|
Report Date : |
11.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
ELDER PHARMACEUTICALS LIMITED |
|
|
|
|
Registered
Office : |
Elder House, Plot No. C 9, Dalia Industrial Estate, Off |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.06.2013 |
|
|
|
|
Date of
Incorporation : |
02.04.1983 |
|
|
|
|
Com. Reg. No.: |
11-029714 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 205.666 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24239MH1983PLC029714 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUME02504F/ MUME04606A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE1831G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and marketing of pharmaceuticals and related products. |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Exist |
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|
|
Comments : |
Subject is an established company moderate track record. The company has recorded delays in servicing the interest and
repayment obligations in bank facilities and NCDs. However, Business is active. Payments terms are reported to be slow. The company can be considered for business dealings on a secured 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = D |
|
Rating Explanation |
Lowest credit quality very low prospects of recovery |
|
Date |
28.10.2013 |
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
31-03-2014.
INFORMATION DECLINED
Management Non-Cooperative (91-22-26730258)
LOCATIONS
|
Registered Office/ Corporate office : |
Elder House, Plot No. C9, Dalia Industrial Estate, Off |
|
Tel. No.: |
91-22- 26730058/67 |
|
Fax No.: |
91 -22- 26730051 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Plot No. D-219 and D-220, T.T.C. Industrial Area, |
|
Tel. No.: |
91-22-27672343 / 27685830 |
|
|
|
|
Factory 2 : |
Plot No. C-21/2 T.T.C. Industrial Area, Village Pawne,
Navi Mumbai – 400 704, |
|
Tel. No.: |
91-22- 27682656 |
|
|
|
|
Factory 3 : |
Plot No. A-36, Patalganga Industrial Area, Village - Khaire, Taluka - Khalapur, District – Raigad - 410 220, Maharashtra, India |
|
Tel. No.: |
91-2192-254395/6 |
|
|
|
|
Factory 4 : |
Plot No. C-11/1 Sela
Qui Industrial Area, Near Dehradun - 248 197, |
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|
|
|
Factory 5 : |
Plot No. 103, Paonta Sahib Industrial Area, Village
Gondpur, District Sirmour, |
|
|
|
|
Factory 6 : |
Village Charba, Tehsil - Vikasnagar District Dehradun, |
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|
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|
Zonal Sales Offices
: |
Located At : Mumbai Tel.: 91-22-22021878 Kolkata 12-A, Tel.: 91-33-24668875 / 6757 Chennai 158, Tel.: 91-44-28256336 11-B/8, Tel.: 91-011-25825601 / 05 |
DIRECTORS
As on 30.6.2013
|
Name : |
Mr. Jagdish Saxe |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Yusuf Karim Khan |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Dr. R. Srinivasan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Joginder Singh Juneja |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Shailendra Narain |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Michael Bastian |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Salim Shervani |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. S. Jayaram |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Edoardo Carlo Richter |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Urvashi Saxena |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. James Mceuen |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. S. P. Date |
|
Designation : |
Company Secretary / Compliance Officer |
|
|
|
|
Name : |
Mr. Suresh V. Pai |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Audit committee : |
Mr. Michael Bastian, Chairman Dr. Joginder Singh Juneja, Chairman Dr. R. Srinivasan Dr. Sailendra Narain |
|
|
|
|
Shareholders’ / Investors’ Grievances Committee : |
Dr. R. Srinivasan, Chairman Dr. S. Jayaram Mr. Alok Saxena |
|
|
|
|
Remuneration Committee : |
Dr. R. Srinivasan, Chairman Dr. S. Jayaram Mr. J. Saxena |
|
|
|
|
Compensation Committee : |
Dr. Joginder Singh Juneja, Chairman Mr. Saleem Shervani Mr. J. Saxena |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1081439 |
5.27 |
|
|
4106341 |
19.99 |
|
|
5187780 |
25.26 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
5187780 |
25.26 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
222 |
0.00 |
|
|
2422393 |
11.80 |
|
|
380420 |
1.85 |
|
|
3311051 |
16.12 |
|
|
6114086 |
29.77 |
|
|
|
|
|
|
3332176 |
16.23 |
|
|
|
|
|
|
2587938 |
12.60 |
|
|
289823 |
1.41 |
|
|
3025133 |
14.73 |
|
|
2619000 |
12.75 |
|
|
46142 |
0.22 |
|
|
757 |
0.00 |
|
|
247086 |
1.20 |
|
|
68364 |
0.33 |
|
|
34198 |
0.17 |
|
|
1751 |
0.01 |
|
|
7835 |
0.04 |
|
|
9235070 |
44.97 |
|
Total Public shareholding (B) |
15349156 |
74.74 |
|
Total (A)+(B) |
20536936 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
20536936 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and marketing of pharmaceuticals and related products. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
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|
Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||||||||||||||||||||
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|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. S. Khandelwal and Company Chartered Accountants |
|
Address : |
Fountain Chambers, |
|
Tel No.: |
91-22-22048143 / 22874639 |
|
Fax No.: |
91-22-22046485 |
|
Email ID : |
|
|
|
|
|
Cost Auditors : |
Sevekari Khare and Associates Chartered Accountants |
|
Address : |
A-4, Hari Nivas, 1st Floor (Rear Side), |
|
|
|
|
Subsidiaries : |
Elder International FZCO, |
|
|
|
|
Associates/ Joint
Venture |
Elder Universal Pharmaceuticals (Nepal) Private Limited |
|
|
|
|
Enterprises over which key management personnel and
their relatives are able to exercise significant influence : |
|
CAPITAL STRUCTURE
As on 30.06.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs. 10/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20596486 |
Equity Shares |
Rs. 10/- each |
Rs. 205.965 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20536936 |
Equity Shares |
Rs. 10/- each |
Rs. 205.369 Millions |
|
59550 |
Add : Forfeiture of Shares |
Rs. 5/- each |
Rs. 0.297 Millions |
|
|
Total |
|
Rs. 205.666
Millions |
Reconciliation of the number of shares
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
At the beginning of the period |
20536936 |
205.369 |
|
Outstanding at the end of the period |
20536936 |
205.369 |
Rights, preferences, and restrictions attached to Equity shares:
The Company has only
one class of Equity Shares having par value of Rs. 10/- each. Each holder of
Equity share is entitled to one vote per share. The Company pays dividend to
Equity Shareholders in Indian rupees. The dividend proposed by the Board of
Directors is subject to the approval of the Shareholders in the ensuing Annual
General Meeting.
In the event of
the liquidation of the Company, the holders of Equity shares will be entitled
to receive remaining assets of the Company. The distribution will be in
proportion to the number of Equity Shares held by the Shareholders.
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% Holding |
|
Indart Exports Private Limited |
2493647 |
12.14% |
|
Semit Pharmaceuticals and Chemicals
Private Limited |
1567593 |
7.63% |
|
Acraf S.P.A. |
2619000 |
12.75% |
|
Citicorp International Financial
Corporation |
1730000 |
8.42% |
As per of the
Company, including its Register of Shareholders / Members and other
declarations received from Shareholders regarding beneficial interest the above
shareholding represent both legal and beneficial ownerships of the Shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2013 (15 Months) |
31.03.2012 (12 Months) |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
205.666 |
205.666 |
205.666 |
|
(b) Reserves & Surplus |
7572.646 |
6711.895 |
5905.512 |
|
(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) |
7778.312 |
6917.561 |
6111.178 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
5736.347 |
4239.742 |
3754.383 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
34.816 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
165.478 |
142.804 |
144.530 |
|
Total Non-current Liabilities (3) |
5901.825 |
4382.546 |
3933.729 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3986.284 |
3568.982 |
3043.195 |
|
(b) Trade payables |
680.574 |
438.264 |
443.118 |
|
(c) Other current
liabilities |
3442.054 |
1620.168 |
1315.701 |
|
(d) Short-term provisions |
293.272 |
197.539 |
151.033 |
|
Total Current Liabilities (4) |
8402.184 |
5824.953 |
4953.047 |
|
|
|
|
|
|
TOTAL |
22082.321 |
17125.060 |
14997.954 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4735.588 |
4969.414 |
4651.012 |
|
(ii) Intangible Assets |
106.712 |
106.712 |
106.712 |
|
(iii) Capital
work-in-progress |
2683.617 |
1910.083 |
930.272 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
25.127 |
28.931 |
29.247 |
|
(c) Deferred tax assets (net) |
6.997 |
-18.333 |
0.000 |
|
(d) Long-term Loan and Advances |
7541.973 |
2944.689 |
2283.704 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
15100.014 |
9941.496 |
8000.947 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
13.850 |
182.000 |
79.500 |
|
(b) Inventories |
1592.597 |
2212.507 |
1848.977 |
|
(c) Trade receivables |
3283.691 |
2844.728 |
2266.574 |
|
(d) Cash and cash
equivalents |
878.349 |
1293.364 |
2516.742 |
|
(e) Short-term loans and
advances |
880.476 |
431.576 |
207.530 |
|
(f) Other current assets |
333.344 |
219.389 |
77.684 |
|
Total Current Assets |
6982.307 |
7183.564 |
6997.007 |
|
|
|
|
|
|
TOTAL |
22082.321 |
17125.060 |
14997.954 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2013 (15 Months) |
31.03.2012 (12 Months) |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12330.966 |
9846.873 |
8385.856 |
|
|
|
Other Income |
262.176 |
243.075 |
80.427 |
|
|
|
TOTAL (A) |
12593.142 |
10089.948 |
8466.283 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1224.705 |
1157.996 |
1168.269 |
|
|
|
Purchases of Stock-in-Trade |
3934.617 |
3935.272 |
2861.891 |
|
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
571.591 |
(379.723) |
(343.521) |
|
|
|
Employees benefits expense |
1514.329 |
1089.774 |
1043.308 |
|
|
|
Other expenses |
2322.233 |
1971.214 |
1854.281 |
|
|
|
R and D Expenses |
72.805 |
50.781 |
43.555 |
|
|
|
Exceptional Items |
50.877 |
62.932 |
50.055 |
|
|
|
TOTAL (B) |
9691.157 |
7888.246 |
6677.838 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2901.985 |
2201.702 |
1788.445 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1379.734 |
890.234 |
629.015 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1522.251 |
1311.468 |
1159.430 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
365.209 |
276.356 |
268.735 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1157.042 |
1035.112 |
890.695 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
219.666 |
193.517 |
176.683 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
937.376 |
841.595 |
714.012 |
|
|
|
|
|
|
|
|
|
Less |
Tax for Earlier Years |
0.000 |
0.862 |
6.100 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1928.813 |
1859.686 |
1923.378 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
300.000 |
300.000 |
300.000 |
|
|
|
Dividend |
0.000 |
61.611 |
61.609 |
|
|
|
Tax on Dividend |
0.000 |
9.995 |
9.995 |
|
|
|
Transfer to debenture redemption reserve |
400.000 |
400.000 |
400.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2166.189 |
1928.813 |
1859.686 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on F.O.B Basis |
317.695 |
279.959 |
227.764 |
|
|
TOTAL EARNINGS |
317.695 |
279.959 |
227.764 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
233.530 |
291.496 |
310.924 |
|
|
|
Finished Goods |
56.924 |
14.875 |
39.711 |
|
|
TOTAL IMPORTS |
290.454 |
306.371 |
350.635 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
45.64 |
40.94 |
35.88 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.09.2013
(Unaudited) |
31.12.2013 (Unaudited) |
31.03.2014 (Unaudited) |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1534.700 |
1375.300 |
1017.300 |
|
Total Expenditure |
1128.600 |
1108.600 |
1152.000 |
|
PBIDT (Excl OI) |
406.100 |
266.700 |
(134.800) |
|
Other Income |
52.700 |
21.800 |
115.800 |
|
Operating Profit |
458.700 |
288.600 |
(19.000) |
|
Interest |
336.400 |
428.000 |
660.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
122.400 |
(139.500) |
(679.800) |
|
Depreciation |
74.200 |
74.400 |
73.100 |
|
Profit Before Tax |
48.200 |
(213.800) |
(752.800) |
|
Tax |
9.700 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
38.500 |
(213.800) |
(752.8000) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
38.500 |
(213.800) |
(752.800) |
KEY RATIOS
|
PARTICULARS |
|
30.06.2013 (15 Months) |
31.03.2012 (12 Months) |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.44 |
8.34 |
8.43 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.38 |
10.51 |
10.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.97 |
6.81 |
6.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.15 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.25 |
1.13 |
1.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.83 |
1.23 |
1.41 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
30.06.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
205.666 |
205.666 |
205.666 |
|
Reserves & Surplus |
5905.512 |
6711.895 |
7572.646 |
|
Net
worth |
6111.178 |
6917.561 |
7778.312 |
|
|
|
|
|
|
long-term borrowings |
3754.383 |
4239.742 |
5736.347 |
|
Short term borrowings |
3043.195 |
3568.982 |
3986.284 |
|
Total
borrowings |
6797.578 |
7808.724 |
9722.631 |
|
Debt/Equity
ratio |
1.112 |
1.129 |
1.250 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
30.06.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8385.856 |
9846.873 |
12330.966 |
|
|
|
17.422 |
25.227 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
30.06.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8385.856 |
9846.873 |
12330.966 |
|
Profit |
714.012 |
841.595 |
937.376 |
|
|
8.51% |
8.55% |
7.60% |
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 |
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 |
|
||||||||||
|
Bench:- Bombay |
|
||||||||||
|
Presentation Date 04/04/2014 |
|
||||||||||
|
Lodging No. : |
NMSL/775/2014 |
Failing Date:- |
04/04/2014 |
Reg. No.:- |
NMS/871/2014 |
Reg. Date:- |
07/07/2014 |
|
|||
|
|
|
||||||||||
|
Main Matter |
|
||||||||||
|
Lodging No.: |
SSL/312/2014 |
Reg No.: |
SS/535/2014 |
||||||||
|
|
|||||||||||
|
Petitioner:- |
GYAN TRADERS LIMITED - |
Respondent:- |
ELDER PHARMACEUTICALS LIMITED |
|
|||||||
|
Petn.Adv:- |
M/S. DHRUVE LILADHAR@CO. (151) |
Resp. Adv.: |
JOY LEGAL CONSULTANTS (12119) |
|
|||||||
|
District:- |
KOLHAPUR |
|
|||||||||
|
|
|
||||||||||
|
Bench:- |
SINGLE |
|
|
|
|||||||
|
Status:- |
PRE-Admission |
Category:- |
NOTICE OF MOTION |
|
|||||||
|
Next Date:- |
11/08/2014 |
Stage:- |
NOTICE OF MOTION FOR HEARING (ORIGINAL SIDE MATTERS) |
|
|||||||
|
Coram:- |
HON’BLE SHRI JUSTICE S.J. KATHAWALLA |
|
|||||||||
|
Last Date:- |
25/04/2014 |
Stage:- |
NOTICE OF MOTION FOR HEARING (ORIGINAL SIDE MATTERS) |
|
|||||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE R.S. DALVI |
|
|||||||||
|
|
|
|
|||||||||
|
Act. : |
Code of Civil Procedure 1908 |
|
|
||||||||
OPERATIONS AND PERFORMANCE:
The Indian economy has been passing through a very difficult phase and uncertainties which has impacted businesses across all sectors with industrial production slowing down, Indian Rupee depreciating in value, making the imported inputs costlier. The Indian GDP growth has been below expectation and with high interest rates, the already high inflation is having cascading effect. All these factors have put a lot of pressure on both operating costs and margins of the Company. The Company’s Operating Income during the period was Rs.12331.000 Millions as against Rs. 9846.900 Millions in the previous year. This represents an increase of Rs. 2484.100 Millions over the previous year. However, in view of increase in all round input costs, increased finance costs, etc. have brought the pre and post tax profits under tremendous pressure.
During the period with a view to reducing the debt of the Company the Board of Directors has approved the proposal for carrying out restructuring of the Company’s business involving either raising of capital, hiving off of assets or other strategic options and have appointed advisors for the same for the purpose.
All the products of the Company continue to be well accepted by the medical fraternity in India. The main therapeutic areas of interest to the Company continue to be Women’s healthcare, Wound care and Pain Management, Neutraceuticals / Vitamin Supplements, Life Style and Diabetes, and Antibiotics.
EXTENSION OF
FINANCIAL YEAR:
The Board had by a resolution passed by circulation on 8th March 2013 decided to extend the Financial Year of the Company by three months so as to end on 30th June 2013. Accordingly, the Financial Statements have been prepared for 15 months covering a period from 1st April 2012 to 30th June 2013.
MANAGEMENT DISCUSSION
AND ANALYSIS
Company Overview
Elder Pharmaceuticals Limited has been one of the leading domestic manufacturing and marketing company with a pan-India geographical presence by virtue of its extensive field force. Over the past so many years, the Company has built leadership position in women's healthcare, wound care and nutraceutical segments and has also made major inroads into the lifestyle disease management segment as well as anti-infective segment. In addition to the formulation business, the Company offers medical equipments including Oxygen concentrators and nebulisers. Also, the Company provides industrial equipment for instrumentation and weighing based automation applications. Apart from the marketing strength, the Company manufactures formulations in 6 manufacturing plants across the country and all of them conform to the GMP norms. The dosage forms that are being manufactured in these plants include tablets, capsules, syrups, injectables, skin creams and ointments. The Company also manufactures few APIs some of which are used for captive consumption. Additionally, the company has two step down subsidiaries, Elder Biomeda (Bulgaria) and NeutraHealth PLC (UK), which facilitate its presence in these markets.
Financials
Standalone revenues for the financial year ended June 2013 stood at 12420.357 Millions as against Rs. 9924.938 Millions for the year ended March 2012. When we compare similar periods, the revenues generated during the current financial year are higher than the earlier financial year by 0.11%. The profit for the period stood at Rs. 937.390 Millions as compared to Rs. 840.733 Millions for the year ended March 2012. When they compare similar periods, the profits generated during the current financial year are lower than the earlier financial year by 10.8%. The Consolidated revenues for the financial year ended June 2013 stood at Rs. 16506.402 Millions as against Rs. 13425.892 Millions for the year ended March 2012. When they compare similar periods, the revenues generated during the current financial year are lower than the earlier financial year by 1.65%. The profit for the period stood at Rs. 821.500 Millions as compared to Rs. 722.581 Millions for the year ended March 2012. When they compare similar periods, the profits generated during the current financial year are lower than the earlier financial year by 9.05%.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 30.06.2013 |
As
on 31.03.2012 |
|
LONG TERM BORROWINGS |
|
|
|
Fixed Deposits |
1676.685 |
1285.531 |
|
Trade Deposits |
143.660 |
136.460 |
|
SHORT TERM BORROWINGS |
|
|
|
From Banks |
1226.658 |
1150.000 |
|
From others |
352.894 |
205.000 |
|
Total |
3399.897 |
2776.991 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10504846 |
26/06/2014 |
689,967,008.00 |
DBS BANK LIMITED |
DLF CAPITOL POINT, GROUND FLOOR AND FIRST FLOOR, BABA KHARAK SINGH MARG, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
C08029324 |
|
2 |
10388957 |
20/05/2013 * |
700,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B77241834 |
|
3 |
10298055 |
02/11/2011 * |
730,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B24623670 |
|
4 |
10279504 |
22/06/2011 * |
1,188,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B20192670 |
|
5 |
10146178 |
04/03/2009 |
3,000,000.00 |
DIRECTOR OF INDUSTRIES |
HIMACHAL PRADESH, THROUGH GENERAL MANAGER, DISTR |
A58260886 |
|
6 |
80024222 |
27/06/2014 * |
250,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
C08073074 |
* Date of charge modification
FIXED ASSETS
- Land-Freehold
- Land-Leasehold
- Buildings
- R and
D-Building
- Plant and
Machinery
- R and D-Plant
and Machinery
- Furniture and
Fixtures
- R and D -Furniture
and Fixtures
- Motor Vehicles
- Technical Know-How
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST
MARCH 2014
Rs. In Millions
|
Particulars |
Quarter Ended ( Unaudited) |
Quarter Ended (Unaudited) |
Corresponding Quarter Ended (Unaudited) |
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
1010.052 |
1367.205 |
3906.983 |
|
b) Other operating income |
7.205 |
8.111 |
20.258 |
|
Total
income from Operations(net) |
1017.257 |
1375.316 |
3927.241 |
|
2.
Expenditure |
|
|
|
|
a) Cost of material consumed |
98.536 |
152.605 |
363.132 |
|
b) Purchases of stock in trade |
433.908 |
358.330 |
1081.521 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(77.790) |
62.456 |
176.444 |
|
d) Employees benefit expenses |
303.877 |
260.291 |
823.140 |
|
e) Depreciation and amortization expenses |
73.067 |
74.377 |
221.673 |
|
e) Other Expenses |
393.502 |
274.920 |
944.988 |
|
Total expenses |
1225.100 |
1182.979 |
3610.898 |
|
3. Profit from operations before other income, financial
costs and exceptional items |
(207.643) |
192.337 |
316.343 |
|
4. Other income |
115.762 |
21.842 |
190.257 |
|
5. Profit from ordinary activities before finance costs
and exceptional items |
(92.081) |
214.179 |
506.600 |
|
6. Finance costs |
660.741 |
428.017 |
1425.104 |
|
7. Profit from ordinary activities after finance costs but
before Exceptional Items |
(752.822) |
(213.838) |
(918.504) |
|
8. Exceptional Items |
0.000 |
0.000 |
0.000 |
|
9. Profit / Loss from ordinary activities before tax |
(752.822) |
(213.838) |
(918.504) |
|
10. Tax expenses |
0.000 |
0.000 |
0.000 |
|
11. Net profit / Loss from ordinary activities after tax |
(752.822) |
(213.838) |
(918.504) |
|
12. Extraordinary items |
0.000 |
0.000 |
0.000 |
|
13. Net profit / Loss for the period |
(752.822) |
(213.838) |
(918.504) |
|
14. Paid up equity share capital (Face value of Rs.10/-
per share) |
205.369 |
205.369 |
205.369 |
|
15. Reserves excluding revaluation reserves |
|
|
|
|
16. i) Earnings per share (EPS) (Not Annualised) before
Extraordinary items (of Rs. 10/-) |
|
|
|
|
Basic |
(36.66) |
(10.41) |
(44.72) |
|
ii) Earnings per share (EPS) (Not Annualised) after
Extraordinary items (of Rs. 10/-) |
|
|
|
|
Basic |
(36.66) |
(10.41) |
(44.72) |
|
PART-II |
|
|
|
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
15436656 |
15198345 |
15436656 |
|
- Percentage of shareholding |
75.17% |
74.00% |
75.17% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
4666131 |
5087560 |
4666131 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
91.49% |
95.30% |
91.49% |
|
Percentage of shares (as a % of total share capital of the
company) |
22.72% |
24.77% |
22.72% |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
434149 |
251031 |
434149 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
8.51% |
1.23% |
8.51% |
|
Percentage of shares (as a % of total share capital of the
company) |
2.11% |
4.70% |
2.11% |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
|
Receiving during the quarter |
1 |
|
|
|
Disposed of during the quarter |
1 |
|
|
|
Remaining unreserved at the end of the quarter |
0 |
|
|
Note:
1. The above results were reviewed by the Audit committee and approved by the Board of Directors at their meeting held on May 15, 2014.
2. The Statutory Auditors have carried out a limited review of the unaudited (provisional) financial results for the quarter and nine months ended March 31, 2014 with some audit observations.
3. The Company operates in Pharmaceutical segment only. Hence pursuant to AS-17 on segment reporting segmental information is not required to be given.
4. Provision of tax includes current tax. Deferred tax will be provided at the year end.
5. Since the figures pertaining to previous accounting year are based on 15 months accounting year ended on June 30, 2013 the same are not comparable with current accounting year which is of 12 months starting from July 01, 2013 to June 30, 2014.
6. Previous years & Quarter figures have been regrouped/rearranged wherever necessary (as per new format under Schedule VI of the Companies Act, 2013).
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.56 |
|
|
1 |
Rs.103.50 |
|
Euro |
1 |
Rs.82.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
-- |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
18 |
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.