MIRA
INFORM REPORT
|
Report Date : |
21.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
CIPLA LIMITED |
|
|
|
|
Registered
Office : |
Cipla House, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
17.08.1935 |
|
|
|
|
Com. Reg. No.: |
11-002380 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1605.800 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24239MH1935PLC002380 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC00352C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Distributor of Drugs and Healthcare Products. |
|
|
|
|
No. of Employees
: |
Information
Decline by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (77) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having fine track
record. The rating reflect “Cipla Limited” leading market position in respiratory
segment, stable business performance, continuing strong financial profile
characterized by low gearing levels and a healthy liquidity position. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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: “AAA” |
|
Rating Explanation |
Highest degree of safety and lowest credit risk. |
|
Date |
02.12.2013 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A1+” |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
02.12.2013 |
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
Management non-cooperative. (Tel. No.: 91-22-23095521)
LOCATIONS
|
Registered Office : |
Cipla House, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-23095521 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
http://www.cipla.com |
|
|
|
|
Corporate Office/ Head Office : |
289, Opposite Sahil Hotel, Near Citi Center Mall, Bellasis
Road, Mumbai Central, Mumbai – 400008, Maharashtra, India |
|
Tel. No.: |
91-22-23095521/ 23082891/ 23023272/ 23025272 |
|
Fax No.: |
91-22-23070013/ 23070393/ 85/ 23008101 |
|
|
|
|
Factory 1: |
Virgonagar, Old Madras Road, Bangalore – 560049, Karnataka, India |
|
|
|
|
Factory 2: |
Bommasandra-Jigani Link Road, Industrial Area, KIADB 4th Phase, Bangalore - 560099, Karnataka, India |
|
|
|
|
Factory 3: |
MIDC, Patalganga, District Raigad – 410220, Maharashtra, India |
|
|
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|
Factory 4: |
MIDC Industrial Area, Kurkumbh, Daund District Pune - 413802, Maharashtra, India |
|
|
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|
Factory 5: |
Verna Industrial Estate, Verna, Salcette, Panaji – 403722, Goa, India |
|
|
|
|
Factory 6: |
Village Malpur Upper, P.O. Bhud, Nalagarh, Baddi, District Solan - 173205, Himachal Pradesh, India |
|
|
|
|
Factory 7: |
Village Kumrek, P.O. Rangpoo-737132, East District Sikkim |
|
|
|
|
Factory 8: |
Indore SEZ, Phase ll, Sector III, Pharma Zone, P.O. Pithampur, District Dhar -454774, Madhya Pradesh, India |
DIRECTORS
As on: 31.03.2013
|
Name : |
Dr. Y.K. Hamied |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. M.K. Hamied |
|
Designation : |
Joint Managing
Director |
|
|
|
|
Name : |
Mr. S. Radhakrishnan |
|
Designation : |
Whole-time
Director |
|
|
|
|
Name : |
Dr. H.R. Manchanda |
|
Designation : |
Non-Executive
Directors |
|
|
|
|
Name : |
Mr. Ramesh Shroff |
|
Designation : |
Non-Executive
Directors |
|
|
|
|
Name : |
Mr. V.C. Kotwal |
|
Designation : |
Non-Executive
Directors |
|
|
|
|
Name : |
Mr. M.R. Raghavan |
|
Designation : |
Non-Executive
Directors |
|
|
|
|
Name : |
Mr. Pankaj Patel |
|
Designation : |
Non-Executive
Directors |
|
|
|
|
Name : |
Dr. Ranjan Pai |
|
Designation : |
Non-Executive Directors |
KEY EXECUTIVES
|
Name : |
Mr. Subhanu Saxena |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
Category |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
122720500 |
15.46 |
|
|
6022791 |
0.76 |
|
|
128743291 |
16.21 |
|
|
|
|
|
|
166742687 |
21.00 |
|
|
166742687 |
21.00 |
|
Total shareholding
of Promoter and Promoter Group (A) |
295485978 |
37.22 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
33772001 |
4.25 |
|
|
2146712 |
0.27 |
|
|
61772362 |
7.78 |
|
|
190190557 |
23.95 |
|
|
287881632 |
36.26 |
|
|
|
|
|
|
29180988 |
3.68 |
|
|
|
|
|
|
52432556 |
6.60 |
|
|
99110556 |
12.48 |
|
|
29904666 |
3.77 |
|
|
1376393 |
0.17 |
|
|
143297 |
0.02 |
|
|
27502709 |
3.46 |
|
|
881792 |
0.11 |
|
|
100 |
0.00 |
|
|
375 |
0.00 |
|
|
210628766 |
26.53 |
|
Total Public
shareholding (B) |
498510398 |
62.78 |
|
Total (A)+(B) |
793996376 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
8924981 |
0.00 |
|
|
8924981 |
0.00 |
|
Total (A)+(B)+(C) |
802921357 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distributor of Drugs and Healthcare Products. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
Bulk Drugs (including Malts) |
Tonne |
1492.9 |
1601.2 |
|
Tablets and Capsules |
Million |
17496.1 |
17935.3 |
|
Liquids |
Kilolitre |
3191.5 |
9009.8 |
|
Creams |
Tonnes |
689.0 |
898.9 |
|
Aerosols/Inhalation Devices |
Thousand |
143452.5 |
55256.9 |
|
Injections/Sterile Solutions |
Kilolitre |
1739.0 |
2525.9 |
|
Others |
|
-- |
2061.7 |
NOTES
· In terms of press Note No. 4 (1994 series) dated 25th October 1994 issued by the Department of Industrial Development, Ministry of Industry, Government of India and Notification No. S.O. 137 (E) dated 1st March 1999 issued by the Department of Industrial Policy and Promotion, Ministry of Industry, Government of India, Industrial licensing has been abolished in respect of bulk drugs and formulations. Hence there are no registered/licensed capacities for these bulk drugs and formulations.
· Installed capacity being effective operational capacity has been reviewed and calculated on shift basis for formulations and on a continuous basis for active pharmaceutical ingredients and drug intermediates. The installed capacity may, therefore, vary according to the production mix. In addition, installed capacity does not include the installed capacity of contract manufacturing sites.
· Actual production for all dosage forms includes production carried out by Cipla at contract manufacturing sites.
· The installed capacity is as certified by the management and not verified by the auditors, this being a technical matter.
· Actual production includes production of goods captively consumed.
GENERAL INFORMATION
|
No. of Employees : |
Information
Decline by the management |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
Ř
Bank of Baroda Ř
Canara Bank Ř
Corporation Bank Ř
Indian Overseas Bank Ř
Standard Chartered Bank Ř
The Hongkong and Shanghai Banking Corporation
Limited Ř Union Bank of
India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
V. Sankar Aiyar and Company Chartered Accountants |
|
|
|
|
Auditors 2 : |
|
|
Name : |
R.G.N. Price and Company Chartered Accountants |
|
|
|
|
Subsidiaries (held directly) : |
Ř
Cipla FZE Ř
Goldencross Pharma Private Limited Ř
Cipla (Mauritius) Limited Ř Meditab
Specialities Private Limited |
|
|
|
|
Subsidiaries (held indirectly) : |
Ř
Cipla (UK) Limited Ř Cipla Australia Pty Limited (formerly Cipla-Oz Pty Limited Ř Cipla (EU) Limited (formerly STD Chemicals Limited Ř
Medispray Laboratories Private Limited Ř
Sitec Labs Private Limited Ř Four M Propack
Private Limited Ř
Meditab Holdings Limited Ř
Meditab Pharmaceuticals South Africa (Pty)
Limited Ř
Meditab Specialities New Zealand Limited Ř Cipla İlaç
Ticaret Anonim Ř Cipla USA Inc. (w.e.f. 12th September 2012) Ř Cipla Kenya Limited (w.e.f. 8th October 2012) Ř
Cipla Malaysia Sdn. Bhd. (w.e.f. 20th March
2013) |
|
|
|
|
Associates : |
Ř
Quality Chemical Industries Limited Ř
Stempeutics Research Private Limited Ř
Biomab Holding Limited Ř Mabpharm Private Limited (w.e.f. 29th October 2012) |
|
|
|
|
Joint Venture : |
Aspen-Cipla Australia Pty Limited |
|
|
|
|
Entities over which Key Management Personnel are able to exercise
significant influence : |
Ř
Okasa Private Limited Ř
Okasa Pharma Private Limited Ř Cipla Foundation |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs. 1605.800 Millions
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
875000000 |
Equity Shares |
Rs. 2/- each |
Rs. 1750.000 Millions |
|
|
|
|
|
Issued :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
803924752 |
Equity Shares |
Rs. 2/- each |
Rs. 1607.800
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
802921357 |
Equity Shares |
Rs. 2/- each |
Rs. 1605.800
Millions |
|
|
|
|
|
Ř There is no change
in the shares outstanding at the beginning and at the end of the reporting date
and immediately preceding reporting date.
Ř
Details of Shareholders holding more than 5 percent
shares in the Company
|
Particulars |
31.03.2013 |
|
|
|
Number of shares |
% Holding |
|
Y.K. Hamied |
124827750 |
15.55 |
|
Farida Hamied |
41914937 |
5.22 |
|
Sophie Ahmed |
45982000 |
5.50 |
|
Life Insurance Corporation of India |
80153536 |
9.98 |
Terms and Rights
attached to Equity Shares
The Company has only one class of equity shares having a par value of `2 per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividends 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 liquidation of the Company, the holders of
equity shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholder.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1605.800 |
1605.800 |
1605.800 |
|
(b) Reserves & Surplus |
99310.600 |
87089.400 |
73897.000 |
|
(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) |
100916.400 |
88695.200 |
75502.800 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4.300 |
5.500 |
22.000 |
|
(b) Deferred tax liabilities (Net) |
3112.000 |
2812.000 |
2324.500 |
|
(c) Other long term liabilities |
300.000 |
300.000 |
300.000 |
|
(d) long-term provisions |
739.900 |
473.400 |
291.200 |
|
Total Non-current Liabilities (3) |
4156.200 |
3590.900 |
2937.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
8769.100 |
9652.600 |
100.000 |
|
(b) Trade payables |
9625.600 |
8270.900 |
6858.500 |
|
(c) Other current liabilities |
3332.000 |
2426.200 |
2327.900 |
|
(d) Short-term provisions |
2440.700 |
2296.300 |
2206.400 |
|
Total Current Liabilities (4) |
24167.400 |
22646.000 |
11492.800 |
|
|
|
|
|
|
TOTAL |
129240.000 |
114932.100 |
89933.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
35195.900 |
34182.900 |
30026.600 |
|
(ii) Intangible Assets |
46.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
3196.400 |
3399.900 |
3434.500 |
|
(iv) Intangible assets under development |
570.500 |
103.500 |
0.000 |
|
(b) Non-current Investments |
33282.800 |
5143.600 |
4618.300 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5353.000 |
3737.200 |
3935.000 |
|
(e) Other Non-current assets |
615.700 |
3.100 |
2.400 |
|
Total Non-Current Assets |
78260.300 |
46570.200 |
42016.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2588.500 |
20874.600 |
5733.200 |
|
(b) Inventories |
25111.600 |
23433.700 |
18245.000 |
|
(c) Trade receivables |
17281.000 |
16452.200 |
15193.100 |
|
(d) Cash and cash equivalents |
460.400 |
1050.700 |
550.600 |
|
(e) Short-term loans and advances |
5155.600 |
6527.900 |
7654.800 |
|
(f) Other current assets |
382.600 |
22.800 |
539.800 |
|
Total Current Assets |
50979.700 |
68361.900 |
47916.500 |
|
|
|
|
|
|
TOTAL |
129240.000 |
114932.100 |
89933.300 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
93802.900 |
82024.200 |
69775.000 |
|
|
|
Other Income |
2802.800 |
2291.300 |
1483.000 |
|
|
|
TOTAL (A) |
96605.700 |
84315.500 |
71258.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
31453.400 |
26468.300 |
23008.500 |
|
|
|
Purchase of Traded Goods |
7734.000 |
7068.900 |
5555.500 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Process
and Traded Goods |
(1581.200) |
(2907.500) |
112.400 |
|
|
|
Employee Benefits Expense |
12847.500 |
9692.800 |
7282.100 |
|
|
|
Other Expenses |
23453.900 |
20510.300 |
17997.900 |
|
|
|
TOTAL (B) |
73907.600 |
60832.800 |
53956.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
22698.100 |
23482.700 |
17301.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1278.600 |
333.800 |
266.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
21419.500 |
23148.900 |
17035.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3236.100 |
3030.300 |
2820.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
18183.400 |
20118.600 |
14214.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4300.000 |
5047.500 |
2975.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
13883.400 |
15071.100 |
11239.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
42701.300 |
31108.900 |
22979.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
NA |
1605.800 |
1600.000 |
|
|
|
Tax on Dividend |
NA |
272.900 |
260.000 |
|
|
|
Transfer to General Reserve |
NA |
1600.000 |
1250.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
42701.300 |
31108.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
NA |
36920.300 |
|
|
|
Technical Know-how/ Fees |
NA |
NA |
295.500 |
|
|
|
Others |
NA |
NA |
65.900 |
|
|
TOTAL EARNINGS |
NA |
NA |
37281.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials / Packing Materials |
NA |
12067.800 |
9543.400 |
|
|
|
Components and Spare Parts |
NA |
262.300 |
324.200 |
|
|
|
Capital Goods |
NA |
832.100 |
1465.000 |
|
|
TOTAL IMPORTS |
NA |
13162.200 |
11332.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.29 |
18.77 |
14.00 |
|
Note:
The Company is essentially in the pharmaceutical business segment.
The figures of last quarter are the balancing figures between audited figures in
respect of the full financial year and the published year to date figures upto
the third quarter of the relevant financial year.
The Directors at their meeting held on May 29, 2014, recommended payment of
dividend of Rs. 2 per equity share (face value Rs. 2 per equity share) for the
year 2013-2014 amounting to Rs. 1605.800 millions.
In 2003, the Company received notice of demand from the National Pharmaceutical
Pricing Authority, Government of India on account of alleged overcharging in
respect of certain drugs under the Drug Price Control Order. This was contested
before the jurisdictional High Courts in Mumbai, Karnataka and Allahabad
wherein it was held in favour of the Company. The orders of Hon'ble High Court
of Allahabad and Bombay were challenged before the Hon'ble Supreme Court of
India by the Government. Although in the challenge to the decision of the
Hon'ble Bombay High Court, the Hon'ble Supreme Court of India restored the
matter to the Hon'ble Bombay High Court in August 2003 for interpreting the
Drug Policy on the basis of directions and principles laid down by them and the
same was pending, in the challenge to the Hon'ble High Court of Allahabad's
order, in February 2013, the Hon'ble Supreme Court of India transferred the
Bombay High Court petition also before itself for a final hearing on both the
matters. In an earlier order, the Hon'ble Supreme Court has already restrained
the govt from taking any coercive action against the Company. The Company has
been legally advised that on the basis of these orders there is no probability
of demand crystallising. Hence no provision is considered necessary in respect
of notice of demand received by the company up to date aggregating to Rs.
17685.100 millions.
During the quarter ended March 31, 2014, in accordance with Employee Stock
Option Scheme ("ESOS 2013 - A") dated October 31, 2013, the Company
has granted 85,194 stock options to employees at an exercise price equal to
face value of the equity share. These options would vest not earlier than 1 year
and not later than 2 years from the date of grant of options.
The figures of the previous year/period have been regrouped/recast to render
them comparable with the figures of the current period.
The above results after being reviewed by the Audit Committee were approved at
the meeting of the Board of Directors held on May 29, 2014.
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
14.37 |
17.87 |
15.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.38 |
24.53 |
20.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.72 |
18.93 |
17.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.23 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.09 |
0.11 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.11 |
3.02 |
4.17 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
1605.800 |
1605.800 |
1605.800 |
|
Reserves & Surplus |
73897.000 |
87089.400 |
99310.600 |
|
Net worth |
75502.800 |
88695.200 |
100916.400 |
|
|
|
|
|
|
long-term borrowings |
22.000 |
5.500 |
4.300 |
|
Short term borrowings |
100.000 |
9652.600 |
8769.100 |
|
Total borrowings |
122.000 |
9658.100 |
8773.400 |
|
Debt/Equity ratio |
0.002 |
0.109 |
0.087 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
69775.000 |
82024.200 |
93802.900 |
|
|
|
17.555 |
14.360 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
69775.000 |
82024.200 |
93802.900 |
|
Profit |
11239.600 |
15071.100 |
13883.400 |
|
|
16.11% |
18.37% |
14.80% |
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 |
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 |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
Long Term
Borrowings |
|
|
|
Deferred Payment Liability - Sales Tax Deferral Loan |
NA |
5.500 |
|
|
|
|
|
Short term
borrowings |
|
|
|
Packing Credit from Banks |
NA |
9557.700 |
|
|
|
|
|
Total |
NA |
9563.200 |
LITIGATION DETAILS:
HIGH
COURT OF BOMBAY
|
Bench:- Bombay |
||||||||
|
Presentation Date:- 09/05/2014 |
||||||||
|
Lodging No:- |
CAL/218/2014 |
Filling Date:- |
09/05/2014 |
Reg. No.: |
CA/279/2014 |
Filling Date: |
10/07/2014 |
|
|
|
||||||||
|
Petitioner:- |
TWILIGHT LITAKA PHARM LIMITED |
Respondent:- |
CIPLA LIMITED |
|||||
|
Petn. Adv.: |
THODUR LAW ASSOCIATES (I2108) |
|
|
|||||
|
District:- |
PUNE |
|||||||
|
|
||||||||
|
Bench:- |
SINGLE |
|||||||
|
Status:- |
Pre-Admission |
Category:- |
COMPANY APPLN. U/SEC 433, 434, 439 OF COMPANIES ACT |
|||||
|
Last Date:- |
19/08/2014 |
Stage: |
Petitions For Hearing |
|||||
|
Last Coram: |
HON’BLE SHRI JUSTICE S. J. KATHAWALLA |
|
|
|||||
|
|
||||||||
|
Act:- |
Companies Act and Rules 1956 |
Under Section:- |
433, 434 and 439 |
|||||
STATEMENT OF STANDALONE
UNAUDITED RESULTS FOR THE QUARTER ENDED 30TH JUNE 2014
(Rs. In Millions)
|
|
Particulars |
30.06.2014 Unaudited |
|
|
|
|||
|
1 |
Income from operations |
|
|
|
|
(a) Net sales/income from operations (net of excise duty) |
24015.200 |
|
|
|
(b) Other operating income |
729.400 |
|
|
|
Total income from operations (net) |
24744.600 |
|
|
2 |
Expenses |
|
|
|
|
a) Cost of materials consumed |
6846.600 |
|
|
|
b) Purchases of stock-in-trade |
1570.300 |
|
|
|
c) Changes in inventories of finished goods, work-in- process and
stock-in-trade |
1462.100 |
|
|
|
d) Employee benefits expense |
3828.100 |
|
|
|
e) Depreciation and amortisation expense |
1142.400 |
|
|
|
g) Other expenses |
5712.200 |
|
|
|
Total expenses |
20561.700 |
|
|
|
|
|
|
|
3 |
Profit from operations before other income, finance costs and
exceptional items (1-2) |
4182.900 |
|
|
4 |
Other income |
372.800 |
|
|
5 |
Profit before finance costs and exceptional items (3+4) |
4555.700 |
|
|
6 |
Finance costs |
251.500 |
|
|
7 |
Profit / (Loss) from Ordinary Activities after finance costs but
before tax (5-6) |
4304.200 |
|
|
8 |
Exceptional Item |
0.000 |
|
|
9 |
Net Profit / (Loss) from Ordinary Activities after tax (7-8) |
4304.200 |
|
|
10 |
Tax expense |
982.500 |
|
|
11 |
Net Profit (+)/Loss
(-) after tax (9-10) |
3321.700 |
|
|
12 |
Paid-up equity share capital (Face value-7l per equity share) |
1605.800 |
|
|
13 |
Reserves (excluding revaluation reserves) as per Balance Sheet of previous accounting year |
|
|
|
14 |
Earnings per share |
|
|
|
|
-Basic |
*4.14 |
|
|
|
-Diluted |
*4.13 |
|
|
|
|
|
|
|
A |
Particulars of Shareholding |
|
|
|
1 |
Public Shareholding |
|
|
|
|
- Number of shares |
498510398 |
|
|
|
- Percentage of shareholding |
62.09% |
|
|
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) |
Nil |
|
|
|
-Percentage of shares (as a % of the total share capital of the
Company) |
Nil |
|
|
|
b) Non-encumbered |
|
|
|
|
-Number of shares |
295485978 |
|
|
|
-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 |
36.80% |
|
Particulars |
30.06.2014 |
|
Investment Complaints |
|
|
Pending at the beginning of the quarter |
0 |
|
Received during the quarter |
12 |
|
Disposed of during the quarter |
12 |
|
Remaining unresolved at the end of the quarter |
0 |
Note:
The Company is essentially in the pharmaceutical business segment.
In 2003, the Company received notice of demand from the National Pharmaceutical
Pricing Authority, Government of India on account of alleged overcharging in
respect of certain drugs under the Drugs (Prices Control) Order, 1995. This was
contested before the jurisdictional High Courts in Mumbai, Karnataka and
Allahabad wherein it was held in favour of the Company. The orders of Hon'ble
High Court of Allahabad and Bombay were challenged before the Hon'ble Supreme
Court of India by the Government. Although in the challenge to the decision of
the Hon'ble Bombay High Court, the Hon'ble Supreme Court of India restored the
matter to the Hon'ble Bombay High Court in August 2003 for interpreting the
Drug Policy on the basis of directions and principles laid down by them and the
same was pending, in the challenge to the Hon'ble High Court of Allahabad's
order, in February 2013, the Hon'ble Supreme Court of India transferred the
Bombay High Court petition also before itself for a final hearing on both the
matters. In an earlier order, the Hon'ble Supreme Court has already restrained
the Government from taking any coercive action against the Company. The Company
has been legally advised that on the basis of these orders there is no
probability of demand crystallising. Hence no provision is considered necessary
in respect of notice of demand received by the company up to date aggregating
to Rs. 17685.100 millions.
During the current quarter, pursuant to the enactment of the Companies Act 2013
(the 'Act'), the Company has, effective April 01, 2014, reviewed and revised
estimated useful lives of its fixed assets, generally in accordance with the
provisions of Schedule II to the Act. In case of any asset whose useful life is
already exhausted as on April 01, 2014, the carrying value, net of residual
value and deferred tax has been adjusted in retained earnings in accordance
with the requirements of Schedule II of the Act. As a result the charge of
depreciation is higher by Rs. 304.100 millions for the quarter ended June 30, 2014.
The figures for the quarter ended March 31, 2014 are the balancing figures
between audited figures in respect of the full financial year ended March 31,
2014 and the published unaudited figures for the nine months ended December 31,
2013.
The figures of the previous year / periods have been regrouped / recast to
render them comparable with the figures of the current period.
The above standalone financial results for the quarter ended June 30, 2014 have
been subjected to Limited Review by the Statutory Auditors, reviewed by the
Audit Committee and approved by the Board of Directors at its meeting held on
August 14, 2014.
FIXED ASSETS
Ř Freehold Land
Ř Leasehold Land
Ř Buildings and
Flats
Ř Plant and
Machinery
Ř Furniture and
Fixtures
Ř Vehicles
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. 60.67 |
|
|
1 |
Rs. 100.81 |
|
Euro |
1 |
Rs. 80.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
77 |
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.