1. Summary Information
|
|
|
Country |
|
|
Company Name |
SUN PHARMACEUTICAL INDUSTRIES LIMITED |
Principal Name 1 |
Mr. |
|
Status |
Good |
Principal Name 2 |
Mr. Dilip S. Shanghvi |
|
|
|
Registration # |
04-019050 |
|
Street Address |
Sun Pharma Advance Research Centre (SPARC), Tandalja, |
||
|
Established Date |
01.03.1993 |
SIC Code |
-- |
|
Telephone# |
91-265-2340001/
5515500 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-265-2339103/
2354897 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Tablets |
|
|
# of employees |
14000 (Approximately) |
Product Name 2 |
Capsules |
|
Paid up capital |
Rs.1035,600,000/- |
Product Name 3 |
Ointments |
|
Shareholders |
Promoter and Promoter Group - 63.65% Public shareholding - 36.35% |
Banking |
Bank of |
|
Public Limited Corp. |
YES |
Business Period |
21 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
Aa (75) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries |
-- |
Alkaloida Chemical Company Zrt |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
25,763,600,000 |
Current Liabilities |
5,094,300,000 |
|
Inventories |
8,687,600,000 |
Long-term Liabilities |
431,300,000
|
|
Fixed Assets |
11,357,900,000 |
Other Liabilities |
9,050,500,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
14,576,100,000 |
|
Invest& other Assets |
46,655,800,000 |
Retained Earnings |
76,853,200,000 |
|
|
|
Net Worth |
77,888,800,000 |
|
Total Assets |
92,464,900,000 |
Total Liab. &
Equity |
92,464,900,000 |
|
Total Assets (Previous Year) |
93,701,200,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Total Income |
26,683,100,000 |
Net Profit |
5,165,500,000 |
|
Total Income (Previous yr) |
43,584,100,000 |
Net Profit(Prev.yr) |
13,838,000,000 |
MIRA
INFORM REPORT
|
Report Date : |
22.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUN PHARMACEUTICAL INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Sun Pharma Advance Research Centre (SPARC), Tandalja, Akota Road, Vadodara – 390020,
Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.03.1993 |
|
|
|
|
Com. Reg. No.: |
04-019050 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1035.600 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230GJ1993PLC019050 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDS02426E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCS3124K |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of
Tablets, Capsules, Parenterals, Ointments, Bulk
Drugs, Chemicals and Liquids. |
|
|
|
|
No. of Employees
: |
14000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
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 |
|
Maximum Credit Limit : |
USD 311555000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having fine track
record. Financial position of the company appears to be strong. Over all
fundamentals of the company appears to be sound and healthy. Directors are reported to be experienced and respectable businessmen. Trade relations are reported a fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million estimated
losses suffered by India due to phishing attacks
during the third quarter, according to a study by RSA. India ranks fourth in
the list of nations hit by phishing attacks. The US
remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AAA = Long Term Rating |
|
Rating Explanation |
Highest degree of safety and carry lowest
risk |
|
Date |
10.01.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ = Short Term Rating |
|
Rating Explanation |
Strong degree of safety and carry lowest
credit risk. |
|
Date |
10.01.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Mr. Mehul |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-265-2340001 |
LOCATIONS
|
Registered Office/ Research Centre 1 : |
Sun Pharma Advance Research Centre (SPARC), Tandalja, Akota Road, Vadodara – 390020,
Gujarat, India |
|
Tel. No.: |
91-265-2340001/
5515500/ 600/700 |
|
Fax No.: |
91-265-2339103/
2354897/ 2332664 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate
Office : |
|
|
Tel. No.: |
91-22-28211822/1842/1917/1951/1953 |
|
Fax No.: |
91-22-28212010 |
|
E-Mail : |
|
|
|
|
|
Research
Centre 2 : |
· F.P 27, Part Survey No. 27, C. S. No. 1050, T. RS. Village, Tandalja, District Vadodara - 390020, Gujarat, India 17-B, Mahal Industrial Estate, Mahakali Caves Road, Andheri
(East), Mumbai - 400059, Maharashtra, India Tel No.:
91-2-66455645 Fax No.: 91-22-66455685 Chemistry and Discovery Reaserch Israel, 14 Hakitor
Street, P.O. Box, 10347 Haifa Boy 26110, Israel |
|
|
|
|
|
|
|
Factory 1 : |
Plot No. 214, Plot No. 20, Government Industrial Area, Phase II, Piparia, Silvassa – 396230, Gujarat, India |
|
|
|
|
Factory 2 : |
Halol-Baroda Highway, Near Anand Kendra, Halol, District Panchmahal - 389350, Gujarat, India |
|
|
|
|
Factory 3 : |
Plot No. 24/2 and 25, GIDC, Phase-IV, Panoli, District Bharuch - 394116, Gujarat, India |
|
|
|
|
Factory 4 : |
A-7 and A-8, MIDC Industrial Area, Ahmednagar - 414111, Maharashtra, India |
|
|
|
|
Factory 5 : |
Plot No. 4708, GIDC. Ankleshwar - 393002, Gujarat, India |
|
|
|
|
Factory 6 : |
Sathammai Village, Karunkuzhi Post, Maduranthakam TK, District Kanchipuram - 603303, Tamilnadu, India |
|
|
|
|
Factory 7 : |
Plot No. 817/A, Karkhadi, Taluka Padra, District Vadodara - 391450, Gujarat, India |
|
|
|
|
Factory 8 : |
Sun Pharma Drugs Private Limited Plot No. 754, Nandok Block, Setipool, P.O. Ranipool – 737135, Sikkim, India |
|
|
|
|
Factory 9 : |
Sun Pharma Medication Private Limited Survey No. 259/15, Dadra – 396191, Union Territory |
|
|
|
|
Factory 10 : |
Sun Pharma Medication Private Limited 6-9 Export Promotion Industrial Park (EPIP), Kartholi, Bari Brahmana, Jammu - 181133, Jammu and Kashmir, India |
|
|
|
|
Factory 11 : |
Sun Pharma Medication Private Limited I.G.C. Phase-I, Samba – 184121, Jammu and Kashmir, India |
|
|
|
|
Factory 12 : |
Sun Pharmaceutical
Industries Inc. 705, E. Mulberry Street, Bryan, Ohio – 43506, USA |
|
|
|
|
Factory 13 : |
Sun Pharmaceutical
Industries Inc. 270 Prospect Plains Road, Cranbury, New Jersey – 08512, USA |
|
|
|
|
Factory 14 : |
Caraco Pharmaceutical Laboratories Limited 1150 Elijah McCoy Drive, Detroit – 48202, Michigan, USA |
|
|
|
|
Factory 15 : |
Sun Pharmaceutical
(Bangladesh) Limited Chandana, Joydevpur, Gazipur, Bangladesh |
|
|
|
|
Factory 16 : |
Alkaloida Chemical Company Zrt H-4440 Tiszavasvari , Kabay, Janos u.29, Hungary |
|
|
|
|
Factory 17 : |
TKS Farmaceutica Rodovia GO-080, Km 02, Chacaras 01/02, Jardim Pompeia, Goiania/GO, Brazil CEP: 74690-170 |
|
|
|
|
Factory 18 : |
Sun Pharma de Mexico S.A. de C.V, Av. Rio Churubusco No. 658, Col. El Sifon, Del. Iztapalapa, C.P 09400 Mexico, Distrito Federal |
|
|
|
|
Factory 19 : |
Chattem Chemicals, Inc. 3708, St. Elmo Avenue, Chattanooga, TN 37409, USA |
|
|
|
|
Factory 20 : |
Taro
Pharmaceuticals Inc. 130 East Drive, Brampton, Ontario L6T 1C1, Canada |
|
|
|
|
Factory 21 : |
Taro Pharmaceutical
Industries Limited 14 Hakitor Street, P.O. Box 10347 Haifa Bay 26110, Israel |
|
|
|
|
Factory 22 : |
Dusa Pharmaceuticals Inc., 25, Upton Drive, Wilmington, Massachusetts,
01887, USA |
|
|
|
|
Factory 23 : |
URL Pharmaceuticals Inc., 1100 Orthodox Street, Philadelphia, PA
19124, USA |
|
|
|
|
Factory 24 : |
URL Pharmaceuticals Inc., 2500 Molitor Road,
Aurora, IL 60502, USA |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Israel Makov |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Dilip S. Shanghvi |
|
Designation : |
Managing Director |
|
Qualification : |
B. Com. |
|
Date of Appointment
: |
01.04.1993 |
|
|
|
|
Name : |
Mr. Sudhir V. Valia |
|
Designation : |
Whole Time Director |
|
Qualification : |
FCA |
|
Date of Appointment
: |
01.04.1994 |
|
|
|
|
Name : |
Mr. Sailesh T. Desai |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. S. Mohanchand Dadha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Hasmukh S. Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ashwin Dani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Keki M. Mistry |
|
Designation : |
Additional Director |
KEY EXECUTIVES
|
Name : |
Mr. Sunil R. Ajmera |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Ms. Sheetal |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS
As on 30.09.2013
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
304037200 |
14.68 |
|
|
1013024000 |
48.91 |
|
|
1280200 |
0.06 |
|
|
1280200 |
0.06 |
|
|
1318341400 |
63.65 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
1318341400 |
63.65 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
25417104 |
1.23 |
|
|
39767327 |
1.92 |
|
|
525971 |
0.03 |
|
|
471782863 |
22.78 |
|
|
30000 |
0.00 |
|
|
537523265 |
25.95 |
|
|
|
|
|
|
100472432 |
4.85 |
|
|
|
|
|
|
72164254 |
3.48 |
|
|
31925415 |
1.54 |
|
|
10737144 |
0.52 |
|
|
1684351 |
0.08 |
|
|
1546949 |
0.07 |
|
|
1382098 |
0.07 |
|
|
1207896 |
0.06 |
|
|
4869850 |
0.24 |
|
|
46000 |
0.00 |
|
|
215299245 |
10.40 |
|
Total Public shareholding (B) |
752822510 |
36.35 |
|
Total (A)+(B) |
2071163910 |
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) |
2071163910 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Tablets,
Capsules, Parenterals, Ointments, Bulk Drugs,
Chemicals and Liquids. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
14000 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
· Bank of Baroda Bank of Nova Scotia Citibank N.A. ICICI Bank Limited Kotak Mahindra Bank Limited Standard Chartered Bank State Bank of India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
Note : Long Term
Borrowing: Repayable in 10
(Previous Year Nil) half-yearly installments of Rs.
4.600 Million each commencing from 31st March, 2017, Last installment is due
on 30th September, 2021. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins
and Sells Chartered
Accountants, |
|
Address : |
Mumbai, |
|
|
|
|
Subsidiaries : |
·
Alkaloida Chemical
Company Zrt ·
Caraco Pharmaceutical Laboratories Limited ·
Chattem Chemical Inc ·
Green Eco
Development Centre Limited ·
OOO "Sun
Pharmaceutical Industries Limited ·
TKS Farmaceutica Ltda ·
Sun Pharma De Mexico S.A. DE C.V. ·
Sun Pharma De Venezuela, CA ·
Sun Pharma Global Inc ·
Sun Pharmaceutical
(Bangladesh) Limited ·
Sun Pharmaceutical
Industries (Europe) B.V. ·
Sun Pharmaceutical
Industries Inc (merged with Caraco Pharmaceutical
Laboratories Limited w.e.f. 28th February, 2013) ·
Sun Pharmaceutical
Spain, S.L. ·
Sun Pharmaceuticals
France ·
Sun Pharmaceuticals
Germany GmbH ·
Sun Pharma Global (FZE) ·
Sun Pharmaceuticals
Italia S.R.L. ·
Sun Pharmaceuticals
UK Limited ·
Taro Pharmaceutical
Industries Limited ·
Sun Pharmaceutical
Industries (Australia) Pty. Limited ·
Aditya Acquisition Company Limited ·
Sun Pharmaceuticals
(SA) (Pty) Limited ·
Sun Global Canada
Pty Limited ·
Sun Pharmaceutical
Peru S.A.C. ·
Taro Development
Corporation ·
ZAO Sun Pharma Industriesx. ·
SPIL De Mexico S.A. DE C.V. ·
Caraco Pharma Inc ·
3 Skyline LLC ·
One Commerce Drive LLC ·
Taro Hungary Intellectual Property Licensing LLC. ·
Taro International Limited ·
Taro Pharmaceuticals Inc. ·
Taro Pharmaceutical India Private Limited ·
Taro Pharmaceutical Laboratories INC ·
Taro Pharmaceuticals U.S.A., Inc. ·
Taro Pharmaceuticals Europe B.V. ·
Taro Pharmaceuticals Ireland Limited ·
Taro Pharmaceuticals North America, Inc. ·
Taro Pharmaceuticals UK Limited ·
Taro Research Institute Limited (merged with Taro
Pharmaceutical Industries Limited w.e.f. 31st March
, 2012) ·
Tarochem Limited ·
Morley and Company Inc ·
Sun Laboratories FZE ·
Taro Pharmaceuticals Canada, Limited ·
Sun Global Development FZE ·
Sun Pharmaceuticals Korea Limited ·
Sun Pharma Philippines
Inc. ·
Caraco Pharmaceuticals
Private Limited ·
Sun Pharma MEA JLT ·
Sun Pharma Healthcare
FZE ·
Sun Pharma Japan
Limited ·
Sun Pharma Laboratories
Limited(Formerly, Sun Resin and Polymers Private Limited) ·
Sun Pharma Medication
Private Limited ·
Sun Pharma Drugs
Private Limited ·
Universal Enterprise Private Limited (w.e.f. 31st August, 2012) ·
** Faststone Mercantile
Company Private Limited ·
** Neetnav Real Estate
Private Limited ·
** Realstone Multitrade Private Limited ·
** Skisen Labs Private
Limited ·
** Softdeal Trading
Company Private Limited ·
** Orta Limited ·
** Sun Universal Limited ·
** Khyati Realty ME
Limited ·
** Aditya Pharma limited Liability Company ·
** Alkaloida Sweden AB ·
** Dusa Pharmaceuticals
Inc ·
** Dusa Pharmaceuticals
New York Inc ·
** Sirius Laboratories Inc ·
** URL Pharma Inc ·
** AR Scientific.Inc ·
** Mutual Pharmaceutical Company, Inc. ·
** United Research Laboratories, Limited ·
** Dungan Mutual
Associates, LLC ·
** URL PharmPro, LLC |
|
|
|
|
Controlled
Entity : |
·
Sun Pharmaceutical Industries ·
Sun Pharma Sikkim ·
Sun Pharma Drugs ·
Universal Enterprise Private Limited (upto 31st August, 2012) |
|
|
·
|
|
Enterprise under
significant Influence of Key Management Personnel or their relative : |
·
Sun Petrochemicals Private Limited ·
Navjivan Rasayan (Gujarat) Private Limited ·
Sun Pharma Advanced
Research Company Limited |
* Controlled entities converted into private limited companies under
Part IX of the Companies Act, 1956 w.e.f.31st August, 2012.
** Incorporated / Acquired during the year
CAPITAL STRUCTURE
As on: 30.09.2013
Authorised Capital : Rs. 3000.000
Millions
Issued, Subscribed & Paid-up Capital : Rs. 2071.164
Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000000 |
Equity Shares |
Re. 1/- each |
Rs.1500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1035581955 |
Equity Shares |
Re. 1/- each |
Rs.1035.600 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
1035.600 |
|
(b) Reserves & Surplus |
|
|
76853.200 |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
77888.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
46.400 |
|
(b) Deferred tax liabilities (Net) |
|
|
1654.100 |
|
(c) Other long term liabilities |
|
|
10.100 |
|
(d) long-term provisions |
|
|
1314.900 |
|
Total Non-current Liabilities (3) |
|
|
3025.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
384.900 |
|
(b) Trade payables |
|
|
3632.700 |
|
(c) Other current
liabilities |
|
|
1451.500 |
|
(d) Short-term provisions |
|
|
6081.500 |
|
Total Current Liabilities (4) |
|
|
11550.600 |
|
|
|
|
|
|
TOTAL |
|
|
92464.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
11347.600 |
|
(ii) Intangible Assets |
|
|
10.300 |
|
(iii) Capital
work-in-progress |
|
|
3480.400 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
33764.900 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
4910.900 |
|
(e) Other Non-current assets |
|
|
78.300 |
|
Total Non-Current Assets |
|
|
53592.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
9410.500 |
|
(b) Inventories |
|
|
8687.600 |
|
(c) Trade receivables |
|
|
7375.300 |
|
(d) Cash and cash
equivalents |
|
|
4311.200 |
|
(e) Short-term loans and
advances |
|
|
8495.000 |
|
(f) Other current assets |
|
|
592.900 |
|
Total Current Assets |
|
|
38872.500 |
|
|
|
|
|
|
TOTAL |
|
|
92464.900 |
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1035.600 |
1035.600 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
80050.500 |
65769.700 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
81086.100 |
66805.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
403.000 |
505.300 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
403.000 |
505.300 |
|
|
DEFERRED TAX LIABILITIES |
|
1423.400 |
1285.100 |
|
|
|
|
|
|
|
|
TOTAL |
|
82912.500 |
68595.700 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
10033.000 |
7943.900 |
|
|
Capital work-in-progress |
|
2488.700 |
2280.600 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
40572.100 |
36014.200 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
7861.500
|
6182.600
|
|
|
Sundry Debtors |
|
8373.200
|
5426.200
|
|
|
Cash & Bank Balances |
|
13277.100
|
12509.000
|
|
|
Other Current Assets |
|
568.400
|
183.700
|
|
|
Loans & Advances |
|
10527.200
|
5525.800
|
|
Total
Current Assets |
|
40607.400
|
29827.300
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
4001.900
|
33.000
|
|
|
Other Current Liabilities |
|
645.700
|
3106.300
|
|
|
Provisions |
|
6141.100
|
4331.000
|
|
Total
Current Liabilities |
|
10788.700
|
7470.300
|
|
|
Net Current Assets |
|
29818.700
|
22357.000
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
82912.500 |
68595.700 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
24321.400 |
|
|
|
Other Income |
|
|
2361.700 |
|
|
|
TOTAL |
|
|
26683.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
|
7057.900 |
|
|
|
Purchases of Stock-in-Trade |
|
|
2009.600 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade |
|
|
(105.300) |
|
|
|
Employee Benefits Expense |
|
|
2348.700 |
|
|
|
Other Expenses |
|
|
7883.700 |
|
|
|
TOTAL |
|
|
19194.600 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
7488.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
858.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
EXCEPTIONAL ITEMS AND TAX |
|
|
6630.300 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
ITEMS |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
|
|
6630.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
1464.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
|
|
5165.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
33376.900 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend on Equity Share |
|
|
5178.000 |
|
|
|
Corporate Dividend Tax |
|
|
880.000 |
|
|
|
Transfer to General Reserve |
|
|
520.000 |
|
|
BALANCE CARRIED
TO THE B/S |
|
|
31964.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports (FOB basis) |
|
|
19238.000 |
|
|
|
Interest |
|
|
4.100 |
|
|
|
Royalty |
|
|
3.300 |
|
|
|
Others |
|
|
369.800 |
|
|
TOTAL EARNINGS |
|
|
19615.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
2692.000 |
|
|
|
Packaging Material |
|
|
944.400 |
|
|
|
Capital Goods |
|
|
1217.600 |
|
|
|
Stores and Spares |
|
|
498.600 |
|
|
TOTAL IMPORTS |
|
|
5352.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
5.00 |
|
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
40155.600 |
19331.200 |
|
|
|
Other Operating Income |
|
-- |
11715.800 |
|
|
|
Other Income |
|
3428.500 |
1941.700 |
|
|
|
TOTAL |
|
43584.100 |
32988.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
-- |
8969.300 |
|
|
|
Cost of Materials Consumed |
|
9406.400 |
-- |
|
|
|
Purchases of Stock-in-Trade |
|
1874.800 |
-- |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade |
|
(706.600) |
-- |
|
|
|
Employee Benefits Expense |
|
3165.600 |
-- |
|
|
|
Other Expenses |
|
8829.200 |
-- |
|
|
|
Indirect Taxes |
|
-- |
0.000 |
|
|
|
Personnel Cost |
|
-- |
2140.600 |
|
|
|
Operating Expenses |
|
-- |
5340.400 |
|
|
|
Research and Development Expenditure |
|
-- |
1355.900 |
|
|
|
TOTAL |
|
22569.400 |
17806.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
21014.700 |
15182.500 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
757.200 |
642.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
20257.500 |
14540.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
977.700 |
702.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
|
19279.800 |
13838.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
23517.000 |
18891.500 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend on Equity Share |
|
|
3624.500 |
|
|
|
Corporate Dividend Tax |
|
|
588.000 |
|
|
|
Proposed Dividend and Dividend
distribution tax written back |
|
|
0.000 |
|
|
|
Transfer to General Reserve |
|
|
5000.000 |
|
|
BALANCE CARRIED
TO THE B/S |
|
NA |
23517.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
14628.200 |
9005.600 |
|
|
TOTAL EARNINGS |
|
14628.200 |
9005.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
2895.200 |
2976.500 |
|
|
|
Packaging Material |
|
669.000 |
NA |
|
|
|
Capital Goods |
|
907.800 |
NA |
|
|
|
Stores and Spares |
|
347.100 |
1.800 |
|
|
TOTAL IMPORTS |
|
4819.100 |
2978.300 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
18.60 |
13.40 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
19.36
|
44.24 |
41.94 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
27.26
|
50.45 |
75.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.11
|
40.00 |
38.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.24 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.01
|
0.00 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.36
|
3.76 |
1.05 |
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 |
Yes |
|
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 |
LITIGATION DETAILS
|
HIGH COURT OF
GUJARAT TAX
APPEAL No. 1679 of 2007 |
||||||||||||||||||||||||||
|
Status: PENDING (Converted from : ST/3691/2007) CCIN No : 001092200701679 Last Listing Date: 27/02/2008 Coram: HONOURABLE
MR.JUSTICE MOHIT S. SHAH HONOURABLE
MR.JUSTICE RAVI R.TRIPATHI |
||||||||||||||||||||||||||
|
S.N |
Name of the Petitioner |
Advocate On Record |
||||||||||||||||||||||||
|
1 |
THE COMMISSIONER
OF CENTRAL EXCISE AND CUSTOMS |
MR GAURANG H BHATT
for: Appellant(s) |
||||||||||||||||||||||||
|
S.N |
Name of the Respondant |
Advocate On Record |
||||||||||||||||||||||||
|
1 |
SUN PHARMACEUTICAL INDUSTRIES LIMITED |
RULE SERVED for
:Opponent(s) |
||||||||||||||||||||||||
|
Presented On : 03/12/2007
Registered On
: 03.12.2007 Bench Category : DIVISION BENCH District : NAVSARI Case Originated From: THROUGH ADVOCATE Listed : 119
times Stage Name : FOR ORDERS Act - TAXATION LAWS (CONTINUATION AND VALIDATION
OF RECOVERY PROCEEDINGS) ACT, 1964 |
||||||||||||||||||||||||||
|
Office Details |
||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on Document |
Document Details |
|||||||||||||||||||||
|
1 |
15/08/2007 |
VAKALATNAMA |
MR GAURANG H BHATT
ADVOCATE |
- |
MR GAURANG H
BHATT:1 |
|||||||||||||||||||||
|
2 |
15/08/2007 |
DOCUMENT |
RULE SERVED |
- |
RULE SERVED:1 |
|||||||||||||||||||||
|
3 |
03/02/2009 |
APPEARANCE NOTE |
MR GAURANG H BHATT
ADVOCATE |
- |
MR GAURANG H
BHATT:1 |
|||||||||||||||||||||
|
Court
Proceedings |
||||||||||||||||||||||||||
|
S. No. |
Notified Date |
Court Code |
Board Sr. No. |
Stage |
Action |
Coram |
||||||||||||||||||||
|
1 |
01/02/2008 |
2 |
- |
FOR FINAL HEARING
- TAX MATTERS |
NEXT DATE |
HONOURABLE THE
CHIEF JUSTICE Y.R.MEENA HONOURABLE
MR.JUSTICE J.C.UPADHYAYA |
||||||||||||||||||||
|
2 |
27/02/2008 |
2 |
- |
FOR ORDERS |
FIXED RULE / ADMIT |
HONOURABLE MR.JUSTICE
MOHIT S. SHAH HONOURABLE MR.JUSTICE RAVI R.TRIPATHI |
||||||||||||||||||||
|
Available Orders |
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
INDEX OF CHARGE:
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10351563
|
31/03/2012
|
178,140,000.00
|
DEPARTMENT OF BIOTECHNOLOGY |
6-8TH FLOOR, BLOCK NO.2, CGO
COMPLEX, LODHI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B38042354
|
|
2 |
90099243
|
27/03/2002
* |
500,000.00
|
THE BANK OF NOVA SCONA |
MITTAL TOWER; B WING, NARIMAN
POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
3 |
90099216
|
26/09/2001
* |
82,500,000.00
|
THE BANK OF NOVA SCOTIA |
MAKER TOWER; B WING, NARIMAN
POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
4 |
90099197
|
22/05/2000
|
218,000,000.00
|
ICICI BANK LIMITED |
FREE PRESS HOUSE, 215; NARIMAN
POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
5 |
90095114
|
14/07/2004
* |
7,500,000.00
|
LAKSHDEEP INVESTMENT AND
FINANCE PRIVATE LIMITED |
3; NARAYAN BUILDING; 23; L.N.
ROAD, DADAR EAST, MUMBAI, MAHARASHTRA - 400014, INDIA |
- |
|
6 |
90095637
|
27/04/2000
* |
7,500,000.00
|
NVFC FINANCE PRIVATE LIMITED |
1843; 6TH CROSS 20TH MAIN,
J.P. NAGAR; II PHASE, BANGLORE, KARNATAKA - 560078, INDIA |
- |
|
7 |
90095112
|
05/08/2004
* |
15,000,000.00
|
RISK CAPITAL AND TECHNOLOGY
FINANCE CORPORATION LIMITED |
E-216; 3RD FLOOR, EAST KAILASH,
NEW DELHI, DELHI - 110065, INDIA |
- |
|
8 |
90095086
|
18/02/2005
* |
134,500,000.00
|
LAKSHDEEP INVESTMENT and
FINANCE PRIVATE LIMITED |
3; NARAYAN BUILDING; 23; L.N.
ROAD, DADAR EAST, MUMBAI, MAHARASHTRA - 400014, INDIA |
- |
|
9 |
90095083
|
09/07/2005
* |
32,500,000.00
|
INDUSTRIAL DEVELOPMENT BANK OF
INDIA |
IDBI TOWER, COLABA, MUMBAI,
MAHARASHTRA - 400005, INDIA |
- |
|
10 |
90101877
|
23/09/1998
|
250,000,000.00
|
ICICI LIMITED |
163, BACKBAY RECLAMATION,
MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
* Date of charge modification
ROUND UP OF
2012-13
Successful
acquisition of DUSA:
Acquired DUSA
Pharmaceuticals, with all cash deal of approximately US$ 230 millions. DUSA
provides access to Levulan® (aminolevulinic
acid HCl) photodynamic therapy for the treatment of
non-hyperkeratotic actinic keratoses
or AKs of the face or scalp. Additionally, DUSA’s
BLU-U® treatment has been approved by USFDA for the treatment of moderate
inflammatory acne vulgaris and general dermatological
conditions. This acquisition denotes Sun Pharma’s
first major initiative in establishing its presence in the US specialty pharma market.
Caraco - USFDA
clearance: The USFDA gave clearance to Caraco (a
wholly-owned subsidiary of Sun Pharma) for
manufacturing three products, post inspection and confirmed that its facility
is now in compliance with USFDA cGMP requirements.
Successful
acquisition of URL: Caraco entered into a definitive
agreement with Takeda pharmaceuticals Inc to buy URL Pharma’s
non-colcrys business. URL was formerly a
privately-held Philadelphia-based pharmaceutical company which was acquired by
Takeda America Holdings, Inc. (TAH) in June, 2012. This acquisition expands Sun
Pharma’s product basket in the US generics market.
Approvals:
Received a total of 20 ANDA approvals from the US FDA during the year,
including that for Doxorubicin Liposomal Injection.
Prandin judgment: The US
courts ruled in favor of Caraco Pharmaceuticals
Laboratories in its patent litigation against Novo Nordisk
over Caraco’s generic version of Prandin®,
Repaglinide Tablets. The final US FDA approval for
this product was received in Jun-2013. Being the First-to-File Para-IV filer,
Sun Pharma is entitled to 180 days of marketing
exclusivity for this product in the US market.
Merger
termination: Sun Pharma and Taro mutually agreed to
terminate their merger agreement in the best interest of respective companies
and shareholders.
Strengthened top
management: Mr. Israel Makov was appointed as the
Chairman of the Company. Mr. Makov is the former
President and CEO of Teva Pharmaceutical Industries
Limited (2002-2007). He is among Israel’s most respected corporate leaders, and
is widely credited with Teva’s emergence as a global
enterprise and a world leader in generic pharmaceuticals.
DIVISIONAL HIGHLIGHTS
FINANCIAL
Revenues increased
from Rs.
347160.000 millions in FY12 to Rs. 61537.000
millions in FY13, a growth of 77%. This growth was driven by favorable pricing for
some products, part contribution from the DUSA and URL acquisitions and a
favorable currency. Revenue contribution from this geography increased to 54%
in FY13 compared to 43% for FY12.
OPERATIONAL
As on 31st Mar-13,
ANDAs for 138 products await approval, including 17
tentative approvals. Of the total 138 ANDAs awaiting
approval; Sun Pharma has applied for 93 products
(including nine tentative approvals), Caraco has
applied for 24 products (including 5 tentative approvals) and Taro has applied
for 21 products (including 3 tentative approvals). The URL acquisition adds ANDAs corresponding to 107 products to the Company’s US
generics portfolio.
Taro
Taro’s performance
has been quite strong in FY13. Taro’s topline grew by
24% to US$ 671 million, while the net profit surged by 30% to US$ 266 million.
Most of the increase is catalyzed by better pricing environment, while volumes
declined marginally. Taro enjoyed the benefits from favorable sale prices
throughout the year.
Caraco
In Aug-2012, Caraco’s manufacturing facility and packaging sites in Detriot and Wixom, Michigan (USA) were cleared by the US
FDA and allowed to resume manufacturing. With this, Caraco’s
facility becomes compliant with US FDA cGMP norms.
While the US FDA cleared the manufacturing of two products also, resumption of
manufacturing of other products will have to undergo rigorous approval
procedure. As a result, the increase in production at these sites and resultant
revenue contribution is expected to be gradual.
STATEMENT OF STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED SEP
(Rs. In Millions)
|
|
Quarter ended |
Half Year Ended |
|
|
Particulars |
30.09.2013 Unaudited |
30.06.2013 Unaudited |
30.09.2013 Unaudited |
|
Income from
Operations |
|
|
|
|
Net Sales / Income from Operations (Net of
Excise Duty) |
6587.000 |
5882.900 |
12469.900 |
|
Other Operating Income |
196.400 |
293.500 |
489.900 |
|
Total Income
from Operations (Net) |
6783.400 |
6176.400 |
12959.800 |
|
Expenses |
|
|
|
|
Cost of materials consumed |
2135.900 |
2047.000 |
4182.900 |
|
Purchases of stock-in-trade |
581.400 |
415.000 |
996.400 |
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
39.300 |
7.500 |
46.800 |
|
Employee benefits expense |
698.800 |
690.600 |
1389.400 |
|
Depreciation and amortisation
expense |
245.500 |
236.400 |
481.900 |
|
Other expenses |
2565.500 |
1772.700 |
4338.200 |
|
Total Expenses |
6266.400 |
5169.200 |
11435.600 |
|
Profit from
Operations before Other Income and Finance Costs |
517.000 |
1007.200 |
1524.200 |
|
Other income (net of impact of MTM loss on forward foreign exchange
contracts) |
(346.000) |
(351.000) |
(697.000) |
|
Profit before
Finance Costs |
171.000 |
656.200 |
827.200 |
|
Finance costs |
0.900 |
0.800 |
1.700 |
|
Profit before
Tax |
170.100 |
655.400 |
825.500 |
|
Tax expense |
107.100 |
198.400 |
305.500 |
|
Net Profit for
the quarter / year |
63.000 |
457.000 |
520.000 |
|
Paid-up Equity
Share Capital |
|
|
|
|
Equity Shares - Face Value Re. 1 each |
2071.200 |
1035.600 |
2071.200 |
|
Reserves
excluding Revaluation Reserve |
|
|
|
|
Earnings Per
Share of Rs. 1 each (Basic and Diluted) |
0.03 |
0.22 |
0.25 |
SELECT INFORMATION
FOR THE QUARTER ENDED SEPTEMBER 30, 2013
|
Part II |
Quarter ended |
Half Year Ended |
|
|
Particulars |
30.09.2013 Unaudited |
30.06.2013 Unaudited |
30.09.2013 Unaudited |
|
|
|
|
|
|
Public
Shareholding |
|
|
|
|
Number of Equity Shares of Re. 1 each |
752822510 |
376103755 |
752822510 |
|
Percentage of Shareholding |
36.35 |
36.32 |
36.35 |
|
Promoters and
Promoter Group Shareholding |
|
|
|
|
Pledged / Encumbered |
|
|
|
|
Number of Equity Shares of Re. 1 each |
2850000 |
2845417 |
2850000 |
|
Percentage of Equity Shares (as a % of the total shareholding of promoter and promoter group) |
0.22 |
0.43 |
0.22 |
|
Percentage of Equity Shares (as a % of the total share capital of the Company) |
0.14 |
0.27 |
0.14 |
|
Non-encumbered |
|
|
|
|
Number of Equity Shares of Re. 1 each |
1315491400 |
656632783 |
1315491400 |
|
Percentage of Equity Shares (as a % of the
total shareholding of promoter and promoter group) |
99.78 |
99.57 |
99.78 |
|
Percentage of Equity Shares (as a % of the
total share capital of the Company) |
63.51 |
63.41 |
63.51 |
|
|
|
|
|
|
Research and Development Expenses
incurred (included above) |
9431 |
6313 |
5808 |
|
Investor
Complaints |
|
|
Pending at the beginning of the quarter |
-- |
|
Received during the quarter |
-- |
|
Disposed of during the quarter |
-- |
|
Remaining unresolved at the end of the quarter |
-- |
Notes:
1. STANDALONE STATEMENT OF ASSETS AND
LIABILITIES
(Rs. In Millions)
|
Particular |
30.09.2013 |
|
EQUITY AND LIABILITIES |
|
|
Shareholders’
funds |
|
|
(a) Share capital |
2071.200 |
|
(b) Reserves and surplus |
76337.600 |
|
Sub-total
- Shareholders' funds |
78408.800 |
|
|
|
|
Non-current
liabilities |
|
|
(a) Long-term borrowings |
46.400 |
|
(b) Deferred Tax Liabilities (Net) |
1769.500 |
|
(c) Other Long-term Liabilities |
22.800 |
|
(d) Long-term Provisions |
2848.600 |
|
Sub-total
- Non-current liabilities |
4687.300 |
|
|
|
|
Current
liabilities |
|
|
(a) Short-term Borrowings |
245.400 |
|
(b) Trade payables |
4229.300 |
|
(c) Other current liabilities |
15140.100 |
|
(d) Short-term provision |
102.300 |
|
Sub-total - Current
liabilities |
19717.100 |
|
|
|
|
TOTAL - EQUITY AND
LIABILITIES |
102813.200 |
|
|
|
|
ASSETS |
|
|
Non-current
assets |
|
|
(a) Fixed assets |
15512.600 |
|
(b) Non-current investments |
30087.600 |
|
(c) Long-term loans and advances |
5603.100 |
|
(d) Other Non-current Assets |
1.200 |
|
Sub-total
- Non-current assets Current assets |
51204.500 |
|
Current assets |
|
|
(a) Current Investments |
22468.700 |
|
(b) Inventories |
8938.100 |
|
(c) Trade receivables |
9221.700 |
|
(d) Cash and cash equivalents |
2984.200 |
|
(e) Short-term loans and advances |
6490.400 |
|
(f) Other current assets |
1505.600 |
|
Sub-total
- Current assets |
51608.700 |
|
|
|
|
TOTAL
- ASSETS |
102813.200 |
2.
The above financial results of the Company have been
reviewed by the Audit Committee and approved by the Board of Directors at their
respective meetings held on November 13, 2013 and have been subjected to a
Limited Review by the Statutory Auditors of the Company.
3.
Other Operating Income for the quarter ended
September 30, 2012 and year ended March 31, 2013 mainly represents Income from
Partnership Firms. With effect from August 31, 2012, these Partnership Firms
have been converted under Part IX of the Companies Act, 1956 into Private
Limited companies, being wholly owned subsidiaries of the Company and
accordingly, the corresponding figures for other quarters are not comparable.
4.
The Company has only one reportable business
segment namely 'Pharmaceuticals'
5.
The Scheme of Arrangement in the nature of spin off
and transfer of Domestic Formulation undertaking of the Company to Sun Pharma Laboratories Limited, wholly owned subsidiary, from
the close of the business hours on March 31, 2012, being the appointed date,
was approved by the Hon’ble High Courts of Gujarat
and Bombay vide their Orders dated May 03, 2013 and the said Scheme became
effective from May 27, 2013 upon filing of the said Orders with the Registrar
of Companies. Accordingly, the effect of the Scheme was given in the financial
results for the year ended March 31, 2013 only on an annual basis and approved
by the Board of Directors at their meeting held on May 28, 2013. However, the
financial results for quarterly periods during the year ended March 31, 2013
had been so approved without giving effect to the said Scheme and have not been
restated in these results. In view of this, the figures for the quarter ended
September 30, 2013 are not comparable with the figures for the quarters ended
and half year ended September 30, 2013 due to effect of spin off and transfer
of Domestic Formulation undertaking of the Company.
6.
In terms of the resolution passed by shareholders
by way of Postal Ballot on July 15, 2013, the Company has allotted 1035581955
bonus equity shares on August 03, 2013 in the ratio of 1 equity share of
Re. 1 each fully paid up for every
equity share of Re. 1 each held.
Consequently, the Earnings Per Share of Re.
1 each has been restated for all the periods presented based on the
number of equity shares post bonus issue, i.e. 2071163910 equity shares, in
accordance with Accounting Standard (AS-20) on Earnings Per Share’ as notified
under the Companies (Accounting Standards) Rules, 2006.
7.
The Board of Directors of the Company at their
meeting held today, approved the Scheme of Arrangement for spin off of
specified therapeutic and investment business undertakings of Sun Pharma Global FZE, a wholly owned subsidiary, into the
Company w.e.f May 1, 2013, without any consideration
on a going concern basis consisting of all the assets and liabilities
pertaining to the said business undertakings. The scheme being subject to
approval by the shareholders and the relevant regulatory authorities, no effect
thereof has been given in above results.
8.
Figures for the previous quarters / year have been
regrouped wherever considered necessary, other than referred in Note 5 above.
FIXED ASSETS
· Freehold Land
·
Leasehold
Land
·
Buildings
·
Buildings
– Leased
·
Plant
and Equipment
·
Vehicles
·
Office
Equipment
·
Furniture
and Fixtures
·
Trademarks
·
Designs
PRESS RELEASE:
SUN PHARMA, TARO CALL OFF PLANNED MERGER
Friday, Feb 08, 2013
Mumbai: Sun Pharmaceutical Industries Limited and Taro
Pharmaceutical Industries Limited have decided to terminate their August 2012
merger agreement, some three years after
With the termination of the agreement, announced in a joint statement on
Friday, Sun Pharma’s offer to all shareholders of
Taro to buy their holdings at $39.50 (around Rs.2120 today) per share stands
cancelled. Taro will, however, remain a subsidiary of the Indian company.
The move, announced the same day that Sun Pharma
posted a 32% increase in third quarter net profit, follows objections raised by
a group of investors, including minority shareholders, against the price
offered by Sun Pharma, which is lower than the
prevailing market price.
Sun Pharma in August said it plans to buy more
shares in Taro from minority shareholders, including the public and a couple of
institutional investors, to raise its stake in the Israeli company beyond the
existing 66%. This offer was made to enable the merger of the company into Sun Pharma, which has turned around Taro since acquiring it at
a time when it was ailing.
A merger would have given the Indian firm full control of the Israeli
unit’s management. The proposed buyout of minority shareholders and the
delisting of Taro from the New York Stock Exchange (NYSE) would have improved
Sun Pharma’s cash flows because it would have saved on
dividend payouts.
The firms said in their joint statement that they decided to call off
the merger “in the best interests of the companies and their shareholders”. The
decision was taken at the direction of the special committee formed to handle
the merger plan, said the statement made after the close of stock-market
trading in Mumbai.
Shares of Sun Pharma fell 0.63% to Rs.744.05
on BSE on Friday. The Sensex lost 0.49% to 19,484.77
points. Taro shares were trading 2.87% up at $52 on NYSE at 9.15pm India time.
“The termination of the merger plan will not have any significant impact
on the revenue and the operations of Taro,” said Sun Pharma
chairman Dilip Shanghvi in a
conference call with media and analysts on Friday.In
August, the merger deal was approved by Taro’s board of directors on the
recommendation of the special committee.
Sun Pharma acquired a controlling stake in
Taro in September 2010, after a three-year-long court battle between the two
firms. They signed the first merger pact in May 2007.
The court battle was followed by a unilateral termination of this
agreement by the Taro board after the firm’s promoters, Barry Levitt and his
family, and a few institutional shareholders objected to the valuation.
Following a series of battles in Israeli and US courts, Sun Pharma
received a favourable order from the Supreme Court of
Israel that allowed it to acquire a majority stake, including the whole holding
of the promoters, in 2010.
With a 25% increase in net profit, the subsidiary contributed
significantly to Sun Pharma’s third-quarter revenue
and profit in fiscal 2013 that was announced on Friday.
“It (the termination of the merger) was quite expected as the
shareholders had not agreed to the price of $39.50 a unit. Since the shares of
Taro are currently traded at above $45 and also with the better performance, it
would seem difficult to get shareholder consent for the merger at a lower price
offer,” said Hitesh Mahida, an industry
analyst with brokerage Fortune Equity Brokers (India) Limited.
“I don’t think termination will have any impact on the company’s
business as Taro will remain a subsidiary of Sun Pharma
till a consensus is made on the offer price,” he said.
Sun Pharma’s net profit rose to Rs.8810.000 Millionse from the year-ago quarter’s Rs.6680.000 Millions,
it said on Friday. Exports grew 42% and margins widened substantially, helping
it beat analysts’ estimates. Sales rose by one-third to Rs.28520.000 Millions in
fiscal third quarter from Rs.21450.000 a year ago.
SUN
PHARMACEUTICAL INDUSTRIES GETS FAVOURABLE US SUPREME COURT VERDICT IN PATENT
CASE
April 18, 2012
NEW DELHI: Sun Pharmaceutical Industries today said the US Supreme Court
has given a favourable verdict in its patent case
against Novo Nordisk over generic Prandin
tablets used for treating diabetes.
US Supreme Court has ruled in favour of the
company's subsidiary, Caraco Pharmaceutical
Laboratories, in it's patent litigation against Novo Nordisk
over Caraco's generic version of prandin,
repaglinide tablets, Sun Pharma
said in a statement.
"The Supreme Court, in a unanimous opinion, concluded that Caraco can seek correction of Novo Nordisk's
inaccurate use code regarding the combination use of repaglinide
and metformin for the treatment of type II
diabetes," it added.
The judgement has said, "The text and
context of the provision demonstrate that a generic company can employ the
counterclaim to challenge a brand's overbroad use code. We accordingly hold
that Caraco may bring a counterclaim seeking to
'correct' Novo's use code..."
Prandin is a registered trademark of Denmark-based
drug firm Novo Nordisk.
The decision will help all generic companies prevent brand companies from
misrepresenting their patents to the USFDA and improperly delaying or
preventing generic companies from marketing their drugs, Sun Pharma said.
Caraco's abbreviated new drug application (ANDA) for
generic Prandin is still awaiting approval by the
United States Food and Drug Administration (USFDA), it added.
"Prandin has annual sales of
approximately $ 230 million in the US," Sun Pharma
said.
A separate appeal concerning the validity of patents for Prandin is pending before the Court of Appeals for the Federal
Circuit after a lower court ruled in favour of Caraco, it added.
Scrips of Sun Pharma
were trading at Rs 596.50 apiece in the afternoon on
the BSE, up 2.11 per cent from its previous close.
SUN PHARMA REPORTS
STRONG QUARTER
Net Sales Rs.34820.000 Millions, up 31%, Adjusted Net Profit
Rs.12410.000 Millions, up 56%
Mumbai, August 09, 2013: Sun Pharmaceutical Industries Limited
(Reuters: SUN.BO, Bloomberg: SUNP IN,
Highlights of Q1FY14 consolidated financials
·
Net sales/Income from operations at Rs. 34820.000 Millions, a growth of 31% over same quarter
last year. Adjusted for the impact of one-time sales recorded in the domestic
business in Q4FY12, which lowered Q1FY13 sales, the net sales have grown by 23%
over Q1FY13.
·
Branded generic sales in India, at Rs. 8490.000 Millions, grew by 44% over Q1 last year.
Adjusted sales growth of the domestic formulation business, as explained above,
is 11%.
·
US finished dosages sale is US$ 364 million
recording a growth of 28% (in US$ terms) over Q1 last year.
·
International formulation sales is US$ 81 million,
and grew by 19% (in US$ terms) over same quarter last year.
·
EBITDA at Rs. 15310.000
Millions grew by 26% YoY while EBITDA margins were at
44%, compared to 46% in Q1 last year.
·
Recurring Net profit at Rs
12410.000 Millions witnessed a growth of 56% over Q1 last year; resulting
margin of 36%.
·
Reported Net loss at Rs.
12760.000 Millions, on account of a provision of Rs
25170.000 Millions towards settlement for patent infringement litigation
related to generic versions of ‘Protonix’.
These results were taken on record by the Board of Directors at a
meeting held in Mumbai today.
Dilip Shanghvi,
Managing Director of the Company said, “All our businesses continue to perform
in-line with our expectations. We remain focused on strengthening our existing
businesses and developing a differentiated and specialty driven product basket.
We also continue to review opportunities to expand and strengthen our global
footprint.”
India Branded Generics – Chronic Therapy Leadership
Sales of branded prescription formulations in India were at Rs. 8490.000 Millions, grew by 44% from Q1 last year,
accounting for 24% of total sales. Adjusted sales growth for the quarter was
11%.
Sun Pharma is ranked 2rd
and holds 5.1% market share in the Rs.72000.000 Millions Indian pharmaceutical
market, as per June-2013 AIOCD-AWACS report. Based on SMSRC data for Feb-2013,
the company continues to be ranked no. 1 based on share of prescriptions with 7
classes of specialists: psychiatrists, neurologists, cardiologists,
ophthalmologists, orthopedicians, nephrologists and
gastroenterologists.
10 products were launched in the first quarter.
The company has completed the process of transferring its domestic
formulations business to Sun Pharma
Laboratories Limited, a wholly owned subsidiary.
US Formulations – Strong performance led by Sun portfolio
Sales in the US were at US$ 364 million for the quarter, up by 28%,
accounting for 58% of total sales.
Taro recently posted overall sales of US$ 153 million for Q1FY14, a
decline of 4% from the corresponding quarter
last year. Excluding the one-time charge related to price adjustments on
contractual obligations, sales would have
been higher by 10% YoY. Taro’s Net profit for
Q1 was US$ 59 million.
During the quarter, Sun Pharma settled the
ongoing litigation pending in the US District Court, District of New
Jersey regarding Sun Pharma subsidiary’s
generic pantoprazole. Under the terms of the
litigation settlement
between Sun Pharma, and Wyeth,
(now a division of Pfizer Inc.) and Altana Pharma AG, (now known as Takeda
GmbH) the parties have dismissed all their claims. Sun Pharma will pay a lump-sum US$ 550 million as a part of
this settlement.
Sun Pharma had already provided Rs. 5840.000 Millions in Q2FY13 towards this liability. For
the quarter ended 30th Jun- 2013, the company has made a provision of Rs. 25170.000 Millions towards the difference between total
settlement amount and past provision.
During the quarter, Sun Pharma’s subsidiary
received a favourable verdict from the US Federal
Circuit Court regarding its on-going patent litigation with Novo Nordisk for generic Prandin.
Rest of World – Growth traction continues
Formulation sales in rest of the world (ROW) markets outside of India
and US were US$ 81 million in Q1FY14 registering a growth of 19% (in US$
terms). Excluding ex-US Taro sales, underlying sales growth in US$ terms for
Sun Pharma’s business in these markets was 23% for
Q1FY14.
Active Pharmaceutical Ingredients (API) – Focus on vertical integration
The API business continues to be largely used for vertical integration
on key products. A cumulative of 243 DMF /
CEP applications have been made, with 171 approved so far. External
sales of API, accounting for a fraction of the total API production, reached Rs 1930.000 Millions in Q1FY14 with marginal decrease of 4%
over the same quarter last year.
Research – Investing for future
Consolidated R and D expense for Q1FY14 was Rs.
2050.000 Millions, at 6% of sales.
In the first quarter, ANDAs for 4 products
were filed. After counting these, and adjusting for filings that were dropped,
cumulatively ANDAs for 453 products have been filed
by Sun Pharma and Taro with the USFDA (as on
June 30, 2013). ANDAs for 9 products received
approvals in the first quarter, taking the total number of approvals to 320 (as
on June 30, 2013). ANDAs for 133 products now await
USFDA approval, including 19 tentative approvals. The above ANDA statistics
exclude the discontinued/withdrawn products of URL.
The total number of patent applications submitted now stands at 791,
with 503 patents granted so far.
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. 61.54 |
|
|
1 |
Rs. 101.08 |
|
Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
75 |
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.