MIRA INFORM REPORT
|
Report Date : |
26.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
INDOCO REMEDIES LIMITED |
|
|
|
|
Registered
Office : |
Indoco
House, 166, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
23.08.1947 |
|
|
|
|
Com. Reg. No.: |
11-005913 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.184.301
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L85190MH1947PLC005913 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI00405A
/ MUMI05235G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI0380C |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and Marketing of
Pharmaceutical Formulations (Finished Dosage Forms) and Active Pharmaceutical
Ingredients (APIs). |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Exist |
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|
Comments : |
Subject is an established company having good track record. Financial position of the company is sound. Fundamentals are strong. Trade relations are reported as fair. Business is active. Payment
terms 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 – 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 |
ICRA |
|
Rating |
Term Loan = A+ |
|
Rating Explanation |
Adequate degree of safety. It carry low
credit risk. |
|
Date |
January, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based = A1+ |
|
Rating Explanation |
Very strong degree of safety it carry lowest
credit risk. |
|
Date |
January, 2014 |
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 DENIED
Management Non Cooperative (91-22-26541851)
LOCATIONS
|
Registered Office : |
Indoco
House, 166, C.S.T. Road, Vidyanagari Marg Kalina, Santacruz (East), Mumbai -
400 098, Maharashtra, India |
|
Tel. No.: |
91-22-26541851–
55 |
|
Fax No.: |
91-22-26520787 |
|
E-Mail : |
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|
Website : |
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Location : |
Owned |
|
|
|
|
Factory 1 : |
A-26,
MIDC Industrial Area, Verna, Goa - 403722, Maharashtra, India |
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|
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Factory 2 : |
L-32,33,34
Verna Industrial Estate, Verna, Goa - 403722, Maharashtra, India |
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Factory 3 : |
R-104,
Rabale TTC Area, MIDC Thane-Belapur Road, Navi Mumbai - 400701, Maharashtra,
India |
|
|
|
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Factory 4 : |
B-20
MIDC, Waluj, |
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Factory 5 : |
Village
Katha, P.O. Baddi, Tehsil Nalagarh, District Solan, Himanchal Pradesh-173205,
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Factory 6 : |
L-14,
Verna Industrial Area, Verna, Goa - 403722, Maharashtra, India |
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Factory 7 : |
Located at: Patalganga,
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|
|
|
R and D Centre : |
R-92/93,
Rabale TTC Area, MIDC Thane-Belapur Road, Navi Mumbai - 400701, Maharashtra,
India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr.
Suresh G. Kare |
|
Designation : |
Chairman and Managing Director |
|
Qualification: |
B. Sc. |
|
Date
of Joining: |
26.12.1963 |
|
|
|
|
Name : |
Ms.
Aditi Panandikar |
|
Designation : |
Managing
Director |
|
Date of Birth/Age : |
22.01.1970 |
|
Qualification : |
B. Pharm, Masters in Business Management, Ohio State University |
|
Date of Appointment : |
27.03.2014 |
|
|
|
|
Name : |
Mr. Sundeep V. Bambolkar |
|
Designation : |
Director - Finance and Operations |
|
Date of Birth/Age : |
23.10.1960 |
|
Qualification : |
B. Sc. MBA |
|
Date of Appointment : |
27.03.2004 |
|
|
|
|
Name : |
Mr. Divakar M. Gavaskar |
|
Designation : |
Director
|
|
Date of Birth/Age : |
05.02.1943 |
|
Qualification : |
B.Com, FCA, FCS |
|
Date of Appointment : |
11.04.2005 |
|
|
|
|
Name : |
Mr. Rajiv P. Kakodkar |
|
Designation : |
Director
|
|
Date of Birth/Age : |
23.12.1956 |
|
Qualification : |
B. Pharm, MBA from Stuart School of Business, USA |
|
Date of Appointment : |
26.04.2007 |
|
|
|
|
Name : |
Mr.
Sharad P. Upasani |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.10.1938 |
|
Qualification : |
M.Com, LL.B., IAS, MBA |
|
Date of Appointment : |
23.02.2008 |
|
|
|
|
Name : |
Dr.
Anil M. Naik |
|
Designation : |
Director
|
|
Date of Birth/Age : |
22.05.1942 |
|
Qualification : |
M.Com, MBA |
|
Date of Appointment : |
14.02.2012 |
|
|
|
|
Name : |
Dr. Anand Nadkarni |
|
Designation : |
Director |
|
Date of Birth/Age : |
22.12.1958 |
|
Qualification : |
M.D. in Psychological Medicine. |
|
Date of Appointment : |
28.05.2014 |
KEY EXECUTIVES
|
SENIOR MANAGEMENT |
|
|
|
|
|
Name : |
Mr. Sunil D. Joshi |
|
Designation : |
President - Finance and Company Secretary |
|
|
|
|
Name : |
Mr.
A.S. Rege, |
|
Designation : |
President
- Operations |
|
|
|
|
Name : |
Dr.
Kavita Inamdar, |
|
Designation : |
President
– R and D (Formulations) |
|
|
|
|
Name : |
Mr.
Vilas V. Nagare, |
|
Designation : |
Executive
Vice President - Corporate Affairs |
|
|
|
|
Name : |
Mr.
B. Rajendra Kumar, |
|
Designation : |
Vice
President- Sales and Marketing |
|
|
|
|
Name : |
Mr.
Rakesh Malik, |
|
Designation : |
Vice
President - Sales and Marketing |
|
|
|
|
Name : |
Mr.
Clarence P D'souza, |
|
Designation : |
Vice
President - International Business |
|
|
|
|
Name : |
Mr.
Ajay Karajagi, |
|
Designation : |
Associate
Vice President-Marketing Services |
|
|
|
|
Name : |
Mr.
Amulya Nayak, |
|
Designation : |
Associate
Vice President - Sales and Marketing |
|
|
|
|
Name : |
Ms.
Aida Dias, Associate |
|
Designation : |
Vice
President- Corporate O.A. |
|
|
|
|
Name : |
Mr. R
V. Ramesan, |
|
Designation : |
Associate
Vice President-Technical Operations (API) |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
19801714 |
21.49 |
|
|
34106755 |
37.01 |
|
|
640087 |
0.69 |
|
|
640087 |
0.69 |
|
|
54548556 |
59.20 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
54548556 |
59.20 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
11498311 |
12.48 |
|
|
11310 |
0.01 |
|
|
5496441 |
5.96 |
|
|
17006062 |
18.45 |
|
|
|
|
|
|
2735571 |
2.97 |
|
|
|
|
|
|
8070912 |
8.76 |
|
|
9381461 |
10.18 |
|
|
407793 |
0.44 |
|
|
262458 |
0.28 |
|
|
4500 |
0.00 |
|
|
140835 |
0.15 |
|
|
20595737 |
22.35 |
|
Total
Public shareholding (B) |
37601799 |
40.80 |
|
Total
(A)+(B) |
92150355 |
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) |
92150355 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of
Pharmaceutical Formulations (Finished Dosage Forms) and Active Pharmaceutical
Ingredients (APIs). |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
Note: Detailed terms of
repayment of term loans from banks and security provided in respect of the
secured long term borrowings:
Cash Credit,
Foreign Currency Export Packing Credit and Buyer's Credit facilities are part
of Working Capital facilities availed from various Banks and are secured by
hypothecation by way of first pari passu charge on all its stocks and book
debts. 9.1
9.2
9.3
9.4
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Patkar and Pendse Chartered Accountants |
|
Address : |
9, Chartered House CHS, Marine Lines, Mumbai - 400
002, Maharashtra, India |
|
|
|
|
Subsidiary
Companies : |
· Xtend Industrial Designers and Engineers Private Limited (Formerly known as Indoco Industrial Designers and Engineers Private Limited) ·
Indoco Pharmchem Limited. |
|
|
|
|
Associates : |
· Indoco Analytical Solution LLP |
|
|
|
|
Enterprises
controlled by key management personnel: |
· SPA Holdings Private Limited · Shanteri Investments Private Limited · Indoco Capital Markets Limited · A K Services · Suresh Kare Indoco Foundation. |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs.2/- each |
Rs.250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
92150355 |
Equity Shares |
Rs.2/- each |
Rs.184.301 Millions |
a)
Reconciliation of the number of shares
|
Equity Shares |
Numbers |
Rs. In Millions |
|
Shares outstanding at the beginning of the year |
92150355 |
184.301 |
|
Adjustments for Sub-division of Ordinary Shares of Rs.10/- each into 5 shares of Rs.2/- each |
-- |
-- |
|
Add: Issue of Bonus Shares |
-- |
-- |
|
Less: Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
92150355 |
184.301 |
b)
Details of equity shares held by shareholders
holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
SPA Holdings Private Limited |
18335000 |
19.90% |
|
Shanteri Investment Private Limited |
15771755 |
17.12% |
|
Aditi Panandikar |
5549013 |
6.02% |
|
Madhura Anup Ramani |
5174079 |
5.61% |
|
Aruna Suresh Kare |
4764714 |
5.17% |
|
Reliance Capital Trustee Company Limited |
2622001 |
2.85% |
*The Board of Directors after the approval of shareholders have subdivided one equity share having face value of Rs.10/- into five equity shares having face value of Rs.2/- each fully paid up. Bonus shares in ratio of one equity share of Rs.2/- each fully paid for every two shares held by existing shareholders have also been issued.
c) Terms/rights attached to equity shares
The company has only one class of equity shares having a par value of Rs.2/- per share (Refer Note No. 35 for disclosure regarding post balance sheet event). Each holder of equity shares is entitled to one vote per share. All equity shares of the Company rank pari passu in all respects including the right to dividend. 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.
During the year ended 31 March 2014, the amount of per share dividend recognized as distributions to equity shareholders was Rs.1.40 on the face value of Rs.2/- (Previous year Rs.1.10 on the face value of Rs.2/-) of the company.
In the event of winding-up, subject to the rights of holders of shares issued upon special terms and conditions, the holders of equity shares shall be entitled to receive remaining assets, if any, in proportion to the number of shares held at the time of commencement of winding-up.
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 |
184.301 |
184.301 |
122.867 |
|
(b) Reserves & Surplus |
4385.352 |
3956.142 |
3676.647 |
|
(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) |
4569.653 |
4140.443 |
3799.514 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
137.887 |
273.856 |
462.416 |
|
(b) Deferred tax liabilities (Net) |
305.286 |
348.108 |
293.819 |
|
(c) Other long term liabilities |
91.852 |
92.020 |
91.482 |
|
(d) long-term provisions |
163.410 |
68.196 |
45.630 |
|
Total Non-current Liabilities (3) |
698.435 |
782.180 |
893.347 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
565.960 |
628.358 |
414.614 |
|
(b) Trade payables |
691.414 |
680.907 |
764.542 |
|
(c) Other current
liabilities |
538.800 |
513.196 |
500.286 |
|
(d) Short-term provisions |
196.586 |
148.367 |
143.275 |
|
Total Current Liabilities (4) |
1992.760 |
1970.828 |
1822.717 |
|
|
|
|
|
|
TOTAL |
7260.848 |
6893.451 |
6515.578 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2960.950 |
2910.029 |
2834.380 |
|
(ii) Intangible Assets |
291.824 |
304.308 |
181.850 |
|
(iii) Capital
work-in-progress |
243.585 |
219.900 |
168.861 |
|
(iv)
Intangible assets under development |
197.602 |
157.949 |
157.217 |
|
(b) Non-current Investments |
4.452 |
3.962 |
1.210 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
550.432 |
568.305 |
551.967 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
4248.845 |
4164.453 |
3895.485 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1082.633 |
927.599 |
1018.870 |
|
(c) Trade receivables |
1372.464 |
1270.772 |
1137.136 |
|
(d) Cash and cash
equivalents |
131.361 |
118.117 |
104.793 |
|
(e) Short-term loans and
advances |
422.061 |
412.078 |
354.924 |
|
(f) Other current assets |
3.484 |
0.432 |
4.370 |
|
Total Current Assets |
3012.003 |
2728.998 |
2620.093 |
|
|
|
|
|
|
TOTAL |
7260.848 |
6893.451 |
6515.578 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7277.124 |
6303.865 |
5687.725 |
|
|
|
Other Income |
17.523 |
15.048 |
22.631 |
|
|
|
TOTAL (A) |
7294.647 |
6318.913 |
5710.356 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2301.643 |
2238.950 |
2227.064 |
|
|
|
Purchases of Stock-in-Trade |
400.522 |
355.445 |
336.524 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(10.506) |
31.333 |
(113.758) |
|
|
|
Employees benefits expense |
1290.467 |
1077.370 |
818.807 |
|
|
|
Research & Development
Expenses |
144.286 |
129.024 |
108.032 |
|
|
|
Other expenses |
1950.015 |
1547.209 |
1465.244 |
|
|
|
TOTAL (B) |
6076.427 |
5379.331 |
4841.913 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1218.220 |
939.582 |
868.443 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
188.015 |
218.724 |
163.302 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1030.205 |
720.858 |
705.141 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
309.121 |
237.159 |
192.484 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
721.084 |
483.699 |
512.657 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
142.106 |
57.114 |
49.233 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
578.978 |
426.585 |
463.424 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1341.188 |
1183.195 |
987.580 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
150.000 |
150.000 |
150.000 |
|
|
|
Dividend |
129.010 |
101.365 |
101.365 |
|
|
|
Tax on Dividend |
21.925 |
17.227 |
16.444 |
|
|
BALANCE CARRIED
TO THE B/S |
1619.231 |
1341.188 |
1183.195 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Earnings in Foreign Currency (FOB value) |
2480.348 |
2115.754 |
1959.631 |
|
|
TOTAL EARNINGS |
2480.348 |
2115.754 |
1959.631 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
353.116 |
264.800 |
332.284 |
|
|
|
Stores & Spares |
7.200 |
1.562 |
53.144 |
|
|
|
Capital Goods |
35.333 |
76.082 |
13.538 |
|
|
TOTAL IMPORTS |
395.649 |
342.444 |
398.966 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.28 |
4.63 |
5.03 |
|
QUARTERLY RESULTS
|
Particulars |
|
|
30.06.2014 (Unaudited) |
|
|
|
|
1st Quarter |
|
Net Sales |
|
|
1986.300 |
|
Total Expenditure |
|
|
1620.600 |
|
PBIDT (Excl OI) |
|
|
365.700 |
|
Other Income |
|
|
6.200 |
|
Operating Profit |
|
|
371900 |
|
Interest |
|
|
27.300 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
344.600 |
|
Depreciation |
|
|
94.700 |
|
Profit Before Tax |
|
|
249.900 |
|
Tax |
|
|
49.500 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
200.400 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
200.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
7.94 |
6.75 |
8.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.91 |
7.67 |
9.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.58 |
7.43 |
8.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.12 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.15 |
0.22 |
0.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51 |
1.38 |
1.44 |
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 |
122.867 |
184.301 |
184.301 |
|
Reserves & Surplus |
3676.647 |
3956.142 |
4385.352 |
|
Net
worth |
3799.514 |
4140.443 |
4569.653 |
|
|
|
|
|
|
long-term borrowings |
462.416 |
273.856 |
137.887 |
|
Short term borrowings |
414.614 |
628.358 |
565.960 |
|
Total
borrowings |
877.030 |
902.214 |
703.847 |
|
Debt/Equity
ratio |
0.231 |
0.218 |
0.154 |
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 |
5,687.725 |
6,303.865 |
7,277.124 |
|
|
|
10.833 |
15.439 |
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
|
5,687.725 |
6,303.865 |
7,277.124 |
|
Profit |
463.424 |
426.585 |
578.978 |
|
|
8.15% |
6.77% |
7.96% |
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 |
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
|
Case Details |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
ITXAL/690/2012 |
Failing Date:- |
27/04/2012 |
Reg. No.:- |
ITXA/1306/2012 |
Reg. Date:- |
03/11/2012 |
|
|
|||||||
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX |
Respondent:- |
INDOCO REMEDIES LIMITED |
||||
|
Petn.Adv:- |
S.V. BHARUCHA (0) |
Resp. Adv.: |
Kanga and Company (0) |
||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||
|
Status:- |
Pre-Admission |
Stage:- |
FOR ADMISSION |
||||
|
Last Date:- |
24/07/2014 |
|
|||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE S.C. DHARMADHIKARI HON’BLE SHRI JUSTICE B.P. COLABAWALLA |
||||||
|
|
|
||||||
|
Act. : |
Income Tax Act,1961 |
Under Section 260A |
|||||
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2014 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Foreign currency loan External Commercial Borrowings (Note
No. 5.1) |
65.907 |
59.719 |
|
Short Term
Borrowings |
|
|
|
Cash credit facility (Note No. 9.1) |
0.000 |
14.949 |
|
Foreign Currency export packing credit (Note No. 9.2) |
149.875 |
90.308 |
|
Working capital demand loan (Note No. 9.3) |
0.000 |
40.000 |
|
Short term loan (Note No. 9.4) |
100.000 |
0.000 |
|
Total |
315.782 |
204.976 |
Notes:
Detailed terms of repayment
of term loans from banks and security provided in respect of the secured long
term borrowings:
5.1 – Watson
Pharmaceuticals Inc.
|
Amount Sanctioned |
USD 1,100,000 |
|
Terms of Repayment |
The ECB is repayable in 4 quarterly installments of USD
275,000 each commencing from 31st December, 2015, ending on 30th
September, 2016. The amount is payable in the month of March, June,
September, and December of each year. |
|
Rate of Interest |
LIBOR + 100 bps. |
|
Nature of Security |
The Loan is Unsecured. |
Cash Credit, Foreign
Currency Export Packing Credit and Buyer's Credit facilities are part of
Working Capital facilities availed from various Banks and are secured by hypothecation
by way of first pari passu charge on all its stocks and book debts.
9.1
|
Cash Credit Facility |
Is repayable on demand and carries interest @ 10.20% p.a. to 12.75% p.a. (Previous year @ 11.75% p.a. to 13.25% p.a.) |
9.2
|
Foreign Currency Export Packing Credit |
Is payable on completion of the tenure. It carries interest @ LIBOR + 125 bps to 175 bps. (Previous year LIBOR + 100 bps to 200 bps) |
9.3
|
Working Capital Demand Loan |
Is repayable on demand and carries interest @ 9.75 % p.a. to 11.25 % p.a. (Previous year @ 9.75 % p.a. to 11 % p.a.) |
9.4
|
Short Term Loan |
Is repayable on demand and carries interest @ 11% p.a (Previous year NA) |
CORPORATE INFORMATION
Subject is a Public Limited Company domiciled in India and incorporated under the provision of the Companies Act, VII of 1913. Its Shares are listed on two stock exchanges in India. Indoco Remedies Limited is engaged in the manufacturing and marketing of Formulations (Finished Dosage Forms) and Active Pharmaceutical Ingredients (APIs). The Company caters to both Domestic and International markets. The Company has two subsidiaries viz. Xtend Industrial Designers and Engineers Private Limited (formerly known as Indoco Industrial Designers and Engineers Private Limited) and Indoco Pharmchem Limited.
RESULTS FROM
OPERATIONS:
The FY 2013-14 under consideration witnessed a continued slowdown in the Indian economy. Delays in project clearances and difficulties in achieving the financial closure affected the industry resulting in sluggish growth. Added to this was higher inflation and adverse climatic conditions resulting in slowdown in agriculture. The cumulative impact was lower industrial production and slower growth in GDP. In the pharmaceutical industry in particular there was confusion because of lack of clarity due to introduction of NPPA for NLEM Products which resulted in less than expected performance for many companies. Internationally also the Indian pharmaceutical companies faced a lot of challenges from regulatory authorities in various countries resulting in the lower growth of business. However, they were proactive to take effective steps to overcome these difficulties as a result of which their overall performance was not affected to a large extent.
During the year 2013-14, the total income of the Company amounted to Rs.7294.600 Millions as compared to Rs.6318.900 Millions in the previous year. This represents a 15.44% growth. The Profit before Tax (PBT) at Rs.721.100 Millions as compared to Rs.483.700 Millions in the previous year representing a 49.08% growth. After providing for Income Tax and MAT, the Net Profit After Tax (PAT) amounts to Rs.579.000 Millions as against Rs.426.600 Millions in the previous year. The increase in PBT and PAT is mainly due to reduction in input and other costs.
A detailed discussion on the business performance and future outlook is included in Management Discussion and Analysis which forms part of the Directors' Report.
MANAGEMENT DISCUSSION
AND ANALYSIS
Industry Structure
and Development:
The global pharmaceutical market in 2013 crossed US$ 1 trillion and is expected to reach around US$ 1.2 trillion by 2016. The generic formulation market for the year 2013 contributed more than US$ 300 billion and is projected to grow at 12% per annum in the coming years. By 2020, India is expected to be amongst the top 3 pharmaceutical markets globally, in terms of incremental growth and the 6th largest market in absolute size. USA, Japan and Europe constitute around 34%, 24%, 12% respectively and 70% collectively of the global pharmaceutical market. These markets, however, are growing at a slower rate due to loss of patent exclusivity, fewer new product approvals and price erosions due to generic competition. In contrast, pharmaceutical markets of emerging economies are growing at a much faster rate of 10% to 14% per annum, driven by improved per capita income, increased access to modern medicines and strengthening of healthcare infrastructure.
Indian Pharmaceutical Market (IPM) for the year 2013-14 is at Rs.757570.000 Millions with a growth of 6.2 %. The acute segment at Rs.537490.000 Millions, contributing to 71% of IPM has grown at 4.4%. The chronic segment at Rs.220080.000 Millions, contributing to 29% of IPM has grown at 10.9%. Pharma exports from India aggregated to USD 14.84 billion during the year 2013-14. As structural growth drivers remain favourable, the Indian pharmaceutical industry will continue to experience strong growth.
Financial Performance
The overall financial performance of the Company has been reasonably good for the year ended 31st March 2014 with the domestic business growing at 13.4% and international business growing at 16.3%. The domestic business contributed to 64% and international business contributed to 36% of the total revenues. The formulations business contribution stood at 93% as against that of the API business, which stood at 7% of the total revenues.
Other operating income in the current year increased by Rs.64.000 Millions compared to the previous year. The increase is mainly on account of exchange gain on Debtors of Rs.60.000 Millions and export incentive of Rs. 4.000 Millions.
The material consumption to net sales is 37.5% at Rs.2692.000 Millions as compared to 41.9% at Rs.2626. 000 Millions last year. This decrease in the material cost is due to the change in product and business mix as also efficiency in manufacturing processes as well as effective procurement policies. The staff cost to net sales is 18.0% at Rs.1290.000 Millions as compared to 17.2% at Rs.1077.000 Millions last year. The increase is mainly on account of annual increase in salary and new recruitments. The R&D expenses to net sales are 2.0% at Rs.144.000 Millions as compared to 2.1% at Rs.129.000 Millions last year. Other expenses to net sales are at 27.2% at Rs.1950.000 Millions as compared to 24.7% at Rs.1547.000 Millions last year.
The finance cost to net sales is at 2.6% at Rs.188.000 Millions as compared to 3.5% at Rs.219.000 Millions. The lower finance cost is attributed to decrease in exchange loss of Rs.40.300 Millions towards repayment of ECB Loans. Depreciation is higher at Rs.309.000 Millions as against Rs.237.000 Millions in the previous year. The operating profit increased by 41.9% to Rs.848.000 Millions from Rs.598.000 Millions last year. The increase in profit is mainly on account of increase in revenues and reduction in cost.
Profit before tax is at Rs.721.000 Millions as compared to Rs.484.000 Millions in the last year showing a increase of 49.1%. Profit after tax was Rs.579.000 Millions as against Rs.427.000 Millions in the last year, registering a growth of 35.7%.
Basic and Diluted earnings per share (EPS) for the year is Rs.6.28 as against Rs.4.63 in the previous year (both after and before the extra-ordinary items). The outstanding long term debt as on 31st March, 2014 was Rs.138.000 Millions as compared to Rs.274.000 Millions last year. The cash outflow on account of capital expenditure (CAPEX) during the year was Rs.417.000 Millions compared to Rs.434.000 Millions in the last year.
During the year an amount of Rs.140.500 Millions was contributed to the national exchequer by way of payment of income tax and Rs.238.400 Millions by way of sales tax. The net worth of the company as at 31st March, 2014 is Rs.4570.000 Millions against Rs.4140.000 Millions previous year which is on account of retained profits. The debt-equity ratio during the year was 0.03 times as compared to 0.07 times in the previous year. The return on net worth was 12.7% as at 31st March, 2014 against 10.3% as at 31st March, 2013.
BUSINESS OVERVIEW
Domestic Business
Indoco's domestic formulations business growth has been above the industry average during the year and it continues to remain a thrust area for the Company. The Company's strategy is focused on brand building, increasing contribution from chronic segment and improved sales from northern and eastern regions to ensure structurally balanced and consistent growth.
Domestic Marketing
Divisions:
INDOCO:
This division has strong presence in major therapies like Gastrointestinal, Anti-infectives, Respiratory, Anti-diabetics and Multi-vitamins. The top brands promoted by the division are Cyclopam, Oxipod, Cloben-G, Karvol Plus, Glychek, Tuspel Plus, MCBM 69 and Hemsyl.
Recently launched brands in anti-inflammatory segment, viz., Inflachek and Inflachek D have registered good sales in the first year of its launch. To strengthen the product portfolios further, the division has launched new brands like OH-D3, Tuspel-LS besides other brands, during the year. With its deeper penetration across territories, the division is surging ahead to ensure large prescription share on consistent basis.
SPADE:
This division covers General Practitioners, Consulting Physicians, ENTs, Pediatricians, and Chest Physicians and has presence in therapeutic segments like, Respiratory, Anti-infectives, Vitamins/Minerals, Pain/Analgesics, Otologicals, etc.
The division promotes brands like Febrex Plus, ATM, Methycal and Otorex, besides others. Febrex Plus, the largest brand of the Company, features amongst the top 150 brands of the Indian Pharma Market. Spade has also launched a novel product under the brand name, Ezint for the management of electrolyte and energy loss.
WARREN:
Warren is the market leader in Stomatological segment and caters to more than 40,000 Dentists in the country. The division offers a complete basket of products comprising of toothpastes for dentinal sensitivity, mouthwashes, antibiotics, analgesics/anti-inflammatory, local anesthetics and other innovative oral care products.
Warren has launched 'first time in India products' like - SM Fibro (For Oral Sub Mucous Fibrosis) and RR Sensoform (1st ethical brand of Strontium Acetate). With the growing number of Dentists across India, awareness about oral hygiene and higher use of dental products, Warren division will continue to do well.
SPERA:
This division covers General Practitioners, Gynecologists and Pediatricians. Spera's product basket includes legacy brands like Cital, Triz, Carmicide and Scabex. Active promotion of legacy brands and new launches, viz., liver tonic, uterine tonic and anti-obesity formulations will expand the division's product basket, paving the way for higher growth.
EXCEL:
This division caters to Ophthalmologists and covers select General Practitioners. The division has its major presence in ophthalmic anti-oxidants, lubricating/tear substitutes, anti-infective and anti-allergic therapies. The major brands marketed by the division are Homide, Renolen, Irivisc, Mofloren, Macuchek, Dexoren-S and Tobaren.
During the year, Excel has launched Nepachek and Macuchek Forte for the management of pain and age related macular degeneration.
ETERNA:
Eterna division is predominantly present in chronic, nutritional and pain management therapies along with other therapies like Gastrointestinal and Anti-infectives for the management of Orthopedic conditions. The division is focusing on Orthopedicians and Consultant Physicians with brands like Osteochek, Lorchek, ATM-LX, Cyclopam Plus and PGB-12.
IndocoCND:
IndocoCND division caters to Cardiologists, Diabetologists, Endocrinologists, Nephrologists and Consulting Physicians with an objective to strengthen the Company's presence in chronic segment. The division promotes brands like Cal-Aid, Prichek, Amchek, Telmichek and Rosuchek-D.
INSTITUTION:
This division deals with Government Health departments, including ESIC, Railways, BHEL, SAIL, DHS, Defence and Coal fields, etc. The division works closely with these institutions for registering the Company's products in their formulary and participates in various tenders for medicines and proprietary products. The rate contracts and tenders are awarded at regular intervals by these government institutions, which ensures sustainable growth for this division.
FUTURE OUTLOOK
The future of the pharmaceutical industry will be driven by innovation and technology. Indoco's domestic business has been consistently performing well over the years. Brand building, new product introductions, concentrated efforts to increase share in chronic segment and penetration in Tier II and Tier III towns, will drive the future growth of the Company in the domestic market. Though the domestic formulations business will grow at a much higher rate than the industry average, its proportion to the total revenues will reduce over a period of time due to faster growth in international business.
Indoco's international business will continue to focus on its core competencies in Research and Development and Manufacturing excellence. The Company will continue to remain the preferred partner, offering complete solutions to generic companies worldwide. Additionally, it will also exploit the larger opportunities through alliances in major markets. Currently, a major part of international business comes from Europe, where the contract manufacturing business will be slowly augmented with manufacturing against the Company's own dossiers and Marketing Authorizations. Going forward, the US business is expected to grow speedily as ANDAs will be commercialized at regular intervals. While surging ahead in the Regulated Markets, Indoco is also consolidating its position in the Emerging markets through active brand promotion. Part of the emerging market is exploited through distributors appointed by Indoco and partly through alliances.
Expertise in R&D activities will be a key differentiator and the Company will continue to work on development of non-infringing manufacturing processes for APIs and Finished Dosages, patentable Novel Drug Delivery Systems (NDDS), Para IV filings and 505(b)2 submissions using new technology platforms. On the analytical research front, expertise in the analytical methods development, Isolation and Characterization of Impurities, Extractables, Leachables, Polymorphism and Lyophilization studies will be the focus area.
Backed by expertise in R&D, excellence in Manufacturing and strong customer base, Indoco's Domestic as well as International business will constantly evolve and consistently excel.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2014 Rs.
In Millions |
|
A) Matters under dispute |
|
|
|
i) Sales Tax Rs.11.808 Millions has been paid under protest Previous year Rs.9.490 Millions) |
39.683 |
19.465 |
|
ii) Excise / Service Tax |
36.392 |
36.392 |
|
iii) Income Tax |
13.484 |
25.822 |
|
B) Bank Guarantees |
9.847 |
28.685 |
|
C) Letters of Credit |
53.819 |
85.752 |
|
D) Estimated amount of contracts remaining to be executed on Capital Account, net of advances of Rs.20.164 Millions (Previous year Rs.10.811 Millions) |
77.613 |
16.199 |
|
E) Corporate Guarantee given to Bank on behalf of the Subsidiary |
20.000 |
20.000 |
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE,
2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
1. Income
from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
1979.500 |
|
b) Other operating income |
6.800 |
|
Total
income from Operations(net) |
1986.300 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
628.600 |
|
b) Purchases of stock in trade |
114.800 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
-17.700 |
|
d) Employees benefit expenses |
337.400 |
|
e) Depreciation and amortization expenses |
94.700 |
|
e) Research & Development Expense |
42.900 |
|
f) Other Expenses |
514.600 |
|
Total expenses |
1715.300 |
|
3. Profit from operations before other income and
financial costs |
271.000 |
|
4. Other income |
6.200 |
|
5. Profit from ordinary activities before finance costs |
277.200 |
|
6. Finance costs |
27.300 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
249.900 |
|
8. Exceptional item |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
249.900 |
|
10.Tax expenses |
49.500 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
200.400 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
200.400 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
184.300 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
-- |
|
16.i) Earnings per share (before and
after extraordinary items) (of Rs.2/- each) (not annualised): |
|
|
(a) Basic |
2.17 |
|
(b) Diluted |
2.17 |
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
31.03.2014 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
37601399 |
|
- Percentage of shareholding |
40.80 |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
-- |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
54548956 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
59.20 |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
2 |
|
Disposed of during the quarter |
2 |
|
Remaining unreserved at the end of the quarter |
Nil |
Notes:
1.
The company has only one primary reportable segment
of activity, namely, Pharmaceuticals.
Net Sales and Income from Operations as per Secondary Segment
(Geographical) is as follows:
|
Net Sales and Income from Operations |
Quarter Ended ( Unaudited) |
|
|
31.03.2014 |
|
India |
1280.000 |
|
Outside India |
699.500 |
|
Total |
1979.500 |
2.
The figures for corresponding previous periods have
been restated / regrouped wherever necessary, to make them comparable
3.
During the quarter the Company acquired 10,000
shares of Xtend Industrial Designers & Engineers Private Limited (XIDEL).
As a result of this, XIDEL became 100% subsidiary of Indoco Remedies Limited
4.
The above results were reviewed by the Audit
Committee and taken on record by the Board of Directors at their meeting held
on July 30, 2014.
5.
The statutory auditors of the company have carried
out limited review of the financial results for the quarter ended June 30,
2014.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10360574 |
29/05/2012 |
238,000,000.00 |
DBS Bank Limited |
221, Fort House, 3rd Floor, D.N. Road, Fort, Mumbai, Maharashtra - 400001, India |
B41596404 |
|
2 |
10354797 |
11/05/2012 |
40,000,000.00 |
Janakalyan Sahakari Bank Limited |
140, Vivek Darshan,
Sindhi Society, Opposite Bhakti |
B39357983 |
|
3 |
10263925 |
17/01/2011 |
206,000,000.00 |
DBS Bank Limited |
221, Fort House, 3rd Floor, D.N. Road, Fort, Mumbai, Maharashtra - 400001, India |
B03932381 |
|
4 |
10193735 |
04/01/2010 |
100,000,000.00 |
Citibank N. A. |
Trent House, 2nd
Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (E), Mumbai,
Maharashtra |
A76397967 |
|
5 |
10188530 |
10/03/2010 * |
282,000,000.00 |
Standard Chartered Bank |
90, M. G. Road, Fort, Mumbai, Maharashtra - 400001, India |
A80939382 |
|
6 |
10168713 |
17/07/2009 |
100,000,000.00 |
Standard Chartered Bank |
90, M. G. Road, Fort, Mumbai, Maharashtra - 400001, India |
A66643669 |
|
7 |
10148381 |
04/12/2012 * |
140,000,000.00 |
IDBI Bank Limited |
47, Opus Centre, Central Road 47, Opus Centre, Cen, Opp. Tunga Paradise Hotel, Midc (E) Andheri, Mumbai, Maharashtra - 400093, India |
B64014889 |
|
8 |
10148720 |
30/01/2009 |
136,500,000.00 |
State Bank Of India |
Commercial Branch, Justice G N Vaidya Marg, Fort, Mumbai, Maharashtra - 400023, India |
A58965146 |
|
9 |
10144055 |
23/01/2009 |
150,000,000.00 |
Citibank N.A. |
Citigroup Centre,
Bandra Kurla Complex, Bandra, |
A57297384 |
|
10 |
10138657 |
28/11/2008 |
62,500,000.00 |
The Saraswat Co-Operative Bank Limited |
Raja Shopping Center, New Nagardas Road, Andheri (E), Mumbai, Maharashtra - 400069, India |
A54527767 |
|
11 |
10137698 |
28/11/2008 |
112,000,000.00 |
The Saraswat Co-Operative Bank Limited |
Raja Shopping Center, New Nagardas Road, Andheri (E), Mumbai, Maharashtra - 400069, India |
A54641469 |
|
12 |
10137713 |
16/12/2009 * |
7,500,000.00 |
The Saraswat Co-Operative Bank Limited |
Raja Shopping Center, New Nagardas Road, Andheri (E), Mumbai, Maharashtra - 400069, India |
A76313790 |
|
13 |
10122903 |
31/07/2008 |
3,000,000.00 |
MEMBERS SECRETARY HIMACHAL PRADESH |
Single Window Clearing
Agency, Baddi, Baddi Dist |
A45855194 |
|
14 |
10118471 |
10/07/2008 |
150,000,000.00 |
HDFC BANK LIMITED |
HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
A43802479 |
|
15 |
10115333 |
30/06/2008 |
100,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38a, Nariman Bhavan, 227,D, Nariman Point, Mumbai, Maharashtra - 400021, India |
A42834408 |
|
16 |
90231470 |
06/05/1982 |
115,000.00 |
CANARA BANK |
Andheri West Branch, 146; Jayaprakash Road, Mumbai, Maharashtra, India |
- |
|
17 |
90231456 |
10/02/1981 |
500,000.00 |
CANARA BANK |
Shanshram, 146;
Jayaprakash Road; Andheri West, |
- |
|
18 |
90231419 |
31/03/1979 |
450,000.00 |
The Mahrashrtra State Financial Corporation |
Ak Nayak Marg, Mumbai, Maharashtra, India |
- |
FIXED ASSETS:
- Land (Lease Hold)
- Buildings and Premises
- Plant and Machinery
- Handling Equipments
- Pollution Control Equipments
- Laboratory Equipments
- R and D Equipments
- Plant - Utilities
- Electrical Installations
- Furniture and Fixtures
- Office and Data Processing Equipments
- Air-conditioning Unit
- Vehicles
- Trade Mark
- Technical Knowhow
NEWS:
INDOCO REMEDIES FIXES BOOK CLOSURE FOR FINAL DIVIDEND AND AGM
Jul 01, 2014,
11.06
Indoco Remedies Limited has informed BSE that the Register of Members and Share Transfer Books of the Company will remain closed from July 23, 2014 to July 30, 2014 (both days inclusive) for the purpose of Payment of Final Dividend & Annual General Meeting (AGM) of the Company to be held on July 30, 2014.
MR. SURESH G. KARE’S 50 GLORIOUS
YEARS OF VISIONARY LEADERSHIP AT INDOCO
Mumbai, July 2, 2013: Mr. Suresh G. Kare took the reins of Indoco Remedies Limited. 50 years ago, i.e on July 2, 1963 at a tender age of 24 years. His visionary leadership has been instrumental in achievements of many significant milestones for the Company during these 50 glorious years.
Born in Margao-Goa on 9th of January, 1939, he is blessed with his father’s principles and mother’s values. He completed his school education in Goa and University education in Mumbai. Thereafter, he joined his father’s business of marketing pharmaceutical in Goa and then moved to Mumbai as, Managing Director of Indoco Remedies Ltd.
Under his able guidance, the Company progressed steadily with a strong presence in the Indian Pharma market and is well recognized as a reliable source for products and services to generic Companies across the globe. Indoco’s domestic product basket encompasses 18 therapeutic segments with a large brand portfolio, 32 of which are ranking amongst the top 5 in their respective segments. Over a period of time, Mr. Kare has created an impressive manufacturing base comprising of 8 facilities spread across India. These world-class manufacturing facilities have been approved by various regulatory authorities including USFDA, UK-MHRA, Germany, Australia, South Africa etc. Its state-of-the-art R&D centre is spread over an area of 100,000 sq.ft. housing over 200 scientists. Indoco today, engages a workforce of over 4300 employees.
Mr. Kare’s administrative and organizational capabilities, his persistent efforts, astute decision making and creativity have all been responsible for taking Indoco to greater heights. The way in which he expanded the Company by investing in infrastructure, marketing activities, and strategically tapping opportunities across the globe, is an inspiring story for young entrepreneurs. For 50 long years, Mr. Kare has ceaselessly strived for the development and progress of the Company and Pharma Industry.
Mr. Kare has been the past President of the Indian Drug Manufacturers’ Association (IDMA) and an active member of the Indian Pharmaceutical Association (IPA). Through these organizations he has represented the Pharma Industry on many Government Committees.
Mr. Kare is associated with many social, cultural and educational institutions in Mumbai and Goa. He is the President of The Goa Hindu Association’s Sneha Mandir, a modern home for the aged at Bandora-Goa and the Managing Trustee of ‘SURESH-KARE INDOCO FOUNDATION’, a charitable trust established to promote higher education and social upliftment to deserving students.
Recently in March 2013, Mr. Kare has been honoured with the 'Udyog Shree Jeevan Gaurav Sanman' (Lifetime Achievement Award) for his noteworthy contribution to business and industry at the hands of the Hon’ble Chief Minister of Goa, Mr. Manohar Parrikar. In the past, Mr. Kare has received various prestigious awards such as ‘Pharma Business and Technology Excellence Award 2004’, Lifetime Achievement Award by Pharma Summit Mumbai, ‘Saraswat Chaitanya Gaurav Award’ by Saraswat Prakashan, ‘Jeevan Gaurav Puraskar’ by Unnayan, a social organization, ‘Best Industrialist-2011 Award’ by Lokmat Goa and ‘Lifetime Achievement Award’ by The Goa State Industries Association. He is also the first recipient of ‘Lifetime Achievement Award’ instituted by the Maharashtra Chamber of Commerce.
In 2011, ‘KARENAMA’ a book on the life of Mr. Kare was released at the hands of Mr. Anil Kakodkar. The book comprises of short stories and incidents in his life that molded his personality and made him the visionary that he is today.
USFDA GIVES NOD TO INDOCO'S FACILITIES IN GOA
USFDA gives nod to Indoco's facilities in Goa the US Food and Drug Administration (US FDA) has approved the sterile facility (plant-II) and solid dosage facility (plant -III) located at Verna in the adjoining coastal state, a company release said.
Pharma player Indoco Remedies today said it has received a nod from United
States' drug regulator for two of its facilities in Goa.
The US Food and Drug Administration (US FDA) has approved the sterile facility (plant-II) and solid dosage facility (plant -III) located at Verna in the adjoining coastal state, a company release said.
"The nod will facilitate the generic approvals in the US market and subsequent product launches there," Indoco Chairman Suresh G Kare said.
It will also boost high-margin revenues from the highly remunerative US market, the world's largest player in pharma space, he added.
Officials from USFDA visited the facilities in August last year. With this, the number of Indoco facilities having USFDA approvals has gone up to six, it said.
These are three for finished dosages, two for APIs or active pharmaceutical ingredients and one for analytical, it added.
The company derived 35 percent of its revenues from exports in 2013-14.
Indoco Remedies stock price On August 26, 2014, at 11:35 hrs Indoco Remedies was quoting at Rs.253.45, up Rs.2.65, or 1.06 percent. The 52-week high of the share was Rs 265.20 and the 52-week low was Rs.58.50.
The company's trailing 12-month (TTM) EPS was at Rs.7.46 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 33.97. The latest book value of the company is Rs.49.59 per share. At current value, the price-to-book value of the company is 5.11.
Press Release
INDOCO REMEDIES Q1 NET PROFIT UP 118%
EBITDA Margins in Q1 rises to 20.6%
Plans to file 10 ANDAs in FY15
To Expand R&D activity in Goa
Mumbai, July 30, 2014: Indoco Remedies Limited has reported a 118% growth
in Apr’14-Jun’14, net profit at Rs.200.000 Millions compared
to Rs.92.000 Millions in the corresponding quarter last year.
Net revenues for the first quarter under review grew by 33.7% to
Rs.1980.000 Millions as against Rs.1480.000 Millions for the same period last
year.
Commenting on the quarterly performance, Ms. Aditi Kare Panandikar,
Managing Director, Indoco Remedies said, “The rise in the net profit is
attributed to the 59% growth in the high-margin international business coupled
with robust growth in domestic business. Compared to industry average growth
rate of 8.8%, the Company’s domestic formulation business registered a 24.4%
revenue growth, aided by legacy brands as well as new launches”.
Indoco Remedies continues to focus on chronic segment and geographical penetration in North and East regions of India to drive its domestic revenue growth.
|
Particulars |
Apr-Jun 2014 |
Apr-Jun 2013 |
Growth % |
|
Net Revenue |
1980.000 |
1480.000 |
337.000 |
|
EBITDA |
409.000 |
271.000 |
507.000 |
|
Profit before Tax |
250.000 |
110.000 |
1274.000 |
|
Profit after Tax |
200.000 |
92.000 |
1183.000 |
|
EPS (Face value Rs 2) |
2.17 |
1.00 |
|
EBITDA in
Apr’14-Jun’14 rose to Rs.409.000 Millions from Rs.271.000 Millions in the corresponding
quarter last year. As a result, EBITDA margin enhanced to 20.6% from 18.3% over
the same quarter last year. Net profit margin is at 10.1% as against 6.2% over
the same quarter last year.
Earnings
per share in Apr’14-Jun’14 rose to Rs.2.17 from Rs.1.00 in the same quarter
last year.
Regulatory Approvals
Indoco Remedies is planning to file 10 Abbreviated New Drug
Applications (ANDAs) from its site during the current year, of which 3 have
already been filed during the first quarter of current financial year. With the
USFDA nod received for its Sterile facility (Plant II) and Solid Dosages
facility (Plant III) located in Verna, Goa, Indoco expects a few more of its
ANDAs to be approved this year.
In the domestic market, the company will maintain its track
record of launching a minimum of 25 new products annually through its 8
marketing divisions. The first quarter has seen 7 product launched across 5
divisions.
Annual General Meeting
Earlier in the day, addressing the shareholders’ at the 67th
Annual General Meeting of the Company, Mr. Suresh Kare, Chairman, Indoco
Remedies Ltd in his Chairman’s speech said, “Indoco will not be significantly
impacted rom the National Pharmaceutical Pricing Authority (NPPA) order in July
2014 that brought 39 formulations under rice-control. The order impacts the
ceiling prices of molecules falling in chronic segment”.
Mr. Kare also announced the company’s intent to expand its
R&D activities in Goa for which acquisition of land is in the final stage.
Indoco Remedies has recently added 20,000 sq.ft of space to its existing 100000
sq.ft R&D facility at Rabale in Navi Mumbai.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.60.43 |
|
UK Pound |
1 |
Rs.100.12 |
|
Euro |
1 |
Rs.79.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
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.