName |
: FOR FINAL HEARING |
||
|
Act |
CENTRAL EXCISES AND SALT ACT, 1944 |
|
Office Details |
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
|
1 |
02/02/2010 |
CERTIFIED COPY |
MS SEJAL K MANDAVIA ADVOCATE |
5 |
MS SEJAL K MANDAVIA:1 |
|
2 |
02/02/2010 |
MEMO OF APPEAL/PETITION/SUIT |
MS SEJAL K MANDAVIA ADVOCATE |
50 |
MS SEJAL K MANDAVIA:1 |
|
3 |
15/08/2010 |
VAKALATNAMA |
MR DHAVAL SHAH ADVOCATE |
- |
MR DHAVAL SHAH:1 |
|
4 |
15/08/2010 |
VAKALATNAMA |
MS SEJAL K MANDAVIA ADVOCATE |
- |
MS SEJAL K MANDAVIA:1 |
|
5 |
12/01/2011 |
VAKALATNAMA |
MR DHAVAL SHAH ADVOCATE |
5 |
MR DHAVAL SHAH:1 |
|
Court Proceedings |
|||||
|
S. No. |
Notified Date |
CourtCode |
Board Sr. No. |
Stage |
Action |
Coram |
|
1 |
17/02/2011 |
11 |
- |
FOR FINAL HEARING - TAX MATTERS |
FIXED RULE / ADMIT |
HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI |
|
2 |
18/06/2012 |
3 |
- |
FOR FINAL HEARING |
FIXED RULE / ADMIT |
HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI HONOURABLE MR.JUSTICE N.V.ANJARIA |
|
Available Orders |
||||||
|
S. No. |
Case Details |
Judge Name |
Order Date |
CAV |
Judgement |
View |
Download |
|
1 |
TAX APPEAL/415/2010 |
HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI HONOURABLE MR.JUSTICE N.V.ANJARIA |
18/06/2012 |
N |
N |
View |
Download |
|
2 |
TAX APPEAL/415/2010 |
HONOURABLE MS.JUSTICE H.N.DEVANI HONOURABLE MR.JUSTICE H.B.ANTANI |
12/01/2011 |
N |
N |
View |
Download |
|
3 |
TAX APPEAL/415/2010 |
HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI |
17/02/2011 |
N |
N |
View |
Download |
UNSECURED LOAN
(Rs. In Millions)
|
Particular |
As on 31.03.2012 |
|
Interoperate borrowings |
1259.350 |
|
Other loans and advances |
30.000 |
|
Borrowings |
2361.069 |
|
Working capital loans from banks |
288.810 |
|
|
|
|
Total |
3939.229 |
REVIEW OF OPERATIONS
INDUSTRY STRUCTURE
AND DEVELOPMENT
The global pharmaceutical market has grown at a 7% CAGR over the past six years according to data from IMS health. Within this, the generics market has been the key driver of growth, having grown at a much faster pace of 13.8% CAGR over the period, driven by large scale patent expiries and global demand for lower cost drugs. IMS health forecasts the global pharma market to grow at a CAGR of 5% over the next four years, within this, the generics sub-sector is expected to grow at 12-15% CAGR, helped by continuing patent expiries in the US and the faster growth in the pharmerging markets including Brazil, Russia, India, Mexico and Turkey.
The growth rate for the domestic Indian pharma market is set to rise over the medium term. The CAGR going forward has been targeted at a higher rate of 15.3% over FY 12E-14E owing to continued new product launches and focus on improving effectiveness of field force addition. (As per IMS health)
PERFORMANCE REVIEW
During the year, the company has achieved sales of Rs. 23903.900 Millions as compared to Rs. 17660.400 Millions in the previous year representing a growth of 35%.
The EBIDTA was Rs. 6056.300 Millions increased from 3766.600 Millions in the previous year representing a growth of 61 %. The PBT was Rs. 4979.100 Millions increased from Rs.3077.700 Millions in the previous year representing a growth of 62 %. The Net profit was Rs. 4429.000 Millions increased from Rs. 2815.200 Millions in the previous year representing a growth of 57 %. The Earning Per Share was Rs. 42.80 as compared to Rs. 27.21.
DOMESTIC BUSINESS
In this fragmented domestic pharmaceutical market, the company has achieved a turnover of Rs. 13974.300 Millions as compared to Rs. 11824.300 Millions in the previous year representing a growth of 18 %.
The company is currently ranked as the 12th largest pharmaceutical company in India in terms of market share, based on domestic sales of formulations. (Source: IMS March 2012.) The company is one of the fastest growing corporate with 25.7% MAT growth and is in the 6th position in the list of companies aggressive in new launches with 46 new launches generating an aggregate value of Rs. 250.000 Millions value.
INTERNATIONAL
BUSINESS
Their international pharmaceutical sales contributed Rs. 9929.600 Millions as compared to Rs. 5836.100 Millions which represent 70.14 % growth over the previous year. This exponential growth in international sales was due to the increase in sales in the US markets.
UNITED STATES OF
AMERICA
The US pharmaceutical market remains the world’s largest market. Their US operation posted sales of Rs. 4698.000 Millions, as compared to Rs. 1312.600 Millions in the previous year which has been due to three successful products launches.
In a short span, US has about 15 ANDAs approvals and supplied products of various categories like Anti-Cancer, Anti-Diabetic, Lipid lowering agents etc. It's the preferred supplier for leading distributors and retail pharma chains. With a strong R and D support, it has filed para IV with FTF status and 505(b)2 application and has a few more in pipeline. The Company has more focus on niche segments like hospital and critical care products with special emphasize on oncology, immunosuppressant and other critical care segments.
Going forward, their US operations aims to create significant presence in market with combination of product portfolio which includes high volume products as well as niche and difficult to develop products.
EUROPE
The Company’s presence in European market is through its subsidiary Accord Healthcare Limited and its step down subsidiaries at France, Italy, Sweden, Netherlands, Spain. They have also incorporated step down subsidiaries at Belgium, Austria, Finland, Ireland, Malta and Estonia. The total sales from the European market was Rs. 4530.900 Millions as compared to Rs. 3178.800 Millions in the previous year.
A substantial portion of their income from their international operations is derived from the European market. The company has established marketing infrastructure, which focuses on six large European markets, which are the U.K., The Netherlands, Germany, Spain, France and Italy.
REST OF THE WORLD
Apart from USA and Europe operation, the company has significant presence in various countries like Canada, Brazil, Mexico, LATAM Countries, Australia, New Zealand, South Africa, Asia-Pacific regions and Africa. The focus remains on expanding business in pharmerging market with the help its strong product basket and pipeline. Each country is supported with local regulatory team and infrastructure for registration of products.
Bankers Charges
Report as per Registry
|
Corporate identity
number (CIN) or foreign company registration number of the company |
U24231GJ1985PLC007866 |
|
Name of the
company |
INTAS
PHARMACEUTICALS LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
2nd Floor, Chinubhai Center, Ashram Road, Ahmedabad – 380009, Gujarat,
India E-mail: manoj_nair@intaspharma.com
|
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10278581 |
|
Type of charge |
Movable property (not
being pledge) |
|
Particular of
charge holder |
Indusind Bank
Limited, 2401, Gen Thimmayya Road, Contonment, Pune – 411001, Maharashtra,
India E-mail: manish.samant@indusind.com |
|
Nature of instrument
creating charge |
Deed of
Hypothecation by third parties |
|
Date of
instrument Creating the charge |
22.02.2012 |
|
Amount secured by
the charge |
Rs.1500.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest 11.00% p.a.
payable monthly with first six months reset and quarterly thereafter Terms of
Repayment 8 Quarterly installments
of Rs. 187.500 Millions each commencing from the end of 15 months from the
date of first drawdown. Margin as per Bank's
sanction Extent and
Operation of the charge All the
Securities as mentioned below in Column no. 15 belonging to Intas Pharma
Limited, have been hypothecated to Bank by way of first pari passu charge in
order to secure the following financial assistance limit of Rs. 1500.000
Millions together with interest and all other moneys payable by Company to
Lender : Part Funding Capex
of Rs. 1000.000 Millions General Corporate
Purposes (including long
term Working capital) of Rs. 500.000 Millions Total Rs.
1500.000 Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First pari passu
hypothecation charge on the entire movable fixed assets of Intas Pharma
Limited, more particularly described in schedule of deed of hypothecation. |
|
Particulars of
the present modification |
By virtue of present
modification, the said charge is now further secured by way of hypothecation
on entire movable fixed assets of Intas Pharma Limited in order to
additionally secure financial assistance of Rs. 1500.000 Millions granted by
bank to the Company. The amount covered under the charge remains unchanged as
Rs. 1500.000 Millions. |
FIXED
ASSETS
·
Land
·
Building
·
Plant
and machinery
·
Furniture
and Fixture
·
Office
equipment
·
Vehicle
·
Computers
·
Technical
Knowhow
·
GCSF,
EPO-License and Commercial Rights
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.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
67 |
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.