1. Summary Information
|
|
|
Country |
|
|
Company Name |
SHILPA MEDICARE LIMITED |
Principal Name 1 |
Mr. Omprakash Inani |
|
Status |
Good |
Principal Name 2 |
Mr. Vishnukant C Bhutada |
|
|
|
Registration # |
08-008739 |
|
Street Address |
1st Floor, 10/ 80, Rajendra Gunj, Raichur - 584102, |
||
|
Established Date |
20.11.1987 |
SIC Code |
-- |
|
Telephone# |
91-8532-235006 / 235704 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-8532-235876 |
Business Style 2 |
Marketer |
|
Homepage |
Product Name 1 |
Oncology |
|
|
# of employees |
Not Available |
Product Name 2 |
Bulk Drugs |
|
Paid up capital |
Rs. 49,048,000/- |
Product Name 3 |
Intermediates |
|
Shareholders |
Promoter and
Promoter Group - 55.88 % Public - 44.12 % |
Banking |
The Lakshmi Vilas Bank Limited |
|
Public Limited Corp. |
Yes |
Business Period |
26 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
A (60) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates |
-- |
Reva Pharmachem Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,066,451,000 |
Current Liabilities |
659,813,000 |
|
Inventories |
597,358,000 |
Long-term Liabilities |
357,315,000
|
|
Fixed Assets |
1,368,364,000 |
Other Liabilities |
224,180,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
1,241,308,000 |
|
Invest& other Assets |
1,130,639,000 |
Retained Earnings |
2,872,456,000 |
|
|
|
Net Worth |
2,921,504,000 |
|
Total Assets |
4,162,812,000 |
Total Liab. & Equity |
4,162,812,000 |
|
Total Assets (Previous Year) |
3,306,006,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
2,784,548,000 |
Net Profit |
429,437,000 |
|
Sales(Previous yr) |
2,575,435,000 |
Net Profit(Prev.yr) |
508,823,000 |
MIRA
INFORM REPORT
|
Report Date : |
06.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHILPA MEDICARE LIMITED |
|
|
|
|
Formerly Known
As : |
SHILPA ANTIBIOTICS |
|
|
|
|
Registered
Office : |
1st Floor, 10/ 80, Rajendra Gunj, Raichur - 584102,
Karnataka, India |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
20.11.1987 |
|
|
|
|
Com. Reg. No.: |
08-008739 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 49.048 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L85110KA1987PLC008739 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS12858G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Marketer of Oncology, Bulk Drugs and Intermediates. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
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 11700000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of “SHILPA GROUP”. It is a well established company having a good track record.
Financially company has performed well. Liquidity position is good. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. In view of strong holding the company can be considered for normal
business dealings at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: A- |
|
Rating Explanation |
Having adequate degree of safety regarding timely servicing of
financial obligation. It carry low credit risk. |
|
Date |
February, 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 Office : |
1st Floor, 10/ 80, Rajendra Gunj, Raichur - 584102,
Karnataka, India |
|
Tel. No.: |
91-8532-235006 / 235704 |
|
Fax No.: |
91-8532-235876 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Plot Nos. 1A, 1B, 2, 2A, 3A to 3E & 4A to 4C, 5A, 5B, Deosugur Industrial Area, Deosugur , District Raichur-584170, Karnataka, India |
|
|
|
|
Factory 2 : |
100 % Export
Oriented Unit 33-33A, 40-47, Raichur Industrial Growth Center, Wadloor Road, Chicksugur Cross, Chicksugur, District Raichur-584134, Karnataka, India |
|
|
|
|
Factory 3 : |
R &D Unit Vizag Survey No-207, Modavalasa Village, Denkada Mandalam, District, Vizayanagaram – 531162, Andhra Pradesh, India |
|
|
|
|
Factory 4: |
Wind Mills : Machine- No.1 Madkaripura, District Chitradurga, Karnataka, India Machine-No.2 Jogimatti, District Chitradurga, Karnataka, India Machine- No. 3 Vanivilas Sagar, District Chitradurga, Karnataka, India Machine- No.4 Kodameedipalli, District Kurnool, Andhra Pradesh, India |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Omprakash Inani |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Vishnukant C Bhutada |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
49 Years |
|
Qualification : |
B. Pharm |
|
Experience : |
25 Years |
|
Date of Appointment
: |
20-11-1987 |
|
|
|
|
Name : |
Mr. Ajeet Singh Karan |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Carlton Felix Pereira |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Pramod Kasat |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
42 Years |
|
Qualification : |
MBA |
|
Date of Appointment
: |
16.03.2010 |
|
Names of other
companies in which
Directorship held : |
Supreme Infrastructure India Limited |
|
|
|
|
Name : |
Mr. Venugopal Loya |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
47 Years |
|
Qualification : |
Commerce Graduate |
|
Date of Appointment
: |
07.10.2002 |
|
|
|
|
Name : |
Mr. Rajender Sunki Reddy |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. N.P.S Shinh |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Dr.Abhay B Upasani |
|
Designation : |
Independent Director |
|
Date of Cessation: |
09.02.2012 |
KEY EXECUTIVES
|
Board Committees : |
|
|
Audit Committee : |
|
|
|
|
|
Name : |
Mr. Venugopal Loya |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Omprakash Inani |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Pramod Kasat |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Rajender Sunki Reddy |
|
Designation : |
Member |
|
|
|
|
Remuneration
Committee : |
|
|
|
|
|
Name : |
Mr. Pramod Kasat |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Omprakash Inani |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Venugopal Loya |
|
Designation : |
Member |
|
|
|
|
Investor Grievances
Committee : |
|
|
|
|
|
Name : |
Mr. Omprakash Inani |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Vishnukant.C. Bhutada |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Venugopal Loya |
|
Designation : |
Member |
|
|
|
|
Designation : |
Nagalakshmi Popuri |
|
Address : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
13704441 |
55.88 |
|
|
13704441 |
55.88 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
13704441 |
55.88 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
124100 |
0.51 |
|
|
500 |
0.00 |
|
|
2329066 |
9.50 |
|
|
2453666 |
10.01 |
|
|
|
|
|
|
1804991 |
7.36 |
|
|
|
|
|
|
2430108 |
9.91 |
|
|
1925833 |
7.85 |
|
|
2205126 |
8.99 |
|
|
56218 |
0.23 |
|
|
1038 |
0.00 |
|
|
142070 |
0.58 |
|
|
2000000 |
8.16 |
|
|
5300 |
0.02 |
|
|
500 |
0.00 |
|
|
8366058 |
34.11 |
|
Total Public shareholding
(B) |
10819724 |
44.12 |
|
Total (A)+(B) |
24524165 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
24524165 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Marketer of Oncology, Bulk Drugs and Intermediates. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
· The Lakshmi Vilas Bank Limited · ICICI Bank Limited · Standard Chartered Bank Limited · Axis Bank Limited · State Bank of India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Bohara Bhandari Bung And Associates Chartered Accountants |
|
Address : |
Amar Complex, M.G.Road, Raichur – 584101, Karnataka, India |
|
|
|
|
Associates : |
Reva Pharmachem Private Limited |
|
|
|
|
Subsidiaries : |
· Zatortia Holdings Limited · Raichem Life Sciences (Private) Limited · Loba Feinchemie Gmbh · Raichem Medicare Private Limited · Nu Therapeutics Private Limited * Note: * From 7-09-2011 Nu Therapeutics Pvt Limted, Hyderabad has become subsidary of the company . |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.2/- each |
Rs. 80.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24524165 |
Equity Shares |
Rs. 2/- each |
Rs. 49.048 Millions |
|
|
|
|
|
Reconciliation of the number of
shares
|
Particulars |
31.03.2012 |
|
|
Number |
Rs. In millions |
|
|
Shares outstanding at the beginning of the year |
24,024,165 |
48.048 |
|
Shares Issued during the year on conversion of warrants |
500,000 |
1.000 |
|
Shares outstanding at the end of the year |
24,524,165 |
49.048 |
Rights, Preferences
and restrictions attached to each class of Shares:
Equity Shares: The Company has 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.
Shareholders holding
more than 5% shares in the Company
|
Particulars |
31.03.2012 |
|
|
No. of Shares |
% |
|
|
1) Vishnukant.C. Bhutada |
2,903,034 |
11.84 |
|
2) Baring India Private Equity Fund III Limited |
2,000,000 |
8.16 |
|
3) Dharmavati Bhutada |
1,380,922 |
5.63 |
|
4) Kantabai Inani |
1,279,880 |
5.22 |
|
5) Kamal Kishore Inani |
1,256,276 |
5.12 |
Details of equity
shares allotted as fully paid-up pursuant to contracts without payment being received
in cash during the period of five years immediately preceeding the balance
sheet date is give below:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Class of Shares (Equity) No of shares of Rs. 2/- fully paid issued pursuant Amalgamation of Shilpa Organics (Private) Limited, with the Company to its erstwhile shareholders without payment being received in cash. |
-- |
-- |
3,916,664 |
-- |
-- |
On 22.03.2012, 500,000 equity shares of Face value of Rs.2/-
each were issued at a premium of Rs.348/- per share upon conversion of share
warrants which were issued by the Company in the year 2010-2011.
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 |
49.048 |
48.048 |
44.048 |
|
|
2] Share Application Money |
0.000 |
43.750 |
0.000 |
|
|
3] Reserves & Surplus |
2872.456 |
2260.309 |
1077.898 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2921.504 |
2352.107 |
1121.946 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
357.315 |
390.215 |
671.745 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
15.302 |
|
|
TOTAL BORROWING |
357.315 |
390.215 |
687.047 |
|
|
DEFERRED TAX LIABILITIES |
190.695 |
152.619 |
136.408 |
|
|
|
|
|
|
|
|
TOTAL |
3469.514 |
2894.941 |
1945.401 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1368.364 |
1270.949 |
1279.388 |
|
|
Capital work-in-progress |
91.198 |
12.550 |
30.580 |
|
|
|
|
|
|
|
|
INVESTMENT |
1039.441 |
280.841 |
36.947 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
597.358
|
374.435 |
436.457 |
|
|
Sundry Debtors |
326.316
|
336.341 |
314.865 |
|
|
Cash & Bank Balances |
15.844
|
837.475 |
17.984 |
|
|
Other Current Assets |
5.115
|
6.277 |
0.000 |
|
|
Loans & Advances |
719.176
|
187.138 |
305.758 |
|
Total
Current Assets |
1663.809
|
1741.666 |
1075.064 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
499.727
|
239.955 |
375.659 |
|
|
Other Current Liabilities |
160.086
|
142.700 |
8.147 |
|
|
Provisions |
33.485
|
28.410 |
92.772 |
|
Total
Current Liabilities |
693.298
|
411.065 |
476.578 |
|
|
Net Current Assets |
970.511
|
1330.601 |
598.486 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3469.514 |
2894.941 |
1945.401 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2784.548 |
2575.435 |
2344.597 |
|
|
|
Other Income |
101.579 |
53.125 |
11.194 |
|
|
|
TOTAL (A) |
2886.127 |
2628.560 |
2355.791 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1863.899 |
|
|
|
|
|
Purchases of Stock-in-Trade |
50.606 |
29.998 |
1535.297 |
|
|
|
Employee Benefits Expense |
188.242 |
153.494 |
|
|
|
|
Other Expenses |
287.452 |
151.390 |
|
|
|
|
Extraordinary Income |
(6.272) |
0.000 |
|
|
|
|
Prior Period Expense |
0.000 |
0.431 |
|
|
|
|
Change in Inventory of Finished Goods, Work-in-Progress and Stock-in Trade |
(171.554) |
88.398 |
|
|
|
|
TOTAL (B) |
2212.373 |
1847.942 |
1535.297 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
673.754 |
780.618 |
820.494 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
14.824 |
18.474 |
50.404 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
658.930 |
762.144 |
770.090 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
114.220 |
104.210 |
97.647 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
544.710 |
657.934 |
672.443 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
115.273 |
149.111 |
212.249 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
429.437 |
508.823 |
460.194 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1148.704 |
714.792 |
321.635 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
52.500 |
52.500 |
50.000 |
|
|
|
Dividend |
22.072 |
19.219 |
15.417 |
|
|
|
Tax on Dividend |
3.580 |
3.192 |
2.620 |
|
|
BALANCE CARRIED
TO THE B/S |
1499.989 |
1148.704 |
714.792 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Direct Export (FOB) |
2279.175 |
1974.171 |
1686.390 |
|
|
TOTAL EARNINGS |
2279.175 |
1974.171 |
1686.390 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
17.87 |
22.08 |
20.89 |
|
|
|
Diluted |
17.87 |
21.84 |
0.00 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
763.900 |
807.400 |
839.600 |
|
Total Expenditure |
617.100 |
624.500 |
696.500 |
|
PBIDT (Excl OI) |
146.800 |
182.800 |
143.100 |
|
Other Income |
24.800 |
17.000 |
7.300 |
|
Operating Profit |
171.600 |
199.8 |
150.400 |
|
Interest |
03.500 |
3.400 |
3.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
168.200 |
196.500 |
146.700 |
|
Depreciation |
30.600 |
31.900 |
32.600 |
|
Profit Before Tax |
137.500 |
164.500 |
114.100 |
|
Tax |
31.600 |
39.400 |
04.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
105.900 |
125.100 |
109.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
105.900 |
125.100 |
109.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
14.88
|
19.36 |
19.53 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.56
|
25.55 |
28.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.96
|
21.84 |
28.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.28 |
0.60 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.12
|
0.17 |
0.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.40
|
4.24 |
2.26 |
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 |
REVIEW OF OPERATIONS:
The Company has achieved a turnover of Rs. 2784.500 Millions. (Rs.2575.400 Millions.) and profit before interest, depreciation and tax (PBDIT) of Rs.702.300 Millions (743.200 Millions) for the year ended March 31, 2012. The net profit is Rs.429.400 Millions as against Rs.509.300 Millions in the previous year. The Company’s policy to maintain quality and consistency has been giving good returns by way of long-standing good customer base for the Company due to which the Company is able to maintain its margins though there was a stiff competition particularly from China and other pharma companies. The net profit in terms of EPS is Rs.17.87 against Rs.22.08 in the previous year.
EXPORTS :
During the year, the Company has continued to export to various countries and earned valuable foreign exchange of Rs. 2279.175 Millions (Rs.1974.171 Millions). This has been recognized by the FKCCI, Bangalore and VITC, Bangalore by bestowing the Best District Exporter and Best Exporter in the category respectively.
The Company has given utmost thrust on filing DMFs in various countries including Canada, EU Countries, USA and China for marketing Company’s products in these Countries. During the year, the Company received ISO-14001-2004 Certificate from the British Certifications Inc.
MANAGEMENT DISCUSSION
AND ANALYSIS
PHARMACEUTICALS
INDUSTRY OVERVIEW
GLOBAL INDUSTRY
OVERVIEW:
Divergent growth rates expected for developed and pharmerging markets. As countries recover from the global economic crisis at different rates, there is growing divergence in the pace of pharmaceutical growth among major markets. The global pharmaceutical market is currently estimated at around USD 850 billion. It is anticipated to reach nearly USD 1,100 billion by 2015 of this, the pharmerging countries are expected to add USD 150 billions contributing close to 28% of the global pharmaceutical market. Many of these markets are benefiting from greater government, greater demand and access to medicines.
The largest growth in the next five years is expected to be from pharmerging market, driven by improved access to drugs, increased purchasing power and strengthening economies resulting in higher demand, primarily for generic drugs. Pharmerging markets are now displaying patterns of diseases remarkably similar to those of the developed world with a changing trend from anti-diabetes and diseases of the heart.
Pharmerging economies are expected to contribute two-thirds of the incremental growth of the global market over the next five years. Thus the spending in 2015 is expected to be between USD 400 billion and USD 430 billion up from USD 234 billion in 2010-70% of which is expected to be from pharmerging markets.
According to IMS health, oncology related pharmaceutical growth continues outperforming the pharmaceutical market, although the growth is easing. The global oncology market forecast is $ 75 billion by 2013, driven by innovative targeted therapeutics, earlier detection, increasing numbers of patients on chemotherapy, longer treatment durations and extended indications.
INDIAN INDUSTRY
OVERVIEW :
India’s pharmaceutical market grew at 15.7 percent during the year. The Indian pharmaceutical industry is expected to grow at a rate of 9.5% till 2015. Moreover, the increasing population of the higher- income group in the country will be a potential market for companies, selling costly drugs by 2015. The Indian pharmaceutical market is forecasted to grow at an estimated compounded annual growth rate (CAGR) of 16% between 2010 and 2015 and cross USD 20 billion. It is projected to be the third-largest global pharmaceutical market in terms of incremental growth.
Increase in health awareness and higher prevalence of lifestyle related diseases resulting in greater demand for pharmaceutical products in India. Among the therapeutic areas, gastrointestinal (GI) and diabetes would continue to hold the largest market share of 25%. Cardiovascular and oncology, at expected CAGRs of 16% and over the next five years.
The oncology market in India is about $186 million, and is expected to reach $693 million by 2012, a Compound Annual Growth Rate (CAGR) of nearly 30%. More than 30 drug companies are active in Indian oncology market. The current market is largely generic and dominated by regional players. In the last few years many multinational drug companies have entered the Indian Oncology market.
FINANCIAL PERFORMANCE
:
During the year, the Company recorded sales of Rs. 2784.500 Millions. Profit margins were affected primarily due to forex movement and increase in expenses during the year. Earnings before tax were at Rs. 54471.000 Millions and earnings after tax were at Rs. 42943.700 Millions.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
|
a) Local & Foreign Letter of Credit |
95.216 |
|
b) Bank Guarantees. |
0.154 |
|
c) Letter of Comfort. |
68.340 |
|
d) Claims aginst the Company not acknowledeged as debts. |
14.290 |
|
e) Corporate guarantee given to Standard Chartered Bank on behalf of Raichem Life Sciences Pvt Limited ( Wholly Owned Subsidary Company) |
250.000 |
|
f) Estimated amount of contracts remained to be executed on capital account not provided for (net of advance) |
37.119 |
|
Total |
465.119 |
WEB DETAILS
PRESS RELEASE
SHILPA MEDICARE TAKES CONTROLLING STAKE
IN NU THERAPEUTICS
Coimbatore, July
19:
Shilpa Medicare Limited, which had invested in Nu Therapeutics (Private) Limited last year, has now acquired a controlling stake in it.
Nu Therapeutics was established to manufacture oral fast dissolving thin strip dosage jointly with others and expects to start production shortly. Shilpa Medicare hopes the acquisition would help it penetrate niche formulation markets.
Shilpa shares were up Rs 16.20 (6.04 per cent) on the BSE at 12.55 pm today with about 34,300 shares having been traded.
FIXED ASSETS
· Borewell
· Building
· Canteen Equipment
· Computer
· Electrical Installation
· Empty Cylinders
· ETP Building
· ETP Machinery
· Furniture
· Generator
· Lab Equipments
· Office Equipment
· P/M (Power Generation Unit)
· Pipeline
· Plant & Machinery
· Pollution Control Equip
· R & D Equipments
· Storage Tank
· Transformer
· Unit-II Land & Building
· Vehicle
· Weigh Bridge
· Xerox Machine
· Land
· Computer software
· Technical Know How
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.53.95 |
|
|
1 |
Rs.83.81 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
60 |
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.