MIRA INFORM REPORT
|
Report Date : |
14.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
CADILA HEALTHCARE LIMITED |
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Registered
Office : |
‘Zydus Tower’, Satellite Cross Roads, Sarkhej – Gandhinagar Highway, Ahmedabad – 380015, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
15.05.1995 |
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Com. Reg. No.: |
04-025878 |
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Capital
Investment / Paid-up Capital : |
Rs. 1024.000
Millions |
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CIN No.: [Company Identification
No.] |
L24230GJ1995PLC025878 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMC00020G |
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PAN No.: [Permanent Account No.] |
AAACC6253G |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Seller of Pharmaceuticals, Bulk Drugs, Formulations and Injectibles. |
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No. of Employees
: |
Information Decline by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 100000000 |
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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 a reputed company having good track record. There appears dip in profit of the company in 2013. However overall financial position of company appears to be sound. Directors are reported to be experienced, respectable and resourceful businessmen. Trade relations are fair. Business active. Payments are reported to be regular and as per commitments. 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.
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 Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
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 India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : AA+ |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
09.01.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
09.01.2013 |
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.
INFORMATION DECLINED BY
Management non-co operative
Tel. No.: 91-79-26868100
LOCATIONS
|
Registered / Corporate Office : |
‘Zydus Tower’, Satellite Cross Roads, Sarkhej – Gandhinagar Highway, Ahmedabad – 380015, Gujarat, India |
|
Tel. No.: |
91-79-26770100 (EPBX) (20 Lines)/ 26868100/ 26868235 |
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Fax No.: |
91-79-26732365/ 26732366/ 26862365 |
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E-Mail : |
investor.grievance@zyduscadila.com
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Website : |
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Factory 1 : |
Formulation Unit:
Ø S. No.417, 419 and 420, Village Moraiya, Taluka Sanand, District Ahmedabad, Gujarat, India Ø Kundaim Industrial Estate, Ponda – 403401, Goa, India Ø Village Saraj Mujra, P. O.– Baddi, Tehsil – Nalagarh, District – Solan, Himachal Pradesh, India |
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Topical Plant: |
Plot No. 254/255, Behind Zyfine Chemicals, Sarkhej Bavla. N. H. No. 8A, Changodar Road, Taluka Sanand, District-Ahmedabad, Gujarat, India |
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Zydus Biologics: |
Survey No. 40P, 23, 25P, 42, 37, Opposite Ramdev Masala, Sarkhej-Bavla N. H. No. 8A, Changodar, Ahmedabad, Gujarat, India |
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API Units : |
Ø GIDC Estate, Ankleshwar, Gujarat, India Ø Dabhasa, Tal. Padra, District Vadodara, Gujarat, India Ø Block No. 162, Ekalbara Umraya Road, Village Dabhasa, Taluka Padra, District-Vadodara, Gujarat, India |
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SEZ Unit: |
Plot No. 1/1A, and 2, PHARMEZ, Sarkhej-Bavla N. H. No. 8A, Village – Matoda, Taluka Sanad, District-Ahmedabad |
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Zydus Research
Center : |
S. No. 396/403, Village Moraiya, Taluka Sanand, District Ahmedabad, Gujarat, India |
DIRECTORS
AS ON 31.03.2012
|
Name |
Mr. Ramanbhai B.
Patel |
|
Designation |
Founder |
|
Address |
16, Azad Society,
Ambawadi, Ahmedabad – 380015, Gujarat, India |
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|
Name |
Mr. Pankaj R.
Patel |
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Designation |
Chairman and
Managing Director |
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|
Name |
Dr. Sharvil P.
Patel |
|
Designation |
Deputy Managing
Director |
|
Address |
16, Azad Society,
Ambawadi, Ahmedabad – 380015, Gujarat, India |
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|
Name |
Mr. Humayun Dhanrajgiri |
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Designation |
Director |
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|
Name |
Mr. Mukesh M.
Patel |
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Designation |
Director |
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|
|
|
Name |
Mr. Nitin
Raojibhai Desai |
|
Designation |
Director |
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|
Name |
Mr. Apurva S. Diwanji |
|
Designation |
Director |
KEY EXECUTIVES
|
Name |
Mr. Upen H. Shah |
|
Designation |
Company Secretary |
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|
Name |
Mr. Jyotindra B. Gor |
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Designation |
Chief Accounts Officer |
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|
Name |
Mr. Nitin D Parekh |
|
Designation |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
153134446 |
74.79 |
|
|
3600 |
0.00 |
|
|
153138046 |
74.79 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
153138046 |
74.79 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
9691639 |
4.73 |
|
|
1595012 |
0.78 |
|
|
850 |
0.00 |
|
|
9031429 |
4.41 |
|
|
11091183 |
5.42 |
|
|
31410113 |
15.34 |
|
|
|
|
|
|
8183733 |
4.00 |
|
|
|
|
|
|
9181303 |
4.48 |
|
|
2296889 |
1.12 |
|
|
538436 |
0.26 |
|
|
538436 |
0.26 |
|
|
20200361 |
9.87 |
|
Total Public shareholding (B) |
51610474 |
25.21 |
|
Total (A)+(B) |
204748520 |
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) |
204748520 |
0.00 |
Shareholding belonging to the category
"Promoter and Promoter Group"
|
Sl. No. |
Name of the
Shareholder |
Details of Shares
held |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
|
|
No. of Shares held |
As a % of grand
total |
|
|
1 |
Zydus Family Trust |
15,31,07,446 |
74.78 |
74.78 |
|
2 |
Pripan Investment Private Limited |
3,600 |
0.00 |
0.00 |
|
3 |
Shivani Pankajbhai Patel |
3,000 |
0.00 |
0.00 |
|
4 |
Pankajbhai Ramanbhai Patel |
3,000 |
0.00 |
0.00 |
|
5 |
Pankajbhai Ramanbhai Patel - HUF |
3,000 |
0.00 |
0.00 |
|
6 |
Pritiben Pankajbhai Patel |
3,000 |
0.00 |
0.00 |
|
7 |
Taraben Ramanbhai Patel |
3,000 |
0.00 |
0.00 |
|
8 |
Ramanbhai B Patel HUF |
3,000 |
0.00 |
0.00 |
|
9 |
Pankajbhai Ramanbhai Patel |
3,000 |
0.00 |
0.00 |
|
10 |
Pankajbhai Ramanbhai Patel |
3,000 |
0.00 |
0.00 |
|
11 |
Sharvil Pankajbhai Patel |
3,000 |
0.00 |
0.00 |
|
|
Total |
15,31,38,046 |
74.79 |
74.79 |
(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding belonging to the category
"Public" and holding more than 1% of the Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
|
|
|
|
|
1 |
HDFC Standard Life Insurance Company Limited |
2606250 |
1.27 |
1.27 |
|
2 |
Life Insurance Corporation of India Limited |
7566914 |
3.70 |
3.70 |
|
|
Total |
10173164 |
4.97 |
4.97 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Pharmaceuticals, Bulk Drugs, Formulations and Injectibles. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
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|
Tablets |
M. L. Nos. |
12084 |
7304 |
|
Capsules |
M. L. Nos. |
1138 |
916 |
|
Injections |
K. Ltrs |
513 |
1264 |
|
Dry Powder Injections |
Kgs |
200 |
5295 |
|
Liquids |
K. Ltrs |
0 |
485 |
|
Dry Syrups, Powder and Granuted |
Tonnes |
5800 |
524 |
|
Ointments |
Tonnes |
150 |
334 |
|
Suppositories |
M. L. Nos. |
8 |
17 |
|
Bulk Drugs |
Tonnes |
907 |
633 |
|
Lyophised Injections |
ML Nos. |
19 |
9 |
|
Vaccines |
M. L. Dosages |
4 |
2 |
|
Aeroslos |
M. L. Nos. |
3 |
8 |
|
Transdermals |
ML.Nos.3 |
5 |
0 |
[#] Includes Inter
unit Transfer 124 Tonnes
Note:
Licensed
capacities not stated in view of abolition of Industrial licensing for all of the
above class of goods vide Notification No. F.NO. 10[11] / 92 - LP dated
25.10.1994, issued by Government of India.
GENERAL INFORMATION
|
No. of Employees : |
Information Decline by the management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Mukesh M. Shah and Company Chartered Accountants |
|
Address : |
3, H. K. House, Second Floor, Ashram Road, Ahmedabad – 380009, Gujarat, India |
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Subsidiary Companies/ Concerns: |
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Joint Venture : |
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Enterprises significantly influenced by Directors and/ or their
relatives: |
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CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
220,000,000 |
Equity Shares |
Rs. 5/- each |
Rs. 1100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
204,748,520 |
Equity Share |
Rs. 5/- each |
Rs. 1024.000
Millions |
|
|
|
|
|
|
A The
reconciliation of the number of Shares outstanding is as under: |
31.03.2013 |
|
Particulars |
|
|
There is no change in the number of shares issued as at the beginning and end of the year. Number of shares at the beginning and at the end of the year |
204748520 |
|
The Company has only one class of equity shares having a par value of Rs. 5/- per share. Each holder of equity share is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting, except in the case of interim dividend. In the event of liquidation of the Company, the equity shareholders shall be entitled to proportionate share of their holding in the assets remaining after distribution of all preferential amounts. |
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Details of Share Holder holding more than 5% of aggregate Equity Shares of Rs. 5/- each, fully paid: |
|
|
Zydus Family Trust |
|
|
Number of Shares |
153107446 |
|
% to total share holding |
74.78% |
|
D 100,885,305 [as at March 31, 2011: 100,885,305] Equity Shares of Rs.
5/- each, fully paid-up were issued and allotted without payment being
received in cash and 90,000,000 [as at March 31, 2011: 90,000,000] Equity
Shares of Rs. 5/- each were extinguished during February, 2009 pursuant to
Composite Scheme of Arrangement. |
|
|
E Equity Shares allotted as fully paid bonus shares during the last
five years |
68249507 |
|
The Authorised Share Capital of the Company has been increased by Rs. 625 Millions pursuant to the Scheme of Amalgamation approved by the Hon'able High Court of Gujarat with effect from April 1, 2012 |
|
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 |
1024.000 |
1024.000 |
1024.000 |
|
(b) Reserves & Surplus |
28091.000 |
24547 |
19875.000 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
0.000 |
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
29115.000 |
25571.000 |
20899.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7941.000 |
6844.000 |
4744.000 |
|
(b) Deferred tax liabilities (Net) |
1236.000 |
1248.000 |
1193.000 |
|
(c)
Other long term liabilities |
272.000 |
193.000 |
162.000 |
|
(d)
long-term provisions |
328.000 |
476.000 |
351.000 |
|
Total
Non-current Liabilities (3) |
9777.000 |
8761.000 |
6450.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
8514.000 |
4114.000 |
497.000 |
|
(b)
Trade payables |
3607.000 |
2848.000 |
3459.000 |
|
(c)
Other current liabilities |
2695.000 |
4449.000 |
1805.000 |
|
(d)
Short-term provisions |
1792.000 |
1795.000 |
1508.000 |
|
Total
Current Liabilities (4) |
16608.000 |
13206.000 |
7269.000 |
|
|
|
|
|
|
TOTAL |
55500.000 |
47538.000 |
34618.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
14644.000 |
12007.000 |
10033.000 |
|
(ii)
Intangible Assets |
327.000 |
170.000 |
333.000 |
|
(iii)
Capital work-in-progress |
4638.000 |
3117.000 |
2337.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
10640.000 |
11025.000 |
5665.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
7167.000 |
5505.000 |
3320.000 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
37416.000 |
31824.000 |
21688.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
2159.000 |
1097.000 |
1323.000 |
|
(b)
Inventories |
5872.000 |
5012.000 |
4645.000 |
|
(c)
Trade receivables |
6830.000 |
6158.000 |
4751.000 |
|
(d)
Cash and cash equivalents |
916.000 |
1183.000 |
424.000 |
|
(e)
Short-term loans and advances |
1910.000 |
1916.000 |
1399.000 |
|
(f)
Other current assets |
397.000 |
348.000 |
388.000 |
|
Total
Current Assets |
18084.000 |
15714.000 |
12930.000 |
|
|
|
|
|
|
TOTAL |
55500.000 |
47538.000 |
34618.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
36757.000 |
31508.000 |
29203.000 |
|
|
|
Other Income |
529.000 |
2369 |
581.000 |
|
|
|
TOTAL (A) |
37286.000 |
33877.000 |
29784.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
9441.000 |
7909.000 |
6767.000 |
|
|
|
Purchases of Stock-in-Trade |
3324.000 |
3046.000 |
2283.000 |
|
|
|
Changes in Inventories of Finished goods, Work-in-progress and
Stock-in-Trade |
(90.000) |
(585.000) |
(351.000) |
|
|
|
Employee Benefits Expense |
5225.000 |
4345.000 |
4138.000 |
|
|
|
Other Expenses |
11794.000 |
10115.000 |
9288.000 |
|
|
|
TOTAL (B) |
29694.000 |
24830.000 |
22125.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7592.000 |
9047.000 |
7659.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1110.000 |
1261.000 |
318.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6482.000 |
7786.000 |
7341.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1168.000 |
1082.000 |
969.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5314.000 |
6704.000 |
6372.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
328.000 |
129.000 |
268.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4986.000 |
6575.000 |
6104.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10094.000 |
6675.000 |
3323.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1000.000 |
1000.000 |
1226.000 |
|
|
|
Transfer to Debenture Redemption Reserve |
450.000 |
450.000 |
100.000 |
|
|
|
Dividend |
1536.000 |
1536.000 |
1280.000 |
|
|
|
Corporate Dividend Tax on Proposed Dividend |
198.000 |
170.000 |
146.000 |
|
|
BALANCE CARRIED
TO THE B/S |
11896.000 |
10094.000 |
6675.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
15442.000 |
13569.000 |
12111.000 |
|
|
|
Royalty, Know-how, professional and consultation fees |
601.000 |
356.000 |
293.000 |
|
|
|
Other Earnings |
193.000 |
711.000 |
613.000 |
|
|
TOTAL EARNINGS |
16236.000 |
14636.000 |
13017.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2360.000 |
1759.000 |
1553.000 |
|
|
|
Stores & Spares |
178.000 |
160.0000 |
161.000 |
|
|
|
Capital Goods |
1112.000 |
718.000 |
496.000 |
|
|
|
Finished Goods |
223.000 |
690.000 |
322.000 |
|
|
|
Packing materials |
200.000 |
222.000 |
167.000 |
|
|
TOTAL IMPORTS |
4073.000 |
3549.000 |
2699.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
|
|
|
|
|
|
Basic
and Diluted EPS |
|
|
|
|
|
|
- Before Exceptional Items |
24.35 |
32.11 |
29.81 |
|
|
|
- After Exceptional Items |
24.35 |
32.11 |
29.81 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
|
|
1st Quarter |
|
Audited / Unaudited |
Unaudited |
|
Sales Turnover |
8380.300 |
|
Total Expenditure |
6924.600 |
|
PBIDT (Excl OI) |
1455.700 |
|
Other Income |
2175.500 |
|
Operating Profit |
3631.200 |
|
Interest |
145.300 |
|
Exceptional Items |
0.000 |
|
PBDT |
3485.900 |
|
Depreciation |
296.400 |
|
Profit Before Tax |
3189.500 |
|
Tax |
(7.200) |
|
Provisions and Contingencies |
0.000 |
|
Reported PAT |
3196.700 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
3196.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
13.37 |
19.40 |
20.49 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.46 |
21.28 |
21.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.08 |
20.28 |
23.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.26 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.57 |
0.43 |
0.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09 |
1.18 |
1.78 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
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 |
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
LITIGATION
DETAILS:
|
HIGH COURT OF
GUJARAT FIRST APPEAL No. 2179 of 2010 |
||
|
Status: PENDING (Converted from: FAST/1517/2010) CCIN No: 001092201200752 Last Listing Date: 30/08/2013 Coram: - HONOURABLE MR.JUSTICE R.D.KOTHARI I |
||
|
S.NO. |
Name of the
Petitioner |
Advocate On
Record |
|
1 |
INLAND ROAD TRANSPORT PRIVATE LIMITED |
MS ROOPAL R PATEL for: Appellant(s) |
|
S.NO. |
Name of the
Respondant |
Advocate On
Record |
|
1 |
CADILA HEALTHCARE LIMITED |
RULE SERVED for :Defendant(s) |
|
Presented On : 11/05/2010 Registered
On : 11/05/2010 Bench Category : : SINGLE BENCH District : AHMEDABAD Case Originated From: THROUGH ADVOCATE Listed : 32 times Stage Name : FOR FINAL
HEARING
Act - CIVIL PROCEDURE CODE,
1908 |
||
LOWERCOURT DETAILS
|
S.No. |
LowerCourt
CaseDetail |
LowerCourtName |
JudgeName |
Judgmentdate |
|
1 |
CS/2115/2003 |
DISTRICT COURT, AHMEDABAD RURAL |
A.A.SHAIKH-JT DIST. JUDGE and ADDL. SESSIONS JUDGE |
20/01/2010 |
OFFICE DETAILS
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
|
1 |
11/05/2010 |
VAKALATNAMA |
MS ROOPAL R PATEL ADVOCATE |
5 |
MS ROOPAL R PATEL:1 |
|
2 |
11/05/2010 |
CERTIFIED COPY |
MS ROOPAL R PATEL ADVOCATE |
7 |
MS ROOPAL R PATEL:1 |
|
3 |
11/05/2010 |
MEMO OF APPEAL/PETITION/SUIT |
MS ROOPAL R PATEL ADVOCATE |
28000 |
MS ROOPAL R PATEL:1 |
|
4 |
15/08/2010 |
VAKALATNAMA |
MS ROOPAL R PATEL ADVOCATE |
- |
MS ROOPAL R PATEL:1 |
|
5 |
15/08/2010 |
DOCUMENT |
RULE SERVED |
- |
RULE SERVED:1 |
|
6 |
28/01/2011 |
VAKALATNAMA |
SINGHI & CO ADVOCATE |
5 |
SINGHI & CO:1 |
LINKED MATTERS
|
S. No. |
CaseDetail |
Status Name |
Disposal Date |
Action/Coram |
|
1 |
CIVIL APPLICATION/5391/2010 |
DISPOSED |
20/07/2010 |
RULE ABSOLUTE/ALLOWED @ F.H HONOURABLE MR.JUSTICE JAYANT PATEL HONOURABLE SMT. JUSTICE ABHILASHA KUMARI |
|
2 |
CIVIL APPLICATION/8419/2010 |
DISPOSED |
18/02/2011 |
RULE ABSOLUTE/ALLOWED @ F.H HONOURABLE MR.JUSTICE JAYANT PATEL HONOURABLE MS.JUSTICE B.M.TRIVEDI |
COURT PROCEEDINGS
|
S. No. |
Notified Date |
Court Code |
Board Sr. No. |
Stage |
Action |
Coram |
|
1 |
06/12/2012 |
24 |
112 |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
|
2 |
10/06/2013 |
24 |
36 |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE MR.JUSTICE R.D.KOTHARI |
|
3 |
18/06/2013 |
24 |
28 |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE MR.JUSTICE R.D.KOTHARI |
|
4 |
02/07/2013 |
24 |
54 |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE MR.JUSTICE R.D.KOTHARI |
|
5 |
12/07/2013 |
24 |
28 |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE MR.JUSTICE R.D.KOTHARI |
|
6 |
13/08/2013 |
24 |
33 |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE MR.JUSTICE R.D.KOTHARI |
|
7 |
30/08/2013 |
24 |
- |
FOR FINAL HEARING |
undefined |
HONOURABLE MR.JUSTICE R.D.KOTHARI |
AVAILABLE ORDERS
|
S. No. |
Case Details |
Judge Name |
Order Date |
CAV |
Judgement |
View |
Download |
|
1 |
FIRST APPEAL/2179/2010 |
HONOURABLE MR.JUSTICE A.L.DAVE HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI |
23/12/2010 |
N |
N |
View |
Download |
|
2 |
FIRST APPEAL/2179/2010 |
HONOURABLE MR.JUSTICE R.D.KOTHARI |
10/06/2013 |
N |
N |
View |
Download |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
LONG TERM
BORROWINGS |
|
|
|
Term Loans from
Banks: |
|
|
|
External Commercial Borrowings in Foreign Currency [Unsecured] |
1268.000 |
339.000 |
|
Deferred Payment
Liabilities [Unsecured]: |
|
|
|
Interest free deemed loan against deferment of sales tax: |
|
|
|
a) From a Financial Institution |
14.000 |
28.000 |
|
b) Deferred amount |
56.000 |
113.000 |
|
From Others [Unsecured] |
83.000 |
34.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans repayable on Demand: |
|
|
|
Working Capital Loans from Banks [Unsecured] [**] |
4509.000 |
2952.000 |
|
Total |
5930.000 |
3466.000 |
MANUFACTURING OPERATIONS
During the year, the formulations facility at Moraiya got the USFDA approval for new dosage forms like Injectibles and Nasal sprays in addition to oral solids.
Inducted an organization wide programmed on cost optimization through multiple levers, under project PRISM-II, which is expected to improve the overall profitability going forward.
FINANCIAL HIGHLIGHTS
Gross sales revenue went up by 21% y-o-y to Rs.62.8 bn from Rs.51.8 bn last year.
Earnings before interest, depreciation and tax, excluding the impact of one-time dossier income received in the previous year, grew by 9% to Rs. 11,251 Mio. from Rs. 10,326 Mio. last year.
Net profit, excluding one-time income, grew by 7% to Rs. 6535.000 Millions.
MANAGEMENT'S
DISCUSSION AND ANALYSIS
GLOBAL ECONOMY AND
PHARMACEUTICAL INDUSTRY
Four years after the onset of the global financial crisis, the world economy continues to struggle for growth. The year 2012 turned out to be another year of very slow growth when the global economy grew by just 2.3%. Although the developing economies continue to be the main drivers of global growth, their growth at an estimated 5.1% during 2012 was amongst the lowest in the last 10 years. The high income countries registered a very modest growth of 1.3% on the back of very weak consumer and business confidence, high unemployment and fiscal consolidation with no signs of dramatic improvement in the next year either. Although the growth was sluggish during the most part of 2012, financial market conditions have improved globally since June 2012. This improvement was the result of the cumulative effect of the national and Eurozone measures that the key European Governments took to improve fiscal sustainability, and the augmentation of measures that the European Central Bank was willing to take in defense of the Euro. The improvement was felt in the developing countries as well, where the international capital flows, which fell by between 30-40% in May-June 2012, reached new highs thereafter. The stock markets of developing countries went up by nearly 13% between June-December 2012.
While signals from the financial markets were encouraging, those emerging from the real-side of the global economy were mixed. Overall, the global economic environment remained fragile and prone to further disappointment, although the balance of risks is now less skewed to the downside than it has been in recent years.
The global pharmaceutical market is estimated to have expanded at the rate of 3-4% during 2012 and reached the size of over US$ 980 bn. The growth in 2012 was lower compared to the earlier years. The developed markets of North America, Europe and Japan grew in the range of just 1% to 2%, thus, reducing the overall growth of the Pharma market globally. On the other hand, the markets of Asia Pacific, Africa and Latin America, termed as the 'pharmerging' markets, are estimated to have grown by 10-14% during the same period. In terms of size, the US still remains the largest market in the world. Moving forward, the pharmerging markets are expected to gain a larger share in the global Pharma market as they are expected to grow three to five times faster than the developed countries of the world.
The year 2012 was an important year for the generic drugs industry, as it saw some of the largest products losing their patent protection. This included the world’s largest selling drug, Lipitor (atorvastatin calcium, for lowering cholesterol). An accelerated shift to the use of generic medicines is expected to continue, both from an unprecedented level of patent expiries of innovator drugs and from volume-driven growth in the largely generic pharmerging markets.
INDIAN ECONOMY AND
PHARMACEUTICAL INDUSTRY
The financial year 2012-13 was one of the worst phases the Indian economy has seen in the recent past. The GDP is estimated to have grown by just 5%, the lowest growth in the last 10 years. All three sectors of the economy viz. agriculture, industry and services registered lower growth rates compared to the last year resulting in the dismal overall growth of the economy.
Inflation, a concern, remained in the range of 7-8% during most part of the financial year, although it showed signs of significant moderation in the later part of the year with wholesale price index (WPI) touching a low of 5.96% in March 2013. Average WPI inflation rate for 2012-13 was 7.34% as against 8.94% during 2011-12.
The exchange rate between the Indian Rupee and the US Dollar, which was at around Rs. 51 in the beginning of the financial year started spiraling upwards from the month of May and remained in the range of Rs. 54–56 during most part of the year. However, post March 2013, the Rupee started depreciating sharply vis-a-vis global currencies and crossed Rs. 65 per US Dollar in August 2013, a level unheard of before. This is likely to impact the economy adversely despite prospects of exports surging.
The Indian pharmaceutical market, which had been continuously growing at around 15% for the last few years slowed down, registering a growth of 11.9% during the financial year 2012-13, and crossed Rs. 700000.000 millions. The key reasons for this slow growth was the strong base of the previous year, lower discretionary spending and deferring of treatments. Chronic segments registered a higher growth as compared to the acute segments. Diabetics, urology, anti-malarial and CVS therapeutic areas registered a higher growth during the year.
OTHER BUSINESSES
EUROPE
The Company is present in Europe through its subsidiaries in the generic markets of France and Spain. During the year, the French generics market grew by approximately 22% to reach ¤ 3.5 bn. Market growth showed a strong recovery from the low single digit growth witnessed in the previous year. This is credited mainly to a number of Government-led initiatives to increase generic substitution rates. The Spanish generic market, on the other hand, grew by about 10% and reached ¤ 1.5 bn, which represented a significant deceleration, compared to the previous year and reflected the emphasis that the Government had placed on restricting healthcare spending in response to the economic crisis in the country.
The Company’s business in France was able to benefit from the high level of growth in the market. The Company launched 13 new products in France, including 5 Day-1 launches. The Spanish business continued to out-perform the market growth rates, backed by the launch of 24 new products, including 5 Day-1 launches. More than half of the products launched in France and Spain were manufactured in and supplied from India.
During the year, the Company’s business in Europe posted sales of Rs. 3697.000 Millions, up by 24%.
EMERGING MARKETS OF
ASIA PACIFIC, AFRICA AND THE MIDDLE EAST
During the year, the Company consolidated its branded generics business in the key markets of Asia Pacific, Africa and the Middle East. The Company launched more than 30 new products in these markets, including several Firsts in the market, which resulted in the gain of market share in the Philippines, Sri Lanka and Vietnam. The Company posted sales of Rs. 3134.000 Millions in these markets with a growth of 66 % over the previous year.
APIs
The Company’s APIs and intermediates’ business continued to perform well on both the fronts viz. providing continued support to internal customers in the form of backward integration to cater to the demand for finished formulations across markets and satisfying the demand of external customers by supplying them the APIs and intermediates at the most competitive prices. During the year, the Company filed 7 more US DMFs with the USFDA, taking the cumulative filings to 114.
During 2012-13, the Company’s API business grew by 9% and
posted sales of Rs. 3099.000 Millions
CONSUMER WELLNESS
The Company is present in the consumer wellness segment through its subsidiary, Zydus Wellness Limited, which has been a niche and significant player with its portfolio of wellness brands viz. Sugar Free, Ever Yuth, Nutralite and Actilife.
During the year 2012-13, Sugar Free maintained its leading position in the low calorie sugar substitute market with a market share of more than 92% and remained the driving force for the overall category growth.
In the Ever Yuth category, the Company continued to maintain its leadership position in the scrubs and peel-off category, while the face wash category continued to experience stiff competition. Reflecting the aspirations of the modern Indian consumer and with a view to being relevant and contemporary, the brand was re-launched with new exciting packaging and improved formulations for superior performance and with a powerful new marketing programme. Apart from this, the Company launched several new variants in the face wash and scrub categories and re-launched the Menz line. The Company also ventured into the soap category and launched its first range of transparent soaps during the year.
Inspite of growing competition from low priced brands, Nutralite maintained its leading position through its commitment to quality and service. The Company expanded its product portfolio in the retail segment with the launch of a premium variant, Nutralite with Omega 3, in order to strengthen the health positioning of the brand. It was voted ‘Product of the Year 2013’ based on an independent survey conducted amongst 18,000 consumers in India undertaken by global research agency AC Nielsen. This prestigious award is reserved for products which have excelled in innovation and in delivering consumer satisfaction.
Investments continued in creating awareness amongst the consumers about Actilife, a nutritional milk additive for adults.
During the year, Zydus Wellness Limited registered sales of Rs. 4100.000 Millions, up by 19% and net profit of Rs. 971.000 Millions, up by 43%.
ANIMAL HEALTH
BUSINESS
The Company is one of India’s leading animal health players, with a strong market share in several therapeutic areas, offering a wide range of drugs, feed supplements and vaccines for livestock, companion animals and poultry. The international business is driven by its subsidiary, Bremer Pharma GmbH, Germany.
During the year 2012-13, the Company strengthened its position and continued with its ability to launch new products by introducing 13 new products in India.
On a consolidated basis, the Company’s animal health business posted sales of Rs. 2370.000 Millions, with a growth of 22% during the year.
JVs AND ALLIANCES
A. ZYDUS TAKEDA
HEALTHCARE PRIVATE LIMITED
Zydus Takeda (formerly known as Zydus Nycomed) is a 50:50 JV between Takeda Pharmaceuticals Company limited and subject for manufacturing of Pantoprazole and its key starting materials. The JV is also a hub for supplying various APIs of Takeda’s generic portfolio.
During the year, the JV started commercial supply of 2 generic APIs to Takeda. Apart from this, the production and supply of 3 more generic APIs to Takeda were started for validation batches.
B. ZYDUS HOSPIRA
ONCOLOGY PRIVATE LIMITED
Zydus Hospira Oncology Private Limited (ZHOPL), the 50:50 JV between Subject and Hospira Inc., USA, successfully completed its fourth year of operations. During the year, the JV also successfully completed re-audits by the USFDA, MHRA, and new audits from Egypt and Tunisia.
The JV commenced the commercial production and supply of 2 more products for the US and 1 more product for the EU market during the year. Apart from this, additional products are being added to the scope of the JV.
C. BAYER ZYDUS PHARMA
PRIVATE LIMITED
Bayer Zydus Pharma Private Limited, the joint venture with Bayer Schering Pharma, successfully completed the second year of commercial operations. The JV has a strong portfolio in the areas of women’s healthcare, metabolic disorders, diagnostic imaging, cardiovascular diseases, anti-diabetic treatments and oncology where it focusses on increasing its market share.
D. ZYDUS BSV PHARMA
PRIVATE LIMITED
Zydus BSV's novel and patented product for use in oncology continues to enjoy confidence of the Indian oncologist fraternity. The clinical trial for breast cancer product has been completed and the outcome has been a favorable one. The JV has also finalized design of pivotal clinical trials and applications were submitted to the Drug Controller General of India (DCGI) during the year.
The JV has also made considerable progress in the contract manufacturing business. During the year, the USFDA audited and approved the manufacturing facility and also approved the first ANDA submitted from the site.
E. STRATEGIC
OUT-LICENSING DEAL WITH ABBOTT LABORATORIES
The Company, for the first time, commenced the commercial supply of products under an out-licensing deal with Abbott and shipped 2 products during the year. Apart from this, approvals were received for 2 more products during the year.
NEW TECHNOLOGIES AND
NCE
BIOLOGICS
The Company is developing a pipeline of 19 biologics, comprising 17 biosimilars and 2 novel biological products. During the year, the Company launched one more first generation biosimilar product in the Indian market, taking the cumulative number of such launches to 6. Dossier submission of first generation biosimilars for the Emerging markets was also initiated during the year.
The Company completed the construction of India’s largest state-of-the-art manufacturing facility for monoclonal antibodies during the year. Apart from this, the construction of the new fill and finish facility for the production of drug product in multiple formats was also commissioned. The Company received the regulatory approval to conduct clinical trials for one MAB during the year
.
On the novel biologics front, Phase I clinical trials have begun in India for PEGEPO, which is being developed in collaboration with Prolong Pharma, USA and Rabimabs, which is being developed in collaboration with WHO.
VACCINES
The Company completed the construction of a new live viral vaccines manufacturing plant during the year. Phase I clinical trials have been successfully completed for one of the viral vaccines. The Company has several vaccines in different stages of development viz. pre-clinical toxicity and clinical studies.
NCE RESEARCH
The Company’s state-of-the-art Zydus Research Centre (ZRC) spearheads the Company’s NCE research activities. The company currently conducts basic new drug discovery research in cardio-metabolic, inflammation, pain and oncology therapeutic areas, with a portfolio of 7 candidates in various stages of development.
During the year, the Company filed the NDA with Drug Controller General of India (DCGI) for the novel NCE, Saroglitazar, for treating Diabetic Dyslipidemia and Hyper Triglycedemia. It is the first NCE discovered and developed indigenously by an Indian Pharma company. In June 2013, the Company received the DCGI's permission to market the product in India.
INTELLECTUAL PROPERTY
RIGHTS
The Company’s efforts in the development of new molecules, newer delivery systems, processes and technologies have continued. The Company’s research and development centres have filed over 120 patents in the US, Europe and other countries during the year, taking the cumulative number of filings to over 950.
RESULTS OF
OPERATIONS:
During the year, the consolidated gross sales grew by 21.31%. On standalone basis, the Company has achieved gross sales of Rs. 29781.000 millions, showing a growth of 21.23% compared to the previous year. However, the PBIDT was decreased by 16.08% to Rs. 7592.000 millions and the Profit Before Tax was also decreased by 20.73% to Rs. 5314.000 millions. As a result, the Profit after Tax has decreased to Rs. 4986.000 millions as compared to Rs. 6575.000 millions in previous year and the EPS decreased from Rs. 32.11 in the previous year to Rs. 24.35. The standalone figures are not comparable with the previous year as they include the financials of the merged entities. A detailed analysis of performance for the year has been included in the Management Discussion and Analysis, which forms part of the Annual Report.
SCHEME OF
AMALGAMATION:
Board of Directors of the Company, subject to requisite approvals, approved a Scheme of Amalgamation [the Scheme] under sections 391 - 394 of the Companies Act, 1956 for amalgamation of Liva Healthcare Limited, Zydus Animal Health Limited and Zydus Pharmaceuticals Limited, the wholly owned subsidiary companies with the Company.
After requisite approvals / NOC from the Stock Exchanges, Regional Director and Official Liquidator, the Hon'ble High Court of Gujarat at Ahmedabad on its hearing on August 8, 2013 approved the Scheme.
The appointed day for the merger was April 1, 2012. However, the Scheme became effective from August 26, 2013, being the date of filing of High Court Orders with the Registrar of Companies, Gujarat at Ahmedabad.
The Company has prepared and presented the merged accounts, which include the financials of three subsidiary Companies.
CONTINGENT LIABILITIES:
(Rs. in Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
|
Claims against the Company not acknowledged as debts [Net of advance of Rs. 4.000 {Previous Year: Rs. 4.000} Millions] |
84.000 |
57.00 |
|
In respect of guarantees given by Banks and/ or counter guarantees given by the Company |
158.000 |
64.000 |
|
In respect of letter of comforts/ corporate guarantees given by the Company to Banks for the outstanding dues of loans availed by some of the subsidiary companies |
10510.000 |
8752.000 |
|
Other money for which the company is contingently liable: |
|
|
|
In respect of the demands raised by the Central Excise, State Excise and Service Tax Authority [Net of advance of Rs. 11.000 {Previous Year: Rs. 3.000} Millions] [Including Rs. 9.000 {as at March 31, 2012: Rs. 9.000} Millions in respect of Amalgamated {*} Companies] |
184.000 |
41.000 |
|
In respect of the demands raised by the Ministry of Chemicals and Fertilizers, Govt. of India under Drug Price Control Order, 1979/ 1995 for difference in actual price and price of respective bulk drug allowed while fixing the price of certain life saving formulations and disputed by the Company, which the Company expect to succeed based on the legal advice [Net of advance of Rs. 144.000 {Previous Year: Rs. 144.000} Millions] [Including Rs. 49 {as at March 31, 2012: Rs. 49} Millions in respect of Amalgamated {*} Companies] |
184.000 |
184.000 |
|
In respect of Income Tax matters pending before Appellate Authorities which the Company expects to succeed, based on decisions of Tribunals/ Courts [Net of advance of Rs. 74.000 {Previous Year: Rs. 49.000} Millions] |
25.000 |
917.000 |
|
In respect of Sales Tax matters pending before Appellate Authorities/ Court which the Company expects to succeed, based on decisions of Tribunals/ Courts [Net of advance of Rs. 50.000 {Previous Year: Rs. 40.000} Millions] |
41.000 |
36.000 |
|
Letters of Credit for Imports |
50.000 |
46.000 |
|
The Company has imported certain capital equipment at concessional rate of custom duty under "Export promotion of Capital Goods Scheme" of the Central Government. The Company has undertaken an incremental export obligation to the extent of US $ 35 Millions [equivalent to Rs. 1905.000 Millions approx.{Previous Year: US $ 18 (equivalent to Rs. 935.000 Millions approx.)}] to be fulfilled during a specified period as applicable from the date of imports. The un provided liability towards custom duty payable thereon in respect of unfulfilled export obligations 366 156 [*] represents contingent liabilities taken over by the Company under the Scheme of Arrangement and Amalgamation of Cadila Laboratories Limited, and erstwhile Cadila Chemicals Limited, Cadila Antibiotics Limited, Cadila Exports Limited and Cadila Veterinary Private Limited with the Company w.e.f. June 1, 1995. |
366.000 |
156.000 |
STATEMENT OF RESULTS FOR THE QUARTER ENDED 30/06/2013
(Rs. In Millions)
|
Sr. No. |
Particulars |
3 Months ended 30.06.2013 |
|
|
|
|
|
(Unaudited) |
|
1 |
|
Income from
operations |
|
|
|
i |
Gross Sales |
7207.900 |
|
|
ii |
Less: Excise Duty |
138.100 |
|
|
a |
Net Sales |
7069.800 |
|
|
b |
Other operating income |
1310.500 |
|
|
c |
Total income from operations (net) |
8380.300 |
|
|
|
|
|
|
2 |
|
Expenses |
|
|
|
a |
Cost of materials consumed |
2365.500 |
|
|
b |
Purchases of stock-in-trade |
639.800 |
|
|
c |
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(215.000) |
|
|
d |
Employee benefits expense |
1236.900 |
|
|
e |
Depreciation and amortisation expense |
296.400 |
|
|
f |
Other expenses |
2897.400 |
|
|
g |
Total expenses |
7221.000 |
|
3 |
|
Profit/ (Loss) from
Operations before other income, finance costs and exceptional items (1-2) |
1159.300 |
|
4 |
|
Other income |
2175.500 |
|
5 |
|
Profit/ (Loss) from
ordinary activities before finance costs and exceptional items (3+4) |
3334.800 |
|
6 |
|
Finance costs |
145.300 |
|
7 |
|
Profit/ (Loss) from
ordinary activities after finance costs but before exceptional items (5-6) |
3189.500 |
|
8 |
|
Exceptional items |
0.000 |
|
9 |
|
Profit/ (Loss) from
ordinary activities before tax (7+8) |
3189.500 |
|
10 |
|
Tax expense |
(7.200) |
|
11 |
|
Net Profit/ (Loss) from ordinary activities after tax (9-10) |
3196.700 |
|
12 |
|
Extraordinary items (net of tax expense) |
0.000 |
|
13 |
|
Net Profit/ (Loss)
for the period (11-12) |
3196.700 |
|
14 |
|
Share of profit/ (loss) of associates |
|
|
15 |
|
Minority interest |
0.000 |
|
16 |
|
Net Profit/ (Loss)
after taxes, minority interest and share of profit/ (loss) of associates
(13+14+15) |
3196.700 |
|
|
|
|
|
|
17 |
|
Paid-up equity share capital (Face Value Rs. 5/-) |
1023.700 |
|
18 |
|
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year |
|
|
19 |
i |
Earnings per share (before extraordinary items) (of Rs. 5/- each) (not annualised): |
|
|
|
A |
Basic ( Rs.) |
15.61 |
|
|
B |
Diluted (Rs.) |
15.61 |
|
19 |
Ii |
Earnings per share (after extraordinary items) (of Rs. 5/- each) (not annualised): |
|
|
|
a |
Basic ( Rs.) |
15.61 |
|
|
b |
Diluted (Rs.) |
15.61 |
|
|
|
|
|
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
|
Public shareholding |
|
|
|
|
- Number of shares |
51,610,474 |
|
|
|
- Percentage of Shareholding |
25.21% |
|
2 |
|
Promoters and
Promoter Group Shareholding |
|
|
|
a |
Pledged /
Encumbered |
|
|
|
|
- Number of shares |
Nil |
|
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
N.A. |
|
|
|
- Percentage of shares (as a % of the total share capital of the company) |
N.A. |
|
|
b |
Non - encumbered |
|
|
|
|
- Number of shares |
153,138,046 |
|
|
|
- Percentage of shares (as a % of the total shareholding of Promoter and Promoter group) |
100.00% |
|
|
|
- Percentage of shares (as a % of the total share capital of the company) |
74.79% |
|
|
|
|
|
|
B |
|
INVESTOR COMPLAINTS
[In Numbers] |
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
Received during the quarter |
5 |
|
|
|
Disposed of during the quarter |
5 |
|
|
|
Remaining unresolved at the end of the quarter |
Nil |
Notes :
[1] The above results for the quarter ended on June 30, 2013 were reviewed by the Audit Committee on August 6, 2013 and then approved by the Board of Directors at their meeting held on August 7, 2013.
[2] The Statutory Auditors of the Company have carried out a "Limited Review" of the above results as per Clause 41 of the Listing Agreement.
[3] The Company has incorporated Zydus Healthcare Philippines Inc., a wholly owned subsidiary, in Philippines. The Company has made an initial investment of Rs. 11.900 Millions during the quarter.
[4] During the quarter, the Company has made additional investments in the preference share capital of the following Companies: Zydus International Private Limited - Rs. 128.000 Millions Dialforhealth India Limited - Rs. 200.000 Millions Zydus BSV Pharma Private Limited - Rs. 15.000 Millions
[5] The Company has proposed a Scheme of Amalgamation for merger of Liva Healthcare Limited, Zydus Animal Health Limited and Zydus Pharmaceuticals Limited - wholly owned subsidiary companies with the Company. The Appointed Date for the merger is fixed at April 1, 2012. The merger is pending approval of the HonTble High Court of Gujarat at Ahmedabad.
[6] Consolidated tax expense for the quarter ended on June 30, 2013 is net of Alternate Minimum Tax [AMT] Credit amounting to Rs. 229.800 Millions which is recognized as an asset in accordance with guidance note issued by the Institute of Chartered Accountants of India.
[7] Figures of previous reporting periods have been regrouped/ reclassified wherever necessary to correspond with the current reporting period.
[8] The Company has one segment of activity viz., "Pharmaceuticals".
PRESS RELEASES
ZYDUS AND IDRI SIGN
AGREEMENT FOR THE DEVELOPMENT OF IDRI’S VACCINE CANDIDATE FOR VISCERAL
LEISHMANIASIS (KALA-AZAR)
In a unique partnership, Zydus, India's fourth largest healthcare group and an innovation-led global healthcare provider and IDRI, a Seattle-based non-profit research and product development organization, announced today that they are collaborating on the production and clinical development of IDRI's visceral leishmaniasis (VL) vaccine candidate, designed to prevent the deadly parasitic disease.
Known as Kala-Azar in India, VL is transmitted by the bite of an infected sand fly. There are over 500,000 new VL cases and 50,000 associated deaths each year. VL is the most severe form of leishmaniasis, affecting vital organs, and, if left untreated, the disease can be fatal. A vaccine is considered essential to control and eliminate the disease. Currently, leishmaniasis occurs in four continents and is considered to be endemic in 88 countries; 72 of those are developing countries, with the disease being most common in India, Nepal, Bangladesh, Sudan and Brazil. While there are drugs to treat the disease, they are expensive and often toxic. To date, a safe and efficacious vaccine to prevent this disease does not exist.
Zydus and IDRI will collaborate to conduct clinical development activities in India with the goal of developing, registering and marketing this vaccine candidate for the prevention of VL, which will achieve the objective of global access - that is, ensuring the vaccine is affordable to and accessible by all people in need. Conducting trials in India, where there are real-life situations of disease exposure, is critical to determining the effectiveness of IDRI's VL vaccine candidate and ensuring it is approved and available within endemic countries.
IDRI's VL vaccine candidate, LEISH-F3+GLA-SE, is the product of more than 20 years of research and development supported by the U.S. National Institutes of Health (NIH) and the Bill and Melinda Gates Foundation. The definied, purified, recombinant vaccine comprises two fused Leishmania parasite proteins and an adjuvant to stimulate a protective immune response against the parasite. After completion of a Phase 1 clinical trial of 36 U.S. adult volunteers to test safety and immunogenicity, the vaccine was shown to be safe and to induce potent immune responses in healthy volunteers.
Speaking on the development, Mr. Pankaj R. Patel, Chairman and Managing Director, Zydus group said, "Zydus has always been committed to working with partners and collaborating to bridge unmet healthcare needs. By partnering with IDRI on this very important mission, we will be taking an all important step to eradicate visceral leishmaniasis which is a huge healthcare burden."
Dr. Steven G. Reed, IDRI Founder and President added, "Zydus' expertise and breadth of development and commercialization experience will be instrumental in getting IDRI's VL vaccine to the people who need it most. We are appreciative of Zydus' commitment to this program. This is an excellent example of cooperating to help combat a devastating disease without consideration for a profit motive. IDRI could not ask for a better partner in this endeavor."
ZYDUS PIONEERS A
BREAKTHROUGH WITH LIPAGLYN, INDIA'S FIRST NCE TO REACH THE MARKET
Editor's synopsis:
• LipaglynTM is the first Glitazar to be approved in the world and is the first NCE discovered and developed indigenously by an Indian Pharma Company
• The drug has been approved for launch in India by the Drug Controller General of India (DCGI)
• Over 80% of all diabetic patients are estimated to be suffering from diabetic dyslipidemia. There are more than 350 million diabetics globally - so the people suffering from diabetic dyslipidemia could be around 300 million
• With 20 discovery research programmes under various stages of clinical development, the group invests over 7% of its turnover in research
• At group's state-of-the-art research arm, the Zydus Research Centre, over 400 research scientists are engaged in NCE research alone India, June 5, 2013
The Zydus Group announced a breakthrough in its research efforts with LipaglynTM (Saroglitazar), a novel drug targeted at bridging an unmet healthcare need for treating Diabetic Dyslipidemia or Hypertriglyceridemia in Type II diabetes, not controlled by statins alone. The drug has been approved for launch in India by the Drug Controller General of India (DCGI). With a novel action that offers lipid and glucose lowering effects in one molecule, LipaglynTM is the first Glitazar to be approved anywhere in the world.
"LipaglynTM provides patients suffering from diabetic dyslipidemia the option of a once-daily oral therapy that has a beneficial effect on both lipid parameters as well as glycemic control," said Mr. Pankaj R. Patel, Chairman and Managing Director, Zydus Cadila. "It has always been our dream to take a molecule right from the concept stage up to its launch. Today, we have realized this dream. It is an important breakthrough and I would like to dedicate this to all the Indian research scientists in the field of drug discovery," Mr. Patel added.
Diabetic Dyslipidemia is a condition where a person is diabetic and has elevated levels of the total cholesterol, the "bad" low-density lipoprotein (LDL) cholesterol and the triglycerides and a decrease in the "good" high-density lipoprotein (HDL) cholesterol concentration in the blood. Optimal LDL cholesterol levels for adults with diabetes are less than 100 mg/dL, optimal HDL cholesterol levels are equal to or greater than 40 mg/dL, and desirable triglycerides levels are less than 150 mg/dL. LipaglynTM, a non-thiazolidinedione, is the first therapy to be approved for this condition.
World over, it is estimated that 30% of all deaths occur due to cardiovascular diseases (CVD). In India, one out of every five persons is at serious risk of developing CVD. Research has shown that diabetes is one of the major risk factors of CVD. India has a population of nearly 65 million diabetics and 77 million pre-diabetics. 85 - 97% of the diabetes patients suffer from dyslipidemia or lipid abnormalities. Hence, addressing the problem of diabetes and dyslipidemia is crucial in tackling the health risk posed by CVD.
Discovered by the Zydus Research Centre, the dedicated NCE research arm of the Zydus group, LipaglynTM is a best-in-class innovation, designed to have a unique cellular mechanism of action following an extensive structure-activity relationship study initiated in the year 2000. LipaglynTM has a predominant affinity to PPAR alpha isoform and moderate affinity to PPAR gamma is form of PPAR nuclear receptor subfamily. The molecule has shown beneficial effects on lipids and glycemic control without side effects. This molecule underwent extensive pre-clinical characterisation and the IND was submitted in the year 2004.
As a part of the clinical development programme, extensive Phase-I, Phase-II and Phase-III clinical trials were conducted to evaluate the phamacokinetics, pharmacodynamics, efficacy and safety of LipaglynTM. The new drug application for LipaglynTM was based on a comprehensive clinical development programme spanning eight years.
Results from the first Phase III programme with Pioglitazone as a comparator drug in diabetes patients showed that the 4 mg dose of LipaglynTM led to a reduction of triglycerides and LDL (bad) cholesterol, and an increase in HDL (good) cholesterol and also showed a reduction in Fasting Plasma Glucose and glycosylated haemoglobin (HbAlc) thereby confirming its beneficial effects of both lipid and glycemic control in diabetic patients.
In the second Phase III study, LipaglynTM was studied in diabetic dyslipidemic patients insufficiently controlled with statin therapy. The results from this study confirmed that LipaglynTM had a pronounced beneficial effect on both the lipid and glycemic parameters in these subjects.
In both the studies, LipaglynTM was well tolerated and had a better safety profile than the comparators. Importantly LipaglynTM has a non-renal route of elimination, and did not show adverse events like edema, weight gain, myopathies or derangement of liver and/or kidney functions, thus making it safe and efficacious. LipaglynTM is recommended for once daily administration as 4 mg tablets.
Zydus will offer a dedicated LipaglynTM support programme to patients and caregivers. The programme shall provide important support and information regarding access, adherence, education and thereby help patients to start and appropriately manage their disease and therapy over time.
ZYDUS CADILA'S NET
PROFIT UP BY 54% IN Q4
Zydus Cadila posted excellent results for the fourth quarter ended 31st March 2013, the company registered a Net Profit of Rs. 2630.000 millions, up by 54% from Rs. 1710.000 millions. During the quarter, the company registered a gross sales of Rs. 159900.000 millions, up by 16% from Rs. 13790.000 millions in the corresponding period last year, on a consolidated basis. The Board of Directors declared an interim dividend of Rs. 7.50 (150%) per equity share of Rs. 5 each.
Strengthening its regulatory pipeline, the group filed 33 ANDAs during the year taking the cumulative filings to 173. The group received 15 ANDA approvals during the year taking the total to 76 product approvals. The company filed 25 additional dossiers for new products in the European markets, taking the cumulative number of new product dossier filings to 161. The group filed 18 dossiers in Brazil taking the cumulative filings to 100. In Mexico, the group filed 6 new product dossiers, taking the cumulative filings to 20.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10430802 |
31/05/2013 |
1,124,860,000.00 |
THE BANK OF TOKYO-MITSUBISHI UFJ LIMITED |
9 RAFFLES PLACE, #01-01 REPUBLIC PLAZA, SINGAPORE , - 048619, SINGAPORE |
B76984210 |
|
2 |
10396390 |
21/12/2012 |
7,500,000,000.00 |
BANK OF BARODA |
ASHRAM ROAD BRANCH, VALLABH SADAN, OPP. NATRAJ CINEMA,ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
B65686743 |
|
3 |
10356055 |
17/05/2012 |
346,666,667.00 |
THE BANK OF TOKYO- MITSUBISHI UFJ LIMITED |
9 RAFFLES PLACE,, #01-01 REPUBLIC PLAZA, SINGAPORE, - 048619, SINGAPORE |
B39720974 |
|
4 |
10332648 |
24/01/2012 |
1,020,000,000.00 |
THE BANK OF NOVA SCOTIA ASIA LIMITED |
ONE REFFLES QUAY, # 20-01 NORTH TOWER, SINGAPORE, |
B30856926 |
|
5 |
10332515 |
12/01/2012 |
777,500,000.00 |
DBS BANK LIMITED |
THIRD FLOOR, FORT HOUSE,DR.D.N. ROSD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B30804660 |
|
6 |
10323573 |
12/12/2011 |
384,000,000.00 |
BANK OF AMERICA N.A. |
1ST FLOOR,DLF CENTRE, SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA |
B27990894 |
|
7 |
10308637 |
21/09/2011 |
1,750,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B21341276 |
|
8 |
10201696 |
19/02/2010 |
500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
A79162178 |
|
9 |
10158192 |
30/09/2009 * |
750,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
A71522692 |
|
10 |
10060941 |
19/07/2007 |
85,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A19254481 |
|
11 |
90058833 |
24/08/2011 * |
130,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B19765437 |
*
Date of charge modification
Fixed Assets:
- Freehold Land
- Leasehold Land
- Buildings
- Plant and Machinery
- Furniture and Fixture
- Office Equipments
- Vehicles
- Trademarks, Patents and Designs
- Technical Know-how
- Commercial Rights
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.79 |
|
|
1 |
Rs. 100.70 |
|
Euro |
1 |
Rs. 84.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
Yes |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
No |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
No |
|
--EXPORT ACTIVITIES |
YES/NO |
No |
|
--AFFILIATION |
YES/NO |
Yes |
|
--LISTED |
YES/NO |
Yes |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.