.
MIRA
INFORM REPORT
|
Report Date : |
29.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
AARTI DRUGS LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 198, MIDC Tarapur, Taluka Palghar, Village Pamtermbhi,
District Thane – 401506, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
28.09.1984 |
|
|
|
|
Com. Reg. No.: |
11-055433 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.121.086
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L37060MH1984PLC055433 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA18926F/ MUMA20113C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA4410D |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and Selling of Pharmaceuticals and Bulk Drugs. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8300000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. Overall financial condition of the company appears to be decent. Trade relations reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered for business dealing 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term rating: BBB+ |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
30 August 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term rating: A2+ |
|
Rating Explanation |
Strong degree of safety and carry low credit risk. |
|
Date |
30 August 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.
LOCATIONS
|
Registered Office : |
Plot No. 198, MIDC Tarapur, Taluka Palghar, Village Pamtermbhi,
District Thane – 401506, Maharashtra, India |
|
Tel. No.: |
91-22-24072249 (5 Lines) / 52571698/ 24019025 |
|
Fax No.: |
91-22-24073462/ 24070144 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Mahendra
Industrial Estate, Ground Floor, Plot No. 109-D Road, No. 29, Sion (East),
Mumbai-400 022, Maharashtra, |
|
Tel. No.: |
91-22-24019025
(30 Lines) |
|
Fax No.: |
91-22-24073462 /
24070144 |
|
|
|
|
Factory 1 : |
Plot Nos N-198,
G-60, E-120, K-40, K-41, E-9/3-4 and E-21/22, MIDC Industrial Area, Tarapur,
Village Pamtembhi, Taluka Palghar, Thane – 401506, Maharashtra, India |
|
|
|
|
Factory 2 : |
Plot Nos.
2902/2904, GIDC, Sarigam – 396155, District Valsad, |
|
|
|
|
Research and
Development Centers : |
·
Plot
Nos. N-198 and G-60, MIDC Industrial Area, Tarapur, Village Pamtembhi, Taluka
Palghar, Thane – 401506, ·
Plot
Nos. D-277/278, TTC Industrial Area, Turbhe, Navi Mumbai, |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Chandrakant
V. Gogri |
|
Designation : |
Chairman Emeritus |
|
|
|
|
Name : |
Mr. Rajendra V.
Gogri |
|
Designation : |
Chairman (w.e.f.
16 August, 2012) |
|
|
|
|
Name : |
Mr. Prakash M.
Patil |
|
Designation : |
Managing Director
and Chief Executive Director |
|
Date of Birth/Age : |
16.08.1947 |
|
Qualification : |
B. Chem. |
|
Date of Appointment : |
05.01.1985 |
|
|
|
|
Name : |
Mr. Harshit M.
Savla |
|
Designation : |
Joint Managing
Director |
|
Date of Birth/Age : |
19.11.1962 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
02.01.1987 |
|
|
|
|
Name : |
Mr. Harit P. Shah |
|
Designation : |
Whole Time
Director |
|
Date of Birth/Age : |
12.10.1963 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
15.09.1995 |
|
|
|
|
Name : |
Mr. Uday M. Patil |
|
Designation : |
Whole Time
Director |
|
Date of Birth/Age : |
23.06.1963 |
|
Qualification : |
H.S.C. |
|
Date of Appointment : |
18.10.2000 |
|
|
|
|
Name : |
Rashesh
C. Gogri (w.e.f. 16th August, 2012) |
|
Designation : |
Whole Time
Director |
|
|
|
|
Name : |
Mr. Ramdas M. Gandhi |
|
Designation : |
Independent Directors |
|
|
|
|
Name : |
Mr. Bhavesh R. Vora |
|
Designation : |
Independent Directors |
|
|
|
|
Name : |
Prof. Krishnacharya G. Akamanchi |
|
Designation : |
Independent Directors |
|
|
|
|
Name : |
Dr. Vilas G. Gaikar |
|
Designation : |
Independent Directors |
|
|
|
|
Name : |
Mr. Sunil M.
Dedhia |
|
Designation : |
Independent Directors |
|
|
|
|
Name : |
Mr. Navin C. Shah |
|
Designation : |
Independent Directors |
KEY EXECUTIVES
|
Name : |
Mr. Sunny Pagre |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Adhish P. Patil |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6224621 |
51.41 |
|
|
982866 |
8.12 |
|
|
7207487 |
59.52 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
7207487 |
59.52 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2 |
0.00 |
|
|
2 |
0.00 |
|
|
|
|
|
|
178042 |
1.47 |
|
|
|
|
|
|
2145736 |
17.72 |
|
|
2527827 |
20.88 |
|
|
49456 |
0.41 |
|
|
36981 |
0.31 |
|
|
12475 |
0.10 |
|
|
4901061 |
40.48 |
|
Total Public shareholding (B) |
4901063 |
40.48 |
|
Total (A)+(B) |
12108550 |
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) |
12108550 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Selling of Pharmaceuticals and Bulk Drugs. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (As on: 31.03.2013)
|
Particulars |
Unit |
*Licensed |
Installed |
Production |
Captive |
Net Production |
|
|
|
|
|
|
|
|
|
Pharmaceuticals |
Kgs. |
-- |
29,544 |
23,963.90 |
2277.11 |
21,686.79 |
|
|
|
|
|
|
|
|
NOTE: * As license is not required Licensed Capacity
not given.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
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Bankers : |
·
Bank of Baroda ·
Union Bank of India ·
State Bank of India ·
The Bank of Nova Scotia ·
Standard Chartered Bank ·
DBS Bank Limited ·
IDBI Bank Limited ·
Citi Bank N.A. ·
HSBC ·
ICICI Bank Limited ·
Kotak Mahindra Bank Limited |
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Facilities : |
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|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Parikh Joshi and
Kothare Chartered Accountants |
|
Address : |
49/2341, M. H. B. Colony, Gandhi Nagar,
Bandra (East), Mumbai – 400051, |
|
|
|
|
Solicitors: |
M.P. Savla and Company, Bharat House, 2nd floor, 104 Mumbai
Samachar Marg, Mumbai – 400 001. |
|
|
|
|
Associates: |
·
Huanggang Yinhe Aarti Pharmaceutical Company
Limited |
|
|
|
|
Enterprise/firms over which controlling individuals have significant
influence. |
·
Aarti Industries Limited ·
Anushakti holdings Limited ·
Rupal Drugs LLP ·
Anushakti Chemical and Drugs Limited ·
Gogri and Sons Investments Private Limited ·
Alchemie Gases and Chemicals Private Limited ·
Alchemie Leasing and Financing Private Limited |
CAPITAL STRUCTURE
As on 02.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Re.1/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12108550 |
Equity Shares |
Re.1/- each |
Rs.12.109
Millions |
|
|
|
|
|
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21500000 |
Equity Shares |
Rs.10/- each |
Rs.215.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12108550 |
Equity Shares |
Rs.10/- each |
Rs.121.086
Millions |
|
|
|
|
|
NOTE:
Reconciliation
|
Particulars |
Numbers |
(Rs.
In Millions) |
|
Opening outstanding shares |
12108550 |
121.085 |
|
Closing outstanding shares |
12108550 |
121.085 |
|
Note: There is no movement in shares during
the year |
|
|
Disclosures of shares held by each shareholders more than 5% shares:
|
Name of Shareholders |
As at 31st March, 2013 |
|
|
No. of Share held |
% held |
|
|
Prakash M. Patil |
966464 |
7.98 |
|
Aarti Industries Limited |
651059 |
5.38 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
121.086 |
121.085 |
121.086 |
|
(b) Reserves & Surplus |
1954.993 |
1643.713 |
1444.078 |
|
(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) |
2076.079 |
1764.798 |
1565.164 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
807.045 |
669.238 |
743.415 |
|
(b) Deferred tax liabilities (Net) |
275.120 |
244.720 |
222.966 |
|
(c) Other long term liabilities |
100.331 |
77.100 |
75.684 |
|
(d) long-term provisions |
28.574 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
1211.070 |
991.058 |
1042.065 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2149.835 |
2055.704 |
1472.276 |
|
(b) Trade payables |
1318.933 |
937.857 |
773.629 |
|
(c) Other current
liabilities |
302.406 |
286.561 |
241.625 |
|
(d) Short-term provisions |
138.865 |
90.216 |
64.127 |
|
Total Current Liabilities (4) |
3910.039 |
3370.338 |
2551.657 |
|
|
|
|
|
|
TOTAL |
7197.188 |
6126.194 |
5158.886 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
2912.310 |
2735.363 |
2242.096 |
|
(i) Capital
work-in-progress |
125.889 |
29.909 |
103.747 |
|
(ii) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
51.319 |
69.184 |
246.130 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
25.572 |
22.659 |
86.257 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
3115.090 |
2857.115 |
2678.230 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1409.191 |
979.076 |
831.590 |
|
(c) Trade receivables |
2156.748 |
1806.035 |
1258.301 |
|
(d) Cash and cash
equivalents |
28.788 |
49.439 |
35.855 |
|
(e) Short-term loans and
advances |
196.033 |
271.487 |
227.621 |
|
(f) Other current assets |
291.338 |
163.042 |
127.289 |
|
Total Current Assets |
4082.098 |
3269.079 |
2480.656 |
|
|
|
|
|
|
TOTAL |
7197.188 |
6126.194 |
5158.886 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8248.414 |
6592.609 |
4964.241 |
|
|
|
Other Income |
9.057 |
30.817 |
0.778 |
|
|
|
TOTAL (A) |
8257.471 |
6623.426 |
4965.019 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4924.374 |
3811.201 |
2730.005 |
|
|
|
Purchase of stock-in-trade |
854.273 |
733.602 |
842.131 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(225.936) |
(9.166) |
(161.820) |
|
|
|
Employee benefit expense |
285.287 |
248.268 |
178.746 |
|
|
|
Other expenses |
1216.131 |
1036.818 |
749.044 |
|
|
|
Exceptional Items |
4..363 |
11.627 |
0.000 |
|
|
|
TOTAL (B) |
7058.492 |
5832.350 |
4338.106 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1198.979 |
791.076 |
626.913 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
280.355 |
226.719 |
134.780 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
918.624 |
564.357 |
492.133 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
259.840 |
242.159 |
177.406 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
658.784 |
322.198 |
314.727 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
206.400 |
97.588 |
90.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
452.384 |
224.610 |
224.727 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1325.300 |
1250.600 |
NA |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Income tax of Earlier Year |
0.000 |
8.600 |
NA |
|
|
|
Transfer to General Reserve |
45.000 |
23.600 |
NA |
|
|
|
Proposed Dividend 40% |
48.400 |
36.300 |
NA |
|
|
|
1st Interim Dividend 30% |
36.300 |
24.200 |
NA |
|
|
|
2nd Interim Dividend 30% |
36.300 |
0.000 |
NA |
|
|
|
Tax on Dividend |
20.100 |
9.800 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
1591.600 |
1325.300 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2964.030 |
2460.501 |
1832.710 |
|
|
TOTAL EARNINGS |
2964.030 |
2460.501 |
1832.710 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2699.919 |
1793.360 |
1385.643 |
|
|
|
Capital Goods |
15.492 |
4.916 |
18.229 |
|
|
TOTAL IMPORTS |
2715.411 |
1798.276 |
1403.872 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
37.36 |
17.84 |
18.56 |
|
QUARTERLY RESULTS
|
Particulars
|
30.06.2013 |
|
|
1st Quarter |
|
Net Sales |
2186.500 |
|
Total
Expenditure |
1877.100 |
|
PBIDT (Excl OI) |
309.400 |
|
Other Income |
0.000 |
|
Operating Profit |
309.400 |
|
Interest |
72.100 |
|
Exceptional
Items |
0.000 |
|
PBDT |
237.300 |
|
Depreciation |
66.900 |
|
Profit Before
Tax |
170.400 |
|
Tax |
52.000 |
|
Provisions and
contingencies |
0.000 |
|
Profit After Tax |
118.400 |
|
Extraordinary
Items |
0.000 |
|
Prior Period
Expenses |
0.000 |
|
Other
Adjustments |
0.000 |
|
Net Profit |
118.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.48
|
3.39 |
6.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.98
|
4.86 |
6.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.22
|
5.32 |
6.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.18 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.42
|
1.54 |
1.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04
|
0.97 |
0.97 |
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/1472/2012 |
Filing Date:- |
10/10/2012 |
Reg. No.:- |
ITXA/1241/2012 |
Reg. Date:- |
25/10/2012 |
|
|
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX- 6, |
Respondent:- |
M/S. AARTI DRUGS LIMITED |
|
|
|
Petn.Adv.:- |
SURESH KUMAR |
|
|
|
District:- |
MUMBAI |
|
|
|
Bench:- |
DIVISION |
|
|
|
|
|
Status:- |
Admitted(Unready) |
Category:- |
TAX APPEALS |
|
|
|
Last Date:- |
01/03/2013 |
Stage:- |
FIRST ON BOARD |
|
|
|
Last Coram:- |
HON'BLE SHRI JUSTICE J.P. DEVADHAR |
|
|
|
|
HON'BLE SHRI JUSTICE M.S. SANKLECHA |
|
|
|
Act :- |
Income Tax Act, 1961 |
Under Section:- |
260A |
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
From Directors |
18.800 |
0.000 |
|
From Other |
113.263 |
0.000 |
|
Short-term
borrowings |
|
|
|
Loans repayable on demand From Banks |
802.866 |
744.505 |
|
From Directors |
0.000 |
28.700 |
|
From Other |
0.000 |
108.794 |
|
Total |
934.929 |
881.999 |
OPERATIONS REVIEW
During the year, the Company has achieved Sales Turnover of Rs.8857.500
Millions (Previous Year: Rs.6991.800 Millions) registering a growth of 26.68%.
Further, the Company has achieved Export Turnover of Rs.3222.000
Millions as against Rs.2807.100 Millions for the last year, registering a
growth of 14.78%.
Operating Profit before Interest, Depreciation, Amortization and Tax,
has been Rs.1203.400 Millions (Previous Year Rs.802.700 Millions), registering
a growth of 49.92%. Profit After Tax has been Rs.452.400 Millions (Previous
Year Rs.224.600 Millions), registering a growth of 101.42%.
The company had carried out expansion programmes in the year 2010-11 and
2011-12 keeping long term view in the mind, inspite of recessionary conditions
prevailing globally. The company reaped the benefit of utilization of expanded
capacity for the full year which has resulted into increased sales. In
addition, last year one of their location at Sarigam suffered loss of
production for three months due to general environmental clearance issue in the
area. During the year, they successfully operated that plant at higher
capacity. Due to overall higher capacity utilization across the company, the
overheads got spread over increased production which led to reduction in costs
and thus increase in the profitability.
Fire incident occurred on 22.03.2013 at one of the Production block of
the manufacturing unit located at Plot No. N - 198 Tarapur manufacturing MNI,
an intermediate which is further processed to manufacture two APIs. Loss /
damage caused to stock and fixed assets due to fire incident has been covered
under insurance and accounted for appropriately.
The Company could arrange to outsource the said intermediates from
outside and supplies of said APIs were restored to customers within a period of
a month.
MANAGEMENT
DISCUSSION AND ANALYSIS
Pharmaceutical
industry – Global and Indian
The global pharmaceutical market has seen high growth over the past few
years, spurred primarily by the North American market. However, there is a
gradual growth movement towards emerging markets, where availability of healthcare
is expanding and there is an increasing need for treatments associated with
chronic disease more typically found in developed countries till date. Emerging
markets currently represent 16% of the global market (IMS health), but are
expected to contribute 40% of growth by 2014.
The Indian pharmaceutical industry has been an important constituent of
the pharmaceutical sector worldwide with rising use of generics, and the high
cost competitiveness backed by the high quality scientific talent. The Indian
pharmaceutical industry consisting of Bulk Drug Exports, Formulation Exports,
and Domestic Formulations is expected to grow to around US $ 52 billion by the
year 2014-15 at a CAGR of 17.2% from the year 2011-12. The domestic
formulations market is expected to grow with a CAGR of 13.5% from 2008-09 to
reach a size of US $ 17.3 billion by 2014-15. Export formulations are poised to
reach a size of US $ 14.9 billion growing at a CAGR of 20% from 2008-09 to
2014-15. And the most importantly Bulk drugs are projected to be US $ 19.8
billion by 2015 growing at a CAGR of 19.5% from 2008-09 to 2014-15.
BUSINESS STRATEGY
Domestic Market and Trends:
The Indian bulk drug industry world-wide has grown as a direct offset of
formulation growth. With a growth of 34%
over the past five years, Indian bulk drug exports have grown to reach
US $ 6.8 billion in 2008-09 from US $ 1.6 billion in 2003-04. Aarti Drugs
Limited (ADL) has a strong regulatory framework and cGMP level documentation
which is becoming a standard requirement of most of the big Indian
pharmaceutical companies. High process efficiency and high standard for quality
has created good brand name for ADL in the space of Antibiotic,Antidiabetic,
Antifungal, Antidiarrheal, Anti-inflammatory and Antihypertensive therapeutic
segments. Indian pharmaceutical market is growing fast due to penetration of
health services in rural areas of the country. There is also a shift in demand
from drugs treating hygiene related diseases to drugs treating lifestyle
related diseases in the urban sector.
ADL has capital expenditure plans of constructing new facilities, few of
which will start giving production output in the coming year. These will cater
to ever increasing Antidiabetic segment.
Export Market and Trends:
Growing generic costs and rising cost pressures faced by innovators have
provided a significant opportunity to bulk drug players. In addition, strengths
such as low cost manufacturing, high process chemistry skills, manufacturing
facilities and increasing number of DMF filings have fuelled growth in bulk
drug exports. ADL facilities are cGMP approved with certifications like USFDA,
WHO GMP, TGA and ISO. ADL is constantly growing its presence in regulated
markets by offering series of products from its USFDA, TGA certified plants, as
well as Japanese accredited plants. ADL also has ANVISA certification of
Brazilian authorities and COFEPRIS of Mexican authorities to cater to Latin
American market in three of its major products.
ADL is constantly working to keep its facilities up to the standards of
cGMP as they plan to harness and grow their market share in semi-regulated like
South East Asia and Non American regulated markets.
ADL will continue to cater global pharmaceutical markets through
following channels:
·
Contract Manufacturing
·
Direct Exports
Increasing its share of direct exports to regulated and non–regulated
markets Continuing R and D on the molecules that will go off patent in near
future
·
Indirect Exports
Supplying APIs for domestic formulations for regulated markets
SWOT ANALYSIS
Strengths and opportunities:
Although in general cost of manufacturing is lower in China than in
India, ADL has been able to keep it's costs to minimum possible and
aggressively compete with Chinese competitors. Moreover, global players prefer
Indian manufacturers to Chinese due to documentation and quality issues.
Furthermore, currently ADL has customer audited and FDA approved facilities
which give us an edge over competition throughout the world.
ADL continues to enjoy economies of scale due to its large production
capacities in Anti Diarrhea, Anti Inflammatory, Anti Fungal, and Anti Biotic
segment. Bigger market share will automatically help us to be competitive in
market due to lower overheads and better bargaining power. Since inception, ADL
has been exporting to 97 countries worldwide indicating its strong logistics
and geographic spread of ADL brand.
ADL is operating its two State-of-the Art RandD Centers, at Tarapur,
which are recognized by Department of Science and Industry Research, Government
of India, and at Turbhe, Navi Mumbai. Their scientists are constantly working
for developing technology, non-infringing route of synthesis, scale up and its
transfer to manufacturing location for commercialization. They actively work
not only on bulk drugs in various therapeutic categories but also on speciality
chemicals for non-API related applications. ADL has 29 years of manufacturing
experience and has developed expertise in various reactions for bigger volumes
of production, which is a key strength in API manufacturing industry.
Weaknesses, Risks and concerns:
Variation in crude oil prices would always be area of concerned. ADL has
already installed greener technologies like briquette fired boilers,
economizers etc. to save power and fuel costs. ADL was able to cope up with
these pressures due to strong operational efficiency and increased market share
of its products.
Extreme volatility of exchange rate of rupee against US dollar can have
significant impact on ADL operations because approximately 40% of it's total
revenues consists of exports. However, more than 85% of this exposure is
naturally hedged due to the imports. ADL has a strict FOREX policy of hedging
all of its foreign currency loans thus mitigating the risk of volatility of
exchange rate.
DISCUSSION ON
FINANCIAL and OPERATIONAL PERFORMANCE
During the year the Company has achieved topline of Rs.885.75 crores,
achieving a y-o-y growth of
26.68% correspondingly EBIDTA worked out to Rs.120.34 crores as against
Rs.80.27 crores in the previous year recording a growth of 49.92%. Net profit
after tax was Rs.45.24 crores as against Rs.22.46 crores in the previous year
recording growth of 101.42%.
The Company had carried out expansion programmes in the year 2010-11 and
2011-12 keeping long term view in the mind, inspite of recessionary conditions
prevailing globally. The Company reaped the benefit of utilization of expanded
capacity for the full year which has resulted into increased sales. In
addition, last year one of their location at Sarigam suffered loss of
production for three months due to general environmental clearance issue in the
area. During the year, they successfully operated that plant at higher
capacity. Due to overall higher capacity utilization across the Company, the
overheads got spread over increased production which led to reduction in costs
and thus increase in the profitability.
Considering increase in cost of crude petroleum and volatility of rupees
against dollar, Company had taken steps to replace furnace oil fired boilers to
briquette fired boilers in last two years. These steps helped Company to
contain its fuel cost.
Above factors resulted in increase in operating margin of the Company
for the year as indicated last year in their annual report and reap benefits
out of expansion programs as indicated in the last year's discussion on
Financial and Operational performance.
OUTLOOK
The Company R and D programs are currently focused on new products
amongst therapeutic categories such as Antipsychotic, Antitussive, Antifungal,
Antihypertensive, Anticonvulsant, Alcoholism treatment and Anti-inflammatory.
These products would be launched in a time-horizon of 2-4 years depending upon
patents. Company will continue to do RandD on APIs that are off patents and
will work on non-infringing synthesis routes.
ADL has expanded the capacities of its existing products in Anti-Biotic,
Anti-Diabetic, Anti-Fungal, and Anti-Diarrhea segments. This has given an
impetus to sales volumes. ADL is planning to expand the capacity of its
Cardio-protectant, anti-biotic and anti-diabetic and lifestyle related drugs in
future.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10416348 |
05/04/2013 |
400,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJ ARAT - 390015, INDIA |
B72179666 |
|
2 |
10277975 |
27/09/2012 * |
4,029,300,000.00 |
AXIS BANK LIMITED |
2ND FLOOR E,
AXIS HOUSE BOMBAY DYEING MILLS, COMP OUND, PANDURANG BUDHKAR MARG, WORLI,
MUMBAI, MAHARASHTRA - 400025, INDIA |
B58466764 |
|
3 |
10138812 |
31/12/2008 |
50,000,000.00 |
UNION BANK OF INDIA |
UNIONBANK
BHAVAN,239, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021,
INDIA |
A54784087 |
|
4 |
10123916 |
11/08/2008 |
148,400,000.00 |
UNION BANK OF INDIA |
UNION BANK
BHAVAN, 239, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021,
INDIA |
A46304267 |
|
5 |
10071461 |
19/01/2009 * |
200,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI,
MAHARASHTRA - 400005, INDIA |
A55963920 |
|
6 |
10053436 |
23/04/2007 |
10,000,000.00 |
UNION BANK OF INDIA |
239, VIDHAN
BHAVAN MARG, NARIMAN POINT, MUMBAI, |
A15936784 |
|
7 |
90151151 |
22/12/2003 |
1,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE WORLD
TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
8 |
90150595 |
22/12/2008 * |
1,313,050,000.00 |
UNION BANK OF INDIA |
UNIONBANK
BHAVAN,239, VIDHAN BHAVAN MARG, NARIMAN |
A54286406 |
|
9 |
90150570 |
19/01/2009 * |
1,428,250,000.00 |
UNION BANK OF INDIA |
UNIONBANK
BHAVAN,239, VIDHAN BHAVAN MARG, NARIMAN |
A57811341 |
|
10 |
90150312 |
20/03/2000 * |
15,000,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL
FINANCE BRANCH, 239 VIDHAN BHAVAN NARI |
- |
Note: * Date of
charge modification
CONTINGENT
LIABILITIES:
a. In respect of bank guarantees issued and L/C
opened by the Company's bankers Rs. 268.984 Millions (As at 31-March-2012 Rs.225.787 Millions)
b. Demand in respect of additional income tax
disputed in appeal Rs. 48.526 Millions (As
at 31-March 2012 Rs.25.064 Millions).
c. Demand /Rebate in respect of Excise duty in
case of Ammonium Sulphate of Rs.10.290 Millions (as at 31st March 2012 Rs.10.290 Millions). The hon'ble high Court of Mumbai has decided the appeal in favour of
the Company in February 2010 on the basis of its earlier judgment in a similar
case. however, as per information available with the Company, the Department of
Central Excise has filed an appeal in that precedent case in the Supreme Court,
hence the company has continued to disclose this matter.
d. Liability for duty on raw material imported
under advance licence benefit scheme against which export obligation remained
to be fulfilled Rs.16.398 Millions (As
at 31-March-2012 Rs.5.538 Millions).
e. Estimated amount of contracts remaining to
be executed on capital account and not provided for (net of advances) Rs.
73.139 Millions
(As at 31-March-2012 Rs.41272 Millions)
STATEMENT OF AUDITED FINANCIAL RESULT FOR THE QUARTER ENDED 30TH
JUNE, 2013
(Rs. In Millions)
|
Sr. |
|
Quarter Ended |
|
No |
PARTICULARS |
30.06.2013 |
|
|
|
(Audited) |
|
1 |
Income from Operations |
|
|
|
(a) Gross Sales / Income from Operations |
2352.700 |
|
|
Less : Excise Duty & Sales Tax |
166.800 |
|
|
(a) Net Sales / Income from Operations |
2185.900 |
|
|
(Net Of Excise Duty & Sales Tax) |
|
|
|
(b) Other Operating Income |
0.500 |
|
|
Total income from operations (net) |
2186.500 |
|
2 |
Expenditure |
|
|
|
(a) Cost of materials consumed |
1308.800 |
|
|
(b) Purchase of stock-in-trade |
248.300 |
|
|
(c) Changes in inventories of finished
goods, |
(57.700) |
|
|
work-in-progress and stock-in-trade |
|
|
|
(d) Employee benefits expense |
74.000 |
|
|
(e) Depreciation and Amortisation Expense |
66.900 |
|
|
(f) Other expenses |
303.000 |
|
|
Total expenses |
1944.300 |
|
3 |
Profit from Operations before Other Income, |
|
|
|
finance costs and exceptional items (1-2) |
243.200 |
|
4 |
Other Income |
- |
|
5 |
Profit from ordinary activities before
finance cost and exceptional items (3+4) |
243.200 |
|
6 |
Finance costs (interest) |
72.800 |
|
7 |
Profit from ordinary activities after
finance cost |
|
|
|
but before Exceptional Items (5-6) |
170.400 |
|
8 |
Exceptional Items |
- |
|
g |
Profit from Ordinary Activities before Tax
(7-8) |
170.400 |
|
10 |
Tax Expenses (Includes) |
52.000 |
|
|
Provision for Taxation |
44.000 |
|
|
Provision for Deferred Taxation |
8.000 |
|
11 |
Net profit from ordinary Activities after
Tax (9-10) |
118.400 |
|
12 |
Paid-up Equity Share Capital of Rs.10/-
each. |
121.100 |
|
13 |
Reserves & Surplus (excluding
revaluation reserves) |
- |
|
14. |
Earning per share (of Rs. 10 /- each) (not
annualised) |
|
|
|
Basic & Diluted |
9.78 |
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
1 |
Public shareholding |
|
|
|
-
Number of Shares |
5,044,266 |
|
|
-
Percentage of Total Shareholding |
41.66 |
|
2 |
Promoters & Promoter Group shareholding a) Pledged/Encumbered |
|
|
|
-
Number of Shares |
Nil |
|
|
-
Percentage of shares( as a % of the total shareholding of promoter and
promoter group) |
Nil |
|
|
-
Percentage of shares( as a % of the total Share capital of the
company) |
Nil |
|
|
b) Non-encumbered |
|
|
|
-
Number of Shares |
7,064,284 |
|
|
-
Percentage of shares( as a % of the total Shareholding of promoter and
promoter group) |
100 |
|
|
-
Percentage of shares( as a % of the total Share capital of the
company) |
58.34 |
|
B
INVESTOR COMPLAINTS |
Quarter Ended 30th June, 2013 |
|
Pending at the beginning of the quarter |
0 |
|
Received during the quarter |
3 |
|
Disposed of during the quarter |
3 |
|
Remaining unresolved at the end of the
quarter |
0 |
NOTES:
1. The above results, reviewed by the Audit Committee, have been taken on record
by the Board of Directors at their meeting held on 2nd August, 2013.
2. The Company is operating as a Single Segment Company, engaged in
Pharmaceuticals Business.
3. Figures for the previous periods have been regrouped or rearranged
wherever necessary.
FIXED ASSETS
Tangible Assets:
Leasehold Land
Building
Plant and Machinery
Office Equipments
Furniture
Vehicles
Intangible Assets:
·
Tradename
·
Technical Knowhow
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No 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.62.99 |
|
|
1 |
Rs.104.61 |
|
Euro |
1 |
Rs.86.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.