MIRA INFORM REPORT
|
Report Date : |
10.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUN PHARMACEUTICAL INDUSTRIES LIMITED |
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Registered
Office : |
Sun Pharma
Advance Research Centre (SPARC), Tandalja,
Akota Road, Vadodara – 390020, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
01.03.1993 |
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Com. Reg. No.: |
04-019050 |
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Capital
Investment / Paid-up Capital : |
Rs.1035.600 Millions |
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CIN No.: [Company Identification
No.] |
L24230GJ1993PLC019050 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDS02426E |
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PAN No.: [Permanent Account No.] |
AADCS3124K |
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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
: |
Manufacturers of
Tablets, Capsules, Parenterals, Ointments, Bulk Drugs, Chemicals and Liquids. |
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No. of Employees
: |
14000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
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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 |
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Maximum Credit Limit : |
USD 311555000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well established and reputed company having fine track
record. Financials are strong and healthy. Liquidity position is good.
Directors are reported to be experience 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 for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial years
of the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AAA = Long Term Rating |
|
Rating Explanation |
Highest degree of safety and carry lowest
risk |
|
Date |
10.01.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ = Short Term Rating |
|
Rating Explanation |
Strong degree of safety and carry lowest
credit risk. |
|
Date |
10.01.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Research Centre 1 : |
Sun Pharma
Advance Research Centre (SPARC), Tandalja,
Akota Road, Vadodara – 390020, Gujarat, India |
|
Tel. No.: |
91-265-2340001/5515500/600/700 |
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Fax No.: |
91-265-2339103/2354897/2332664 |
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E-Mail : |
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Website : |
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Corporate
Office : |
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Tel. No.: |
91-22-28211822/1842/1917/1951/1953 |
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Fax No.: |
91-22-28212010 |
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E-Mail : |
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Research
Centre 2 : |
· F.P 27, Part Survey No. 27, C. S. No. 1050, T. RS. Village, Tandalja, District Vadodara - 390020, Gujarat, India ·
17-B, Mahal Industrial Estate, Mahakali Caves
Road, Andheri (East), Mumbai - 400059, Maharashtra, India Tel No.:
91-2-66455645 Fax No.: 91-22-66455685 ·
Chemistry
and Discovery Reaserch Israel, 14 Hakitor Street, P.O. Box, 10347 Haifa Boy
26110, Israel |
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Factory 1 : |
Plot No. 214, Plot No. 20, Government Industrial Area, Phase II, Piparia, Silvassa – 396230, Gujarat, India |
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Factory 2 : |
Halol-Baroda Highway, Near Anand Kendra, Halol, District Panchmahal - 389350, Gujarat, India |
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Factory 3 : |
Plot No. 24/2 and 25, GIDC, Phase-IV, Panoli, District Bharuch - 394116, Gujarat, India |
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Factory 4 : |
A-7 and A-8, MIDC Industrial Area, Ahmednagar - 414111, Maharashtra, India |
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Factory 5 : |
Plot No. 4708, GIDC. Ankleshwar - 393002, Gujarat, India |
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Factory 6 : |
Sathammai Village, Karunkuzhi Post, Maduranthakam TK, District Kanchipuram - 603303, Tamilnadu, India |
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Factory 7 : |
Plot No. 817/A, Karkhadi, Taluka Padra, District Vadodara - 391450, Gujarat, India |
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Factory 8 : |
Sun Pharma Drugs
Private Limited Plot No. 754, Nandok Block, Setipool, P.O. Ranipool – 737135, Sikkim, India |
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Factory 9 : |
Sun Pharma
Medication Private Limited Survey No. 259/15, Dadra – 396191, Union Territory |
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Factory 10 : |
Sun Pharma
Medication Private Limited 6-9 Export Promotion Industrial Park (EPIP), Kartholi, Bari Brahmana, Jammu - 181133, Jammu and Kashmir, India |
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Factory 11 : |
Sun Pharma
Medication Private Limited I.G.C. Phase-I, Samba – 184121, Jammu and Kashmir, India |
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Factory 12 : |
Sun Pharmaceutical
Industries Inc. 705, E. Mulberry Street, Bryan, Ohio – 43506, USA |
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Factory 13 : |
Sun Pharmaceutical
Industries Inc. 270 Prospect Plains Road, Cranbury, New Jersey – 08512, USA |
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Factory 14 : |
Caraco Pharmaceutical
Laboratories Limited 1150 Elijah McCoy Drive, Detroit – 48202, Michigan, USA |
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Factory 15 : |
Sun Pharmaceutical
(Bangladesh) Limited Chandana, Joydevpur, Gazipur, Bangladesh |
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Factory 16 : |
Alkaloida Chemical
Company Zrt H-4440 Tiszavasvari , Kabay, Janos u.29, Hungary |
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Factory 17 : |
TKS Farmaceutica Rodovia GO-080, Km 02, Chacaras 01/02, Jardim Pompeia, Goiania/GO, Brazil CEP: 74690-170 |
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Factory 18 : |
Sun Pharma de
Mexico S.A. de C.V, Av. Rio Churubusco No. 658, Col. El Sifon, Del. Iztapalapa, C.P 09400 Mexico, Distrito Federal |
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Factory 19 : |
Chattem Chemicals,
Inc. 3708, St. Elmo Avenue, Chattanooga, TN 37409, USA |
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Factory 20 : |
Taro
Pharmaceuticals Inc. 130 East Drive, Brampton, Ontario L6T 1C1, Canada |
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Factory 21 : |
Taro Pharmaceutical
Industries Limited 14 Hakitor Street, P.O. Box 10347 Haifa Bay 26110, Israel |
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Factory 22 : |
Dusa Pharmaceuticals Inc., 25, Upton Drive, Wilmington, Massachusetts,
01887, USA |
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Factory 23 : |
URL Pharmaceuticals Inc., 1100 Orthodox Street, Philadelphia, PA
19124, USA |
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Factory 24 : |
URL Pharmaceuticals Inc., 2500 Molitor Road, Aurora, IL 60502, USA |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Israel Makov (w.e.f 29.05.2012) |
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Designation : |
Chairman |
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Name : |
Mr. Dilip S. Shanghvi (w.e.f 29.05.2012) |
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Designation : |
Managing Director |
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Qualification : |
B. Com. |
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Date of Appointment
: |
01.04.1993 |
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|
Name : |
Mr. Sudhir V. Valia |
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Designation : |
Whole Time Director |
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Qualification : |
FCA |
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Date of Appointment
: |
01.04.1994 |
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Name : |
Mr. Sailesh T. Desai |
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Designation : |
Whole Time Director |
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Name : |
Mr. S. Mohanchand Dadha |
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Designation : |
Director |
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Name : |
Mr. Hasmukh S. Shah |
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Designation : |
Director |
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Name : |
Mr. Ashwin Dani |
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Designation : |
Director |
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Name : |
Mr. Keki M. Mistry |
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Designation : |
Additional Director |
KEY EXECUTIVES
|
Name : |
Mr. Sunil R. Ajmera |
|
Designation : |
Company Secretary |
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|
Name : |
Ms. Sheetal |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS
As on 16.08.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
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|
304037200 |
14.68 |
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|
1013024000 |
48.91 |
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|
1280200 |
0.06 |
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|
1280200 |
0.06 |
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|
1318341400 |
63.65 |
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Total
shareholding of Promoter and Promoter Group (A) |
1318341400 |
63.65 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
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|
26834696 |
1.30 |
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|
36240553 |
1.75 |
|
|
485496 |
0.02 |
|
|
474131535 |
22.89 |
|
|
31600 |
0.00 |
|
|
537723880 |
25.96 |
|
|
|
|
|
|
100761965 |
4.86 |
|
|
|
|
|
|
72359630 |
3.49 |
|
|
32047015 |
1.55 |
|
|
9930020 |
0.48 |
|
|
1726807 |
0.08 |
|
|
706536 |
0.03 |
|
|
1372931 |
0.07 |
|
|
1207896 |
0.06 |
|
|
46000 |
0.00 |
|
|
4869850 |
0.24 |
|
|
215098630 |
10.39 |
|
Total
Public shareholding (B) |
752822510 |
36.35 |
|
Total
(A)+(B) |
2071163910 |
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) |
2071163910 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of
Tablets, Capsules, Parenterals, Ointments, Bulk Drugs, Chemicals and Liquids. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Units |
Installed
Capacity |
Actual
Production |
|
Tablets/ Capsules/ Parenterals / Ointments |
No. in Millions |
7157.4 |
1187.7 |
|
Bulk Drugs/ Chemicals |
In Kilo Liters |
2085.7 |
2252.5 |
GENERAL INFORMATION
|
No. of Employees : |
14000 (Approximately) |
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Bankers : |
· Bank of Baroda · Bank of Nova Scotia · Citibank N.A. · ICICI Bank Limited · Kotak Mahindra Bank Limited · Standard Chartered Bank ·
State Bank of India |
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Facilities : |
Note : Long Term
Borrowing: Repayable in 10 (Previous
Year Nil) half-yearly installments of Rs. 4.600 Million each commencing from
31st March, 2017, Last installment is due on 30th September, 2021. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskins
and Sells Chartered
Accountants, |
|
Address : |
Mumbai, |
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Subsidiaries : |
·
Alkaloida Chemical Company Zrt ·
Caraco Pharmaceutical Laboratories Limited ·
Chattem Chemical Inc ·
Green Eco Development Centre Limited ·
OOO "Sun Pharmaceutical Industries Limited ·
TKS Farmaceutica Ltda ·
Sun Pharma De Mexico S.A. DE C.V. ·
Sun Pharma De Venezuela, CA ·
Sun Pharma Global Inc ·
Sun Pharmaceutical (Bangladesh) Limited ·
Sun Pharmaceutical Industries (Europe) B.V. ·
Sun Pharmaceutical Industries Inc (merged with
Caraco Pharmaceutical Laboratories Limited w.e.f. 28th February, 2013) ·
Sun Pharmaceutical Spain, S.L. ·
Sun Pharmaceuticals France ·
Sun Pharmaceuticals Germany GmbH ·
Sun Pharma Global (FZE) ·
Sun Pharmaceuticals Italia S.R.L. ·
Sun Pharmaceuticals UK Limited ·
Taro Pharmaceutical Industries Limited ·
Sun Pharmaceutical Industries (Australia) Pty.
Limited ·
Aditya Acquisition Company Limited ·
Sun Pharmaceuticals (SA) (Pty) Limited ·
Sun Global Canada Pty Limited ·
Sun Pharmaceutical Peru S.A.C. ·
Taro Development Corporation
·
** Aditya Pharma limited Liability Company
·
** URL PharmPro, LLC |
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Controlled
Entity : |
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|
Enterprise under
significant Influence of Key Management Personnel or their relative : |
|
* Controlled entities converted into private limited companies under
Part IX of the Companies Act, 1956 w.e.f.31st August, 2012.
** Incorporated / Acquired during the year
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000000 |
Equity Shares |
Re. 1/- each |
Rs. 1500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1035581955 |
Equity Shares |
Re. 1/- each |
Rs. 1035.600 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1035.600 |
1035.600 |
1035.600 |
|
(b) Reserves & Surplus |
76853.200 |
77745.600 |
65769.700 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
77888.800 |
78781.200 |
66805.300 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
46.400 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
1654.100 |
1339.100 |
1285.100 |
|
(c) Other long term
liabilities |
10.100 |
20.300 |
21.900 |
|
(d) long-term
provisions |
1314.900 |
986.200 |
86.800 |
|
Total Non-current
Liabilities (3) |
3025.500 |
2345.600 |
1393.800 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
384.900 |
403.000 |
505.300 |
|
(b) Trade
payables |
3632.700 |
4001.900 |
2696.600 |
|
(c) Other
current liabilities |
1451.500 |
625.400 |
420.800 |
|
(d) Short-term
provisions |
6081.500 |
5154.900 |
4244.200 |
|
Total Current
Liabilities (4) |
11550.600 |
10185.200 |
7866.900 |
|
|
|
|
|
|
TOTAL |
92464.900 |
91312.000 |
76066.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
11347.600 |
9759.300 |
7831.800 |
|
(ii)
Intangible Assets |
10.300 |
13.700 |
112.100 |
|
(iii)
Capital work-in-progress |
3480.400 |
2488.700 |
1956.500 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
33764.900 |
35928.000 |
17785.900 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4910.900 |
3385.400 |
1438.900 |
|
(e) Other
Non-current assets |
78.300 |
28.300 |
1.900 |
|
Total Non-Current
Assets |
53592.400 |
51603.400 |
29127.100 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
9410.500 |
8449.800 |
18228.300 |
|
(b)
Inventories |
8687.600 |
6400.700 |
6182.600 |
|
(c) Trade
receivables |
7375.300 |
7134.800 |
5426.200 |
|
(d) Cash
and cash equivalents |
4311.200 |
13277.100 |
12509.100 |
|
(e)
Short-term loans and advances |
8495.000 |
3906.100 |
4183.500 |
|
(f) Other
current assets |
592.900 |
540.100 |
409.200 |
|
Total
Current Assets |
38872.500 |
39708.600 |
46938.900 |
|
|
|
|
|
|
TOTAL |
92464.900 |
91312.000 |
76066.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
24321.400 |
40155.600 |
31075.700 |
|
|
|
Other Income |
2361.700 |
3428.500 |
1941.300 |
|
|
|
TOTAL |
26683.100 |
43584.100 |
33017.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
7057.900 |
9517.100 |
7131.300 |
|
|
|
Purchases of Stock-in-Trade |
2009.600 |
1874.800 |
1766.800 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade |
(105.300) |
(817.300) |
71.200 |
|
|
|
Employee Benefits Expense |
2348.700 |
3165.600 |
2610.900 |
|
|
|
Other Expenses |
7883.700 |
8829.200 |
6254.700 |
|
|
|
TOTAL |
19194.600 |
22569.400 |
17834.900 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
7488.500 |
21014.700 |
15182.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
858.200 |
757.200 |
642.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
EXCEPTIONAL ITEMS AND TAX |
6630.300 |
20257.500 |
14539.800 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
ITEMS |
0.000 |
2999.200 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE
TAX |
6630.300 |
17258.300 |
14539.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1464.800 |
283.400 |
701.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
5165.500 |
16974.900 |
13838.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
33376.900 |
23517.000 |
18891.500 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend on Equity Share |
5178.000 |
4401.000 |
3624.500 |
|
|
|
Corporate Dividend Tax |
880.000 |
714.000 |
588.000 |
|
|
|
Transfer to General Reserve |
520.000 |
2000.000 |
5000.000 |
|
|
BALANCE CARRIED
TO THE B/S |
31964.400 |
33376.900 |
23517.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports (FOB basis) |
19238.000 |
14628.200 |
8963.600 |
|
|
|
Interest |
4.100 |
0.000 |
0.900 |
|
|
|
Royalty |
3.300 |
3.000 |
0.000 |
|
|
|
Others |
369.800 |
14.700 |
41.100 |
|
|
TOTAL EARNINGS |
19615.200 |
14645.900 |
9005.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2692.000 |
2895.200 |
2585.800 |
|
|
|
Packaging Material |
944.400 |
669.000 |
337.300 |
|
|
|
Capital Goods |
1217.600 |
907.800 |
903.500 |
|
|
|
Stores and Spares |
498.600 |
347.100 |
213.200 |
|
|
TOTAL IMPORTS |
5352.600 |
4819.100 |
4039.800 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.00 |
16.40 |
13.40 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
19.36
|
38.95 |
41.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
27.26
|
42.99 |
46.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.11
|
40.02 |
30.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.22 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.01
|
0.01 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.36
|
3.90 |
5.97 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
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 |
CHARGES
|
Entity |
Competent Authority |
Regulatory Charges |
Regulatory Actions / Date of Order |
|
PHARMACEUTICAL INDUSTRIES
LIMITED |
CBEC |
DEFAULTED IN PAYMENT OF
CUSTOMS/EXCISE DUTIES |
NOTICE ISSUED UNDER SECTION 142 OF CUSTOMS ACT, 1962 09-March-2004 |
LITIGATION DETAILS
|
HIGH COURT OF
GUJARAT TAX APPEAL No. 909 of 2011 To TAX
APPEAL No. 910 of 2011 |
|||||||||||||||||||||
|
Status: PENDING
(Converted from : ST/1840/2011) CCIN No : 001092201100909 Last Listing Date: 21/06/2012 Coram: HONOURABLE
MR.JUSTICE VIJAY MANOHAR SAHAI HONOURABLE
MR.JUSTICE N.V.ANJARIA |
|||||||||||||||||||||
|
S.N |
Name of the Petitioner |
Advocate On Record |
|||||||||||||||||||
|
1 |
COMMISSIONER OF INCOME TAX |
MRS MAUNA M BHATT for: Appellant(s) |
|||||||||||||||||||
|
S.N |
Name of the Respondant |
Advocate On Record |
|||||||||||||||||||
|
1 |
SUN PHARMACEUTICAL INDUSTRIES LIMITED |
RULE SERVED for :Opponent(s) |
|||||||||||||||||||
|
Presented On : 13/06/2011 Registered
On : 13/06/2011 Bench Category : DIVISION BENCH District : AHMEDABAD Case Originated From: THROUGH ADVOCATE Listed : 1
times Stage Name : BOARD NO. I-A Classification - DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 -
APPEAL TO HIGH COURT - U
/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA
Act - INCOME-TAX ACT,
1961 |
|||||||||||||||||||||
|
Office Details |
|||||||||||||||||||||
|
S.
No. |
Filing
Date |
Document
Name |
Advocate
Name |
Court
Fee on Document |
Document
Details |
||||||||||||||||
|
1 |
13/06/2011 |
CERTIFIED COPY |
MRS MAUNA M BHATT ADVOCATE |
6 |
MRS MAUNA M
BHATT:1 |
||||||||||||||||
|
2 |
13/06/2011 |
MEMO OF APPEAL/PETITION/SUIT |
MRS MAUNA M BHATT ADVOCATE |
20 |
MRS MAUNA M
BHATT:1 |
||||||||||||||||
|
3 |
15/08/2011 |
DOCUMENT |
RULE SERVED |
- |
RULE SERVED:1 |
||||||||||||||||
|
Court
Proceedings |
|||||||||||||||||||||
|
S.
No. |
Notified
Date |
Court
Code |
Board
Sr. No. |
Stage |
Action |
Coram |
|||||||||||||||
|
1 |
21/06/2012 |
3 |
- |
BOARD NO. I-A |
NEXT DATE |
·
HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI ·
HONOURABLE MR.JUSTICE N.V.ANJARIA |
|||||||||||||||
|
Available Orders |
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|
S.
No. |
Case
Details |
Judge
Name |
Order
Date |
CAV |
Judgement |
|
|||||||||||||||
|
1 |
TAX APPEAL/909/2011 |
·
HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI ·
HONOURABLE MR.JUSTICE N.V.ANJARIA |
21/06/2012 |
N |
N |
|
|||||||||||||||
|
Certified Copy |
|||||||||||||||||||||
|
S.
No. |
ApplicantName |
ApplicationType |
Application
Date |
UOL
Number |
Order
Date |
Notify
Date |
Delivery
Date |
Status |
Nature
Of Document |
||||||||||||
|
1 |
MRS MAUNA M BHATT |
ORDINARY |
22/06/2012 |
O/18908/2012 |
21/06/2012 |
25/06/2012 |
26/06/2012 |
Delivered |
- |
||||||||||||
INDEX OF CHARGE:
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10351563
|
31/03/2012
|
178,140,000.00
|
DEPARTMENT OF BIOTECHNOLOGY |
6-8th FLOOR, BLOCK NO.2,, CGO
COMPLEX, LODHI ROAD, NEW DELHI, Delhi - 110003, INDIA |
B38042354
|
|
2 |
90099243
|
27/03/2002
* |
500,000.00
|
THE BANK OF NOVA SCONA |
MITTAL TOWER; B WING, NARIMAN
POINT, MUMBAI, Maharashtra - 400021, INDIA |
- |
|
3 |
90099216
|
26/09/2001
* |
82,500,000.00
|
THE BANK OF NOVA SCOTIA |
MAKER TOWER; B WING, NARIMAN
POINT, MUMBAI, Maharashtra - 400021, INDIA |
- |
|
4 |
90099197
|
22/05/2000
|
218,000,000.00
|
ICICI BANK LIMITED |
FREE PRESS HOUSE, 215; NARIMAN
POINT, MUMBAI, Maharashtra - 400021, INDIA |
- |
|
5 |
90095114
|
14/07/2004
* |
7,500,000.00
|
LAKSHDEEP INVESTMENT AND
FINANCE PRIVATE LIMITED |
3; NARAYAN BUILDING; 23; L.N. ROAD,
DADAR EAST, MUMBAI, Maharashtra - 400014, INDIA |
- |
|
6 |
90095637
|
27/04/2000
* |
7,500,000.00
|
NVFC FINANCE PRIVATE LIMITED |
1843; 6TH CROSS 20TH MAIN,
J.P. NAGAR; II PHASE, BANGLORE, Karnataka - 560078, INDIA |
- |
|
7 |
90095112
|
05/08/2004
* |
15,000,000.00
|
RISK CAPITAL AND TECHNOLOGY
FINANCE CORPORATION LIMITED |
E-216; 3RD FLOOR, EAST
KAILASH, NEW DELHI, Delhi - 110065, INDIA |
- |
|
8 |
90095086
|
18/02/2005
* |
134,500,000.00
|
LAKSHDEEP INVESTMENT and FINANCE
PRIVATE LIMITED |
3; NARAYAN BUILDING; 23; L.N.
ROAD, DADAR EAST, MUMBAI, Maharashtra - 400014, INDIA |
- |
|
9 |
90095083
|
09/07/2005
* |
32,500,000.00
|
INDUSTRIAL DEVELOPMENT BANK OF
INDIA |
IDBI TOWER, COLABA, MUMBAI, Maharashtra
- 400005, INDIA |
- |
|
10 |
90101877
|
23/09/1998
|
250,000,000.00
|
ICICI LIMITED |
163, BACKBAY RECLAMATION,
MUMBAI, Maharashtra - 400020, INDIA |
- |
* Date of charge modification
ROUND UP OF
2012-13
Successful acquisition of DUSA:
Acquired DUSA
Pharmaceuticals, with all cash deal of approximately US$ 230 millions. DUSA provides
access to Levulan® (aminolevulinic acid HCl) photodynamic therapy for the
treatment of non-hyperkeratotic actinic keratoses or AKs of the face or
scalp. Additionally, DUSA’s BLU-U®
treatment has been approved by USFDA for the treatment of moderate inflammatory
acne vulgaris and general dermatological conditions. This acquisition denotes
Sun Pharma’s first major initiative in establishing its presence in the US
specialty pharma market.
Caraco - USFDA
clearance: The USFDA gave clearance to Caraco (a wholly-owned subsidiary of Sun
Pharma) for manufacturing three products, post inspection and confirmed that
its facility is now in compliance with USFDA cGMP requirements.
Successful
acquisition of URL: Caraco entered into a definitive agreement with Takeda
pharmaceuticals Inc to buy URL Pharma’s non-colcrys business. URL was formerly
a privately-held Philadelphia-based pharmaceutical company which was acquired
by Takeda America Holdings, Inc. (TAH) in June, 2012. This acquisition expands
Sun Pharma’s product basket in the US generics market.
Approvals:
Received a total of 20 ANDA approvals from the US FDA during the year,
including that for Doxorubicin Liposomal Injection.
Prandin judgment:
The US courts ruled in favor of Caraco Pharmaceuticals Laboratories in its
patent litigation against Novo Nordisk over Caraco’s generic version of
Prandin®, Repaglinide Tablets. The final US FDA approval for this product was
received in Jun-2013. Being the First-to-File Para-IV filer, Sun Pharma is
entitled to 180 days of marketing exclusivity for this product in the US
market.
Merger
termination: Sun Pharma and Taro mutually agreed to terminate their merger
agreement in the best interest of respective companies and shareholders.
Strengthened top
management: Mr. Israel Makov was appointed as the Chairman of the Company. Mr.
Makov is the former President and CEO of Teva Pharmaceutical Industries Limited
(2002-2007). He is among Israel’s most respected corporate leaders, and is
widely credited with Teva’s emergence as a global enterprise and a world leader
in generic pharmaceuticals.
DIVISIONAL HIGHLIGHTS
FINANCIAL
Revenues increased
from Rs. 347160.000 millions in FY12 to
Rs. 61537.000 millions in FY13, a growth of 77%. This growth was driven by
favorable pricing for some products, part contribution from the DUSA and URL
acquisitions and a favorable currency. Revenue contribution from this geography
increased to 54% in FY13 compared to 43% for FY12.
OPERATIONAL
As on 31st Mar-13,
ANDAs for 138 products await approval, including 17 tentative approvals. Of the
total 138 ANDAs awaiting approval; Sun Pharma has applied for 93 products
(including nine tentative approvals), Caraco has applied for 24 products
(including 5 tentative approvals) and Taro has applied for 21 products
(including 3 tentative approvals). The URL acquisition adds ANDAs corresponding
to 107 products to the Company’s US generics portfolio.
Taro
Taro’s performance
has been quite strong in FY13. Taro’s topline grew by 24% to US$ 671 million, while
the net profit surged by 30% to US$ 266 million. Most of the increase is
catalyzed by better pricing environment, while volumes declined marginally.
Taro enjoyed the benefits from favorable sale prices throughout the year.
Caraco
In Aug-2012,
Caraco’s manufacturing facility and packaging sites in Detriot and Wixom,
Michigan (USA) were cleared by the US FDA and allowed to resume manufacturing.
With this, Caraco’s facility becomes compliant with US FDA cGMP norms. While
the US FDA cleared the manufacturing of two products also, resumption of
manufacturing of other products will have to undergo rigorous approval
procedure. As a result, the increase in production at these sites and resultant
revenue contribution is expected to be gradual.
STATEMENT OF STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2013
(Rs.
In Millions)
|
|
Quarter
ended |
|
Particulars |
30.06.2013 Unaudited |
|
Income from
Operations |
|
|
Net Sales / Income from Operations (Net of
Excise Duty) |
5882.900 |
|
Other Operating Income |
293.500 |
|
Total Income
from Operations (Net) |
6176.400 |
|
Expenses |
|
|
Cost of materials consumed |
2047.000 |
|
Purchases of stock-in-trade |
415.000 |
|
Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
7.500 |
|
Employee benefits expense |
690.600 |
|
Depreciation and amortisation expense |
236.400 |
|
Other expenses |
1772.700 |
|
Total Expenses |
5169.200 |
|
Profit from
Operations before Other Income and Finance Costs |
1007.200 |
|
Other income (net of impact of MTM loss on forward foreign exchange
contracts) |
(351.000) |
|
Profit before
Finance Costs |
656.200 |
|
Finance costs |
0.800 |
|
Profit before
Tax |
655.400 |
|
Tax expense |
198.400 |
|
Net Profit for
the quarter / year |
457.000 |
|
Paid-up Equity
Share Capital |
|
|
Equity Shares - Face Value Re. 1 each |
1035.600 |
|
Reserves
excluding Revaluation Reserve |
|
|
Earnings Per
Share of Re. 1 each - in Re. (Basic and Diluted) |
0.2 |
SELECT INFORMATION
FOR THE QUARTER ENDED JUNE 30, 2013
(Rs.
In Millions)
|
Part II |
|
|
Particulars |
Quarter
ended |
|
|
30.06.2013 |
|
Public
Shareholding |
|
|
Number of Equity Shares of Re. 1 each |
376103755 |
|
Percentage of Shareholding |
36.32 |
|
Promoters and
Promoter Group Shareholding |
|
|
Pledged / Encumbered |
|
|
Number of Equity Shares of Re. 1 each |
2845417 |
|
Percentage of Equity Shares (as a % of the
total shareholding of promoter and promoter group) |
0.43 |
|
Percentage of Equity Shares (as a % of the
total share capital of the Company) |
0.27 |
|
Non-encumbered |
|
|
Number of Equity Shares of Re. 1 each |
656632783 |
|
Percentage of Equity Shares (as a % of the
total shareholding of promoter and promoter group) |
99.57 |
|
Percentage of Equity Shares (as a % of the
total share capital of the Company) |
63.41 |
|
|
|
|
Research and Development Expenses
incurred (included above) |
6313 |
|
|
|
|
Investor
Complaints |
|
|
Pending at the beginning of the quarter |
- |
|
Received during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unresolved at the end of the quarter |
- |
Notes:
- The above financial results of the
Company have been reviewed by the Audit Committee and approved by the
Board of Directors at their respective meetings held on August 09, 2013
and have been subjected to a Limited Review by the Statutory Auditors of
the Company.
- Other Operating Income for the quarter
ended June 30, 2012 and year ended March 31, 2013 mainly represents Income
from Partnership Firms. With effect from August 31, 2012, these Partnership
Firms have been converted under Part IX of the Companies Act, 1956 into
Private Limited companies, being wholly owned subsidiaries of the Company
and accordingly, the corresponding figures for other quarters are not
comparable.
- The Company has only one reportable
business segment namely 'Pharmaceuticals'
- The Scheme of Arrangement in the nature
of spin off and transfer of Domestic Formulation undertaking of the
Company to Sun Pharma Laboratories Limited, wholly owned subsidiary, from
the close of the business hours on March 31, 2012, being the appointed
date, was approved by the Hon’ble High Courts of Gujarat and Bombay vide
their Orders dated May 03, 2013 and the said Scheme became effective from
May 27, 2013 upon filing of the said Orders with the Registrar of
Companies. Accordingly, the effect of the Scheme was given in the
financial results for the year ended March 31, 2013 only on an annual
basis and approved by the Board of Directors at their meeting held on May
28, 2013. However, the financial results for quarterly periods during the
year ended March 31, 2013 had been so approved without giving effect to
the said Scheme and have not been restated in these results. In view of
this, the figures for the quarter ended June 30, 2013 are not comparable with
the figures for the quarters ended March 31, 2013 and June 30, 2012 due to
effect of spin off and transfer of Domestic Formulation undertaking of the
Company.
- In terms of the resolution passed by
shareholders by way of Postal Ballot on July 15, 2013, the Company has
allotted 1035581955 bonus equity shares on August 03, 2013 in the ratio of
1 equity share of Re. 1 each fully
paid up for every equity share of Re.
1 each held. Consequently, the Earnings Per Share of Re. 1 each has been restated for all the
periods presented based on the number of equity shares post bonus issue,
i.e. 2071163910 equity shares, in accordance with Accounting Standard
(AS-20) on 'Earnings Per Share’ as notified under the Companies
(Accounting Standards) Rules, 2006.
- Figures for the previous quarters /
year have been regrouped wherever considered necessary, other than
referred in Note 4 above.
FIXED ASSETS
· Freehold Land
· Leasehold Land
· Buildings
· Buildings – Leased
· Plant and Equipment
· Vehicles
· Office Equipment
· Furniture and Fixtures
· Trademarks
· Designs
PRESS RELEASE:
SUN PHARMA, TARO CALL OFF PLANNED MERGER
Friday, Feb 08, 2013
Mumbai: Sun Pharmaceutical Industries Limited and Taro
Pharmaceutical Industries Limited have decided to terminate their August 2012
merger agreement, some three years after India’s largest drug maker by market
capital acquired a majority stake in the Israeli company following a corporate
battle that reached the courts in Israel and the US.
With the termination of the agreement, announced in a joint statement on
Friday, Sun Pharma’s offer to all shareholders of Taro to buy their holdings at
$39.50 (around Rs.2120 today) per share stands cancelled. Taro will, however,
remain a subsidiary of the Indian company.
The move, announced the same day that Sun Pharma posted a 32% increase
in third quarter net profit, follows objections raised by a group of investors,
including minority shareholders, against the price offered by Sun Pharma, which
is lower than the prevailing market price.
Sun Pharma in August said it plans to buy more shares in Taro from
minority shareholders, including the public and a couple of institutional
investors, to raise its stake in the Israeli company beyond the existing 66%.
This offer was made to enable the merger of the company into Sun Pharma, which
has turned around Taro since acquiring it at a time when it was ailing.
A merger would have given the Indian firm full control of the Israeli
unit’s management. The proposed buyout of minority shareholders and the
delisting of Taro from the New York Stock Exchange (NYSE) would have improved
Sun Pharma’s cash flows because it would have saved on dividend payouts.
The firms said in their joint statement that they decided to call off
the merger “in the best interests of the companies and their shareholders”. The
decision was taken at the direction of the special committee formed to handle
the merger plan, said the statement made after the close of stock-market
trading in Mumbai.
Shares of Sun Pharma fell 0.63% to Rs.744.05 on BSE on Friday. The
Sensex lost 0.49% to 19,484.77 points. Taro shares were trading 2.87% up at $52
on NYSE at 9.15pm India time.
“The termination of the merger plan will not have any significant impact
on the revenue and the operations of Taro,” said Sun Pharma chairman Dilip Shanghvi in a conference call with media
and analysts on Friday.In August, the merger deal was approved by Taro’s board
of directors on the recommendation of the special committee.
Sun Pharma acquired a controlling stake in Taro in September 2010, after
a three-year-long court battle between the two firms. They signed the first
merger pact in May 2007.
The court battle was followed by a unilateral termination of this
agreement by the Taro board after the firm’s promoters, Barry Levitt and his family, and a few
institutional shareholders objected to the valuation. Following a series of
battles in Israeli and US courts, Sun Pharma received a favourable order from
the Supreme Court of Israel that allowed it to acquire a majority stake,
including the whole holding of the promoters, in 2010.
With a 25% increase in net profit, the subsidiary contributed
significantly to Sun Pharma’s third-quarter revenue and profit in fiscal 2013
that was announced on Friday.
“It (the termination of the merger) was quite expected as the
shareholders had not agreed to the price of $39.50 a unit. Since the shares of
Taro are currently traded at above $45 and also with the better performance, it
would seem difficult to get shareholder consent for the merger at a lower price
offer,” said Hitesh Mahida, an industry analyst with
brokerage Fortune Equity Brokers (India) Limited.
“I don’t think termination will have any impact on the company’s
business as Taro will remain a subsidiary of Sun Pharma till a consensus is
made on the offer price,” he said.
Sun Pharma’s net profit rose to Rs.8810.000 Millionse from the year-ago
quarter’s Rs.6680.000 Millions, it said on Friday. Exports grew 42% and margins
widened substantially, helping it beat analysts’ estimates. Sales rose by
one-third to Rs.28520.000 Millions in fiscal third quarter from Rs.21450.000 a
year ago.
SUN
PHARMACEUTICAL INDUSTRIES GETS FAVOURABLE US SUPREME COURT VERDICT IN PATENT
CASE
April 18, 2012
NEW DELHI: Sun Pharmaceutical Industries today said the US Supreme Court
has given a favourable verdict in its patent case against Novo Nordisk over
generic Prandin tablets used for treating diabetes.
US Supreme Court has ruled in favour of the company's subsidiary, Caraco
Pharmaceutical Laboratories, in it's patent litigation against Novo Nordisk
over Caraco's generic version of prandin, repaglinide tablets, Sun Pharma said
in a statement.
"The Supreme Court, in a unanimous opinion, concluded that Caraco
can seek correction of Novo Nordisk's inaccurate use code regarding the
combination use of repaglinide and metformin for the treatment of type II
diabetes," it added.
The judgement has said, "The text and context of the provision
demonstrate that a generic company can employ the counterclaim to challenge a
brand's overbroad use code. We accordingly hold that Caraco may bring a
counterclaim seeking to 'correct' Novo's use code..."
Prandin is a registered trademark of Denmark-based drug firm Novo
Nordisk.
The decision will help all generic companies prevent brand companies
from misrepresenting their patents to the USFDA and improperly delaying or
preventing generic companies from marketing their drugs, Sun Pharma said.
Caraco's abbreviated new drug application (ANDA) for generic Prandin is
still awaiting approval by the United States Food and Drug Administration
(USFDA), it added.
"Prandin has annual sales of approximately $ 230 million in the
US," Sun Pharma said.
A separate appeal concerning the validity of patents for Prandin is
pending before the Court of Appeals for the Federal Circuit after a lower court
ruled in favour of Caraco, it added.
Scrips of Sun Pharma were trading at Rs 596.50 apiece in the afternoon
on the BSE, up 2.11 per cent from its previous close.
SUN PHARMA REPORTS
STRONG QUARTER
Net Sales Rs.34820.000 Millions, up 31%, Adjusted Net Profit
Rs.12410.000 Millions, up 56%
Mumbai, August 09, 2013: Sun Pharmaceutical Industries Limited
(Reuters: SUN.BO, Bloomberg: SUNP IN,
Highlights of Q1FY14 consolidated financials
- Net sales/Income from operations at Rs.
34820.000 Millions, a growth of 31% over same quarter last year. Adjusted
for the impact of one-time sales recorded in the domestic business in
Q4FY12, which lowered Q1FY13 sales, the net sales have grown by 23% over
Q1FY13.
- Branded generic sales in India, at Rs.
8490.000 Millions, grew by 44% over Q1 last year. Adjusted sales growth of
the domestic formulation business, as explained above, is 11%.
- US finished dosages sale is US$ 364
million recording a growth of 28% (in US$ terms) over Q1 last year.
- International formulation sales is US$
81 million, and grew by 19% (in US$ terms) over same quarter last year.
- EBITDA at Rs. 15310.000 Millions grew
by 26% YoY while EBITDA margins were at 44%, compared to 46% in Q1 last
year.
- Recurring Net profit at Rs 12410.000
Millions witnessed a growth of 56% over Q1 last year; resulting margin of
36%.
- Reported Net loss at Rs. 12760.000
Millions, on account of a provision of Rs 25170.000 Millions towards
settlement for patent infringement litigation related to generic versions
of ‘Protonix’.
These results were taken on record by the Board of Directors at a
meeting held in Mumbai today.
Dilip Shanghvi, Managing Director of the Company said, “All our
businesses continue to perform in-line with our expectations. We remain focused
on strengthening our existing businesses and developing a differentiated and
specialty driven product basket. We also continue to review opportunities to
expand and strengthen our global footprint.”
India Branded Generics – Chronic Therapy Leadership
Sales of branded prescription formulations in India were at Rs. 8490.000
Millions, grew by 44% from Q1 last year, accounting for 24% of total sales.
Adjusted sales growth for the quarter was 11%.
Sun Pharma is ranked 2rd and holds 5.1% market share in the Rs.72000.000
Millions Indian pharmaceutical market, as per June-2013 AIOCD-AWACS report.
Based on SMSRC data for Feb-2013, the company continues to be ranked no. 1
based on share of prescriptions with 7 classes of specialists: psychiatrists,
neurologists, cardiologists, ophthalmologists, orthopedicians, nephrologists
and gastroenterologists.
10 products were launched in the first quarter.
The company has completed the process of transferring its domestic
formulations business to Sun Pharma
Laboratories Limited, a wholly owned subsidiary.
US Formulations – Strong performance led by Sun portfolio
Sales in the US were at US$ 364 million for the quarter, up by 28%,
accounting for 58% of total sales.
Taro recently posted overall sales of US$ 153 million for Q1FY14, a
decline of 4% from the corresponding quarter
last year. Excluding the one-time charge related to price adjustments on
contractual obligations, sales would have
been higher by 10% YoY. Taro’s Net profit for Q1 was US$ 59 million.
During the quarter, Sun Pharma settled the ongoing litigation pending in
the US District Court, District of New
Jersey regarding Sun Pharma subsidiary’s generic pantoprazole. Under the
terms of the litigation settlement
between Sun Pharma, and Wyeth, (now a division of Pfizer Inc.) and Altana
Pharma AG, (now known as Takeda
GmbH) the parties have dismissed all their claims. Sun Pharma will pay a
lump-sum US$ 550 million as a part of
this settlement.
Sun Pharma had already provided Rs. 5840.000 Millions in Q2FY13 towards
this liability. For the quarter ended 30th Jun- 2013, the company has made a
provision of Rs. 25170.000 Millions towards the difference between total
settlement amount and past provision.
During the quarter, Sun Pharma’s subsidiary received a favourable
verdict from the US Federal Circuit Court regarding its on-going patent
litigation with Novo Nordisk for generic Prandin.
Rest of World – Growth traction continues
Formulation sales in rest of the world (ROW) markets outside of India
and US were US$ 81 million in Q1FY14
registering a growth of 19% (in US$ terms). Excluding ex-US Taro sales,
underlying sales growth in US$ terms for
Sun Pharma’s business in these markets was 23% for Q1FY14.
Active Pharmaceutical Ingredients (API) – Focus on vertical integration
The API business continues to be largely used for vertical integration
on key products. A cumulative of 243 DMF /
CEP applications have been made, with 171 approved so far. External
sales of API, accounting for a fraction of the total API production, reached Rs
1930.000 Millions in Q1FY14 with marginal decrease of 4% over the same quarter
last year.
Research – Investing for future
Consolidated R and D expense for Q1FY14 was Rs. 2050.000 Millions, at 6%
of sales.
In the first quarter, ANDAs for 4 products were filed. After counting
these, and adjusting for filings that were dropped, cumulatively ANDAs for 453
products have been filed by Sun Pharma and Taro with the USFDA (as on
June 30, 2013). ANDAs for 9 products received approvals in the first
quarter, taking the total number of approvals to 320 (as on June 30, 2013).
ANDAs for 133 products now await USFDA approval, including 19 tentative
approvals. The above ANDA statistics exclude the discontinued/withdrawn
products of URL.
The total number of patent applications submitted now stands at 791,
with 503 patents granted so far.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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. 61.92 |
|
|
1 |
Rs. 99.45 |
|
Euro |
1 |
Rs. 83.92 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--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.