MIRA INFORM REPORT
|
Report Date : |
29.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
FRESENIUS KABI ONCOLOGY LIMITED |
|
|
|
|
Formerly Known
As : |
DABUR PHARMA LIMITED |
|
|
|
|
Registered
Office : |
B - 310, Som Datt Chambers - I, Bhikaji Cama Place, New Delhi – 110066 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
18.03.2003 |
|
|
|
|
Com. Reg. No.: |
55-119441 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.158.228 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24231DL2003PLC119441 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELD06090A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCD7720L |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of generic pharmaceutical products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 26920000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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|
Comments : |
Subject is a well-established and a reputed company having
satisfactory track record. Reserves of the company is good overall financial position of the
company is decent. Trade relations are fair. Business is active. Payments are reported to
be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BBB+ (Fund Based Facilities) |
|
Rating Explanation |
Have moderate degree of safety and carry
moderate credit risk |
|
Date |
May 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
A2+ (Non Fund Based Facilities) |
|
Rating Explanation |
Have strong degree of safety and carry low
credit risk. |
|
Date |
May 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 Co-Operative (91-11-26105570)
LOCATIONS
|
Registered Office : |
B - 310, Som Datt Chambers - I, Bhikaji Cama Place, New Delhi –
110066, India |
|
Tel. No.: |
91-11-26105570 |
|
Fax No.: |
91-11-26195965 |
|
E-Mail : |
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|
Website : |
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Corporate Office : |
Echelon Institutional Area, Plot No. 11, Sector – 32, Gurgaon - 122001, Haryana, India |
|
Tel. No.: |
91-124-4885000 |
|
Fax No.: |
91-124-4885003 |
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|
|
|
Factory 1 : |
Formulations Unit 19, HPSIDC Industrial Area, Baddi, District Solan – 173205, Himachal
Pradesh, India |
|
|
|
|
Factory 2 : |
Formulations Unit Village Kishanpura, Tehsil Nalagarh, District Solan – 173101, Himachal
Pradesh, India |
|
|
|
|
Factory 3 : |
Active Pharmaceutical Ingredients (API) Unit, D-35, Industrial Area,
Kalyani, District Nadia – 741235, West Bengal, India |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Rakesh Bhargava |
|
Designation : |
Non-Executive Chairman |
|
|
|
|
Name : |
Mr. Peter F. Nilsson |
|
Designation : |
Managing Director and Chief Executive Officer |
|
|
|
|
Name : |
Mr. Dilip G. Shah |
|
Designation : |
Non-Executive Independent Director |
|
|
|
|
Name : |
Mr. Thomas Georg Mechtersheimer |
|
Designation : |
Non-Executive Director |
|
Date of Birth/Age : |
05.12.1964 |
|
Qualification : |
Bachelor degree in Electrical Engineering; Masters degree in International Marketing and Foreign Trade |
|
Date of Appointment : |
30.05.2012 |
|
|
|
|
Name : |
Dr. Michael Schonhofen |
|
Designation : |
Non - Executive Director |
|
Date of Birth/Age : |
28.01.1961 |
|
Qualification : |
Ph.D (Germany) |
|
Date of Appointment : |
11.08.2008 |
|
|
|
|
Name : |
Mr. Gerrit Steen |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Dr. Naresh Trehan |
|
Designation : |
Non - Executive Independent Director |
|
|
|
|
Name : |
Dr. Patricia Grigoleit |
|
Designation : |
Non-Executive Director |
|
Date of Birth/Age : |
24.07.1959 |
|
Qualification : |
Medical Graduate from Germany; Special Degree in Pharmacology and Toxicology |
|
Date of Appointment : |
13.02.2013 |
KEY EXECUTIVES
|
Name : |
Mr. Nikhil Kulshreshtha |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
|
|
|
|
128164400 |
81.00 |
|
|
128164400 |
81.00 |
|
Total shareholding
of Promoter and Promoter Group (A) |
128164400 |
81.00 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
363100 |
0.23 |
|
|
27660 |
0.02 |
|
|
350000 |
0.22 |
|
|
14988065 |
9.47 |
|
|
1550255 |
0.98 |
|
|
1550255 |
0.98 |
|
|
17279080 |
10.92 |
|
|
|
|
|
|
2794251 |
1.77 |
|
|
|
|
|
|
8527843 |
5.39 |
|
|
606754 |
0.38 |
|
|
855327 |
0.54 |
|
|
325 |
0.00 |
|
|
612141 |
0.39 |
|
|
242861 |
0.15 |
|
|
12784175 |
8.08 |
|
Total Public
shareholding (B) |
30063255 |
19.00 |
|
Total (A)+(B) |
158227655 |
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) |
158227655 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of generic pharmaceutical products. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
Notes: Secured component of cash credits is secured by hypothecation of current assets. |
|
|
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|
Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
G. Basu and Company Chartered Accountants |
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|
|
|
Internal Auditors : |
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|
Name : |
Pricewaterhouse Coopers Private Limited Internal Auditor |
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|
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Ultimate Holding
Entity : |
Fresenius SE and Company KGaA |
|
|
|
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Immediate Holding
Entity : |
Fresenius Kabi (Singapore) Pte. Limited |
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|
|
|
Other Holding
Entities : |
|
|
|
|
|
Fellow Subsidiaries
: |
|
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
180000000 |
Equity Shares |
Rs.10/- each |
Rs.1800.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
158227655 |
Equity Shares |
Rs.10/- each |
Rs.158.228 Millions |
|
|
|
|
|
Note:
1) There has been no movement of share capital of the company during the year or in previous year.
2) The Company has one class of equity shares having a par value of Re. 1 per share. Each shareholder is eligible for one vote per share held.
3) Right, Preference, repayment and restriction, if any, on equity shares: Shares of the company are ordinarily transferable provided;
a) Instrument of transfer is in form prescribed under the act and duly stamped and executed by / on behalf of transferor and transferee.
b) Transferee consenting or replying affirmatively within specified period of his receipt of notice under section 110(2) of the Companies Act, 1956 issued by the Company in respect of application of transfer of registration of partly paid shares made by the transferor
c) Transferee is not of unsound mind.
d) Company does not have any lien on shares under application of transfer.
4) Board of Directors have approved for delisting of shares on BSE and NSE.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
158.228 |
158.228 |
158.228 |
|
(b) Reserves & Surplus |
6573.577 |
5767.690 |
5255.182 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
6731.805 |
5925.918 |
5413.410 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
952.205 |
952.205 |
952.205 |
|
(b) Deferred tax liabilities (Net) |
243.758 |
146.623 |
87.261 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
74.597 |
98.263 |
301.909 |
|
Total Non-current
Liabilities (3) |
1270.560 |
1197.091 |
1341.375 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
449.384 |
520.919 |
2377.296 |
|
(b) Trade payables |
913.649 |
935.932 |
812.643 |
|
(c) Other current liabilities |
305.121 |
519.597 |
49.594 |
|
(d) Short-term provisions |
717.219 |
113.337 |
597.948 |
|
Total Current
Liabilities (4) |
2385.373 |
2089.785 |
3837.481 |
|
|
|
|
|
|
TOTAL |
10387.738 |
9212.794 |
10592.266 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3472.264 |
2995.448 |
2520.543 |
|
(ii) Intangible Assets |
45.022 |
53.748 |
62.440 |
|
(iii) Capital work-in-progress |
1560.677 |
1338.184 |
895.884 |
|
(iv) Plantation in Progress |
25.617 |
21.137 |
0.000 |
|
(v) Intangible assets under development |
44.421 |
44.421 |
59.807 |
|
(b) Non-current Investments |
0.300 |
0.300 |
1262.820 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
85.570 |
30.091 |
337.176 |
|
(e) Other Non-current assets |
52.218 |
50.360 |
1.272 |
|
Total Non-Current
Assets |
5286.089 |
4533.689 |
5139.942 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2450.883 |
1865.601 |
2072.239 |
|
(c) Trade receivables |
1850.829 |
2017.189 |
1765.943 |
|
(d) Cash and cash equivalents |
4.866 |
131.180 |
184.950 |
|
(e) Short-term loans and advances |
677.461 |
629.977 |
1429.192 |
|
(f) Other current assets |
117.510 |
35.158 |
0.000 |
|
Total Current
Assets |
5101.549 |
4679.105 |
5452.324 |
|
|
|
|
|
|
TOTAL |
10387.738 |
9212.794 |
10592.266 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5962.999 |
5267.689 |
4127.686 |
|
|
|
Other Income |
18.010 |
29.020 |
58.921 |
|
|
|
TOTAL (A) |
5981.009 |
5296.709 |
4186.607 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1917.352 |
2060.528 |
1252.776 |
|
|
|
Purchase of Stock in Trade |
42.455 |
28.506 |
30.151 |
|
|
|
Changes in Inventories of Work in Progress |
35.146 |
(22.483) |
112.646 |
|
|
|
Changes in Inventories Finished Goods |
(345.320) |
82.721 |
(42.176) |
|
|
|
Employee Benefits Expenses |
703.204 |
609.800 |
561.050 |
|
|
|
Other Expenses |
2180.154 |
1849.233 |
1476.639 |
|
|
|
Extraordinary Items |
68.064 |
(444.828) |
0.000 |
|
|
|
TOTAL (B) |
4601.055 |
4163.477 |
3391.086 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1379.954 |
1133.232 |
795.521 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
(26.030) |
176.596 |
(46.854) |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1405.984 |
956.636 |
842.375 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
257.862 |
239.676 |
169.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1148.122 |
716.960 |
673.175 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
342.235 |
207.452 |
180.758 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
805.887 |
509.508 |
492.417 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
641.007 |
2631.499 |
2139.082 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
900.000 |
2500.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
546.894 |
641.007 |
2631.499 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export sales at FOB |
4440.611 |
4068.452 |
3335.287 |
|
|
|
Service Income |
856.958 |
924.393 |
25.708 |
|
|
|
Interest Income |
0.000 |
3.282 |
0.000 |
|
|
TOTAL EARNINGS |
5297.569 |
4996.127 |
3360.995 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
671.377 |
703.833 |
451.523 |
|
|
|
Stores & Spares (including of packing material) |
447.173 |
205.909 |
168.048 |
|
|
|
Capital Goods |
358.854 |
75.753 |
176.452 |
|
|
TOTAL IMPORTS |
1477.404 |
985.495 |
796.023 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.52 |
0.97 |
2.94 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
13.47 |
9.62 |
11.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.25 |
13.61 |
16.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.11 |
9.18 |
8.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.12 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.21 |
0.25 |
0.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.14 |
2.24 |
1.42 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
158.228 |
158.228 |
158.228 |
|
Reserves & Surplus |
5,255.182 |
5,767.690 |
6,573.577 |
|
Net
worth |
5,413.410 |
5,925.918 |
6,731.805 |
|
|
|
|
|
|
long-term borrowings |
952.205 |
952.205 |
952.205 |
|
Short term borrowings |
2,377.296 |
520.919 |
449.384 |
|
Total
borrowings |
3,329.501 |
1,473.124 |
1,401.589 |
|
Debt/Equity
ratio |
0.615 |
0.249 |
0.208 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
4,127.686 |
5,267.689 |
5,962.999 |
|
|
|
27.618 |
13.200 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
4,127.686 |
5,267.689 |
5,962.999 |
|
Profit |
492.417 |
509.508 |
805.887 |
|
|
11.93% |
9.67% |
13.51% |
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 |
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 |
No |
|
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 |
Yes |
LITIGATION DETAILS
IN THE HIGH COURT OF DELHI AT NEW DELHI
CS (OS) 2633/2012, IAs. 15849/2012, 18161/2012
F HOFFMANN-LA ROCHE LTD and ANR
..... Plaintiff
Through: Mr. Shrawan Chopra, Ms. Prachi Agarwal, Adv.
versus
FRESENIUS KABI ONCOLOGY LIMITED and ANR
..... Defendant
Through: Ms. Neharika Nainta Maini, Ms. S. Majumdar, Adv.
CORAM:
HON'BLE MR. JUSTICE M.L. MEHTA
O R D E R
01.08.2013
It is stated by the learned counsel appearing for the plaintiffs as also so conceded by the learned counsel for the defendants that two RFAs are still pending before the Division Bench.
As jointly prayed, renotify on 10.12.2013.
M.L. MEHTA, J
AUGUST 01, 2013/akb
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG TERM BORROWING |
|
|
|
Foreign Currency Term Loans from Related Party (Holding Company) |
952.205 |
952.205 |
|
SHORT TERM
BORROWINGS |
|
|
|
Cash Credits from bank |
116.492 |
2.704 |
|
Foreign Currency Packing Credit Loan from Banks |
278.360 |
406.960 |
|
|
|
|
|
Total |
1347.057 |
1361.869 |
Note:
1. There is no default in repayment of principal loan or interest thereon.
2. No guarantee bond has been furnished against any loan by any third party including directors.
3. There is no default in repayment of principal loan or interest thereon.
4. Unsecured Loan from bank is covered by guarantee bond furnished by Fresenius Kabi, AG Germany, a holding entity.
5. No other third party including director of company has
furnished any guarantee bond against any loan.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10125679 |
11/05/2010 * |
790,000,000.00 |
IDBI BANK LIMITED |
INDIAN RED CROSS SOCIETY BUILDING, 1-RED CROSS ROAD, NEW DELHI, Delhi - 110001, INDIA |
A87913703 |
* Date of charge modification
BUSINESS PERFORMANCE AND
OPERATIONS
The Company's operations, performance, industry trends and other material changes with respect to the Company, during the year are exhaustively discussed in "Management Discussion and Analysis Report" which forms part of this Annual Report.
BOARD OF DIRECTORS
Dr. Patricia
Grigoleit
The Board in its meeting held on 13th February 2013, appointed Dr. Patricia Grigoleit as an Additional Director in accordance with the provisions of section 260 of the Companies Act, 1956, read with Article 117 of the Article of Association of the Company.
Dr. Patricia Grigoleit will hold office up to the date of the ensuing Annual General Meeting. The Company has received a notice under Section 257 of the Companies Act, 1956from a member proposing the candidature of Dr. Patricia Grigoleit for appointment as the Director in the ensuing Annual General Meeting. She is eligible for appointment as theDirector and the Board recommends her appointment in the ensuing Annual General Meeting.
Mr. Thomas Georg
Mechtersheimer
Mr. Thomas Gerog Mechtersheimer was appointed as a Director in casual vacancy on 30thMay 2012 in place of Mr. Mats Henriksson. He will hold office till the conclusion of the ensuing Annual General Meeting of the Company. The Company has received a notice under Section 257 of the Companies Act, 1956 from a member proposing the candidature of Mr. Thomas Georg Mechtersheimer for appointment as the Director in the ensuing Annual General Meeting. He is eligible for appointment as the Director and the Board recommends his appointment in the ensuing Annual General Meeting.
Mr. Peter F. Nilsson
Mr. Peter F. Nilsson was appointed as the Managing Director and CEO of the Company w.e. f. 20thOctober 2011 for a period of two years. His current term was going to expire on 19th October 2013.
The Board has re-appointed Mr. Nilsson as the Managing Director and CEO of the Company for a further period of 2 years i. e. from 20th October 2013 to 19thOctober 2015. The reappointment is subject to the approval of shareholders by way of a Special Resolution in the ensuing Annual General Meeting and the the Board recommends hisre-appointment for a further period of two years w. e. f. 20th October 2013.
MANAGEMENT
DISCUSSIONS AND ANALYSIS
TRENDS IN GLOBAL
ONCOLOGY
Pushed by growth in the emerging markets, global healthcare spending is expected to touch US$ 1175 to US$ 1205 billion by 2016. However, the share of the developed markets is expected to come down significantly from 73% to 57% of the total spending. This is largely due to patent expiries and slower brand growth in the US (US share is set to decline from41% to 31%). The slower economic growth, which has led to aggressive cost containment measures is also impacting healthcare spends in the developed regions. In contrast, the pharmerging markets will be at 30% of the total spend, as more people gain access to basic healthcare.
The overall healthcare spend is expected to be reflected across both, global brand spending and global generic spending. The global brand spending is forecast to increase from US$ 596 billion in 2011 to US$ 680 billion in 2016, with the developed markets being the primary drivers of the growth. In contrast, the global generic spending is expected to increase from US$ 242 billion to approximately US$ 495 to 525 billion by 2016, with approximately 65% coming from low-cost generics in pharmerging markets. Increased generic spending in developed markets in the next five years will be driven by generic competition due to patent expiries, with some additional increases due to expanded generic use for off-patent molecules while in pharmerging markets, generic and local companies will drive most of the increases in spending. The attractiveness of the generics market is also increasing due to growing pressure to reduce healthcare costs globally, and also as a result of a sizeable number of existing products going off-patent with each passing year.
The top 20 therapies (e. g. cancer, antidiabetics, asthma etc.) account for 42% of the total spending. Cancer tops this, with overall spending between US$ 83 to US$ 88 billion. Global cancer prevalence rates are on the rise, owing to an aging population, changing lifestyle and increasing pollution. Prevalence data is significantly influenced by the increasing diagnosis and survival rates across the global market.
Some key facts about cancer as presented by World Health Organization (WHO) are:
• Cancer is a leading cause of death worldwide, accounting for 7. 6 million deaths (around 13% of all deaths) in 2008.
• Lung, stomach, liver, colon and breast cancer cause the most cancer deaths each year
• The most freguent types of cancer differ between men and women.
• About 30% of cancer deaths are due to the five leading behavioral and dietary risks: high body mass index, low fruit and vegetable intake, lack of physical activity, tobacco use, alcohol use.
• Tobacco use is the most important risk factor for cancer causing 22% of global cancer deaths and 71% of global lung cancer deaths.
• Cancer causing viral infections such as HBV/HCV and HPV are responsible for upto 20% of cancer deaths in low- and middle-income countries.
• About 70% of all cancer deaths in 2008 occurred in low and middle- income countries.
• Deaths from cancer worldwide are projected to continue rising, with an estimated13. 1 million deaths in 2030.
Given this scenario, the global cancer market represents the most dynamic pharmaceutical market in the world, characterized by a changing commercial landscape and a high degree of innovation. The global markets for generic drugs will continue to grow despite cost reduction measures from governments and healthcare payers in many markets.
The principal factors boosting growth of the oncology segment are:
• Targeted therapies
• Growth of biologicals and biosimilars
• Rise of oral therapies
• Rise of pharmerging markets
• Competitive pricing strategies
• Rising awareness about early diagnosis leading to better survival
• New tests to monitor efficacy of treatments
As healthcare systems worldwide emphasize on early detection and disease management, the ever- increasing demand for newer and innovative oncology drugs will continue to be a growth driver for the oncology generics market. Quite evidently, overall, the global oncology market has immense prospects but may actually witness fierce price pressures going forward due to increased genericization, ongoing patent expiries of blockbusters and, most importantly, due to government-led healthcare measures.
TRENDS IN HEALTHCARE
IN INDIA
The Government of India has placed a lot of importance on healthcare in its 12thFive Year Plan, which intends to raise the healthcare expenditure by the Central plus State governments from 1. 04% of GDP in 2011-12 to 1. 87% by the year 2016-17. The aim is to reduce out-of-pocket expenditure of patients which currently stands at 80% of the total. A large proportion of the Indian population is now covered under Rashtriya Swasthya Bima Yojana (RSBY). In addition to National Rural Health Mission which came into being in2005, a National Urban Health Mission has been announced. Six new All India Institute of Medical Sciences (AIIMS) kinds of hospitals are being set up. A universal healthcare plan is also being considered by the Planning Commission. Southern states of Tamil Nadu, Andhra and Kerala already have very good healthcare schemes in place. All these schemes of Central and State governments will have the effect of improving access to healthcare and are likely to enlarge the size of the pharmaceuticals market.
TRENDS IN INDIAN
ONCOLOGY MARKET
According to a recent Frost and Sullivan study, the cancer cases in India are increasing at an alarming rate and will drive the oncology drugs market to INR 3, 831crore with 15. 46% CAGR by 2017. Chemotherapy, biologics, targeted therapy and supportive care are the different types of cancer treatments available in India, among which chemotherapy recorded the highest market value of approximately INR 700 crore in 2012. The growth of cancer drugs market is also driven by increasing awareness, affordability, increased diagnostic facilities, emergence of corporate hospitals, aggressive prescription trends and availability of the best-in-class drugs locally at reasonable prices. Various Government sponsored initiatives of disbursement of Oncology drugs free to BPL patients such as Rajasthan Government's scheme also has improved growth.
Cancer incidence in India is about 8 to 10 lakh new cases diagnosed every year with mortality rate of more than 6 lakh every year. Cancers of oral cavity and lung in males and cervix and breast cancer in females are the most prevalent types, and account for over50% of all cancer-related deaths in India. As the basic awareness towards cancer is still quite low, about 70% of cases reported for diagnostics and treatment are in advance stages, resulting in poor survival and high mortality rates.
One other major issue is that at present there is a huge shortage of specialized cancer care hospitals and surgical and medical oncologists in India. There are only 30 Regional Cancer Centers (RCCs) and an additional 300 general or multidisciplinary hospitals that provide care to cancer patients. There are only 1600 trained oncologists in the country who treat these patients, compared to a total number of over 4. 4 lakh doctors of all specialties. India has 28 to 30 lakh people with cancer at any given point of time. Thus, the ratio of cancer patients to oncologists in India is very low at 1800 to 1. There are very few cyclotrons and only 280 radiation machines in the whole country. The government is quite seized of this problem and, according to a recent announcement, the prestigious Tata Memorial Hospital has taken the lead in establishing a National Cancer Grid which will link all the existing and proposed cancer centers aiming to create uniform standard of treatment for patients across the country. Eight more Regional Cancer Centers (RCCs) are being planned. The government is also planning to launch a program in 30 districts in various states to screen people for different cancers. All these initiatives will not only improve the standards of cancer care to the patients but also help the cancer drug market to grow.
Although the market is expected to show a robust growth, at the same time it is also important to note that with the proliferation of more than 50 companies, large and small, offering their products in both private and tender markets, the Indian oncology market has become extremely price competitive. This has resulted in year on year price erosion making market share expansion fairly challenging.
OPERATIONS
With operations at the center of the Company's performance, FKOL continues to focus on enhancing production capacities, optimizing output, besides adding synergy to sales and marketing teams' efforts by providing quality products in time, every time.
They have seen significant investment in the last few years towards increasing capacities, capabilities and quantities at Baddi (Himachal Pradesh, India), Nalagarh (Himachal Pradesh, India) and Kalyani (West Bengal, India) plants. There have been strategic investments in new manufacturing lines. The batch sizes have been enhanced toensure that the market demands are met. Their manufacturing sites are continuously working to improve the yield through process improvements, thereby contributing to major cost control.
"The intellectual property team's key expertise area lies in challenging patents
All their sustained manufacturing and development efforts would be futile if we fail to reach the markets of launch on time. In order to ensure timely reach, their supply chain works relentlessly. To further strengthen the supply chain system, we have taken the following steps:
• Development of alternate sources for raw materials as well as finished goods
• Development of in-licensing avenues, both within Fresenius Kabi as well as with other outside companies when there are internal capacities and capabilities, constraints etc.
• Efficient coordination with plants, R and D and regulatory, thus ensuring that all their approvals are done prior to launch of any product.
Acting on their motto of improving the patients' quality of life, we ensure the highest quality in whatever we do. Their operational thrust is all assuring the best possible quality of products in terms of safety and efficacy. Compliance is another big area of their focus for us going forward.
FIXED ASSETS
Tangible Assets
- Freehold Land
- Leasehold Land
- Building, Road and Culverts
- Plant and Machinery
- Vehicles
- Furniture and Fixtures
- Furniture and Fixtures (Plantation)
- Office Equipment
- Computers
Intangible Assets
- Product Development
- Patent/ Product 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.60.50 |
|
|
1 |
Rs.101.69 |
|
Euro |
1 |
Rs.83.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
49 |
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.