MIRA INFORM REPORT
|
Report Date : |
10.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
PFIZER LIMITED |
|
|
|
|
Registered
Office : |
Patel Estate,
Off. S.V. Road, Pfizer Centre,
Jogeshwari (West), Mumbai – 400102, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
21.11.1950 |
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|
Com. Reg. No.: |
11-008311 |
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Capital
Investment / Paid-up Capital : |
Rs.298.432 Millions
|
|
|
|
|
CIN No.: [Company Identification
No.] |
L24231MH1950PLC008311 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP00256E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP3334M |
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|
Legal Form : |
A public limited liability company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer, Importer and Exporter of Pharmaceuticals Formulation and Bulk Drugs. |
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|
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|
No. of Employees
: |
3000 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 52180000 |
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|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Pfizer Corporation The company can be considered normal for business dealings at usual
trade terms and conditions. It can be regarded as a promising business partner in medium to long
run. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ [Commercial Paper Programme] |
|
Rating Explanation |
Highest degree of safety it carry lowest credit risk. |
|
Date |
18.08.2011 |
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 [GENERAL DETAILS]
|
Name : |
Mr. Kulkarni |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-66932000 |
|
Date : |
09.05.2013 |
LOCATIONS
|
Registered / Head Office : |
Patel Estate,
Off. S.V. Road, Pfizer Centre,
Jogeshwari (West), Mumbai – 400102, Maharashtra, India |
|
Tel. No.: |
91-22-2678 5511 /
6932000 |
|
Fax No.: |
91-22-2678 1766 /
6932377 / 66932444 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1: |
Thane |
|
Tel. No.: |
91-22-7916161 /
27681036 / 27681421 |
|
Fax No.: |
91-22-7916160 |
|
|
|
|
Factory 2: |
Plot No.
178-178A, Industrial Area, Phase I, Chandigarh-160002, India |
|
Tel. No.: |
91-129-650578 /
79 / 80 / 84 |
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Fax No.: |
91-129-655178 |
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Regional Centers: |
Located at:
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Branch Office : |
Located at :
|
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Rajendra Ambalal Shah |
|
Designation : |
Chairman |
|
Address : |
Panorama, 2nd Floor, 203, Walkeshwar Road, Mumbai-400006,
Maharashtra, India |
|
Date of Birth/Age : |
07.07.1931 |
|
Date of Appointment : |
09.11.1965 |
|
Din No.: |
00009851 |
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|
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|
Name : |
Mr. Kewal Kundanlal Handa |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 21 and 31, Unit No. 1, Bhojwani Enclave, Nargis Dutt Road, Pali
Hill, Bandra (West), Mumbai-400050, Maharashtra, India |
|
Date of Birth/Age : |
22.08.1952 |
|
Qualification : |
M.Com.
A.I.C.W.A., A.C.S. |
|
Date of Appointment : |
16.12.1996 |
|
Din No.: |
00056826 |
|
|
|
|
Name : |
Mr. Pradip Panalal Shah |
|
Designation : |
Director |
|
Address : |
72A, Embassy Apartment, 7th Floor, Napean Sea Road,
Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
07.01.1953 |
|
Date of Appointment : |
07.12.1999 |
|
Din No.: |
00066242 |
|
|
|
|
Name : |
Mr. Uday Chander Khanna |
|
Designation : |
Director |
|
Address: |
Centrum Towers, Flat 182, Centrum Co-operative Society Limited, Barkat
Ali Road, Wadala, Mumbai-400037, Maharashtra, India |
|
Date of Birth/ Age : |
01.12.1949 |
|
Date of Appointment : |
21.05.2012 |
|
Din No.: |
00079129 |
|
|
|
|
Name : |
Mr. Vivek Sampat Dhariwal |
|
Designation : |
Executive Director [Technical Operation] |
|
Address: |
301, Marble Arch, 94 Pali Hill, Bandra (West), Mumbai-400050,
Maharashtra, India |
|
Date of Birth/ Age : |
21.12.1966 |
|
Date of Appointment : |
21.05.2012 |
|
Din No.: |
02826679 |
|
|
|
|
Name : |
Mr. Sunil Prakash Madhok |
|
Designation : |
Executive Director [Business Operation] |
|
Address: |
1012, E Royal Samrat, S.V. Road, Goregaon (West), Mumbai-400062,
Maharashtra, India |
|
Date of Birth/ Age : |
19.01.1953 |
|
Date of Appointment : |
21.05.2012 |
|
Din No.: |
00815510 |
|
|
|
|
Name : |
Mr. Aijaz Rehmatali Tobaccowalla |
|
Designation : |
Non Executive Director |
|
Address: |
15, Sunflower DR, UP Saddle RVR, USA, New Jersey, Pin Code 07458 |
|
Date of Birth/ Age : |
06.01.1967 |
|
Date of Appointment : |
28.06.2012 |
|
Din No.: |
05312126 |
KEY EXECUTIVES
|
Name : |
Mr. Prajeet Nair |
|
Designation : |
Secretary |
|
Address : |
A-1/602, Shanti Vihar, Mira Road (East), Thane-401107, Maharashtra,
India |
|
Date of Birth/Age : |
25.05.1968 |
|
Date of Appointment : |
01.09.2007 |
|
Pan No.: |
AADPN9155G |
|
|
|
|
Name : |
Mr. Kulkarni |
|
Designation : |
Accounts Department |
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|
|
|
Name : |
Ms.Hiroo Mirchandani |
|
Designation : |
Business Unit Head |
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|
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|
Name : |
Mr. Suresh Subramanian |
|
Designation : |
Business Unit Head |
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|
Name : |
Partha Ghosh |
|
Designation : |
Commercial |
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|
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|
Name : |
Mr. C.N. Potkar (Dr.) |
|
Designation : |
Medical & Regulatory Affairs |
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|
|
|
Name : |
Mr. S. Sridhar |
|
Designation : |
Finance |
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|
|
|
Name : |
Alex Rajan |
|
Designation : |
Human Resources |
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|
|
|
Name : |
Mr. S. Venkatesh |
|
Designation : |
Strategic & Business Development |
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|
|
|
Name : |
Mr. Samir Kazi |
|
Designation : |
Legal |
|
|
|
|
Name : |
Mr. Shiva Nair |
|
Designation : |
Business Technology |
|
|
|
|
Name : |
Ms. Sarita Bahl |
|
Designation : |
Public Affairs |
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 |
|
|
|
|
|
|
|
|
|
|
|
|
21113171 |
70.75 |
|
|
21113171 |
70.75 |
|
Total shareholding of Promoter and Promoter Group (A) |
21113171 |
70.75 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1861994 |
6.24 |
|
|
14401 |
0.05 |
|
|
297154 |
1.00 |
|
|
655985 |
2.20 |
|
|
2829534 |
9.48 |
|
|
|
|
|
|
451268 |
1.51 |
|
|
|
|
|
|
5182003 |
17.37 |
|
|
98236 |
0.33 |
|
|
167228 |
0.56 |
|
|
3400 |
0.01 |
|
|
3428 |
0.01 |
|
|
300 |
0.00 |
|
|
150135 |
0.50 |
|
|
9965 |
0.03 |
|
|
5898735 |
19.77 |
|
Total Public shareholding (B) |
8728269 |
29.25 |
|
Total (A)+(B) |
29841440 |
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) |
29841440 |
0.00 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PROMOTER AND PROMOTER GROUP”
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
1 |
Pfizer Corporation |
93,76,100 |
31.42 |
|
2 |
Pfizer Investments Netherlands B V |
88,10,234 |
29.52 |
|
3 |
Warner Lambert Company |
11,87,163 |
3.98 |
|
4 |
Parke Davis and Company |
9,55,733 |
3.20 |
|
5 |
Pharmacia Corporation |
7,83,941 |
2.63 |
|
|
Total |
2,11,13,171 |
70.75 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Importer and Exporter of Pharmaceuticals Formulation and Bulk Drugs. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Imports : |
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Products : |
Raw Materials |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit [Cheque] |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
|
Tablets and Capsules (Three shift basis) |
Million Nos. |
3624 |
|
Liquids (Two shift basis) |
Litres |
6960000 |
|
Solids (Two shift basis) |
Kgs. |
162400 |
|
Ointments (Single shift basis) |
Kgs. |
232800 |
NOTES:
1.
In terms of Press Note No. 4 (1994 series) dated 25
October, 1994 issued by the Department of Industrial Development, Ministry of
Industry, Government of India and Notification No. S.O. 137(E) dated 1 March
1999 issued by the Department of Industrial Policy and Promotion, Ministry of
Industry, Government of India, industrial licensing has been abolished in
respect of bulk drugs and formulations.
2.
The installed capacity is as certified by the
Management and not verified by the Auditors, this being a technical matter.
ACTUAL PRODUCTION:
|
Particulars |
Unit |
Actual
Production |
|
BULK (A) |
Tonnes |
-- |
|
FORMULATIONS (B) Injectables: |
|
|
|
Liquid Parentals |
Litres |
555486.20 |
|
Tablets and
Capsules |
No. in Millions |
3489.91 |
|
Liquids |
Litres |
10810553.97 |
|
Solids |
Kgs |
165419.30 |
|
Food products |
Tonnes |
-- |
|
Feed supplements |
Tonnes |
1068.26 |
NOTES:
1. Figures of
production are inclusive of production for captive consumption and quantities
produced in the factories of third parties on loan licenses.
2. Figures for
Production, Purchases and Closing Stock exclude Physicians’ Sample packs.
3. Stocks are
after adjustments of write-offs.
4. Figures in
brackets are in respect of the previous year.
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
3000 [Approximately] |
|
|
|
|
Bankers : |
·
Central
Bank of India, Mumbai ·
Citibank
N.A., Mumbai ·
Deutsche
Bank, Mumbai · Standard Chartered Grindlays Bank Limited, Mumbai ·
HSBC Limited · ICICI Bank |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
BSR and Company Chartered Accountant |
|
Address: |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N.M. Joshi
Marg, Mahalakshmi, Mumbai-400011, Maharashtra, India |
|
Tel No.: |
91-22-39896000 |
|
Fax No.: |
91-22-39836000 |
|
|
|
|
Cost Auditors : |
|
|
Name : |
RA and Company Chartered Accountants |
|
|
|
|
Ultimate Holding
Company: |
Pfizer Inc., |
|
|
|
|
Companies collectively exercising significant influence: |
·
Pfizer Corporation, Panama ·
Warner-Lambert Company, LLC, USA ·
Parke-Davis and Company, LLC, USA ·
Pharmacia Corporation, USA ·
Pfizer Investments Netherlands, B.V. ·
[Collectively holding 70.75% of the aggregate of
equity share capital of the Company] |
|
|
|
|
Fellow Subsidiaries with whom transactions have taken place during the
year / period: |
·
Pfizer Asia Manufacturing Pte Limited, Singapore ·
Pfizer Corporation Hong Kong Limited, Hong Kong ·
Pfizer Enterprises SARL, Luxembourg ·
Pfizer Export Company, Ireland ·
Pfizer Global Trading, Ireland ·
Pfizer Limited, United Kingdom ·
Pfizer Overseas LLC., USA ·
Pfizer Pharmaceutical India Private Limited,
India ·
Pfizer Singapore Trading Pte Limited, Singapore ·
Pfizer Limited, Phillipines ·
Pfizer Private Limited, Singapore ·
Pfizer Products India Private Limited, India ·
Pfizer International LLC.,USA ·
Pfizer Products Inc., USA ·
Pfizer Australia Pty Limited, Australia ·
Pfizer Laboratories(Proprietory)Limited, South
Africa ·
Pfizer Animal Health India Limited, India ·
AHP Manufacturing B.V. India ·
Wyeth Limited, India ·
Wyeth Ayerst International LLC. |
|
|
|
|
Subsidiaries with whom transactions have taken place during the year /
period : |
Pfizer Animal Pharma Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29844080 |
Equity Shares |
Rs.10/- each |
Rs.298.441 Millions |
|
10155920 |
Unclassified Share |
Rs.10/- each |
Rs.101.559 Millions |
|
|
TOTAL |
|
Rs.400.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29844080 |
Equity Shares |
Rs.10/- each |
Rs.298.441
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29841440 |
Equity Shares |
Rs.10/- each |
Rs.298.414
Millions |
|
|
Forfeited Share Capital |
|
Rs. 0.018 Millions |
|
|
TOTAL |
|
Rs.298.432 Millions |
NOTES
Reconciliation
of the number of equity shares and amount outstanding at the beginning and at
the end of the reporting period:
|
Particulars |
31.03.2012 |
|
|
Number of Shares |
Rs. In Millions |
|
|
Balance at the commencement of the year / period |
29,844,080 |
298.432 |
|
|
|
|
|
Balance at the end of the year / period |
29,844,080 |
298.432 |
Details
of equity shares held by the holding company, the ultimate holding company,
their subsidiaries and associates:
|
Particulars |
31.03.2012 |
|
|
Number of Shares |
Rs. In Millions |
|
|
Ultimate Holding Company |
|
|
|
Pfizer Inc. |
-- |
-- |
|
Subsidiaries of the ultimate holding company |
|
|
|
Pfizer Corporation |
9,376,100 |
93.761 |
|
Pfizer Investments Netherlands, B.V |
8,810,234 |
88.102 |
|
Warner Lambert Company |
1,187,163 |
11.872 |
|
Parke Davis and Company |
955,733 |
9.557 |
|
Pharmacia Corporation |
783,941 |
7.839 |
Shareholders
holding more than 5% shares as on 31 March 2012 and 31 March 2011
|
Particulars |
31.03.2012 |
|
|
Number of Shares |
% Holding |
|
|
Equity shares of Rs.10 each fully paid up held by: |
|
|
|
Subsidiaries of the ultimate holding company |
|
|
|
Pfizer Corporation |
9,376,100 |
31.42 |
|
Pfizer Investments Netherlands, B.V |
8,810,234 |
29.52 |
During the five
reporting periods immediately preceeding the reporting date no shares have been
issued by capitalisaton of reserves as bonus shares or for consideration other
than cash.
The Company has a
single class of equity shares. Accordingly all the equity shares rank equally with
regard to voting rights, dividends and shares in the Company’s residual assets.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 [12 Months] |
31.03.2011 [16 Months] |
30.11.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
298.432 |
298.432 |
298.432 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
12748.539 |
11336.039 |
9644.894 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
13046.971 |
11634.471 |
9943.326 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
13046.971 |
11634.471 |
9943.326 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
315.497 |
358.858 |
924.862 |
|
|
Capital work-in-progress |
7.001 |
16.405 |
7.987 |
|
|
|
|
|
|
|
|
INVESTMENT |
474.865 |
489.508 |
5.025 |
|
|
DEFERREX TAX ASSETS |
370.848 |
355.386 |
275.020 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1832.376
|
1593.235 |
1133.711
|
|
|
Sundry Debtors |
1417.780
|
1001.693 |
643.918
|
|
|
Cash & Bank Balances |
8662.657
|
5784.621 |
5274.045
|
|
|
Other Current Assets |
96.365
|
83.330 |
48.206
|
|
|
Loans & Advances |
2587.160
|
4179.489 |
3720.916
|
|
Total
Current Assets |
14596.338
|
12642.368 |
10820.796 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1309.289
|
980.317 |
1162.463
|
|
|
Other Current Liabilities |
356.440
|
491.599 |
166.474
|
|
|
Provisions |
1051.849
|
756.138 |
761.427
|
|
Total
Current Liabilities |
2717.578
|
2228.054 |
2090.364 |
|
|
Net Current Assets |
11878.760
|
10414.314 |
8730.432
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
13046.971 |
11634.471 |
9943.326 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 [12 Months] |
31.03.2011 [16 Months] |
30.11.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
10173.006 |
11695.588 |
7722.717 |
|
|
|
Other operating income |
781.415 |
828.901 |
0.000 |
|
|
|
Other Income |
905.568 |
929.033 |
954.231 |
|
|
|
TOTAL (A) |
11859.989 |
13453.522 |
8676.948 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2307.731 |
2726.507 |
|
|
|
|
Purchases of stock-in-trade |
1468.094 |
1499.904 |
|
|
|
|
Employee benefits |
1896.298 |
2269.935 |
|
|
|
|
Other expenses |
3478.993 |
3657.609 |
|
|
|
|
Exceptional items - Voluntary Retirement Scheme |
3.750 |
30.256 |
6493.971 |
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(184.854) |
(321.509) |
|
|
|
|
TOTAL (B) |
8970.012 |
9862.702 |
6493.971 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2889.977 |
3590.820 |
2182.977 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
19.075 |
24.659 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2870.902 |
3566.161 |
2182.977 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
95.613 |
119.965 |
82.876 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
2775.289 |
3446.196 |
2100.101 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
929.227 |
1182.789 |
731.268 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1846.062 |
2263.407 |
1368.833 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8997.700 |
7532.914 |
6754.519 |
|
|
|
|
|
|
|
|
|
Less |
ON ACCOUNT OF
AMALGAMATION OF ERSTWHILE DUCHEM LABORATORIES LIMITED (‘DUCHEM’) |
0.000 |
0.000 |
17.124 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
184.600 |
226.341 |
136.883 |
|
|
|
Proposed Dividend |
373.000 |
119.373 |
373.018 |
|
|
|
Interim Dividend |
0.000 |
373.018 |
0.000 |
|
|
|
Tax on Dividend |
60.500 |
79.871 |
63.413 |
|
|
BALANCE CARRIED
TO THE B/S |
10225.662 |
8997.718 |
7532.914 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export (on FOB Basis) |
17.102 |
19.027 |
34.927 |
|
|
|
Service Income (Gross) |
203.861 |
362.076 |
220.954 |
|
|
TOTAL EARNINGS |
220.963 |
381.103 |
255.881 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
576.533 |
569.671 |
586.365 |
|
|
|
Capital Goods |
453.448 |
322.960 |
0.350 |
|
|
|
Finished Goods |
0.000 |
0.000 |
159.348 |
|
|
TOTAL IMPORTS |
1029.981 |
892.631 |
746.063 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
56.78 |
68.69 |
45.87 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
2426.300 |
2686.400 |
2570.400 |
|
Total Expenditure |
2103.300 |
2070.400 |
2168.900 |
|
PBIDT (Excl OI) |
323.000 |
616.000 |
401.500 |
|
Other Income |
251.900 |
225.600 |
263.700 |
|
Operating Profit |
574.900 |
841.600 |
665.200 |
|
Interest |
6.200 |
06.100 |
2.800 |
|
Exceptional Items |
3811.000 |
(35.800) |
315.600 |
|
PBDT |
4379.700 |
799.700 |
978.000 |
|
Depreciation |
20.900 |
20.300 |
190.800 |
|
Profit Before Tax |
4358.800 |
779.400 |
958.200 |
|
Tax |
1070.000 |
256.600 |
319.400 |
|
Profit After Tax |
3288.800 |
522.800 |
638.800 |
|
Net Profit |
3288.800 |
522.800 |
638.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 [12 Months] |
31.03.2011 [16 Months] |
30.11.2009 |
|
PAT / Total Income |
(%) |
15.57
|
16.82 |
15.77
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
27.28
|
29.47 |
27.19
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.16
|
25.80 |
17.47
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.30 |
0.21
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.37
|
5.67 |
5.18
|
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 |
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 |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
SUNDRY CREDITORS
DETAILS
Rs.
In Millions
|
Particulars |
31.03.2012 [12 Months] |
31.03.2011 [16 Months] |
30.11.2009 |
|
Sundry Creditors
|
|
|
|
|
Micro and small enterprises |
20.906 |
17.436 |
27.089 |
|
Other trade payables |
1288.383 |
962.881 |
1135.374 |
|
|
|
|
|
|
TOTAL |
1309.289 |
980.317 |
1162.463 |
FINANCIAL RESULTS
The Company’s net
sales were Rs. 10173.000 Millions
recording a growth of 13% on an annualised basis. The Company achieved a Net
Profit of Rs. 1846.100 Millions showing
an increase of 8.75% on an annualized basis
PHARMA INDUSTRY OVERVIEW AND OUTLOOK
India is at an exciting
phase where the challenging dynamics of growth provide opportunities to
innovate and progress. As a country, they continue to battle inflation with
Gross Domestic Product (GDP) growth projected to dip below 6.9 percent in
2011-12 from 8.4 percent growth achieved during the two preceding years. The
pharmaceutical industry however retains a healthy growth rate despite signs of
deceleration in the larger economy.
The audited
pharmaceutical market in India grew by 16.34 percent to reach USD 13.3 billion
in 2011-12. The retail sector accounted for USD 11.2 billion and grew at 15.02
percent, while the hospital sector accounted for USD 1.3 billion and grew by
28.3 percent. IMS ranks Indian pharmaceutical industry 14th in terms of value
and 3rd in volume globally (Jan-Dec 2011).
A kaleidoscopic
view of India in the coming years show favourable demographics that will fuel
the growth of the healthcare and pharmaceutical sector - rising disposable
income levels, increasing population and shift in disease
patterns. Yet on
the other hand, private expenditure on health as a percentage of total
expenditure on health is 69.7 percent (2009) as per World Health Statistics
2012 by WHO. Health care – both at primary and secondary level will be driven
by private providers. Changes in lifestyle, morbidity patterns and increasing
penetration of private hospital based health care services will all call for a
dynamic and evolving approach to healthcare. The pharmaceutical industry will
have to seize the opportunities and challenges that this change will stimulate
and will have to find innovative ways to address them. Ernst and Young has
forecast that India will be one of the top 10 pharmaceutical markets in the
world by 2015, along with Brazil and China.
Given the present inequities
that exist in healthcare, the pharmaceutical industry will need to consolidate
its growth story by expanding beyond cities to smaller towns.
REVIEW OF
OPERATIONS – BUSINESS SEGMENT: PHARMACEUTICAL
The Company
continued to record double digit growth for the year and has grown faster than
the therapeutic segments in Respiratory, Pain, Neuro CNS
Currently, the
Company is growing at 12.6% and has a market share of 2.3%. As was the case
last year, a significant proportion of the growth has come from increased
volumes by revitalizing
growth in core
brands. Their current portfolio includes some of India’s best known brands,
with six of their key brands being in the list of top 100 brands in the
industry.
The Company’s
aggressive investment in geographic expansion, increased focus on key
prescribers and emphasis on performance management has resulted in increased
market share of these brands.
The pharmaceutical
division has been aligned and is better positioned to address their customer
needs. In addition to new products, the Company also entered into chronic
segments such as neuroscience which is one of the fastest growing markets in
India. Given the high prevalence of neuropsychiatric illness and low awareness
and diagnosis, this segment can drive growth for the Company. The Pfizer
Neuroscience team have a 150 strong field force with an augmented and fortified
portfolio consisting of branded generics and global brands.
The business
imperative of the Rx to OTC Business Unit (BU) is to engage three stakeholders
- doctors, trade channel partners like stockists, pharmacies and consumers
through a revitalized and augmented Rx to OTC portfolio for wellness and common
ailments. This BU has a presence in Gastro, Cough, Food Supplement and Personal
Care. The key growth drivers for this BU are lifecycle management of existing
mature products like Gelusil and Corex Dx, launch of new Branded Value
Offerings (BVOs) to augment the portfolio, focus on customer reach and customer
engagement.
Some of the
Company’s established brands like Corex, Becosules, Minipress XL, Lyrica,
Gelusil showed double digit growth. The slowdown in the Anti – infective
segment impacted Magnex Growth during the year and they expect that this trend
will soon be reversed. The Company has launched 26 Branded Value Offerings
(BVOs) during the year mainly in the antiinfective, analgesic, CNS, CVS and
diabetes segment. The Pharmaceutical Segment of the Company recorded a growth
of 14%. Consequent to the global termination of the agreement with Biocon, the
Company withdrew Insulin products from the market which had a marginal impact
on the revenue and cost.
BUSINESS SEGMENT: ANIMAL HEALTH
Indian animal
health market is growing at 5% growth rate. Dairy, Poultry and Companion
animals are three major verticals that make up more than 95% of the market.
During the financial year, the Company’s Animal Health division recorded a
revenue growth of 12% on an annulized basis.
The Dairy Sector
in India is one of the fastest growing in the world, with milk production
growing at a CAGR of 3.5% over the last decade. Considering the demands of the
growing population, the country is going to need 172.2 MMT of milk by 2021-22.
The Government has plans to ramp up per capita milk productivity in the country
to WHO standards, and has already initiated the process of growth enablers, in
the form of the National Dairy Plan, with special emphasis on increasing
productivity of dairy animals, improving genetic potential of the animals,
improving access to fodder and market penetration by creating and improving the
broad-based veterinary infrastructure in the country. These initiatives will
help in achieving the dual objective of self sufficiency in domestic milk
production and inclusive growth in rural areas. Growth opportunities are being
leveraged through field force expansion to increase market reach.
India ranks 3rd in
global egg production and 5th in global broiler meat production. Population
rise, increasing incomes and lower prices are key growth drivers. Growing influence
of food service and retail chains on poultry production and end-consumer
preferences are slowly shifting from live bird markets to processed and chilled
products. Biological products are a focus area of the Poultry team.
The Companion
Animal business is growing at 12% per annum and Pfizer continues to be a major
player in the biological segment. Growth stimulators in this segment are the
need for companionship, higher disposable income, responsible pet ownership and
media attention. Targeted focus on the top brands and improved market
penetration has yielded positive results for the business during the year.
In July 2011,
Pfizer Inc, USA, (“Pfizer”) the Ultimate Holding Company, announced that it was
reviewing strategic alternatives for its global animal health business. In
connection with the strategic review Pfizer undertook certain internal
reorganization steps that were intended to give Pfizer the broadest possible
flexibility to pursue a range of possible transactions in the future.
On April 2, 2012,
the Company transferred its Animal Health Business to its wholly owned
subsidiary, Pfizer Animal Pharma Private Limited by way of a slump sale for a
consideration of Rs. 4400.000 Millions,
subject to adjustment for working capital.
BUSINESS SEGMENT:
SERVICES – CLINICAL OPERATIONS
The Clinical
Operations group is responsible for all clinical trials conducted by the
Company within the country. The Clinical Operations group comprises four
segments: Study Management; India Regional Monitoring Group; Business
Operations and Clinical Quality Services. The Company has contributed greatly
to the development of clinical research in the country and holds a position of
leadership in this area. Initiatives such as the establishment of preferred research
centers, core research sites and earning trust initiative helped to establish
training partnerships that are key to Pfizer’s commitment to develop research
capacity and supporting scientific and medical professionalism.
The Company has
partnered with other pharmaceutical companies, contract research organizations
and investigators through the Indian Society for Clinical Research (ISCR) – a
professional society aimed at raising the standards of clinical research in the
country as well as Academy for Clinical Excellence.
MEDICAL RESEARCH DIVISION:
Medical Affairs
and Research (MAR) Division consists of about 50 medical doctors that represent
the medical conscience of the Company and they support scientific presentations
to the medical community, investigatorinitiated research, medical information,
design of local clinical programs and scientific engagements with physicians to
the product training of sales force and new product evaluations.
The medical team
is responsible for ensuring compliance of promotional practices to
international and local industry standards as well as regulatory requirements.
The team also provides medical support to regulatory registration as well as
safety review and labeling activities.
Notable
contributions have been made by MAR Division in evaluation, differentiation and
positioning of Branded Value Offerings and medico-marketing activities for
inline and line extensions.
This year, a team
of Medical Research Specialists was taken on board to focus on knowledge
dissemination to clinicians and improve health outcomes for patients. The key
initiatives of the MAR Division were focused around
World Kidney Day
in March, World Hypertension Day in May, World Heart Day in September and World
Diabetes
Day in November.
Around these days, activities like patient awareness camps, Continuous Medical
Education (CME) programs and educational sessions were conducted in
institutions and teaching hospitals. By associating with these events
throughout the year, the Company emphasized on the management of hypertension
and also on protecting the vital organs that may be affected by hypertension
thus projecting their vision of working together for a healthier world. A novel
concept of antibiotic stewardship was disseminated this year by conducting international
speaker programs and advisory board meetings. The Medical Division also
contributed to overall leadership development in physicians through LOGOS
initiative and a number of other therapy shaping activities.
Noteworthy
contributions were made for the Rx to OTC BU through initiation of CMEs for
their doctors for the first time on “Clinical Insights – Cough Management”,
which was highly appreciated by the physicians.
MANUFACTURING OPERATIONS
The Company’s
manufacturing is an integral part of Pfizer Global Supply Operations which
focuses its activities towards ensuring that quality products are available as
per business requirements. With more than 150 years of manufacturing experience
in markets across the world, the Company today is one of the most trusted names
in the manufacture and supply of high quality products in the world.
The Company has
always endeavored to bring newer drugs to the market to improve patient health
and contribute to a better standard of living. Last year the Company launched
several new Branded Value Offerings (BVOs) and new products.
Manufacturing
operations are carried out in full compliance with local statutory laws and
Pfizer standards. The Company’s continued focus on non-renewable resources has created
an excellent model for environmental sustainability. There is a constant
emphasis on conservation of resources across manufacturing sites and to reduce
waste. The excellent Environment, Health and Safety standards of the Company
have earned Pfizer India recognition in the form of ISO 14001:2004 and OHSAS
18001:2007. The ISO 14001 certification reiterates the Company’s focus on
Environment, Health and Safety.
The Company’s
Manufacturing Operations have fully embraced the company-wide culture initiative
OWN IT, to create an Ownership culture. This initiative will provide them an
opportunity to instill a culture where they can maximize their potential. The
new initiative revolves around Owning the Business and Winning at the Market
place with a focus on results and creating a culture of trust.
Various
initiatives such as Kaizen Schemes, Rewards and Recognition, ‘Continuous
Improvement’ programs, now better known as Operational Excellence (OE) have
been initiated and are contributing to employee involvement, improved
efficiency and productivity. These initiatives have resulted in successful
completion of many Yellow Belt, Green Belt and Black Belt projects. Training
and skill enhancement are also ongoing initiatives that are the core of their
manufacturing operations.
They value the
confidence and faith reposed by the patients in support of ‘Pfizer Quality’
products. They continue to have a leading portfolio of medicines that prevent,
treat and cure diseases across a broad range of therapeutic areas.
CONTINGENT LIABILITIES
Rs. In Millions
|
Particulars |
31.03.2012 |
31.03.2011 |
|
(a) Claims against the Company not acknowledged as debt |
Amount unascertainable |
Amount unascertainable |
|
(b) Other guarantees |
37.048 |
40.320 |
|
(c) Other contingent liabilities in respect of |
|
|
|
1. Excise duty |
103.767 |
103.340 |
|
2. Customs duty |
4.054 |
5.945 |
|
3. Sales tax |
415.032 |
119.239 |
|
4. Service tax |
19.311 |
19.311 |
|
5. Income tax |
2907.000 |
3152.964 |
|
6. Pending labour matters contested in various courts |
10.357 |
10.966 |
FIXED ASSETS:
Intangible Assets:
·
Trademarks
Tangible Assets:
·
·
·
Building
·
Leasehold improvements
·
Machinery and equipments
·
Office Equipments
·
Furniture and Fixtures
·
Vehicles
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND
NINE MONTHS ENDED 31ST
DECEMBER, 2012
Rs. In Millions
|
Sr. No. |
Particular |
Quarter Ended |
Nine Months Ended |
|
|
|
|
31.12.2012 (Unaudited) |
30.09.2012 (Unaudited) |
31.12.2012 (Unaudited) |
|
|
|
|
|
|
|
1. |
Net Sales/Income from Operations |
2297.800 |
2461.600 |
6957.700 |
|
|
Other Operating Income |
272.600 |
224.800 |
725.400 |
|
|
Total Income From Operations (Net) |
2570.400 |
2686.400 |
7683.100 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
617.500 |
475.900 |
1302.700 |
|
|
Purchase
of stock in trade |
306.500 |
322.400 |
807.000 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(147.500) |
97.100 |
284.000 |
|
|
Employee
benefits expenses |
545.900 |
454.200 |
1566.300 |
|
|
Depreciation
and amortization expenses |
19.800 |
20.300 |
61.000 |
|
|
Other
expenses |
846.500 |
720.800 |
2382.600 |
|
|
Total Expenses |
2188.700 |
2090.700 |
6403.600 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
381.700 |
595.700 |
1279.500 |
|
|
|
|
|
|
|
4. |
Other
Income |
263.700 |
225.600 |
741.200 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
645.400 |
821.300 |
2020.700 |
|
|
|
|
|
|
|
6. |
Interest |
2.800 |
6.100 |
15.100 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
642.600 |
815.200 |
2005.600 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
|
|
|
|
|
(a) VRS |
(0.400) |
(35.800) |
(50.400) |
|
|
(b) Gain on sale
of Animal Health business |
0.000 |
0.000 |
3825.200 |
|
|
(c) Gain on sale of Investment |
316.000 |
0.000 |
316.000 |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
958.200 |
779.400 |
6096.400 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
319.400 |
258.600 |
1646.000 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
638.800 |
522.800 |
4450.400 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
638.800 |
522.800 |
4450.400 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
298.400 |
298.400 |
298.400 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
21.41 |
17.52 |
149.14 |
|
|
b)
Basic and diluted EPS after extraordinary items |
21.41 |
17.52 |
149.14 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
8728269 |
8728269 |
8728269 |
|
|
-
Percentage of Shareholding |
29.25 |
29.25 |
29.25 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
21113171 |
21113171 |
21113171 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100% |
100% |
100% |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
70.75 |
70.75 |
70.75 |
|
Particulars |
Quarter Ended 31.12.2012 |
|
Pending at the beginning of the quarter |
-- |
|
Received during the quarter |
22 |
|
Disposed of during the quarter |
20 |
|
Remaining unresolved at the end of the
quarter |
2 |
STATEMENT OF UNAUDITED SEGMENT WISE REVENUE, RESULTS AND CAPITAL
EMPLOYED FOR THE
QUARTER AND NINE MONTHS ENDED
31ST DECEMBER, 2012
Rs. In Millions
|
Sl. No. |
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
Pharmaceuticals |
2198.800 |
2401.200 |
6778.000 |
|
|
|
Animal Heal |
0.000 |
0.000 |
0.000 |
|
|
|
Services |
0.000 |
0.000 |
0.000 |
|
|
|
Others |
365.700 |
283.100 |
896.800 |
|
|
|
Total |
2564.500 |
2684.300 |
7674.800 |
|
|
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Net Sales / Income
from Operation |
2564.500 |
2684.300 |
7674.800 |
|
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
Pharmaceuticals |
391.500 |
522.800 |
1211.800 |
|
|
|
Animal Heal |
0.000 |
0.000 |
0.000 |
|
|
|
Services |
0.000 |
0.000 |
0.000 |
|
|
|
Others |
34.400 |
59.900 |
121.100 |
|
|
|
Total |
425.900 |
582.700 |
1332.900 |
|
|
|
|
|
|
|
|
|
|
Less :Interest |
(216.300) |
(196.700) |
(622.300) |
|
|
|
Less : Other Unallocable
Expenses and Extra Ordinary Items [Net] |
0.000 |
0.000 |
0.000 |
|
|
|
Un-allocable exceptional item |
(316.000) |
0.000 |
(4141.200) |
|
|
|
Net Profit (+) / Loss(-) before Tax |
958.200 |
779.400 |
6096.400 |
|
|
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
|
|
Pharmaceuticals |
1642.500 |
1873.700 |
1642.500 |
|
|
|
Animal Heal |
0.000 |
0.000 |
0.000 |
|
|
|
Services |
0.000 |
0.000 |
0.000 |
|
|
|
Unallocated |
14780.300 |
14026.900 |
14780.300 |
|
|
|
Others |
1074.500 |
957.900 |
1074.500 |
|
|
|
Total |
17497.300 |
16858.500 |
17497.300 |
NOTES:
1. The above
results were reviewed and recommended by the Audit Committee, for approval by the
Board, at its meeting held on 7th February, 2013 and were approved and taken on
record at the meeting of the Board of Directors of the Company held on that
date.
2. The results for
the quarter and nine months ended 31st December, 2012 have been subjected to a
limited review by the statutory auditors of the Company. The limited review
report does not contain any qualifications. The limited review report will be
filed with the Stock Exchanges and will also be available on the Company's
website: www.pfizerindia.com
3. “Consumption of
raw materials” includes consumption of raw materials and packing materials.
4. The Company had
incorporated a wholly owned subsidiary on 10th February, 2012 under the name
Pfizer Animal Pharma Private Limited for a temporary period with a view to spin
off the animal health division of Pfizer Limited as a pre-step to subsequent
sale to a wholly owned subsidiary of Pfizer Inc. in India subject to necessary
approvals. The business operations of animal health division was transferred to
the above subsidiary on 2nd April, 2012 by way of slump sale for a
consideration of Rs.4242.800 Millions. The gain of Rs.3825.200 Millions on the
slump sale of the said business operation was disclosed as exceptional income
during the quarter ended 30th June, 2012.
5. Para 11 of
Accounting Standard (AS) 21, exempts consolidation of accounts of a temporary
subsidiary when it is held exclusively with a view to its subsequent disposal.
In view of this, the Company has not consolidated the financial statements of
Pfizer Animal Pharma Private Limited with its financial statements.
6. The Company has
transferred on 7th December, 2012, its 100% ownership in the wholly owned
subsidiary, Pfizer Animal Pharma Private Limited to Pfizer Animal Health India
Limited, a 100% indirect subsidiary of Pfizer Inc. for a consideration of
Rs.4716.000 Millions. The gain on sale of investment of Rs.316.000 Millions is
disclosed as exceptional item for the current quarter.
7. In view of the
transfer of animal health division, the Company now has only one reportable
segment ‘Pharmaceuticals’. Accordingly, the general and administrative expenses
have been allocated to pharmaceuticals segment. As a result, the segmental
reporting is not comparable with previous year quarter, year to date and year
end.
8. The sale of
animal health business has been effective 2nd April, 2012, therefore the
figures for the previous quarter / period are not comparable.
9. Figures for previous quarter / year have been regrouped where
necessary.
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.54.24 |
|
|
1 |
Rs.84.30 |
|
Euro |
1 |
Rs.71.36 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
TPT / DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
75 |
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.