MIRA
INFORM REPORT
|
Report Date : |
12.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
ELDER PHARMACEUTICALS LIMITED |
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Registered
Office : |
Elder House, Plot No. C 9, Dalia Industrial Estate, Off Veera Desai Road,
Andheri (West), Mumbai – 400058, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
02.04.1983 |
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Com. Reg. No.: |
11-029714 |
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Capital
Investment / Paid-up Capital : |
Rs. 205.666 Millions |
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CIN No.: [Company Identification
No.] |
L24239MH1983PLC029714 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUME02504F/ MUME04606A |
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PAN No.: [Permanent Account No.] |
AAACE1831G |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturing and marketing of pharmaceuticals and related products. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 27670000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having moderate track record. The
company recorded delays in servicing the interest and repayment of
non-convertible debenture. However, networth of the company is good. Trade relations are reported
as fair. Business is active. Payments are reported to be slow but correct. The company can be considered good for normal 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) |
|
|
A1 |
A1 |
|
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
B : Long term bank facilities |
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Rating Explanation |
Having high risk of default regarding timely
servicing of financial obligation. |
|
Date |
14 June 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 DENIED
Management Non-Cooperative (91-22-26730258)
LOCATIONS
|
Registered Office/ Corporate office : |
Elder House, Plot No. C9, Dalia Industrial Estate, Off |
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Tel. No.: |
91-22- 26730058/67 |
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Fax No.: |
91 -22- 26730051 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. D-219 and D-220, T.T.C. Industrial Area, |
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Tel. No.: |
91-22-27672343 / 27685830 |
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Factory 2 : |
Plot No. C-21/2 T.T.C. Industrial Area, Village Pawne,
Navi Mumbai – 400 704, |
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Tel. No.: |
91-22- 27682656 |
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Factory 3 : |
Plot No. A-36, Patalganga Industrial Area, Village - Khaire, Taluka - Khalapur, District – Raigad - 410 220, Maharashtra, India |
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Tel. No.: |
91-2192-254395/6 |
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Factory 4 : |
Plot No. C-11/1
Sela Qui Industrial Area, Near Dehradun - 248 197, |
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Factory 5 : |
Plot No. 103, Paonta Sahib Industrial Area, Village Gondpur,
District Sirmour, |
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Factory 6 : |
Village Charba, Tehsil - Vikasnagar District Dehradun, |
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Zonal Sales Offices
: |
Located At : Mumbai Tel.: 91-22-22021878 Kolkata 12-A, Tel.: 91-33-24668875 / 6757 Chennai 158, Tel.: 91-44-28256336 11-B/8, Tel.: 91-011-25825601 / 05 |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr . Jagdish Saxe |
|
Designation : |
Chairman and Managing Director |
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Name : |
Mr. Alok Saxena |
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Designation : |
Whole Time Director |
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Name : |
Mr. Yusuf Karim Khan |
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Designation : |
Executive Director |
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Name : |
Dr. R. Srinivasan |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Joginder Singh Juneja |
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Designation : |
Non-Executive Director |
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Name : |
Dr. Shailendra Narain |
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Designation : |
Non-Executive Director |
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Name : |
Dr. S. Jayaram |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Salim Shervani |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Edoardo Carlo Richter |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Michael Bastian |
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Designation : |
Non-Executive Director |
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Name : |
Mrs. Urvashi Saxena |
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Designation : |
Non-Executive Director |
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Name : |
Mr. James Mceuen |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. S. P. Date |
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Designation : |
Company Secretary / Compliance Officer |
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Name : |
Mr. Suresh V. Pai |
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Designation : |
Chief Financial Officer |
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Audit committee : |
Mr. Michael Bastian, Chairman Dr. Joginder Singh Juneja, Chairman Dr. R. Srinivasan Dr. Sailendra Narain |
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Shareholders’ / Investors’ Grievances Committee : |
Dr. R. Srinivasan, Chairman Dr. S. Jayaram Mr. Alok Saxena |
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Remuneration Committee : |
Dr. R. Srinivasan, Chairman Dr. S. Jayaram Mr. J. Saxena |
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Compensation Committee : |
Dr. Joginder Singh Juneja, Chairman Mr. Saleem Shervani Mr. J. Saxena |
SHAREHOLDING PATTERN
As on 30.06.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1581439 |
7.70 |
|
|
5483925 |
26.70 |
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|
7065364 |
34.40 |
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|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
7065364 |
34.40 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
227 |
0.00 |
|
|
271308 |
1.32 |
|
|
1213471 |
5.91 |
|
|
3573287 |
17.40 |
|
|
5058293 |
24.63 |
|
|
|
|
|
|
3155417 |
15.36 |
|
|
|
|
|
|
1106658 |
5.39 |
|
|
160164 |
0.78 |
|
|
3991040 |
19.43 |
|
|
2619000 |
12.75 |
|
|
20005 |
0.10 |
|
|
979595 |
4.77 |
|
|
210315 |
1.02 |
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|
15000 |
0.07 |
|
|
61822 |
0.30 |
|
|
83452 |
0.41 |
|
|
1851 |
0.01 |
|
|
8413279 |
40.97 |
|
Total Public shareholding (B) |
13471572 |
65.60 |
|
Total (A)+(B) |
20536936 |
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) |
20536936 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturing and marketing of pharmaceuticals and related products. |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Tablets |
Lacs |
31138.32 |
13707.49 |
|
Capsules |
Lacs |
4328.40 |
572.62 |
|
Injectables |
Lacs |
- |
454.86 |
|
Ointments |
Tonnes |
4156.80 |
100.83 |
|
Syrups / Liquids |
Killo Ltrs |
4970.40 |
1007.51 |
|
Power / Active Pharmaceutical Ingredients and Drugs Intermediates |
Tonnes |
305.57 |
116.10 |
Note:
- The installed capacity is as certified by the management and verify
by auditors, this being a technical matter.
- The actual capacity includes:
i)
Sample Production
ii)
Production at loan
licencees Location.
iii)
Production of goods for
captive consumption.
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
Note: A) a)
Loans against (a) 10.75% Non-convertible debentures
and 11.25% Non-convertible debentures aggregating to Rs. 1188.000 Millions
and Rs. 730.000 Millions respectively are secured by first pari-passu charge
on all fixed assets of the Company along with all the existing charge holders
against term loans. b)
The non-convertible debentures are to be redeemed
as follows:- Financial year 2012-13 – Rs. 99.000 Millions, Financial year 2013-14 - Rs. 542.000 Millions, Financial year 2014-15 - Rs. 542.000 Millions, Financial year 2015-16 - Rs. 443.000 Millions, Financial year 2016-17 - Rs. 146.000 Millions, Financial year 2017-18 - Rs. 146.000 Millions, C) a)
Term loans and Foreign Currency loans are secured
by first mortgage and charge on all the immovable and movable fixed assets
both present and future ranking pari-pasu with the existing charge holders
for their term loans and non convertible debenture holders and also secured
by second pari-passu charge on all the current assets of the Company. b)
Term loans and Foreign Currency loans are
repayable as follows:- Financial year 2012-13 - Rs.
933.340 Millions, Financial year 2013-14 - Rs.
787.752 Millions, Financial year 2014-15 - Rs.
210.649 Millions, c)
The rates of
interest on secured loans vary between 12.50 % par annum to 15.25 % per annum d)
The term loans have
also been guaranteed personally by two of the directors of the Company. D) Vehicle loan is
secured against vehicle acquired under the scheme repayable as follows:- Financial year 2012-13 – Rs. 0.146 Millions, Financial year 2013-14 – Rs. 0.160 Millions, Financial year 2014-15 – Rs. 0.190
Millions
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S. S. Khandelwal and Company Chartered Accountants |
|
Address : |
Fountain Chambers, |
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Tel No.: |
91-22-22048143 / 22874639 |
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Fax No.: |
91-22-22046485 |
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Email ID : |
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Cost Auditors : |
Sevekari Khare and Associates Chartered Accountants |
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Address : |
A-4, Hari Nivas, 1st Floor (Rear Side), |
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Related parties where control exists Subsidiary : |
Elder International FZCO, |
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Enterprises over which key management personnel
and their relatives are able to exercise significant influence : |
|
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs. 10/- each |
Rs. 300.000 Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20596486 |
Equity Shares |
Rs. 10/- each |
Rs. 205.965 Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20536936 |
Equity Shares |
Rs. 10/- each |
Rs. 205.369 Millions |
|
59550 |
Add : Forfeiture of Shares |
Rs. 5/- each |
Rs. 0.297 Millions |
|
|
Total |
|
Rs. 205.666
Millions |
Reconciliation of the number of shares
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
At the beginning of the period |
20536936 |
205.369 |
|
Outstanding at the end of the period |
20536936 |
205.369 |
Rights, preferences, and restrictions attached to Equity shares:
The Company has
only one class of Equity Shares having par value of Rs. 10/- each. Each holder
of Equity share is entitled to one vote per share. The Company pays dividend to
Equity Shareholders in Indian rupees. The 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
the liquidation of the Company, the holders of Equity shares will be entitled
to receive remaining assets of the Company. The distribution will be in
proportion to the number of Equity Shares held by the Shareholders.
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% Holding |
|
Indart Exports Private Limited |
2610647 |
12.72% |
|
Semit Pharmaceuticals and Chemicals
Private Limited |
2205690 |
10.74% |
|
Acraf S.P.A. |
2619000 |
12.75% |
|
Citicorp International Financial
Corporation |
1730000 |
8.42% |
|
IL and FS Trust Company |
1108778 |
5.40% |
As per of the
Company, including its Register of Shareholders / Members and other
declarations received from Shareholders regarding beneficial interest the above
shareholding represent both legal and beneficial ownerships of the Shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
205.666 |
205.666 |
|
(b) Reserves & Surplus |
|
6711.895 |
5905.512 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
6917.561 |
6111.178 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
4239.742 |
3754.383 |
|
(b) Deferred tax liabilities (Net) |
|
18.333 |
34.816 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
142.804 |
144.530 |
|
Total Non-current Liabilities (3) |
|
4400.879 |
3933.729 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
3568.982 |
3043.195 |
|
(b) Trade payables |
|
438.264 |
443.118 |
|
(c) Other current
liabilities |
|
1620.168 |
1315.701 |
|
(d) Short-term provisions |
|
197.539 |
151.033 |
|
Total Current Liabilities (4) |
|
5824.953 |
4953.047 |
|
|
|
|
|
|
TOTAL |
|
17143.393 |
14997.954 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
4969.414 |
4651.012 |
|
(ii) Intangible Assets |
|
106.712 |
106.712 |
|
(iii) Capital
work-in-progress |
|
1910.083 |
930.272 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
28.931 |
29.247 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
2944.689 |
2283.704 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
9959.829 |
8000.947 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
182.000 |
79.500 |
|
(b) Inventories |
|
2212.507 |
1848.977 |
|
(c) Trade receivables |
|
2844.728 |
2266.574 |
|
(d) Cash and cash
equivalents |
|
1293.364 |
2516.742 |
|
(e) Short-term loans and
advances |
|
431.576 |
207.530 |
|
(f) Other current assets |
|
219.389 |
77.684 |
|
Total Current Assets |
|
7183.564 |
6997.007 |
|
|
|
|
|
|
TOTAL |
|
17143.393 |
14997.954 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
188.872 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
4557.839 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
4746.711 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
4040.858 |
|
|
2] Unsecured Loans |
|
|
1515.919 |
|
|
TOTAL BORROWING |
|
|
5556.777 |
|
|
DEFERRED TAX LIABILITIES |
|
|
38.132 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
10341.620 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
4653.068 |
|
|
Capital work-in-progress |
|
|
657.409 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
196.775 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1425.556
|
|
|
Sundry Debtors |
|
|
1932.446
|
|
|
Cash & Bank Balances |
|
|
773.099
|
|
|
Other Current Assets |
|
|
34.577
|
|
|
Loans & Advances |
|
|
1878.415
|
|
Total
Current Assets |
|
|
6044.093 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
378.666
|
|
|
Other Current Liabilities |
|
|
579.091
|
|
|
Provisions |
|
|
251.968
|
|
Total
Current Liabilities |
|
|
1209.725 |
|
|
Net Current Assets |
|
|
4834.368
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
10341.620 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9846.873 |
8385.856 |
7027.914 |
|
|
|
Other Income |
243.075 |
80.427 |
76.310 |
|
|
|
TOTAL |
10089.948 |
8466.283 |
7104.224 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
1157.996 |
1168.269 |
|
|
|
|
|
3935.272 |
2861.891 |
|
|
|
|
Changes in inventories of finished goods |
(379.723) |
(343.521) |
|
|
|
|
Employee benefit expenses |
1089.774 |
1043.308 |
|
|
|
|
Other expenses |
1971.214 |
1854.281 |
|
|
|
|
R and D Expenses |
50.781 |
43.555 |
|
|
|
|
TOTAL |
7825.314 |
6627.783 |
5781.861 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2264.634 |
1838.500 |
1332.363 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
890.234 |
629.015 |
507.828 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1374.400 |
1209.485 |
814.535 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
276.356 |
268.735 |
167.736 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE EXCEPTIONAL
ITEMS AND TAX |
1098.044 |
940.750 |
646.799 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTINAL ITEMS |
62.932 |
50.055 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1035.112 |
890.695 |
646.799 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
193.517 |
176.683 |
92.883 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
841.595 |
714.012 |
553.916 |
|
|
|
|
|
|
|
|
|
Less |
TAX FOR EARLIER
YEARS |
0.862 |
6.100 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1859.686 |
1923.378 |
1735.430 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
300.000 |
300.000 |
300.000 |
|
|
|
Dividend |
61.611 |
61.609 |
56.572 |
|
|
|
Tax on Dividend |
9.995 |
9.995 |
9.396 |
|
|
|
Transfer to debenture redemption reserve |
400.000 |
400.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1928.813 |
1859.686 |
1923.378 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on F.O.B Basis |
279.959 |
227.764 |
174.567 |
|
|
TOTAL EARNINGS |
279.959 |
227.764 |
174.567 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
291.496 |
310.924 |
298.428 |
|
|
|
Finished Goods |
14.875 |
39.711 |
|
|
|
TOTAL IMPORTS |
306.371 |
350.635 |
298.428 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
40.94 |
35.88 |
29.37 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 (Unaudited) |
30.09.2012 (Unaudited) |
31.12.2012 (Unaudited) |
31.03.2013 (Unaudited) |
30.06.2013 (Unaudited) |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
5th Quarter |
|
Net sales |
2599.500 |
3026.000 |
2507.900 |
2305.200 |
1892.500 |
|
Total Expenditure |
2040.200 |
2419.600 |
1963.600 |
1903.300 |
1313.600 |
|
Profit before interest, depreciation and
tax (Excluding Other Income) |
559.300 |
606.400 |
544.300 |
401.900 |
578.900 |
|
Other income |
45.400 |
72.400 |
47.700 |
98.400 |
(1.600) |
|
Operating Profit |
604.700 |
678.700 |
591.900 |
500.300 |
577.300 |
|
Interest |
234.800 |
236.900 |
276.000 |
195.500 |
436.500 |
|
Exceptional Items |
(24.500) |
(26.400) |
0.000 |
0.000 |
0.000 |
|
Profit before depreciation and tax |
345.400 |
415.400 |
315.900 |
304.800 |
140.800 |
|
Depreciation |
72.100 |
77.600 |
69.300 |
72.900 |
73.300 |
|
Profit before tax |
273.300 |
337.800 |
246.700 |
231.900 |
67.400 |
|
Tax |
55.000 |
67.500 |
50.000 |
47.500 |
(0.300) |
|
Profit after tax |
218.300 |
270.300 |
196.700 |
184.400 |
67.800 |
|
Extraordinary items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior period expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
218.300 |
270.300 |
196.700 |
184.400 |
67.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
8.34
|
8.43 |
7.80
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.51
|
10.62 |
9.20
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.44
|
7.58 |
6.05
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.15 |
0.14
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.13
|
1.11 |
1.17
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23
|
1.41 |
5.00
|
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 |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
--------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDUSTRY OVERVIEW: DRUGS AND PHARMACEUTICALS
The Indian pharmaceutical
industry is estimated to be worth of US$ 6 billion, growing at over 13 per cent
annually, Indian pharmaceutical companies now supply almost all the country’s demand
for formulations and nearly 70 per cent of demand for bulk drugs.
The Indian pharmaceutical industry, which is a US $ 22
billion Industry, has been growing at a faster pace in recent years. The
industry produces bulk drugs which include all major therapeutic groups
requiring systematic and modern manufacturing technologies. In India, most of
the formulations in various dosage forms are being produced in GMP compliant
facilities. India now ranks 4th largest producer of drugs in the world which is
accounting 8% of world’s production by volume and 1.5% by value. Indian pharma
industry ranks 17th in terms of export value of bulk actives and dosage forms.
Indian exports are exported to more than 200 countries around the globe
including highly regulated markets of US, Europe, Japan and Australia. Product
patent in pharmaceuticals has been introduced in the country with effect from
1st January, 2005 by amending the Patents Act, 1970 in conformity with the
TRIPS agreement. The physical infrastructure in the four patent offices in the
country (Kolkata, Delhi, Chennai and Mumbai) has been substantially
strengthened and computerization has been introduced. Steps are now being taken
to further augment and improve the software and human resources in these offices
to enable them to deal with the new responsibilities.
Some of the official estimates published by the government
shows that the exports of pharma constitute nearly 40 per cent of the
production with formulations contributing 55 per cent and bulk drugs 45 per
cent. The industry ranks 17th in terms of export value of bulk actives and
dosage. It comprises large, medium and small-scale operators out of which some
300 companies’ together account for nearly 90 per cent of the domestic market,
while the rest is accounted for by a large number of small companies which
total about 9000 units. The export import policy guidelines for Drugs and
pharmaceuticals stipulate that the Import of most of the bulk drugs,
intermediates and formulations under Chapters 29 and 30 is free. However, quite
a few narcotic drugs and psychotropic substances, that were restricted as per
Exim Policy 2002-2007 at the instance of the Department of Revenue. On account
of structural similarities and non availability of specific codes for many
narcotic drugs and psychotropic substances, a large number of organic chemicals
including vital bulk drugs and intermediates required by the Pharma industry
were also put under restricted category by virtue of their coverage under 9
residual categories of “Others”. Keeping in view the difficulties of a large
number of genuine actual users of these substances, the import restrictions on
the narcotic drugs and psychotropic substances including those under “others”
were lifted. At the same time a new regime for import of narcotic drugs and
psychotropic substances has been brought in by DGFT vide Notification No.52
(RE-2005)2004 dated 9th March 2006.
Estimates show that the Pharma exports touched a level of
over Rs. 249420.000 Millions during 2006-07. Exports constitute a substantial
part of the total production of Pharmaceuticals in India. Another note worthy
feature of export is more of dosage form export to advanced markets like
Europe, US, CIS Africa etc. The trend of exports is as follows: -
|
YEAR |
EXPORT (Rs. in Millions) |
|
1998-1999 |
62560.600 |
|
1999-2000 |
72301.600 |
|
2000-2001 |
8574.700 |
|
2001-2002 |
97512.000 |
|
2002-2003 |
128261.000 |
|
2003-2004 |
152132.400 |
|
2004-2005 |
178578.000 |
|
2005-2006 |
225789.800 |
|
2006-2007 |
249420.000 |
According to IBEF, the domestic Indian pharmaceutical
industry is likely to more than triple to US$ 20 billion by 2015 from the
current US$ 6 billion to become one of the top ten pharmaceutical markets in the
next decade. Ever since the new patent regime is in force, the pharmaceutical
market is witnessing structural changes. Consequently, patented drugs are
likely to see increased sales in the domestic pharmaceutical market, growing
from virtually nothing at present to about US$ 2 billion in seven years.
According to a study done by Goldman Sachs, it is estimated
that India will be the fifth largest pharmaceutical market in the world by
2020, with sales of US$ 43 billion. With the market is growing with increased
disposable incomes, growing middle-class households, expansion of medical
infrastructure, greater penetration of health insurance etc have made a
positive impact on the pharmaceutical market. Consequently, a number of
multinationals have entered the Indian Pharmaceutical market. Already 15 of the
20 largest pharmaceutical companies in the world have been doing business in
India. In effect the drugs and pharmaceuticals constitute the 8th largest FDI
category in India.
India is emerging as the global hub for contract research
and manufacturing services (CRAMs) as the low cost and upgraded quality levels
helped to put the destination as an emerging one. Some of the companies like
Dishman Pharma, Divis Labs and Matrix Labs have been undertaking contract jobs
for MNCs in the US and Europe. Pfizer, Merck, GSK, Sanofi Aventis, Novartis,
Teva etc. are largely depending on Indian companies for many of their APIs and
intermediates. The Indian CRAMS market
which is valued at US$ 895 million in 2006 (as against US$ 533 million)
accounts for between 6-7 percent of the global CRAMS market and many expect
India will command at least 15 per cent of the market by 2009-10. Research
agency Frost and Sullivan estimates this segment to reach close to US$ 6.6
billion by 2013. The Boston Consulting Group estimated that the contract
manufacturing market for global companies in India would touch $900 million by
2010. Industry estimates suggest that the Indian companies bagged manufacturing
contracts worth $75 million in 2004.
Contract research--including both drug discovery research
and clinical research has been growing at a phenomenal rate. While clinical
trials represent 65 per cent of this market and new drug discovery makes up the
remaining 35 per cent. Frost and Sullivan estimates outsourced contract
research in India to reach US$ 2 billion by 2010. Similarly, according to a
McKinsey report, the global clinical trial outsourcing to India in the
pharmaceutical industry is estimated to be worth US$ 1.23 billion by 2010.
Over 15 prominent contract research organizations (CROs) are
now operating in the country which includes names such as Novartis, Johnson and
Johnson, Pliva, Astra Zeneca, Bristol-Myers Squibb and Glaxo Smith Kline among
others.
Contract manufacturing is another new opportunity for the
Indian pharmaceutical industry. Already, India has the largest number of US
Food and Drug Administration (US FDA)-approved plants outside the US, with over
100 facilities. And now even small and medium scale pharmaceutical companies
are setting up new and upgraded high-quality manufacturing plants to take part
in this growing segment.
About 40-50 new plants (which are in addition to the plants
being set up by major Indian pharmaceutical companies) are likely to be commissioned
by these companies in the next two years conforming to the quality standards
suggested by the US FDA and the UK Medicines and Healthcare Regulatory Agency
(MHRA), making India one of the largest drug manufacturers in the world.
Already, Indian drug companies account for over 25 per cent of the total
generic drug applications made to the FDA of US, which accounts for over half
of the US$ 60 billion market. Also, India has over 100 US FDA-approved plants,
the highest number outside the US. Indian companies are also able to build
their US generic pipeline with Indian filings of around 408 products.
Industrial Licensing for all bulk drugs cleared by Drug Controller General
(India), all their intermediates and formulations has been abolished, subject
to stipulations laid down from time to time in the Industrial Policy. 100% FDI
is also permissible for the manufacture of Drugs and Pharmaceuticals.
Foreign Direct
Investment (FDI) in Drugs and Pharmaceuticals:
·
FDI
upto 74% in the case of bulk drugs, their intermediate Pharmaceuticals and
formulations (except those produced by the use of recombinant DNA technology)
would be covered under automatic route.
·
FDI
above 74% for manufacture of bulk drugs will be considered by the Government on
case to case basis for manufacture of bulk drugs from basic stages and their
intermediates and bulk drugs produced by the use of recombinant DNA technology
as well as the specific cell/tissue targeted formulations provided it involves
manufacturing basic drugs
Automatic approval for Foreign Technology Agreement (FTA) is
already available in the case of all the bulk drugs cleared by Drug Controller
General (India) , all their intermediates and formulations, except bulk drugs
produced by the use of recombinant DNA technology.
National Pharmaceutical Pricing Authority (NPPA) attempts to
streamline and simplify the procedures with regard to drug price monitoring and
bring about a greater degree of transparency as well as objectivity to the
whole exercise. Fixation and notification of drug prices, both of bulk drugs as
well as formulations, is thus the most important function of the authority. The
criteria for calculating the fair price are drawn from the Drugs (Prices
Control) Order, legislation under the Essential Commodities Act. Set up in
1997, the authority has been enforcing the provisions of the Drugs (Prices
Control) Order, dealing with all legal matters arising out of its decisions,
undertaking and/or sponsoring relevant studies in respect of pricing of
drugs/pharmaceuticals and rendering advice to the central government on
changes/ revisions in the drug policy over the years. NPPA is currently fixing
prices on the basis of Drugs Price Control Order (DPCO) 1995, which has
separate methodology / procedure for price fixation / revision of bulk drugs
and formulations.
UNSECURED LOAN:
|
Particulars |
As on 31.03.2012 Rs. in Millions |
As on 31.03.2011 Rs. in Millions |
|
LONG TERM BORROWINGS |
|
|
|
Fixed Deposits |
1285.531 |
520.554 |
|
Trade Deposits |
136.460 |
133.460 |
|
Total |
1421.991 |
654.014 |
|
Particulars |
As
on 31.03.2012 Rs.
in Millions |
As
on 31.03.2011 Rs.
in Millions |
|
SHORT TERM BORROWINGS |
|
|
|
From Banks |
1150.000 |
900.000 |
|
From others |
205.000 |
217.500 |
|
Total |
1355.000 |
1117.500 |
INDEX OF CHARGES
|
Sr .No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10440217 |
31/07/2013 |
500,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING , GROUND
FLOOR,17, R, KAMANAI MARG , BALLARDESATE, MUMBAI, Maharashtra - 400001,INDIA |
B80828429 |
|
2 |
10437974 |
22/06/2013 |
200,000,000.00 |
DBS BANK LIMITED |
3rd Floor, Fort House,, Dr. D
N Road, Fort, Mumbai, Maharashtra - 400001, INDIA |
B80097819 |
|
3 |
10434336 |
22/05/2013 |
430,000,000.00 |
Axis Bank Limited |
CBB Br., Axis House, Gr. Floor,
Wadia Intl. Centre, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
B78509155 |
|
4 |
10421311 |
28/03/2013 |
150,000,000.00 |
STATE BANK OF INDIA |
Industrial Finance Branch,
"The Arcade", 2nd Floor, World Trade Center, Cuffe Parade, Mumbai,
Maharashtra - 400005, INDIA |
B73633984 |
|
5 |
10407975 |
06/02/2013 |
150,000,000.00 |
STATE BANK OF INDIA |
Industrial Finance Branch,
"The Arcade", 2nd Floor, World Trade Center, Cuffe Parade, Mumbai,
Maharashtra - 400005, INDIA |
B69606549 |
|
6 |
10406092 |
03/01/2013 |
500,000,000.00 |
BANK OF INDIA |
92-93, Free press House, Free
press journal Road, |
B68559616 |
|
7 |
10388957 |
20/05/2013 * |
700,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay
Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025,
INDIA |
B77241834 |
|
8 |
10376358 |
29/08/2012 |
250,000,000.00 |
NEW INDIA CO-OP BANK LIMITED |
New India Bhavan, Anant
Vishram Nagvekar Marg, Babasaheb Worlikar Chowk, Prabhadevi, Mumbai,
Maharashtra - 400025, INDIA |
B58042870 |
|
9 |
10379529 |
13/08/2012 |
255,500,000.00 |
Oriental Bank of Commerce |
181-A, Maker tower 'E', 18th
Floor, Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA |
B59307280 |
|
10 |
10379589 |
13/08/2012 |
300,000,000.00 |
Oriental Bank of Commerce |
181-A, Maker tower 'E', 18th
Floor, Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA |
B59326413 |
* Date
of charge modification
MANAGEMENT
DISCUSSION AND ANALYSIS:
Economic developments
of the past year have been volatile, punctuated by natural disasters, large
swings in investor sentiment and periods of relative calm and improving
prospects. Output in the second half of 2011, was particularly weak, buffeted
by flooding in Thailand, earthquake and tsunami in Japan, unrest in
oil-producing countries, the debt crisis in Europe, and a stagnating recovery
in the US. According to the International Monetary Fund, the global economy
will continue to be sluggish in coming quarters as the recovery is threatened
by intensifying strains in the euro area and fragilities elsewhere. Global
output is projected to expand by 3.5% in 2012.
Moving on to
India, the GDP growth for 2011-12 stands at 6.9%, only marginally higher than
the 6.7% growth seen in 2008-09, the year of the global economic crisis. Growth
impulses and business sentiments have weakened in India in the recent months on
account of a host of factors which include an increase in interest rates. The
year was marked by economic slowdown across the globe, with the Euro crisis
being the highlight. The Indian economy, despite its resilience, was not
immune. The falling rupee, widening fiscal deficit, double-digit inflation, 13
interest rate hikes in a year, crucial policies like FDI in retail with strong
backward linkages going on the back burner, the dismal feeling of policy
paralysis in the country, all these marked critical developments in the course
of 2011. Sustaining high growth is likely to be the overarching concern in
2012, although the risk of inflation will remain, largely because of a
weakening rupee. Investment growth is likely to remain sluggish in 2012-13 as
well, unless policy issues are addressed and there is a substantial pick-up in
the pace of implementation of big ticket Economic reforms.
COMPANY OVERVIEW:
Elder
Pharmaceuticals is one of the fastest growing pharma companies in the country.
Set up in 1988 with a manufacturing plant in Navi Mumbai, the Company today has
acquired a major presence in women’s healthcare, lifestyle diseases and pain
management. Shelcal, a calcium supplement is a leading brand in the Indian
pharma industry. A domestic centric Company, it derives more than 90% of its
revenue from the domestic market and is ranked 27th by IMS ORG, April 2012. The
Company has its presence highlighted across the domestic pharmaceutical chain
from in-house manufacturing, In-licensing agreements, Active Pharmaceutical
Ingredients and Dosage Formulations backed by an intensive Research and
Development division at Nerul (Mumbai).
Elder
Pharmaceuticals has geographically diversified manufacturing facilities in six
locations: Paonta Sahib (Himachal Pradesh), Selaqui (Uttaranchal), Langha Road
(Uttaranchal), Nerul (Maharashtra) Patalganga (Maharashtra) and Pawane (Maharashtra).
Together, these help Elder cater to customers on a pan-India platform.
FINANCIAL PERFORMANCE:
Standalone
revenues for the financial year ended March 2012 stood at Rs. 9846.873 Millions
as compared to Rs.
358.856 Millions
in the corresponding period last year thereby registering an increase by
17.42%. Standalone Profit for the year for the financial year stood at Rs.
840.733 Millions as compared to Rs. 707.912 Millions increase by 18.76%.
BUSINESS PERFORMANCE:
The financial year
reflects that the Company’s business verticals have delivered consistent
financial and operational performances. Women’s healthcare continues to remain
the strongest pillar at Elder Pharma contributing 23% of total revenues.
Nutraceuticals and pain management divisions witnessed encouraging growth with
contributions of 7% and 9% of total revenues respectively. The anti-infectives
division has also shown promise.
OUTLOOK:
The year has been
good as Elder Pharma delivered robust financial and operational performances
across all segments. The Company has always aimed to be a leading innovator of
pharmaceutical products while maintaining a high standard of quality controls
and overall integrity of the brand. Further, the Company is positive of the
potential of the recently launched which would augment growth in the time to
come.
Adding to their
revenues would be the contribution of the Company’s mass marketing division
Elvista. The division has been performing consistently well enabling Elder
Pharma to strengthen presence in the rural and semi urban markets. Enhancing
performance would be the Company’s initiative of consistently investing in
augmenting market reach through improved distribution of products. Going
forward, the Company continues to explore opportunities, introduce new products
and believe there is significant opportunity in the year ahead to accelerate
growth and create value. The management is optimistic of continuing to deliver
consistent performance enhancing shareholder value.
OPERATIONS AND
PERFORMANCE:
The economy
throughout the world witnessed economic and political turmoil during the year
with natural and manmade calamities which have impacted businesses across all
sectors. The Indian GDP growth was below expectation and with high interest
rates and monsoon playing truant this season, the already high inflation is
likely to have spiraling effect. Added to this is the depreciating Rupee
against US Dollar making the imported inputs costlier. All these factors have
brought a lot of pressure on both operating costs and margins of the Company.
The Company’s Operating Income during the year was Rs. 9846.873 Millions as
against Rs. 8385.600 Millions in the previous year. This represents an increase
of RS. 1461.017 Millions Which is equivalent to 17.42% increase over the
previous year. Ever rising oil prices and resultant increase in the all round
input costs, increased finance costs, etc. have brought the pre and post tax
profits. However, there has been slight improvement in the pre tax and post-tax
profit; although in percentage terms it is less than the top line growth, with
profit before tax for the year being Rs. 1035.112 Millions as against profit
before tax of Rs. 890.695 Millions in the previous year and profit after tax
for the year being Rs. 841.595 Millions as against profit after tax of Rs.
714.012 Millions in the previous year.
During the Company
introduced a number of new products. These products were BFX, MENY, MENY Plus,
Elpod O and FORMIC OF in the Anti-infective category, New Zephrol Cold Syrup,
New Zephrol Cold Tablets and New Zephrol DC Syrup in the Cough and Cold
category, Aptirez Syrup in Appetite Stimulant category, Vagisil Range in the
Women’s Health Care category, Chymoral AP in Wound Care and Pain Management
category and Gastrochill and Gastrochill D in the G. I. category.
All the products
of the Company including new introductions have been well accepted by the
medical fraternity in India. The main therapeutic area of interest to the
Company continues to be Women’s healthcare, wound care and Pain Management,
Neutraceuticals / Vitamin Supplements, Life Style and Diabetes, and
Antibiotics.
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE THREE MONTHA ENDED
30th JUNE 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Quarter Ended (Unaudited) |
Corresponding Quarter Ended (Unaudited) |
Year to Date (Audited) |
|
|
30.06.2013 |
31.03.2013 |
30.06.2012 |
30.06.2013 |
|
1.
Income from operations |
|
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
1879.300 |
2301.222 |
2598.904 |
12299.263 |
|
b) Other operating income |
13.206 |
3.978 |
0.554 |
31.703 |
|
Total
income from Operations(net) |
1892.506 |
2305.200 |
2599.458 |
12330.966 |
|
2.
Expenditure |
|
|
|
|
|
a) Cost of material consumed |
128.809 |
154.272 |
277.712 |
1224.705 |
|
b) Purchases of stock in trade |
177.650 |
1315.139 |
632.422 |
3934.617 |
|
c) Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
327.306 |
(115.104) |
316.002 |
571.591 |
|
d) Employees benefit expenses |
314.052 |
274.892 |
294.282 |
1574.879 |
|
e) Depreciation and amortization expenses |
73.330 |
72.892 |
72.117 |
365.209 |
|
e) Other Expenses |
365.818 |
274.115 |
519.737 |
2334.488 |
|
Total expenses |
1386.965 |
1976.164 |
2112.272 |
10005.489 |
|
3. Profit from operations before other income, financial
costs and exceptional items |
505.541 |
329.036 |
487.186 |
2325.477 |
|
4. Other income |
(1.623) |
98.381 |
45.390 |
262.176 |
|
5. Profit from ordinary activities before finance costs
and exceptional items |
503.918 |
427.417 |
532.576 |
2587.653 |
|
6. Finance costs |
436.496 |
195.505 |
234.821 |
1379.734 |
|
7. Profit from ordinary activities after finance costs but
before Exceptional Items |
67.422 |
231.912 |
287.755 |
1207.919 |
|
8. Exceptional Items |
0.000 |
0.000 |
24.487 |
50.877 |
|
9. Profit / Loss from ordinary activities before tax |
67.422 |
231.912 |
273.268 |
1157.042 |
|
10. Tax expenses |
(0.334) |
47.500 |
55.000 |
219.666 |
|
11. Net profit / Loss from ordinary activities after tax |
67.756 |
184.412 |
218.268 |
937.376 |
|
12. Extraordinary items |
0.000 |
0.000 |
0.000 |
0.000 |
|
13. Net profit / Loss for the period |
67.756 |
184.412 |
218.268 |
937.376 |
|
14. Paid up equity share capital (Face value of Rs.10/-
per share) |
205.369 |
205.369 |
205.369 |
205.369 |
|
15. Reserves excluding revaluation reserves |
0.000 |
0.000 |
0.000 |
7484.540 |
|
16. i) Earnings per share (EPS) (Not Annualised) before
Extraordinary items (of Rs. 10/-) |
|
|
|
|
|
Basic |
3.30 |
8.98 |
10.63 |
45.65 |
|
ii) Earnings per share (EPS) (Not Annualised) after
Extraordinary items (of Rs. 10/-) |
|
|
|
|
|
Basic |
3.30 |
8.98 |
10.63 |
45.65 |
|
PART-II |
|
|
|
|
|
A. Particulars of shareholding |
|
|
|
|
|
1. Public Shareholding |
|
|
|
|
|
- Number of shares |
13471572 |
12323853 |
12404803 |
13471572 |
|
- Percentage of shareholding |
65.60 |
60.01 |
60.40 |
65.60 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
|
Number of shares |
7024370 |
6581802 |
5612802 |
7024370 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
99.42 |
80.14 |
69.02 |
99.42 |
|
Percentage of shares (as a % of total share capital of the
company) |
34.20 |
32.05 |
27.33 |
34.20 |
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
Number of shares |
40994 |
1631281 |
2519331 |
40994 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
0.58 |
19.86 |
30.98 |
0.58 |
|
Percentage of shares (as a % of total share capital of the
company) |
0.20 |
7.94 |
12.27 |
0.20 |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
0 |
|
Receiving during the quarter |
2 |
|
Disposed of during the quarter |
2 |
|
Remaining unreserved at the end of the quarter |
0 |
Note:
- The above results were reviewed by the Audit
committee and approved by the Board of Directors at their meeting held on
29th August, 2013.
- Year to date figures are for a period of 15 months where as previous year’s figures are for 12 months hence not
comparable.
- The figures of June 2013 Quarter ended are the
balancing figures between audited figures in respect of the full fifteen
months financial year ended 30th June 2013 and the published year to date figures upto the fourth quarter ended
31st March 2013 of the current financial year.
- It has been decided to skip dividend for the
Financial Year ended 2012-13
- The Company operates in Pharmaceutical segment
only. Hence, pursuant to
accounting standard AS-17 on segment information is not required to
be given
- Tax expenses include current tax and deferred
tax.
- Previous years and Quarter figures have been regrouped / rearranged wherever necessary. (as per new formal under Schedule Vi o( the Companies Act 956)
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 30.06.2013
(Rs. In Millions)
|
SOURCES OF FUNDS |
|
|
30.06.2013 Unaudited |
|
III.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
205.369 |
|
(b) Reserves & Surplus |
|
|
7572.646 |
|
(c) Pending Call Money |
|
|
0.297 |
|
Sub-Total Shareholders' funds |
|
|
7778.312 |
|
|
|
|
|
|
(3)
Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
5736.347 |
|
(b) long-term provisions |
|
|
165.478 |
|
Sub-total Non Current liabilities |
|
|
5901.825 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
3986.284 |
|
(b) Trade payables |
|
|
680.574 |
|
(c) Other current
liabilities |
|
|
3442.054 |
|
(d) Short-term provisions |
|
|
293.272 |
|
Sub-total Non Current liabilities |
|
|
8402.184 |
|
|
|
|
|
|
TOTAL |
|
|
22082.321 |
|
|
|
|
|
|
IV.
ASSETS |
|
|
|
|
Non-current
assets |
|
|
|
|
(a) Fixed assets |
|
|
7525.917 |
|
(b) deferred tax Assets/Liabilities(net) |
|
|
6.997 |
|
(c) Non -current investments |
|
|
25.127 |
|
(d) Long-term loans and advances |
|
|
7541.973 |
|
Sub Total Non-current assets |
|
|
15100.014 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
13.850 |
|
(b) Inventories |
|
|
1592.597 |
|
(c) Trade receivables |
|
|
3283.691 |
|
(d) Cash and cash
equivalents |
|
|
814.319 |
|
(e) Short-term loans and
advances |
|
|
944.506 |
|
(f) Other current assets |
|
|
333.344 |
|
Sub-total Non-current assets |
|
|
6982.307 |
|
|
|
|
|
|
TOTAL |
|
|
22082.321 |
FIXED ASSETS:
- Land-Freehold
- Land-Leasehold
- Buildings
- R and D-Building
- Plant and
Machinery
- R and D-Plant
and Machinery
- Furniture and
Fixtures
- R and D
-Furniture and Fixtures
- Motor Vehicles
- Technical Know-How
NEWS:
ELDER PHARMA ACQUIRES UK
BASED OTC FIRM MAX HEALTHCARE LIMITED
July,
2 2013
Elder Pharmaceuticals on Monday said its UK arm NutraHealth Limited has acquired West Yorkshire-based firm Max Healthcare Limited to re-enter over-the-counter pharmaceutical business for an undisclosed amount.
"Max Healthcare is an OTC business, which owns a range of marketing authorisations and provides own label and branded OTC medicines and products to a broad range of customers," Elder Pharmaceuticals said in a filing to BSE.
The acquisition will help in extending and enhancing the company's OTC product range, it added.
Max Healthcare will be a subsidiary of NutraHealth Limited and will be managed in parallel with its subsidiary Brunel Healthcare Manufacturing Limited, Elder Pharma said.
Max Healthcare is predominantly an outsourced operation with most of its manufacturing taking place in India.
ELDER
PHARMACEUTICALS TO INVEST RS 200.000 MILLIONS FOR COSMETICS FORAY
Elder Pharmaceuticals will be investing Rs 150.000-200.000 Millions over
the next two-three years for its foray into cosmetics, an official has said.
"We are looking at investment of Rs 150.000-200.000 Millions over
the next two-three years for marketing and manufacturing of cosmetics,"
Elder Pharmaceuticals Joint Managing Director Alok Saxena told PTI here.
The company plans to manufacture cosmetics at its existing plant in
Paonta Sahib in Himachal Pradesh, which is making pharmaceutical products.
Elder Pharma has recently entered into an agreement with Japan's Kose
Corporation to form a JV company to manufacture and sell cosmetics in the
market. The agreement stipulates that Kose will focus on the Indian market
through the JVC for manufacturing and selling cosmetics in India. Kose will
hold 60 per cent and Elder the 40 per cent in the proposed JV.
"We are looking at getting this project on-steam in the next two
months. The Himachal Pradesh plant will be used for making cosmetics products
because we will be following the same manufacturing norms as we do for
pharmaceutical products," he said.
Saxena said Elder, by forming the joint venture, has deviated from its
usual strategy of in-licensing products from foreign companies, owing to the
huge opportunity in domestic market. The product portfolio includes skincare
and body-care products, Saxena said, adding they were over-the-counter (OTC)
products. Saxena added that India's facial skincare segment is estimated at
around Rs 55000.000 Millions. "Therefore, the target will be in skincare
market. Our incremental revenues could run between Rs 300.000 Millions and Rs
400.000 Millions in the first year", he said.
The joint venture company is provisionally named Kose Elder (India)
Private Limited."Cosmetics manufacturing is an altogether different area
for us. The initial investments could run into a couple of million dollars. We
have not finalised the business plan as yet, but we are looking at giving them
(Kose Corporation) complete support of manufacturing and distribution in Indian
market", Saxena added.
The Company is looking at both the mass segment and the prestige
segments. All the products are intended to be 'Made in India' products.
"India is a developing consumer market with strong growth
potential. Women's fashion is also diversifying, and tastes in cosmetics are
changing dramatically. Almost all the products initially in the first few years
will be skin products in the form of creams, lotions and ointment. The total
market in this segment is about Rs 180000.000 Millions," Saxena said.
ELDER
PHARMA, KOSE CORP FORM JV TO SELL COSMETICS IN INDIA
Drug firm Elder Pharmaceuticals has formed a joint venture with Japan's
Kose Corporation to manufacture and sell cosmetics in India.
Kose Corporation is one of the leading Japanese cosmetic companies.
"Kose products will be produced in the existing plant of Elder Pharmaceuticals
in Paonta Sahib in Himachal Pradesh," Elder Pharma Joint Managing Director
Alok Saxena said.
The company is looking at getting the project on-stream in the next
three months, he added.
Kose will hold 60 per cent stake in the JV - Kose Elder (India) Private
Limited - while Elder will have the rest, a statement said.
Saxena added: "The initial investments could run into couple of
million dollars. We have not finalised business plan as yet, but we are looking
at giving them complete support of manufacturing and distribution in Indian
market.'"
He added that the JV will manufacture all kinds of skin care products
including creams, lotions and ointment
"We plan to bring their top-end products in the Indian market using
our distribution and manufacturing support they will be able to do well in
Indian market. Our incremental revenues could run between Rs 300.000-400.000
Millions in the first year," Saxena said.
ELDER
PHARMA GETS EUROPEAN CERTIFICATE OF SUITABILITY FOR DIOSMIN API
Elder Pharmaceuticals Limited, a Mumbai based Rs.13000.000 Millions plus
pharmaceutical company, has received the Certificate of Suitability (COS) from
European Directorate for the Quality of Medicines and Healthcare (EDQM), for
Diosmin API.
EDQM is a Directorate of the Council of Europe that protects public
health by enabling the development, supporting the implementation and
monitoring the application of quality standards for safe medicines and their
safe use in the European countries.
"Diosmin, a semi-synthetic drug, which is a member of the flavonoid
family. It can be isolated from various plant sources or derived from the
flavonoid hesperidins. It is an oral phlebotropic drug used in the treatment of
venous system related disease including chronic venous insufficiency (CVI),
haemorrhoidal disease (HD), microcirculatory and absorbent system. The
recognition by EDQM shall immensely help the company to further enter the
regulated markets of European Union"said Alok Saxena, joint managing
director, Elder Pharmaceuticals.
"The global market size of this finished product is around US$ 500
million of which, the European markets accounts for approximately US$ 255
million. Diosmin is predominantly a prescription medication in some European
countries and is also sold as a nutritional supplement in rest of Europe.
Currently, Elder Pharmaceuticals has customers throughout the world including
Southeast Asia, Africa and Latin American region. "COS" approval for
Diosmin API will enable the doors of the European region to open up for Elder,
thus enabling the company to expand its global market share"said Saxena.
Elder Pharmaceuticals has presence in niche therapeutic segments like
women"s healthcare, wound care, nutraceuticals vitamin supplements,
cardiology, diabetes, dermatology, antibiotics and neurology. It is the market
leader in calcium supplements, wound healing and injectable B12 vitamin. The
company has a judicious mix of drug formulations, and active pharma ingredients
(APIs). It has 6 manufacturing plants in India located in Maharashtra,
Uttarakhand and Himachal Pradesh.
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. 61.16 |
|
|
1 |
Rs. 97.77 |
|
Euro |
1 |
Rs. 82.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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.