1. Summary Information
|
Country |
|
||
|
Company Name |
TORRENT
PHARMACEUTICALS LIMITED |
Principal Name 1 |
Mr. Sudhir Mehta |
|
Status |
Good |
Principal Name 2 |
Mr. Markand Bhatt |
|
Registration # |
04-002126 |
||
|
Street Address |
Torrent House,
Off. Ashram Road, Navarangpura 9,
Ahmedabad – 380009, |
||
|
Established Date |
15.07.1972 |
SIC Code |
-- |
|
Telephone# |
91-79-26585090/26583060 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-79-26582100 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Injections, Vials |
|
|
# of employees |
9150
(Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs. 423,100,000/- |
Product Name 3 |
-- |
|
Shareholders |
Shareholding of
Promoter and Promoter – 71.51% Public
shareholding – 28.49% |
Banking |
Bank of |
|
Public Limited Corp. |
Yes |
Business Period |
41 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Aa (79) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries and Step Down Subsidiaries: |
-- |
Heumann Pharma Gmbh and Company |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
14,002,700,000 |
Current Liabilities |
7,893,200,000 |
|
Inventories |
6,970,900,000 |
Long-term Liabilities |
5,791,600,000 |
|
Fixed Assets |
7,913,800,000 |
Other Liabilities |
3,357,400,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
17,042,200,000 |
|
Invest& other Assets |
4,665,700,000 |
Retained Earnings |
16,087,800,000 |
|
|
|
Net Worth |
16,510,900,000 |
|
Total Assets |
33,553,100,000 |
Total Liab. & Equity |
33,553,100,000 |
|
Total Assets (Previous Year) |
25,783,809,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
27,662,300,000 |
Net Profit |
6,653,200,000 |
|
Sales(Previous yr) |
20,760,416,000 |
Net Profit(Prev.yr) |
3,112,506,000 |
MIRA INFORM REPORT
|
Report Date : |
11.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
TORRENT PHARMACEUTICALS LIMITED |
|
|
|
|
Registered
Office : |
Torrent House, Off. Ashram Road, Navarangpura 9, Ahmedabad – 380009, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
15.07.1972 |
|
|
|
|
Com. Reg. No.: |
04-002126 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 423.100 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230GJ1972PLC002126 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMT00474F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT5456A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and
Marketing of Pharmaceutical formulations viz. Tablets, Capsules, Liquids,
Injections, Vials, Ointments, Bulk Drugs and others and Medical Electronic
Equipments. |
|
|
|
|
No. of Employees
: |
9150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (79) |
|
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 66000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exists |
|
|
|
|
Comments : |
Subject is a part
of Torrent Group. It is a well-established
and reputed company having fine track record. The rating
reflects TPL’s strong market position in the Indian Domestic Pharmaceutical
market, profitable and expanding international operation and alliances with
global pharma majors for CRAMs business. The business is characterizes by
healthy margins, free cash flows and comfortable coverage and capitalization
indicators. Directors are
reported to be experienced and respectable businessmen. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
and as per commitments. The company can
be considered good for normal business dealings at usual trade term and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International Finance
Corporation expects to come out with its rupee linked bonds issue before the
end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs
41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched
in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term non fund based: AA+ |
|
Rating Explanation |
High degree of safety and low credit risk. |
|
Date |
July 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term unallocated: A1+ |
|
Rating Explanation |
Very strong degree of safety lowest credit
risk. |
|
Date |
July 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.
INFORMATION PARTED BY
|
Name : |
Mr. K R V Nair |
|
Designation : |
Export department |
|
Contact No.: |
91-79-26585090 |
|
Date : |
30.10.2013 |
LOCATIONS
|
Registered
Office/ Corporate
office : |
Torrent House Off
|
|
Tel. No.: |
91-79-26585090/26583060 |
|
Fax No.: |
91-79-26582100 |
|
E-mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Indrad Plant: Village Indrad,
Taluka Kadi, District Mehsana-382721, |
|
Tel. No.: |
91-2764-233671-75,
233678-80 |
|
Fax No.: |
91-2764-233676 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Baddi Plant : Village Bhud and
Makhnu Majra, Baddi, Tehsil Nalagarh, District: Solan, |
|
Tel. No.: |
91-1795-246821 |
|
Fax No.: |
91-1795-247159 |
|
|
|
|
Factory 3 : |
32 No. Middle Camp, NH-31A, East District, Gangtok ( |
|
|
|
|
Project Site: |
Plot No.
Z104-106, Dahej SEZ Phase II, Taluka Vagra, Dist. Bharuch, |
|
|
|
|
Research and
Development Facility : |
Torrent Research
Centre, Near |
|
Tel. No.: |
91-79-23269124/23969100 |
|
Fax No.: |
91-79-23269135/23969135/
23969124-34 |
|
E-Mail : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Sudhir Mehta |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Markand Bhatt |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Prasanna Chandra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shailesh Haribhakti |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Haigreve Khaitan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjay S. Lalbhai |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Leena Srivastava |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Samir Mehta |
|
Designation : |
Executive Vice Chirman |
|
|
|
|
Name : |
Dr. Chaitanya Dutt |
|
Designation : |
Director (Research and Development) |
|
|
|
|
Name : |
Mr. Pradeep Bhargava |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Mahesh Agarwal |
|
Designation : |
VP (Legal) and Company Secretary |
|
Address : |
Torrent House Off Ashram Road, Ahmedabad – 380009, Gujarat, India |
|
Tel No : |
91-79-26585090 |
|
Fax No : |
91-79-26582100 |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr. R Srinivasan |
|
Designation : |
VP (Financial) and Chief Financial Officer |
|
|
|
|
Audit Committee : |
Mr. Pradeep Bhargava Dr. Prasanna Chandra Mr. Shailesh Haribhakti – Chairman Mr. Haigreve Khaitan Dr. Leena Srivastava |
|
|
|
|
Securities Transfer and Investors Grievance Committee: |
Mr. Sudhir Mehta, Chairman Mr. Markand Bhatt Mr. Samir Mehta |
|
|
|
|
Nomination and Remuneration Committee: |
Mr. Pradeep Bhargava, Mr. Markand Bhatt Mr. Shailesh Haribhakti - Chairman Dr. Prasanna Chandra |
|
|
|
|
Committee of Directors: |
Mr. Markand
Bhatt, Chairman Mr. Samir Mehta |
|
|
|
|
Name : |
Mr. K R V Nair |
|
Designation : |
Export department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3797480 |
2.24 |
|
|
86115472 |
50.89 |
|
|
31093768 |
18.37 |
|
|
31093768 |
18.37 |
|
|
121006720 |
71.51 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
121006720 |
71.51 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
15070348 |
8.91 |
|
|
18446 |
0.01 |
|
|
13356547 |
7.89 |
|
|
28445341 |
16.81 |
|
|
|
|
|
|
6378449 |
3.77 |
|
|
|
|
|
|
7367339 |
4.35 |
|
|
958721 |
0.57 |
|
|
5066150 |
2.99 |
|
|
304278 |
0.18 |
|
|
800 |
0.00 |
|
|
27728 |
0.02 |
|
|
4483800 |
2.65 |
|
|
249544 |
0.15 |
|
|
19770659 |
11.68 |
|
Total Public shareholding (B) |
48216000 |
28.49 |
|
Total (A)+(B) |
169222720 |
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) |
169222720 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Marketing of Pharmaceutical formulations viz. Tablets, Capsules, Liquids,
Injections, Vials, Ointments, Bulk Drugs and others and Medical Electronic
Equipments. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Products : |
Finished Goods |
||||||||
|
Countries : |
|
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
L/C and Credit |
||||||||
|
|
|
||||||||
|
Purchasing : |
L/C and Credit |
PRODUCTION STATUS (As on 31.03.2013)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
1) Formulation |
|
|
|
|
Tablets |
‘ 000 Nos. |
Not Applicable |
13900.000 Millions |
|
Capsules |
‘ 000 Nos. |
Not Applicable |
1000.00 Millions |
|
Injection/Vials |
Ltr. |
Not Applicable |
26.000 Millions |
|
Suspension / Liquid [Ltr] |
Ltr. |
Not Applicable |
-- |
|
2) Bulk Drugs |
Kg. |
Not Applicable |
45,000 Kg. |
Production:
|
Particulars |
Unit |
Production* |
|
1) Formulation |
|
|
|
Tablets |
‘ 000 Nos. |
6533076 |
|
Capsules |
‘ 000 Nos. |
455016 |
|
Suspension / Liquid |
Ltr. |
337776 |
|
Injections |
Ltr. |
61534 |
|
Vials / Cartridges |
Nos. |
26375756 |
|
Ointment |
Kg. |
6109 |
|
2) Bulk Drugs |
Kg. |
33035 |
* Notes:
1) Includes production in factories of third parties on loan license.
2) Bulk Drug includes
production for captive consumption.
GENERAL INFORMATION
|
Customers: |
End Users |
|
|
|
|
No. of Employees : |
9150 (Approximately) |
|
|
|
|
Bankers : |
|
|
|
|
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Ahmedabad, |
|
|
|
|
Subsidiaries and
Step Down Subsidiaries: |
|
|
|
|
|
Enterprises
controlled by the Company: |
|
|
|
|
|
Holding Company / Enterprises
Controlled by the Holding Company: |
|
|
|
|
|
Enterprises Controlled by Key Management Personnel / Relatives of Key
Management Personnel: |
|
CAPITAL STRUCTURE
AS ON 26.07.2013
Authorised Capital : Rs.
1250.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 846.114 Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150,000,000 |
Equity Shares |
Rs.5/- each |
Rs. 750.000 Millions |
|
2,500,000 |
Preference Shares |
Rs.100/- each |
Rs. 250.000 Millions |
|
|
TOTAL |
|
Rs. 1000.000
Millions |
Issued & Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
84,625,360 |
Equity Shares |
Rs.5/- each |
Rs. 423.100
Millions |
|
|
|
|
|
Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
84,611,360 |
Equity Shares |
Rs.5/- each |
Rs. 423.100
Millions |
|
|
Amount originally paid up on 14,000 Equity Shares forfeited* (Amount
Rs. 0.035 Million) |
|
* |
|
|
|
|
|
|
|
TOTAL |
|
Rs. 423.100 Millions |
Notes:
(i) Reconciliation of equity shares outstanding at the beginning and at
the end of the reporting year:
|
|
31.03.2013 |
|
|
|
Numbers |
Rs In Millions |
|
As at beginning of the year |
84,611,360 |
423.100 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the end of the year |
84,611,360 |
423.100 |
Torrent
Private Limited, the holding Company, holds 43057736 (previous year 43057736)
equity shares of Rs. 5 each, equivalent to 50.89% (previous year 50.89%) of the
total number of equity shares, which is the only shareholder holding more than
5 % of total equity shares.
The Company
has one class of equity shares having par value of Rs.5 each. Each shareholder
is eligible for one vote per share held. The final dividend proposed by the
Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting. In the event of liquidation, the equity
shareholders are eligible to receive the remaining assets of the Company after
distribution of all preferential amount, in proportion to shareholding.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
423.100 |
|
(b) Reserves & Surplus |
|
|
16087.800 |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
16510.900 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
4545.400 |
|
(b) Deferred tax liabilities (Net) |
|
|
568.900 |
|
(c) Other long term
liabilities |
|
|
97.600 |
|
(d) long-term
provisions |
|
|
710.100 |
|
Total Non-current
Liabilities (3) |
|
|
5922.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
1246.200 |
|
(b) Trade
payables |
|
|
4496.900 |
|
(c) Other
current liabilities |
|
|
3298.700 |
|
(d) Short-term
provisions |
|
|
2078.400 |
|
Total Current
Liabilities (4) |
|
|
11120.200 |
|
|
|
|
|
|
TOTAL |
|
|
33553.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
|
7849.900 |
|
(ii)
Intangible Assets |
|
|
63.900 |
|
(iii)
Capital work-in-progress |
|
|
2763.100 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
1475.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
533.600 |
|
(e) Other
Non-current assets |
|
|
239.000 |
|
Total Non-Current
Assets |
|
|
12924.500 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
427.600 |
|
(b)
Inventories |
|
|
6970.900 |
|
(c) Trade
receivables |
|
|
8312.700 |
|
(d) Cash
and cash equivalents |
|
|
2777.600 |
|
(e)
Short-term loans and advances |
|
|
683.200 |
|
(f) Other
current assets |
|
|
1456.600 |
|
Total
Current Assets |
|
|
20628.600 |
|
|
|
|
|
|
TOTAL |
|
|
33553.100 |
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
423.092 |
423.092 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
12621.831 |
10507.360 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
13044.923 |
10930.452 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
2980.116 |
2509.616 |
|
|
2] Unsecured Loans |
|
1621.663 |
1416.484 |
|
|
TOTAL BORROWING |
|
4601.779 |
3926.100 |
|
|
DEFERRED TAX LIABILITIES |
|
631.728 |
617.053 |
|
|
|
|
|
|
|
|
TOTAL |
|
18278.430 |
15473.605 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
6363.086 |
5876.091 |
|
|
Capital work-in-progress |
|
268.651 |
443.728 |
|
|
Advance for capital expenditure |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
4778.164 |
4305.221 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
3931.225
|
3428.250 |
|
|
Sundry Debtors |
|
4096.149
|
3400.137 |
|
|
Cash & Bank Balances |
|
3666.885
|
2653.258 |
|
|
Other Current Assets |
|
1513.311
|
1351.408 |
|
|
Loans & Advances |
|
1166.338
|
759.268 |
|
Total
Current Assets |
|
14373.908
|
11592.321 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
0.000
|
0.000 |
|
|
Other Current Liabilities |
|
6312.211
|
5692.544 |
|
|
Provisions |
|
1193.168
|
1051.212 |
|
Total
Current Liabilities |
|
7505.379
|
6743.756 |
|
|
Net Current Assets |
|
6868.529
|
4848.565 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
18278.430 |
15473.605 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
27662.300 |
20760.416 |
17517.292 |
|
|
|
Other Income |
1316.700 |
1351.891 |
589.704 |
|
|
|
TOTAL |
28979.000 |
22112.307 |
18106.996 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
7974.300 |
5901.663 |
5757.782 |
|
|
|
Purchases of stock-in-trade |
2925.200 |
2521.020 |
905.418 |
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(1104.300) |
(359.647) |
(655.405) |
|
|
|
Employee benefits expense |
3663.400 |
3090.464 |
2719.642 |
|
|
|
Other expenses |
7412.200 |
5602.917 |
4829.168 |
|
|
|
Exceptional items |
374.900 |
612.000 |
0.000 |
|
|
|
TOTAL |
21245.700 |
17368.417 |
13556.605 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
7733.300 |
4743.890 |
4550.391 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
365.100 |
397.842 |
390.244 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
7368.200 |
4346.048 |
4160.147 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
715.000 |
639.028 |
581.262 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
6653.200 |
3707.020 |
3578.885 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1189.000 |
594.514 |
670.249 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
5464.200 |
3112.506 |
2908.636 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2740.000 |
2370.000 |
1781.857 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
550.000 |
1910.000 |
1530.000 |
|
|
|
Dividend |
-- |
-- |
676.891 |
|
|
|
Tax on Dividend |
-- |
-- |
109.809 |
|
|
|
Interim Dividend |
510.000 |
510.000 |
-- |
|
|
|
Proposed Final Dividend |
1440.000 |
210.000 |
-- |
|
|
|
Tax on Distributed profits for interim
Dividend |
80.000 |
80.000 |
-- |
|
|
|
Tax on Distributed profits for Final
Dividend |
250.000 |
30.000 |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
5380.000 |
2740.000 |
2373.793 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
12114.300 |
7585.400 |
5781.767 |
|
|
|
Interest |
2.900 |
0.400 |
0.360 |
|
|
|
Other Income [Product registration dossiers
and others] |
1111.000 |
564.400 |
298.483 |
|
|
TOTAL EARNINGS |
13228.200 |
8150.200 |
6080.610 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Packing Material |
2141.800 |
1945.500 |
1923.947 |
|
|
|
Stores & Spares |
71.200 |
57.200 |
63.637 |
|
|
|
Capital Goods |
220.200 |
205.700 |
297.616 |
|
|
TOTAL IMPORTS |
2433.200 |
2208.400 |
2285.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
64.58 |
36.79 |
34.38 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
18.86 |
14.08 |
16.06 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
24.05 |
17.86 |
20.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.70 |
25.79 |
30.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
40.30 |
0.28 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.35 |
0.35 |
0.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.86 |
1.92 |
1.72 |
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 |
No |
|
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 |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATIONS DETAILS
HIGH COURT OF GUJARAT
|
|
STAMP NUMBER (SPL.C.A.) No. 8265 of 2013 |
|
|
|
|
|
Status : PENDING |
|
CCIN No :
001022201308265 |
|
|
|||||||||
|
|||||||||
|
|||||||||
|
S.NO. |
Name of the Petitioner |
Advocate On Record |
|||||||
|
1 |
ASKME LAB-CON SERVICES PVT LTD |
MR HEMANG M SHAH for: Petitioner(s) |
|||||||
|
S.NO. |
Name of the Respondant |
Advocate On Record |
|||||||
|
1 |
TORRENT PHARMACEUTICALS LTD. |
|
|||||||
|
|
|||||||||
|
Presented On |
: 30/04/2013 |
Registered On |
: 30/04/2013 |
||||||
|
Bench Category |
: SINGLE BENCH |
District |
: AHMEDABAD |
||||||
|
Case Originated From |
: THROUGH ADVOCATE |
Listed |
: 0 times |
||||||
|
StageName |
: OFFICE OBJECTION (FILING STAGE) |
||||||||
Office Objection
|
|
|
Filing Stage |
·
WHETHER INDEX-CUM-CHRONOLOGY OF DOCUMNETS AND
EVENTS FILED ·
WHETHER VAKALATNAMA SIGNED BY ALL PETITIONERS/
APPELLANTS & ACCEPTEDBY ADVOCATE ·
WHETHER COPIES ARE LEGIBLE AND WHETHER TYPED
COPIES OF HAND WRITTEN ANNEXURES FILED |
|
Classification |
|
|
Act |
|
Other Forums
|
|
S.No. |
CASEDETAILS |
TRIBUNAL REFERRENCE |
ORDER PASSED BY |
JUDGEMENT DATE |
PLACE |
|
1 |
REF (IT)172/2011 |
INDUSTRIAL TRIBUNAL AHMEDABAD |
R B SONI |
19/03/2013 |
AHMEDABAD |
Court Proceedings
|
|||||
|
S. No. |
Notified Date |
CourtCode |
Board Sr. No. |
Stage |
Action |
Coram |
|
1 |
15/05/2013 |
51 |
- |
OFFICE OBJECTION (FILING STAGE) |
NEXT DATE |
·
ADDITIONAL REGISTRAR ( JUDICIAL) |
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
from banks |
389.200 |
|
from banks |
124.300 |
|
Short-term
borrowings |
|
|
from banks |
559.400 |
|
Total |
1072.900 |
|
PARTICULARS |
31.03.2012 (Rs. In Millions) |
|
Long-term borrowings, non-current portion |
0.000 |
|
from banks |
841.390 |
|
from others |
140.817 |
|
Unsecured loans from banks |
639.456 |
|
Total |
1621.663 |
STANDALONE
OPERATING RESULTS
The sales
and operating income increased to Rs. 27660.000 Millions from Rs. 20760.000
Millions in the previous year yielding a growth of 33.24%. The operating profit
for the year under review increased to Rs.8110.000 Millions as against Rs.
5360.000 Millions in the previous year registering a growth of 51.31%. The
profits after tax for the year under review increased to Rs. 5460.000 Millions
as against Rs. 3110.000 Millions in the previous year registering a growth of
75.56%. During the current year, exceptional item pertaining to provision for
diminution in the value of long term investment amounting to Rs. 370.000
Millions is charged to the Statement of Profit and Loss. Adjusting for the
exceptional item (net of tax), net profit has grown by 61.94%.
MANAGEMENT DISCUSSION
AND ANALYSIS
CAVEAT
Shareholders
are cautioned that certain data and information external to the Company is
included in this section. Though these data and information are based on
sources believed to be reliable, no representation is made on their accuracy or
comprehensiveness. Further, though utmost care has been taken to ensure that the
opinions expressed by the management herein contain their perceptions on most
of the important trends having a material impact on the Company's operations,
no representation is made that the following presents an exhaustive coverage on
and of all issues related to the same. The opinions expressed by the management
may contain certain forward-looking statements in the current scenario, which
is extremely dynamic and increasingly fraught with risks and uncertainties.
Actual results, performances, achievements or sequence of events may be
materially different from the views expressed herein. Shareholders are hence
cautioned not to place undue reliance on these statements, and are advised to
conduct their own investigation and analysis of the information contained or
referred to in this section before taking any action with regard to their own
specific objectives. Further, the discussion following herein reflects the
perceptions on major issues as on date and the opinions expressed here are
subject to change without notice. The Company undertakes no obligation to
publicly update or revise any of the opinions or forward-looking statements
expressed in this section, consequent to new information, future events, or
otherwise.
NOTE
Except
stated otherwise, all figures, percentages, analysis, views and opinions are on
consolidated financial statements of Torrent Pharmaceuticals Ltd. and its
wholly owned subsidiaries and their businesses (jointly referred as Torrent or
Company, hereinafter). Financial information presented in various sections of
the Management Discussion and Analysis is classified under suitable heads which
may be different from the classification reported under the Consolidated
Financial Statements. Some additional financial information is also included in
this section which may not be readily available from the Consolidated Financial
Statements. Previous year's figures have been regrouped to make it comparable
with the current year.
THE
GLOBAL PHARMA MARKET
The world
pharmaceutical market has grown two times in value since 2000 primarily due to
increased use of medicines around the world, global economic growth and faster
regulatory approvals. The global market grew by around 3% in 2012. While the
developed market grew at an average 2%, the Pharmerging markets have grown by
around 12%. The top five pharmaceutical markets in the world remained the US,
Japan, Germany, France and China with US representing 39% of the global
prescription pharmaceuticals sales.
The world
population is expected to grow to around 8 Bn by 2050. In addition, there has
been an increase in the number of people having access to healthcare. Global
spending on medicines is expected to reach USD 1.2 trillion by 2016 reflecting
growth of 3 - 6% over the four year period compared to 6.2% annual growth over
the past five years.
In most
developed markets, ageing populations and certain lifestyle choices drive an
increased incidence of non-communicable diseases(NCDs) such as cancer,
cardiovascular/metabolic and respiratory diseases which require long-term
management. In 2008, almost two-thirds of deaths globally were from NCDs and
80% of those were in lower and middle income countries. It Is also estimated
that nearly one-third of the world's diabetes patients will come from India and
China by 2030.
2012 was the
transition year for Generics as drugs having sales value USD 44 Bn, have lost
their patent protection during the current year. Although generics-focused
companies will continue to benefit from patent expirations in 2013, these will
not be to the same extent as in 2011-12, when a slew of blockbuster drugs came
off patent.During the next 4-5 years drugs having value of around USD 75-80 Bn
are going to be off patent which will be in the range of USD 15-25 Bn per year.
Along with this many markets like Europe, Japan and India (some parts) have
increased the push for the use of the Generics over Branded Drugs and even INN
(International Nonproprietary Name) prescribing have been introduced in some
countries. In recent years many small molecules have been converted into
generics and loss of exclusivity of blockbuster drugs has increased the
importance of the Generic Drugs in the industry.
A large no
of Patent Expiry offer a strong growth in the developed market for the Generic
segment. Generic segment contributed around 25% of the world pharmaceuticals
market and is expected to reach 30-35% of the total global pharma spending by
2016 with a CAGR of 12-13% compared with a 1-2% CAGR in the branded market.
At present
although growth in the mature market is very low as compared to the high growth
in the Pharmerging market, over 80% sale of the NCE's (New Chemical Entities)
are coming from the major developed market whereas the top 20 brands of the
Pharmerging market are too old i.e. launched 11-20 years ago. Products are
often launched first in the most commercially attractive markets, whose
characteristics include the pricing and reimbursement environment, regulatory
requirements and in some case the impact of reference pricing systems, whereby
the reimbursed price in some markets is used to set the price in others.
The
developed markets have 65% share of the global market which is expected to
reduce to 57% by 2016, whereas the Pharmerging market's share will be around
30%. Essentially more than 50% of the growth of the global pharma market will
be driven by the Pharmerging markets because of the increased contribution to
the global market and the higher growth rate compared to the developed market.
The dynamic
and high potential Pharmerging markets offer tremendous opportunities for drug
manufacturers. Big Pharma's drive into a group of high potential Pharmerging
markets has continued to gather momentum. The market research organization IMS
Health categorizes the market into Tier 1(China), Tier 2 (Brazil, lndia,Russia)
and Tier 3 (around 13 countries) Pharmerging markets. The Company has presence
in all of the Tier 2 countries and around 8 countries in Tier 3. Positive developments
in these markets, such as greater government investments in healthcare,
increasing demand for drugs to treat diseases and strengthening of regulatory
and IP requirements, enable global players to launch their products in
Pharmerging markets.
INDIAN
PHARMACEUTICAL MARKET
India, 14th
largest pharma market in the world is valued over. 600 Bn growing at a CAGR of
12% over 2002 and is expected to grow at a CAGR of 15-17% till 2020.
lt is one of the
fastest growing pharma markets in the world. Indian pharmaceutical market is
dominated majorly by branded generics constituting nearly 70% to 80% of market.
The market is estimated to be among the top 10 by 2015.
Indian
Pharmaceuticals market (IPM) has witnessed growth in both Acute and Chronic
segments. One of the major reasons for the growth is increase in the incidence
of the chronic disease and its early detection, but still the acute segment
dominates market share in the IPM.
Key growth
drivers are growing population, increase in drug penetration levels, aspiration
to seek better healthcare as income levels increase, growing incidence of
chronic ailments, availability of newer forms of treatments (such as vaccines)
rising insurance penetration, improving medical infrastructure and increasing
government spend on healthcare.
Increasing
urbanization, lifestyle changes and work stress are responsible for the higher
incidences of chronic diseases. Indian market is witnessing gradual transition
from acute diseases to lifestyle diseases and chronic therapies like
Cardiology, Neuropsychiatry, Oncology and Diabetes. With current demographic
profile and growth prospects of the economy, Indian Pharmaceutical market could
see continuing trend of transition towards chronic and super specialty
therapies, with acute therapies retaining their market size. The incidence of
lifestyle related diseases such as Diabetes, Oncology and Cardiovascular
disease are expected to increase over the next few years.
As per IMS
health estimates, the chronic therapies are likely to comprise more than 50% of
the market by 2020 with cardiovascular (second largest segment after
anti-infective) and anti-diabetic taking the lead while segments like
anti-cancer will also add to the momentum. Shift in Therapeutic profile of
Indian Pharma market over a period of last 5 years.
Outlook for
generic in India looks positive due to several factors. The current pipeline of
the generic products that are either undergoing new process development or have
been recently launched is strong. In addition, domestic players have the
opportunity to develop new combinations and formulations of the products that
are already in the market. Generic players continue to have a wide range of
options for new generics launches from the basket of pre 1995 products. The top
25 companies contribute 72% to the IPM and continue to strengthen their grip on
the market with a larger presence across various therapies.
The new DPCO
2013 has been notified by the Department of Pharmaceuticals effective from 15th
May 2013 replacing DPCO 1995. The policy hence widens the ambit of medicines
under price control bringing 348 essential drugs listed in the National List of
Essential Medicines(NLEM) as compared to 74 bulk drugs. The ceiling price will
be based on simple average of prices of all brands having more than 1% of value
share. The ceiling price will be fixed on the basis of readily monitorable
Market Based Data available with pharmaceutical market data specializing
company - IMS Health. The government may in due course come out with other
appropriate mechanism of collecting or obtaining market data related to drugs.
The extent
of control will be limited to drugs and combinations listed in the NLEM and any
new combinations that include one or more molecule under NLEM will require a
specific government price approval. The ceiling price will be subject to upward
or downward revision by NPPA based on market conditions to the extent of
Wholesale Price Index (WPI). For Non NLEM products, the companies can hike
their price upto 10% though it would be depend on market dynamics. Ceiling
prices of products under DPCO 1995, not part of NLEM, shall remain effective
for one year from the date of notification and thereafter prices of such
formulations shall be regulated as in case of other non-scheduled formulations.
The department has directed the National Pharmaceutical Pricing Authority
(NPPA) to begin the process of price fixation so that the effect of the policy
could be felt in the market at the earliest. The manufacturers have been given
45 days to clear the old stocks and implement the new rates post price
notification by NPPA.
Given the
above developments, companies need to focus on driving productivity through
brand building and customize marketing approach to suit different customer
segments. Medium term growth would be driven by therapy expansion and new
product introductions.
PERFORMANCE
SNAPSHOT
Torrent is
one of the leading pharmaceutical companies having presence in Indian and
global markets. The Company's revenues are mainly from manufacture and sale of
branded as well as unbranded generic pharmaceutical products. A further break
down of the revenues can be done as India formulations (comprising branded
pharmaceutical formulations sold in the Indian market), International
formulations (comprising sales outside India of branded and unbranded-generic
pharmaceutical formulations) and Contract manufacturing. Company's current
international operation mainly covers USA, Brazil, Europe (incl. Germany) and
Rest of the World including Russia, CIS, Asia Pacific and Africa.
During the
financial year 2012-13, the Company reported revenues of Rs. 32120.000
Millions, a growth of 19% compared with Rs. 26960.000 Millions in the previous
financial year.
INDIA
FORMULATION BUSINESS
The India
formulations segment registered growth of 13% over the previous year on the
back of improved performance of Cardiology, Diabetology and CNS portfolio. The
company also bolstered better growths in its new segments like Dermatology,
Oncology and Gynaecology.
During the
year the Company continued efforts and strategic initiatives towards improving
its market share through re-alignment of the business units to bring in higher
focus on key customer segments.
Neuro-
Psychiatry. The Company is ranked No.2 in Cardiovascular segment and No.4 in
Neuropsychiatry therapies. The company is ranked 17th by turnover
in the domestic market and has 5 brands in top 300 brands and 37 brands in
leadership position in their respective molecule segments.
The Company
has a strong presence in the chronic segment as 66% of the revenues of the
Company are from the chronic segment as compared to 29% of IPM, which shows
that the company is well-poised to grab the shifting chronic market.
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10447179 |
13/08/2013 |
2,200,000,000.00 |
HSBC BANK (MAURITIUS) LIMITED |
HSBC CENTRE, 18 CYBERCITY,
EBENE, MAURITIUS, - 000, MAURITIUS |
B84093871 |
|
2 |
10421600 |
05/04/2013 |
500,000,000.00 |
BNP PARIBAS |
203, SAKAR-II,
ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
B73713752 |
|
3 |
10399912 |
31/12/2012 |
200,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED |
16, VEER NARIMAN
ROAD,, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B66818014 |
|
4 |
10250161 |
13/12/2010 * |
850,000,000.00 |
BNP PARIBAS |
20, COLLYER
QUAY, #01-01 TUNG CENTRE, SINGAPORE |
B01385046 |
|
5 |
10010037 |
04/07/2006 |
448,000,000.00 |
STANDARD CHARTERED BANK |
ABHIJEET II,
GROUND FLOOR, MITHAKHALI SIX ROADS, A |
A02291342 |
|
6 |
90103831 |
12/02/2008 * |
502,500,000.00 |
CITIBANK N.A. |
GROUND FLOOR,
REMBRANT C G ROAD,, NEAR PANCHAVATI |
A33482977 |
|
7 |
90103822 |
03/11/2011 * |
500,000,000.00 |
CORPORATION BANK |
CORPORATE BANKING
BRANCH, RANGOLI COMPLEX, OPP. V. S. HOSPITAL, ELLIS BRIDGE, ASHRAM ROAD,,
AHMEDABAD, GUJARAT - 380009, INDIA |
B24446957 |
|
8 |
90314950 |
22/05/1992 |
11,000,000.00 |
STATE BANK OF INDIA |
KALOL, KALOL,
GUJARAT, INDIA |
- |
|
9 |
90314804 |
07/10/1991 * |
4,200,000.00 |
GUJARAT INDUSTRIAL INVESTMENT CORPORATION
LIMITED |
CHUNIBHAI
CHAMBERS, ASHRAM ROAD, AHMEDABAD, GUJARAT, INDIA |
- |
|
10 |
90314181 |
07/08/1991 * |
6,000,000.00 |
GUJARAT INDUSTRIAL INVESTMENT CORPORATION LIMITED |
CHUNIBHAI
CHAMBERS, ASHRAM ROAD, AHMEDABAD, GUJARAT, INDIA |
- |
Note: * Date of charge modification
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
|
PARTICULARS |
Rs.
in million 31.03.2013 |
Rs.
in million 31.03.2012 |
|
(a) Claims against the Group not acknowledged as debts |
|
|
|
Disputed Demand of Income Tax for which appeals have been preferred |
52.500 |
34.000 |
|
Disputed Employee State Insurance Contribution Liability under E.S.I.
Act, 1948 |
58.000 |
49.800 |
|
Disputed Legal cases for supply of goods and services |
409.700 |
0.200 |
|
Disputed Demand of Excise and Service tax |
379.300 |
14.700 |
|
Disputed Demand of Local Sales Tax and C.S.T |
1.700 |
1.700 |
|
Disputed cases at Labour Court / Industrial Court |
22.200 |
11.600 |
|
(b) The Company
has issued guarantee aggregating Rs. 20.000 Millions (previous year Nil) for
borrowing a demand loan at “Torrent Pharma Employee Welfare Trust”. The outstanding
amount of liabilities by the said trust as on balance sheet date, is |
0.000 |
13.800 |
|
(c) The Company
has issued guarantee aggregating Rs.20.000 Millions (previous year Rs.20.000
Millions) for borrowing a demand loan at “Torrent Pharma Employee Welfare
Trust”. The outstanding amount of liabilities by the said trust as on balance
sheet date, is |
0.000 |
16.300 |
STATEMENT
OF STANDALONE AUDITED RESULTS FOR THE QUARTER ENDED 30.06.2013
|
Particulars |
Quarter
ended 30.06.2013 |
|
Income
from operations |
|
|
Net
sales (Net of excise duty) |
8180.000 |
|
Other
operating income |
670.000 |
|
Net
income from operations |
8850.000 |
|
Expenses |
|
|
Cost
of materials consumed |
2120.000 |
|
Purchases
of stock-in-trade |
200.000 |
|
Changes
in inventories of finished goods, work- in-progress
and stock-in-trade |
390.000 |
|
Employee
benefits expense |
1040.000 |
|
Depreciation
and amortisation expense |
190.000 |
|
Other
expenses |
2230.000 |
|
Total
expenses |
6170.000 |
|
Profit
from operations before other income, finance costs and exceptional items |
2680.000 |
|
Other
income |
140.000 |
|
Profit
from ordinary activities before finance costs and exceptional items |
2820.000 |
|
Finance
costs |
80.000 |
|
Profit
from ordinary activities after finance costs but before exceptional items |
2740.000 |
|
Exceptional
items |
- |
|
Profit
from ordinary activities before tax |
2740.000 |
|
Tax
expense |
600.000 |
|
Net
profit for the period |
2140.000 |
|
Paid-up
equity share capital (Face value of Rs.5 each) |
420.000 |
|
Reserves
excluding revaluation reserves |
- |
|
Earnings
per share (of Rs. 5/- each) (not annualised): Basic
Diluted |
25.28 25.28 |
Select
Information for the Quarter Ended 30-Jun-2013
|
|
30.06.2013 |
|
Public shareholding |
|
|
- Number of shares |
24108000 |
|
- Percentage of
shareholding |
28.49% |
|
Promoters and Promoter group
Shareholding |
|
|
(a) Pledged/Encumbered |
|
|
- Number of shares |
Nil |
|
- Percentage of
shares (as a % of the total |
|
|
shareholding of
promoter and promoter |
|
|
group) |
Nil |
|
- Percentage of
shares (as a % of the total |
|
|
share capital of
the company) |
Nil |
|
(b) Non-encumbered |
|
|
- Number of shares |
60503360 |
|
- Percentage of
shares (as a % of the total |
|
|
shareholding of
promoter and promoter |
|
|
group) |
100% |
|
- Percentage of
shares (as a % of the total |
|
|
share capital of
the company) |
71.51% |
|
INVESTOR
COMPLAINTS |
Quarter ended |
|
30.06.2013 |
|
|
Pending at the
beginning of the quarter |
Nil |
|
Received during the
quarter |
1 |
|
Disposed of during
the quarter |
1 |
|
Remaining
unresolved at the end of the quarter |
Nil |
Notes:
1
The above results were reviewed by the Audit Committee and approved by the
Board of Directors, in their respective meetings held on 26-Jul-2013. There is
no qualification in the Auditors Report on this statement of financial results.
2 The Company operates a solitary business
segment viz. pharmaceuticals, comprising mainly manufacture of branded
formulations. A further breakdown of pharmaceutical sales is given below.
(Rs.
In Millions)
|
Particulars |
Quarter
ended 30.06.2013 |
|
(A)
Sales in India |
|
|
Branded
sales |
3160.000 |
|
Contract
manufacture |
600.000 |
|
Others |
30.000 |
|
Total
sales in India |
3790.000 |
|
(B)
Sales outside India |
4410.000 |
|
Total
sales (A+B) |
8200.000 |
|
Less:Excise
duty |
20.000 |
|
Net
sales |
8180.000 |
Other
operating income during the current quarter, includes an amount of Rs. 42
crores (preceding quarter ended on 31-Mar-2013 Rs. 29 crores and comparative
quarter ended on 30-Jun-2012 Rs. Nil) being the milestone payment arising from
settlement and license agreement involving assignment of a patent.
The
figures for the comparative periods have been regrouped, wherever necessary, to
make them comparable with the figures for the current periods.
The
Company has also prepared and published unaudited consolidated financial
results for the quarter ended 30-Jun-2013, which were subjected to limited
review by statutory auditors of the Company.
FIXED ASSETS
Intangible Assets
- Land
- Buildings
- Plant and Equipment
- Furniture and
Fixtures
- Vehicles
- Office Equipment
- Electrical Equipment
Intangible Assets
- Computer Software
- Products Licenses
PRESS RELEASES
TORRENT PHARMA 44% GROWTH IN NET PROFIT
AND 27% IN REVENUES DURING Q1 13-14
JULY 26TH, 2013
Ahmedabad-based Pharmaceuticals major, Torrent Pharmaceuticals Limited, today released its financial results for the quarter ended 30th June, 2013. The Q1’13-14 revenues stood at Rs. 9720.000 Millions, up by 27% from Rs. 7670.000 Millions in the comparable quarter of last year.
During Q1, domestic formulation business recorded revenues of Rs. 3120.000
Millions, growing by 12% International revenues grew by 28% to Rs. 5390.000
Millions. In the international operations, US business reported a growth of
43%, Europe 49%, Rest of the World, including Russia and CIS 23%., while Brazil
registered a degrowth of 2%.
Profit before Taxes for the quarter was Rs. 1870.000 Millions compared to Rs.
1400.000 Millions during the same period last year. Profit after Taxes for the
quarter was Rs. 1490.000 Millions compared to Rs. 1020.000 Millions during the
same period last year.
About Torrent Pharma: Torrent Pharma, with an annual turnover of over Rs.
32000.000 Millions is the flagship Company of the Torrent Group. With many of
its products ranking among the top 200 brands, Torrent continues to be at the
forefront of the Indian pharmaceutical industry through research, innovation
and breakthroughs in the therapeutics areas of Diabetology, Cardiovascular,
Central Nervous System, Gastro-Intestinal, Anti-infective, Pain management and
Gynecology. Its Research Center employs over 580 scientists in the areas of
drug discovery and development. Torrent’s manufacturing plant at Chattral has a
capacity to manufacture approx. 5,500 million tablets, capsules and vials and
45,000 kgs of Bulk Drugs/API. The facility has been approved by authorities
from regulated markets like US, UK, Germany, Australia and South Africa. The
manufacturing plant at Baddi has a capacity to manufacture 3,300 million tablets
and 350 million capsules. Manufacturing plant at Sikkim has a capacity to
manufacture 3,900 million tablets per annum.
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 records 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.62.73 |
|
|
1 |
Rs.100.92 |
|
Euro |
1 |
Rs.84.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
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 |
|
79 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.