MIRA INFORM REPORT
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Report Date : |
02.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
ORCHID CHEMICALS AND PHARMACEUTICALS LIMITED |
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Registered
Office : |
‘Orchid Towers’, 313, Valluvar Kottam High Road, Nungambakkam,
Chennai – 600 034, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
30.09.2013 |
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Date of
Incorporation : |
01.07.1992 |
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Com. Reg. No.: |
18-022994 |
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Capital
Investment / Paid-up Capital : |
Rs.704.521 Millions |
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CIN No.: [Company Identification
No.] |
L24222TN1992PLC022994 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEO03079G CHEO00121C |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer and Seller of Pharmaceutical Products and
Bulk Drugs. |
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No. of Employees
: |
2800 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 19500000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. External borrowings of the company seems to be huge. However, trade relations are reported to be fair. Business is active
payment terms are reported to be slow The company can be considered for business dealing with great
cautions. Note: The company has changed its financial year from 12 months to 18
months i.e, 1.04.2012 to 30.09.2013 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a quarter
of a century. The data was below an official estimate of 4.9 % annual growth
and compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 Million – in the three months ended March
31, mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of Amway
India was arrested by the Andhra Pradesh Police in connection with a complaint
against the direct selling firm. This is the second time that he has been taken
into custody. A year, ago the Kerala Police had arrested Pinckney and two
company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long Term Bank Facilities C |
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Rating Explanation |
Have very high risk of default |
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Date |
22.04.2014 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facilities A4 |
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Rating Explanation |
Have minimal degree of safety and carry very
high credit risk. |
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Date |
22.04.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non co-operative. 91-044-28230000
LOCATIONS
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Registered/ Corporate Office : |
‘Orchid Towers’, 313, Valluvar Kottam High Road, Nungambakkam, Chennai – 600 034, Tamilnadu, India |
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Tel. No.: |
91-44-28251532/ 28251547/ 28284776/ 28211000/ 28230000 |
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Fax No.: |
91-44-28284983/ 28211002 |
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E-Mail : |
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Website : |
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Head Office : |
‘Orchid Towers’, 152, Village Road, Nungambakkam, Chennai – 600 034, Tamilnadu, India |
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Factory 1 (API Facilities) : |
Alathur
Works Plot Nos.85-87, 98-100, 126-131, 138-151 and 159-164, SIDCO Industrial
Estate, Alathur, Kancheepuram District – 603110, Tamilnadu, India |
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Tel. No.: |
91-44-27446402/ 403/ 205/ 206/ 320 |
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Fax No.: |
91-44-27446321 |
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Factory 2 (API Facilities) : |
Aurangabad
Works L-8 and L-9, MIDC Industrial Area, Waluj, Aurangabad District – 431136, Maharashtra, India |
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Tel. No.: |
91-240-2554992/ 993/ 994 |
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Fax No.: |
91-240-2554968 |
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Factory 3 (Formulations) : |
Plot Nos.B5 (Part) and B6 (Part), SIPCOT Industrial Park, Irungattukottai Sriperumbudur (Tk.), Pin 602 105, Tamilnadu, India |
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Factory 4 (Engineering Markets)
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Plot Nos. A-10, A-11, SIDCO Industrial Estate, Alathur, Kancheepuram
Dist. – 603 110, Tamilnadu, India |
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Tel. No.: |
91-44-27446909 |
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Fax No.: |
91-44-27446657 |
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Factory 5 (Engineering Markets)
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B-77, SIDCO Industrial Estate, Alathur, Kancheepuram Dist, Pin 603 110, Tamilnadu, India |
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Research and
Development Centre |
Plot No.476/14, Old Mahabalipuram Road, Shozhanganallur Chennai - 600 119, Tamilnadu, India |
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DIRECTORS
As on: 30.09.2013
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Name : |
Mr. K. Raghavendra Rao |
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Designation : |
Chairman and Managing Director |
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Qualification : |
B.Com., PGDM (IIM-A), ACS, AICWAI |
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Date of Appointment : |
13.07.1992 |
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Name : |
Ms Edna Braganza |
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Designation : |
Chief Operating Officer – API |
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Name : |
Mr M S Rangesh |
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Designation : |
Chief Human Resources Officer |
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Name : |
Mr V Vijayendran |
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Designation : |
Chief Executive – Domestic Formulations |
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Name : |
Mr S Mani |
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Designation : |
President – Process Research and SHandE |
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Name : |
Mr L Chandrasekar |
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Designation : |
Executive Vice President – Finance and Secretary |
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Name : |
Mr P N Deshpande |
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Designation : |
Executive Vice President – Manufacturing |
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Name : |
Mr V S Padalkar |
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Designation : |
Senior Vice President – Engineering and Production |
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Name : |
Dr U P Senthil Kumar |
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Designation : |
Senior Vice President – Process Research |
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Name : |
Dr J Surya Kumar |
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Designation : |
Senior Vice President – Formulation Development |
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Name : |
Mr Deepak M B Nayyar |
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Designation : |
Vice President – Domestic Formulations |
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Name : |
Mr Sampath Parthasarathy |
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Designation : |
Vice President – Domestic Formulations |
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Name : |
Mr A Suresh Babu |
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Designation : |
Head – Corporate Affairs |
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BOARD OF COMMITTEES : |
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Audit Committee : |
Mr. Deepak Vaidya, Chairman Prof. Bala V Balachandran Mr. Bharat D Shah Mr. K Biju George |
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Compensation
Committee: |
Mr. K Raghavendra Rao, Chairman Mr. Deepak Vaidya, Chairman Mr. K Biju George |
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Remuneration Committee: |
Mr. Deepak Vaidya, Chairman Mr. Bharat D Shah Mr. K Biju George |
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Allotment
Committee: |
Mr. K Raghavendra Rao, Chairman Mr. S Krishnan |
KEY EXECUTIVES
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Name : |
Mrs. Bhoomijha Murali |
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Designation : |
Company Secretary |
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MANAGEMENT TEAM: |
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Name : |
Dr. B. Gopalam |
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Designation : |
Chief Scientific Office |
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Name : |
Ms Edna Braganza |
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Designation : |
Chief Operating Officer - API |
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Name : |
Mr. M S Rangesh |
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Designation : |
Chief Human Resources Officer |
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Name : |
Mr. Vijayendran |
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Designation : |
Chief Executive –
Domestic Formulation |
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Name : |
Mr.
S Mani |
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Designation : |
Head API - Process Research |
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Name : |
Dr.
R Buchi Reddy |
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Designation : |
Senior Vice President – Process Research |
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Name : |
Mr. P N Deshpande |
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Designation : |
Senior Vice President - Manufacturing |
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Name : |
Mr. Shridhar Narayanan |
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Designation : |
Executive Vice President – Biology |
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Name : |
Mr.
S Sridharan |
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Designation : |
Senior Vice President – IT and IE |
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Name : |
Mr. V S Padalkar |
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Designation : |
Vice President - Projects and Maintenance |
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Name : |
Mr.
K V V Raju |
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Designation : |
Vice President - Technical Operations |
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Name : |
Dr. U P Senthil
Kumar |
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Designation : |
Senior Vice President – Process Research |
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Name : |
Dr. Shashank
Narayanrao |
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Designation : |
Senior Vice President – Quality Lulay Assurance (Formulations) |
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Name : |
Dr. C.V Srinivasan |
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Designation : |
Senior Vice President – Medicinal Chemistry |
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Name : |
Dr.
J Surya Kumar |
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Designation : |
Senior Vice President-Formulation Development |
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Name : |
Mr. Deepak M B
Nayyar |
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Designation : |
Vice President - Domestic Formulations |
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Name : |
Mr. Gurmeet Singh |
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Designation : |
Vice President - Commercial |
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Name : |
Mr. V C Nagaraj |
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Designation : |
Vice President - Human Resources |
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Name : |
Mr. Sampath
Parthasarathy |
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Designation : |
Vice President - Domestic Formulations |
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Name : |
Mr.
Srinivasa Rao Prerepa |
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Designation : |
Vice President - RA and QA (API) |
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Name : |
Mr. Suresh Babu |
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Designation : |
Vice President – Corporate Affairs |
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BOARD
OF COMMITTEES : |
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Audit Committee : |
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Compensation
Committee: |
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Investor’s
Grievance Committee |
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Allotment
Committee: |
· Mr. K Raghavendra Rao, Chairman · Mr. S Krishnan |
MAJOR SHAREHOLDERS
As on: 31.03.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Category of Shareholder |
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(A) Shareholding of Promoter and Promoter Group |
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19094457 |
28.40 |
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3646324 |
5.42 |
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22740781 |
33.83 |
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Total shareholding of Promoter and Promoter Group (A) |
22740781 |
33.83 |
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(B) Public Shareholding |
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|
8803 |
0.01 |
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1970 |
0.00 |
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|
3134960 |
4.66 |
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1795188 |
2.67 |
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4940921 |
7.35 |
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|
15368861 |
22.86 |
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18578673 |
27.64 |
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|
4690832 |
6.98 |
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|
905320 |
1.35 |
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|
890020 |
1.32 |
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300 |
0.00 |
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|
15000 |
0.02 |
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39543686 |
58.82 |
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Total Public shareholding (B) |
44484607 |
66.17 |
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Total (A)+(B) |
67225388 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0.00 |
0.00 |
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0.00 |
0.00 |
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|
3226688 |
0.00 |
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|
3226688 |
0.00 |
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Total (A)+(B)+(C) |
70452076 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Sellers of Pharmaceutical Products and Bulk Drugs. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
2800 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
Long Term
Borrowings
@ amount due includes for all installments in the respective category Notes to the
Accounts as at 30.09.2013 Terms of repayment of loan- All
Indian rupee loan from bank carries interest @14.75% to 16.25% p.a. These
loans are repayable in 36 to 54 equivated monthly and 8 to 18 quarterly
installments from the date of the origination. These loans are secured by
Pari Passu charge by way of joint mortgage on immovable and movable assets
situated at Factory premises at SIDCO Industrial Area, Alathur, MIDC
Industrial Area, Aurangabad, SIPCOT Industrial Park, Irungattukottai and
RandD premises at Sholinganallur and current assets, subject to prior charges
created/ to be created on current assets in favour of bankers and financial
institutions for securing working capital borrowings. Total term loans
aggregating Rs 67,616.76 Million are additionally secured by personal
guarantee of Shri K.Raghavendra Rao, Chairman and Managing Director of the
Company. Terms of repayment of loan- All
Foreign Currency term loan carries interest @ LIBOR plus 3 to 4.6%. The loan
is repayable in 8 to 24 quarterly and 10 half yearly installments from the
date of the origination. These loans are secured by Pari Passu charge by way
of joint mortgage on immovable and movable assets situated at Factory
premises at SIDCO Industrial Area, Alathur, MIDC Industrial Area, Aurangabad,
SIPCOT Industrial Park, Irungattukottai and RandD premises at Sholinganallur
and current assets, subject to prior charges created/ to be created on
current assets in favour of bankers and financial institutions for securing
working capital borrowings. Total term loans aggregating Rs 66,022.38 Million
are additionally secured by personal guarantee of Shri K. Raghavendra Rao,
Chairman and Managing Director of the Company. The terms of the foreign
currency term loan availed in February 2012 includes covenants pertaning to
financial parameters such as limit on aggregate debt outstanding, debt
service coverage ratio, ratio of net borrowings to EBDITA, Fixed assets
coverage ratio, ratio of net borrowings to tangible networth etc., tested on
the consolidated financial statements of the Company. Short Term
Borrowings Packing Credit and Advances against bills from Banks and Working Capital Loans from Banks are secured by first charge on all current assets namely, Stocks of Raw materials, Semi-finished and Finished Goods, Stores and Spares not relating to Plant and Machinery (Consumable Stores and Spares), Bills Receivable, Book Debts and all other movable property both present and future excluding such movables as may be permitted by the Banks/ financial institutions from time to time and by second charge on immovable properties after charges created/ to be created on immovable assets in favour of Financial Institutions/Banks for securing Term Loans. The borrowings from banks are additionally secured by personal guarantee of Shri. K. Raghavendra Rao, Chairman and Managing Director of the Company. |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Statutory Auditors SNB Associates Chartered Accountants No. 12, 3rd Floor, Gemini Parsn Complex, 121, Anna Salai, Chennai – 600 006, Tamilnadu, India Cost Auditors V. Kalyanaraman Cost Accountants No. 4 (Old No. 12), Second Street, North Gopalapuram, Chennai – 600 086, Tamilnadu, India |
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Subsidiaries : |
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Associate |
Allecra Therapeutics GmbH, Germany |
CAPITAL STRUCTURE
As on: 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
70452076 |
Equity Shares |
Rs.10/- each |
Rs.704.521 Millions |
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Of the above 17,376,940 Equity shares of Rs10/- each were allotted as fully paid bonus shares by capitalisation of reserves.
The reconciliation of
the number of shares outstanding as at March 31, 2012 and March 31, 2011 is set
out below:
|
Particular |
31.09.2013 |
|
|
|
|
Number of shares at the beginning |
70442076 |
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Add: Allotment on exercise of ESOP |
10000 |
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Number of shares at the end |
70452076 |
The details of
shareholder holding more than 5% shares is set out below:
|
|
As on: 30.09.2013 |
|
|
Name of the
Shareholder |
No of shares |
% held |
|
K Raghavendra Rao |
6925173 |
9.83 |
|
R Vijayalakshmi |
6821155 |
9.61 |
|
Orchid Healthcare Private Limited |
3646324 |
5.18 |
|
Serum Institute of India |
5701524 |
8.09 |
a) ORCHID ESOP 2010 SCHEME
In terms of the resolution
passed by the Company at the AGM dated July 21, 2010 the shareholders approved the
scheme formulated under “ORCHID-ESOP 2010” for allotting 10,00,000 options.
Accordingly 9,01,000 options were granted to the eligible Employees and the
Executive Director except the Promoter Director by the Compensation Committee
of the Board of Directors at a meeting held on October 28, 2010. Each option is
convertible into one equity share of Rs 10/- each at a price of Rs 329.55 per
share, being the closing share price of Orchid in the National Stock Exchange
on October 27, 2010, the day prior to the date of the meeting. Considering the
fall in the price of the shares of the Company and in the interest of the
employees, the Compensation Committee of the Board of Directors at its meeting
held on November 1, 2011 considered repricing of 8,64,500 options in force on
the said date from Rs 329.55 to Rs 166.15 as per the closing share price of
Orchid at National Stock Exchange on October 31, 2011. Out of the total options
granted 381,500 options have already lapsed and the remaining granted options
in force as at September 30, 2013 under ORCHID ESOP 2010 Scheme are 509,500.
The one year vesting period for the scheme ended on October 27, 2011 and the
employees can exercise their right to convert the options into equity shares
from October 28, 2011 onwards. The options will lapse on October 28, 2013, if
they are not exercised within a period of 2 years from the date of vesting of
options. As at September 30, 2013, only 10000 options have been exercised and
converted in to equity shares.
b) ORCHID ESOP – DIRECTORS 2011 SCHEME
In terms of the resolution passed by the Company at the AGM held on July 29, 2011 the shareholders approved a scheme formulated as “ORCHID ESOP – DIRECTORS 2011 SCHEME” for allotting 5,00,000 options to Directors of the Company. Accordingly 3,00,000 options were granted to the Directors of the Company including the Whole Time Director but excluding the Promoter Director, by the Compensation Committee of the Board of Directors at a meeting held on November 1, 2011. Each option is convertible into one equity share of Rs 10/- each at a price of Rs 166.15 per share, being the closing share price of Orchid in the National Stock Exchange Limited on October 31, 2011, the day prior to the date of the meeting. Out of the total options granted, 200,000 options have already lapsed and 100,000 options are in force as at September 30, 2013 under ORCHID ESOP - DIRECTORS 2011 Scheme
c) ORCHID ESOP – SENIOR MANAGEMENT 2011 SCHEME
In terms of the resolution passed by the Company at the AGM held on July 29, 2011 the shareholders approved a scheme formulated as “ORCHID ESOP – SENIOR MANAGEMENT 2011 SCHEME” for allotting 10,00,000 options to senior employees of the Company out of which 7,50,000 options will be granted to the employees of the Company and 2,50,000 options will be granted to the employees of its subsidiary companies. Accordingly 42,700 options were granted to the Employees of the Company by the Compensation Committee of the Board of Directors at a meeting held on November 01, 2011. Each option is convertible into one equity share of Rs 10/- each at a price of Rs 10/- each (i.e. At Par). 42,700 options are in force as at September 30, 2013 under ORCHID ESOP – SENIOR MANAGEMENT 2011 Scheme.
FINANCIAL DATA
[all figures are
in Rupees Millions]
.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2013 (18 Month) |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
704.521 |
704.421 |
704.421 |
|
(b) Reserves & Surplus |
4177.133 |
10758.675 |
10635.827 |
|
(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) |
4881.654 |
11463.096 |
11340.248 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
9017.812 |
10741.470 |
6040.611 |
|
(b) Deferred tax liabilities (Net) |
1578.878 |
1711.834 |
1945.556 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
417.996 |
|
(d) long-term
provisions |
52.398 |
77.197 |
96.429 |
|
Total Non-current
Liabilities (3) |
10649.088 |
12530.501 |
8500.592 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
15248.948 |
6378.832 |
4898.609 |
|
(b) Trade payables |
5616.686 |
4039.737 |
2615.047 |
|
(c) Other
current liabilities |
10524.029 |
4065.462 |
9937.782 |
|
(d) Short-term
provisions |
311.718 |
508.910 |
1591.610 |
|
Total Current
Liabilities (4) |
31701.381 |
14992.941 |
19043.048 |
|
|
|
|
|
|
TOTAL |
47232.123 |
38986.538 |
38883.888 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
24441.653 |
18841.367 |
15554.884 |
|
(ii)
Intangible Assets |
386.451 |
472.027 |
404.204 |
|
(iii)
Capital work-in-progress |
3322.070 |
3270.908 |
3198.292 |
|
(iv)
Intangible assets under development |
282.092 |
233.435 |
106.272 |
|
(b) Non-current Investments |
1241.762 |
1489.029 |
1304.183 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5110.169 |
1678.268 |
2877.484 |
|
(e) Other
Non-current assets |
931.044 |
883.815 |
167.871 |
|
Total Non-Current
Assets |
35715.241 |
26868.849 |
23613.190 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
5000.801 |
6235.991 |
5802.633 |
|
(c) Trade
receivables |
1836.969 |
913.093 |
4811.061 |
|
(d) Cash
and cash equivalents |
223.952 |
1695.851 |
1931.768 |
|
(e) Short-term
loans and advances |
4455.160 |
3272.754 |
2725.236 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
11516.882 |
12117.689 |
15270.698 |
|
|
|
|
|
|
TOTAL |
47232.123 |
38986.538 |
38883.888 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2013 (18 Month) |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
19065.845 |
17363.306 |
16633.450 |
|
|
|
Other Income |
397.694 |
558.117 |
487.996 |
|
|
|
TOTAL (A) |
19463.539 |
17921.423 |
17121.446 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
8224.639 |
8024.150 |
8761.969 |
|
|
|
Purchases of Stock-in-Trade |
509.937 |
454.638 |
341.438 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
848.103 |
(620.186) |
(1223.824) |
|
|
|
Employees benefits expense |
2370.513 |
1546.459 |
1413.846 |
|
|
|
Other expenses |
5814.183 |
4399.069 |
3854.684 |
|
|
|
Exceptional Items |
(511.108) |
838.814 |
(206.909) |
|
|
|
Extraordinary Items |
|
(800.000) |
0.000 |
|
|
|
TOTAL (B) |
17256.267 |
13842.944 |
12941.204 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2207.272 |
4078.479 |
4180.242 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5203.806 |
1790.529 |
1157.650 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(2996.534) |
2287.950 |
3022.592 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2438.687 |
1490.556 |
1284.543 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(5435.221) |
797.394 |
1738.049 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(132.956) |
(233.722) |
143.213 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(5302.265) |
1031.116 |
1594.836 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1280.641 |
600.939 |
585.915 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Excess provision of dividend and tax
thereon of earlier year written back |
NA |
0.000 |
(217.429) |
|
|
|
Transfer to General Reserve |
NA |
600.000 |
1500.000 |
|
|
|
Proposed Dividend |
NA |
(248.586) |
255.752 |
|
|
|
Tax on Dividend |
NA |
0.000 |
41.489 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1280.641 |
600.939 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B Value of Imports |
7377.570 |
8466.593 |
7258.533 |
|
|
|
Export Earnings |
135.747 |
461.797 |
609.206 |
|
|
TOTAL EARNINGS |
7513.317 |
8928.390 |
7867.739 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4157.735 |
45945.516 |
4715.756 |
|
|
|
Stores & Spares |
51.205 |
189.484 |
273.276 |
|
|
|
Capital Goods |
197.159 |
2304.970 |
784.127 |
|
|
TOTAL IMPORTS |
4406.099 |
48439.97 |
5773.159 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(75.26) |
14.46 |
18.71 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.12.2013 (Unaudited) |
31.03.2014 (Unaudited)
|
|
|
1st
Quarter |
2nd Quarter |
|
Net Sales |
3716.000 |
4527.300 |
|
Total Expenditure |
2621.100 |
3443.100 |
|
PBIDT (Excl OI) |
1097.900 |
1084.200 |
|
Other Income |
0.000 |
|
|
Operating Profit |
1094.900 |
1084.300 |
|
Interest |
955.600 |
1020.200 |
|
Exceptional Items |
(104.300) |
(89.400) |
|
PBDT |
35.100 |
(25.300) |
|
Depreciation |
574.100 |
571.700 |
|
Profit Before Tax |
(539.000) |
(597.100) |
|
Tax |
0.000 |
210.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
(539.000) |
(807.900) |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
(539.000) |
(807.900) |
KEY RATIOS
|
PARTICULARS |
|
30.09.2013 (18 Month) |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(27.24) |
5.75 |
9.31 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(28.51) |
4.59 |
10.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(12.82) |
2.35 |
5.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.11) |
0.07 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.97 |
1.49 |
0.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.36 |
0.81 |
0.80 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
30.09.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
704.421 |
704.421 |
704.521 |
|
Reserves & Surplus |
10635.827 |
10758.675 |
4177.133 |
|
Net
worth |
11340.248 |
11463.096 |
4881.654 |
|
|
|
|
|
|
long-term borrowings |
6040.611 |
10741.470 |
9017.812 |
|
Short term borrowings |
4898.609 |
6378.832 |
15248.948 |
|
Total
borrowings |
10939.220 |
17120.302 |
24266.760 |
|
Debt/Equity
ratio |
0.965 |
1.494 |
4.971 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
30.09.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
16633.450 |
17363.306 |
19065.845 |
|
|
|
4.388 |
9.805 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
30.09.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
16633.450 |
17363.306 |
19065.845 |
|
Profit |
1594.836 |
1031.116 |
(5302.265) |
|
|
9.59% |
5.94% |
(27.81%) |
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 |
No |
|
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 |
---------------------- |
|
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 |
Indian Pharmaceutical
Industry – Overview
The Indian Pharmaceutical Industry (IPM) stands at USD 12 billion as of 2013 (estimated), compared to USD 10.9
billion in 2012 (USD 1=INR 60). The IPM has experienced a
slowdown this year with its growth going down to 9.8% from 16.6% in 2012. From
2010 to 2012, the IPM had a CAGR of approximately 15%.
- The IPM growth rate has declined after November 2012 from an average of 16% to 8%. This slowdown can be attributed to the following:
- The National Pharmaceutical Pricing Policy (NPPP) being announced towards the end of 2012,
- Higher growths for the corresponding quarters and months in the previous year,
- The NPPP implementation and the subsequent price corrections leading to a low uptake among the stockiest in Q2 of 2013.
- The top 10 therapy areas of the IPM contribute to approximately 90% of the IPM sales.
- Chronic therapies (cardio, gastro, CNS and anti-diabetic) have been outperforming the market for the past four years and have grown at a rate of 14%, faster than acute therapies (anti-infectives, respiratory, pain and gynecology) which grew at 9.6%. The contribution of chronic therapies to the IPM has gone up from 27% in 2010 to 30% in 2013. Growth in the acute segment will be driven by Tier III cities and rural penetration.
Global Pharmaceutical
Industry
The global pharmaceutical industry stands at USD 956 billion as of 2011 and is expected to grow to USD 1.2 trillion by 2016 at a CAGR of 4.7%. Growth will be driven by lowcost factors, increasing prevalence of disease and rise in per capita income. This growth is coming mainly from market expansion in the leading emerging countries and from generics.
Global brand spending is forecasted to increase from USD 596 billion in 2011 to USD 615–645 billion in 2016. The US share of global spending will decline from 41% in 2006 to 31% in 2016, while the European share of spending will decline from 26% to 18%. Meanwhile, the leading emerging countries will account for 30% of global spending in 2016 from 14% in 2006.
Global Generics Market: Branded products accounted for nearly two-thirds of global pharmaceutical spending in 2011. However, as patents expire in developed markets, that share is expected to decline. Spending on generic drugs is driving most of the growth in the leading emerging markets, which will contribute to the increase in the share of generic spending. Global generic spending is expected to increase from ~USD 242 billion in 2011 to USD 400–430 billion by 2016, of which USD 224–244 billion (70%) of the increase is from low-cost generics in emerging markets.
US Generics Market: The US is the world’s largest generics market, estimated at USD 73 billion as of 2011 and is
expected to grow to USD 107 billion by 2016 at a CAGR of 7.9%. Drugs worth USD 90 billion are going off patent
between 2011 and 2015. The US government’s healthcare bill provides affordable healthcare to 33 million previously un-insured Americans, which means increased use of generic drugs due to cost and viability factor, accelerating generic growth in the coming years. Moreover, as of 2011, 75% American prescriptions are for generic drugs, which is a positive sign for the generics market.
EU Generics Market: The European generics market is valued at USD 40-45 billion as of 2011 and is expected to
grow to USD 60-65 billion by 2016 at a CAGR of 7 to 8%. It is expected that, in the near future, there will not be any significant increase in the share of innovative medicines as governments in Central Europe (Poland, Romania, Bulgaria, Hungary, Slovakia and Czech Republic) have been promoting generic consumption, resulting in limited expenditure on branded medicines. Moreover, with an ageing population and member states’ healthcare budget under pressure, generic medicines are now a key element of sustainable healthcare.
Japanese Generics Market: As of 2011, this market is valued at USD ~8 billion and is expected to reach ~USD 13
billion by 2016 at a CAGR of 10%. The government in Japan has taken several initiatives to ensure growth and promotion of generics industry in the country aimed at reducing healthcare expenditure. Japan’s generic market constitutes 22.8% of its pharmaceutical market (volume-wise) (in 2011) but the implementation of numerous supportive measures in 2012 – including additional premiums for practices that prescribe generics – will see this figure rise to approximately 60% by 2017. Moreover, strong promotional activities, numerous impending drug patent expiries and Japan’s ageing population are expected to drive growth. Further, the bilateral free-trade agreement signed in February 2011 (the FTA will abolish 90% of trade duties for 10 years) will provide a stimulus for exports to Japan.
The Emerging markets (China, Brazil, Russia, India, Mexico, Turkey, Poland, Venezuela, Argentina, Indonesia, South Africa, Thailand, Romania, Egypt, Ukraine, Pakistan and Vietnam) in descending order of market size, have a total market size of about USD 57 billion (2011) and are expected to outgrow USA (at ~USD 115 billion) by 2016 at a CAGR of 15.1%. The Row market constitutes USD 40-45 billion (as of 2011) of the generics drug market.
Global CRAMS Market: The global pharmaceutical outsourcing market was estimated at USD 65-70 billion as of 2011 and is expected to reach USD 90 billion by 2015, growing at 6.5% annually over the four-year period.
Performance
The Company has extended its Financial Year 2012-13 by a period of six months i.e., up to September 30, 2013 and accordingly has prepared its Financial Statements for a period of 18 months i.e. from April 1, 2012 to September 30, 2013. The highlights of the financial results for the year 2012 – 2013During the financial year 2012-13, the Company achieved a turnover and operating income of Rs 1906.58 Millions (Rs 17363.300 Millions in 2011-12). The gross profit before interest, depreciation and taxes stood at Rs 1696.100 Millions, 8.90% of turnover (Rs 4117.300 Millions (23.71% of turnover) in 2011-12). After providing for interest expense of Rs 520.380 Millions (Rs 1790.500 Millions previous fiscal), depreciation of Rs 243.860 Millions (Rs 149.050 Millions previous fiscal), Exceptional item Rs 511.100 Millions (Rs 838.800 Millions previous fiscal) and Extraordinary item Nil [(Rs 80) Millions previous fiscal], the Loss before tax of the Company was Rs 5435.200 Millions [Rs 797.400 Millions (Profit) previous fiscal]. The net loss after tax stood at Rs 5302.300 Millions (the net profit after tax was Rs 103.110 in the previous fiscal).
Business Overview
During the year the Company recorded a slow growth, recovering from the issues faced in previous financial year- closure of Alathur plant for a period of more than a month on account of an order from Tamil Nadu Pollution Control Board (TNPCB), and liquidity constraints on account of redemption of outstanding FCCBs in February 2012. Despite the tough liquidity and working capital constraints, the Company managed to sustain sales and operating profitability denoting the basic strength of the business. Orchid initiated a process of restructuring its debt and accordingly made a reference to the Corporate Debt Restructuring (CDR) cell. Once CDR process is completed there would be an ease in flow of working capital through rescheduled loan repayment, funding of interest by banks and reduction in rate of interest which would help the Company in improving its performance.
The Company is planning to launch some new products in the next financial year for the EU and US markets, which are expected to aid in strengthening the revenue/profitability streams of the Company going forward.
UNAUDITED FINANCIAL
RESULTS FOR THREE MONTHS ENDED 31.12.2013
(Rs. In Millions)
|
S.No |
Particular |
Three months Unaudited |
|
1 |
Net sale/ income from operations (net of excise duty) |
36,88.197 |
|
2 |
Other operating Income |
27.808 |
|
3 |
Total Operating Income (1+2) |
3716.005 |
|
4 |
Expenditure |
|
|
|
a) Cost of materials consumed |
15,76.318 |
|
|
b) Purchases of stock-in-trade |
12.000 |
|
|
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(129.049) |
|
|
d) Employees cost |
329.409 |
|
|
e) Depreciation/Amortisation |
574.073 |
|
|
f) Other Expenditure |
832.409 |
|
|
g) Total |
3195.160 |
|
5 |
Profit/(Loss) from Operations before Other Income, Interest, Exceptional Item (3-4) |
520.845 |
|
6 |
Other Income |
0.016 |
|
7 |
Profit/(Loss) before Interest and Exceptional Item (5+6) |
520.861 |
|
8 |
Finance cost |
955.579 |
|
9 |
Profit/(loss) after interest but before Exceptional Item (7-8) |
(434.718) |
|
10 |
Exceptional Item - Gain/(Loss) |
(104.306) |
|
11 |
Profit/(Loss) before Tax (9+10) from Ordinary activities |
(539.024) |
|
12 |
Tax expenses |
|
|
|
- Current Tax & Deferred Tax |
- |
|
13 |
Net Profit/(Loss) after Tax (11-12) |
(539.024) |
|
|
|
|
|
14 |
Paid-up Equity Share Capital (Face value of Rs.10/- each) |
704.521 |
|
15 |
Reserves excluding Revaluation Reserves |
- |
|
16 |
Earnings per share (EPS) before extra-ordinary item |
|
|
|
- Basic Rs.* |
(7.65) |
|
|
- Diluted Rs.* |
(7.65) |
|
17 |
Earnings per share (EPS) after extra-ordinary item |
|
|
|
- Basic Rs.* |
(7.65) |
|
|
- Diluted Rs.* |
(7.65) |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
Public Shareholding |
|
|
|
- Number of equity shares |
47,711,295 |
|
|
- Percentage of Shareholding |
67.72 |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
a. Pledged/Encumbered |
|
|
|
- Number of shares |
17,276,400 |
|
|
-Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
75.97 |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
24.52 |
|
|
b. Non - Encumbered |
|
|
|
- Number of shares |
5,464,381 |
|
|
- Percentage of shares (as a % of the total shareholding of the promoter and promoter group) |
24.03 |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
7.76 |
|
B |
INVESTOR COMPLAINTS |
3 Months ended 31.03.2013 |
|
|
Pending at the beginning of the quarter |
NIL |
|
|
Received during the quarter |
4 |
|
|
Disposed off during the quarter |
4 |
|
|
Remaining unresolved at the end of the quarter |
NIL |
* EPS FOR THE PERIOD
IS NOT ANNUALIZED
- The above unaudited financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on February 11, 2014 and have been subjected to limited review by the statutory auditors.
- The Company is operating in single segment (i.e) "Pharmaceuticals".
- The Company's application for Debt Restructuring has been admitted by the CDR Empowered Group and final approval for the restructuring package is expected before end of February 2014.
- The Company has entered into a Business Transfer Agreement (BTA) dated August 29, 2012 with Hospira Healthcare India Private Limited for the sale and transfer of Orchid's Penicillin and Penem API business and the API facility located in Aurangabad (Maharashtra) together with an associated Process RandD infrastructure located in Chennai. The Business Transfer is likely to get completed after the approval of the CDR package and accordingly provision for taxation has been made on the assumption that the Business Transfer will be completed before March 31, 2014.
- Exceptional items for three months ended December 31,2013 represents amortisation of exchange loss on restatement of Foreign currency loans.
- The Company had exercised the option provided under the Companies (Accounting Standards) Amendment Rules, 2006 dated March 31, 2009. The Ministry of Corporate affairs vide notification dated 29/12/2011 has extended the amortisation of gains or losses arising on reporting of foreign currency monetary items over the balance period of such long term asset/liability. Accordingly exchange loss on long term foreign currency loans have been amortised over the balance period of such loans. The amount remaining to be amortised in the financial statements as at December 31, 2013 on account of exercising the above option is Rs.1542.718 Million.
- The auditors have observed matters relating to recovery of certain advances paid to suppliers, non-provision of diminution in value of investments in a foreign RandD subsidiary and non-provision of penal interest on loans taken by the Company. The Company has already been admitted for Corporate Debt Restructuring scheme and the final approval for the scheme is expected before end of February 2014. Due to financial constraints, the Company was not able to take delivery of materials/capital goods and the company is confident that with the CDR approval, the company would be able to take delivery of these materials in due course. As far as the diminution in value of investments is concerned, the Company is confident that the value of molecules held by the foreign subsidiary will be more than the investment. With the approval for the CDR scheme, the interest liability will come down and hence there will be no need for any provision for penal interest. The management confirms that there will be no impact on the financials on account of the matters referred to in the audit report.
- Previous period figures have been regrouped wherever necessary.
UNSECURED LOAN
(Rs. In Millions)
|
Particular |
As
on 30.09.2013 |
As
on 31.03.2012 |
|
From banks |
649.995 |
0.000 |
|
From others |
250.000 |
0.000 |
|
|
|
|
|
Total |
899.995 |
0.000 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10431057 |
17/04/2013 |
65,728,000.00 |
BIOTECHNOLOGY INDUSTRY RESEARCH ASSISTANCE COUNCIL |
A-254, BHISHAM PITAMAH MARG, DEFENCE COLONY,, NEW |
B77020428 |
|
2 |
10418287 |
04/12/2013 * |
200,000,000.00 |
EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED |
OFF CST ROAD, KALINA, MUMBAI, MAHARASHTRA - 40009 |
B92640499 |
|
3 |
10432635 |
27/09/2012 |
40,000,000.00 |
BANK OF BARAODA |
21, GOPALAKRISHNA STREET, T NAGAR, CHENNAI, TAMIL |
B70731054 |
|
4 |
10406008 |
26/09/2012 |
900,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, 18/3, RUKMANI LA |
B62955554 |
|
5 |
10373620 |
06/08/2012 |
500,000,000.00 |
LAKSHMI VILAS BANK LIMITED |
CATHEDRAL ROAD BRANCH, CHENNAI, TAMIL NADU - 60008 |
B56871189 |
|
6 |
10373428 |
06/08/2012 |
500,000,000.00 |
|
CATHEDRAL ROAD BRANCH, CHENNAI, TAMIL NADU - 60008 |
B56772742 |
|
7 |
10368124 |
27/07/2012 |
4,274,000.00 |
MINISTRY OF SCIENCE and TECHNOLOGY |
DEPARTMENT OF BIOTECHNOLOGY, BLOCK 2 CGO COMPLEX, |
B44695195 |
|
8 |
10354877 |
23/04/2012 |
300,000,000.00 |
RELIANCE CAPITLA LIMITED |
H BLOCK, 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE C |
B39381835 |
|
9 |
10343946 |
22/03/2012 |
800,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTR |
B35722198 |
|
10 |
10342341 |
16/03/2012 |
420,000,000.00 |
STATE BANK OF MYSORE |
CORPORATE ACCOUNTS BRANCH, NO: 18 RAMANASHREE, AR |
B35072909 |
|
11 |
10337917 |
27/02/2012 |
4,775,785,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, |
B33105768 |
|
12 |
10335608 |
06/02/2012 |
1,040,000,000.00 |
INDIAN OVERSEAS BANK |
CATHEDRAL BRANCH, 762, ANNA SALAI, CHENNAI, TAMIL |
B32145898 |
|
13 |
10330409 |
18/01/2012 |
300,000,000.00 |
CITY UNION BANK LIMITED |
NO.48, MAHALAKSHMI STREET, T.NAGAR, CHENNAI, TAMI |
B30099121 |
|
14 |
10330412 |
30/11/2011 |
210,000,000.00 |
ALLAHABAD BANK |
ADYAR BRANCH, NO : 19, 1ST STREET, PADMANABHANAGA |
B30099733 |
|
15 |
10317268 |
29/10/2011 |
600,000,000.00 |
BANK OF INDIA |
4TH FLOOR, TARAPORE TOWERS, 826, ANNA SALAI, CHEN |
B25160789 |
|
16 |
10315613 |
18/10/2011 |
500,000,000.00 |
STATE BANK OF HYDERABAD |
488 - 489, ANNA SALAI, NANDANAM, CHENNAI, TAMIL N |
B24520645 |
|
17 |
10313632 |
03/10/2011 |
266,300,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES BRANCH, 21 GOPALAKRI |
B23689227 |
|
18 |
10309861 |
20/09/2011 |
1,000,000,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, "RIAZ GARDEN",, NO
12, |
B22408389 |
|
19 |
10309878 |
20/09/2011 |
1,233,000,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, KODAMBAKKAM, CHENNAI, |
B22414130 |
|
20 |
10295930 |
07/09/2012 * |
550,000,000.00 |
SICOM LIMITED |
SOLITAIRE CORPORATE PARK, BUILDING NO.4, 6TH FLOOR |
B59160127 |
|
21 |
10290406 |
21/05/2011 |
1,000,000,000.00 |
ANDHRA BANK |
MOUNT ROAD BRANCH, 95, ANNA SALAI, CHENNAI, TAMIL |
B14351589 |
|
22 |
10286764 |
06/05/2011 |
200,000,000.00 |
SICOM LIMITED |
SOLITAIRE CORPORATE PARK, BUILDING NO.4, 6TH FLOOR |
B12899332 |
|
23 |
10276870 |
15/09/2011 * |
1,500,000,000.00 |
IFCI LIMITED |
CONTINENTIAL CHAMBERS, SECOND FLOOR, 142, MAHATMA |
B20566626 |
|
24 |
10276901 |
18/03/2011 |
750,000,000.00 |
IDBI BANK LIMITED |
115, ANNA SALAI, P.B.NO. 805, SAIDAPET, CHENNAI, |
B09582503 |
|
25 |
10272356 |
28/02/2011 |
100,000,000.00 |
CENTRAL BANK OF INDIA |
INTERNATIONAL BUSINESS BRANCH, 48/49, MONTIETH RO |
B08169591 |
|
26 |
10267722 |
15/09/2011 * |
1,000,000,000.00 |
ANDHRA BANK |
MOUNT ROAD BRANCH, 95, ANNA SALAI, CHENNAI, TAMIL |
B21331897 |
|
27 |
10260988 |
15/09/2011 * |
300,000,000.00 |
STATE BANK OF TRAVANCORE |
NO.556, JEEVAN ANAND, TEYNAMPET, ANNA SALAI, CHEN |
B23226087 |
|
28 |
10251425 |
01/12/2010 |
100,000,000.00 |
INDIAN BANK |
THOUSAND LIGHTS BRANCH, KANNAMAL BUILDING, 611, A |
A99732661 |
|
29 |
10259021 |
04/12/2013 * |
500,000,000.00 |
EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED |
OFF CST ROAD, KALINA, MUMBAI, MAHARASHTRA - 40009 |
B92892884 |
|
30 |
10245884 |
15/09/2011 * |
1,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, 18/3, RUKMANI LA |
|
|
31 |
10241226 |
23/07/2012 * |
1,284,100,000.00 |
ALLAHABAD BANK |
ADYAR BRANCH, NO 19, 1ST STREET, PADMANABHANAGAR, |
B55875033 |
|
32 |
10231345 |
15/09/2011 * |
500,000,000.00 |
STATE BANK OF HYDERABAD |
488 - 489, ANNA SALAI, NANDANAM, CHENNAI, TAMIL N |
B22407910 |
|
33 |
10228390 |
15/09/2011 * |
1,000,000,000.00 |
IDBI BANK LIMITED |
115, ANNA SALAI, P.B.NO : 805, SAIDAPET, CHENNAI, |
B21645726 |
|
34 |
10228480 |
11/01/2011 * |
550,000,000.00 |
IDBI BANK LIMITED |
115, ANNA SALAI, P.B. NO. 805, P.B.NO : 805, SAID |
B04999512 |
|
35 |
10219740 |
09/11/2010 * |
2,350,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNT GROUP BRANCH, 64 GREAMS ROAD, C |
A99326381 |
|
36 |
10194510 |
26/03/2010 * |
150,000,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, KODAMBAKKAM, CHENNAI, |
A81677999 |
|
37 |
10160283 |
10/05/2010 * |
1,012,700,000.00 |
PUNJAB NATIONAL BANK |
UNIT 1003, 10TH FLOOR, LIPO CHUN CHAMBERS, 189, D |
A84831395 |
|
38 |
10110918 |
26/03/2010 * |
500,000,000.00 |
IDBI BANK LIMITED |
115, ANNA SALAI,, SAIDAPET, CHENNAI, TAMIL NADU - |
A81676082 |
|
39 |
10098881 |
26/03/2010 * |
250,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, RAYALA TOWERS, 781-785 AN |
A81683500 |
|
40 |
10091764 |
26/03/2010 * |
560,000,000.00 |
ALLAHABAD BANK |
ADYAR BRANCH, NO 19, 1ST STREET,, PADMANABHA NAGA |
A81673923 |
|
41 |
90281767 |
12/04/2012 * |
12,888,000,000.00 |
BANK OF INDIA |
4TH FLOOR, TARAPORE TOWERS,, 826/6, ANNA SALAI,, |
B58173667 |
* Date of charge modification
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
Tangible Assets
- Freehold Land and Site Development
- Leasehold Land
- Buildings
- Plant and Machinery
- Factory Equipment
- Laboratory Equipment
- Office Equipment
- Furniture and Fittings
- Vehicles
Intangible Assets
- Acquired Brands
- Trademarks
- Internally Generated
- DMF and ANDA
- Computer Software
AS PER WEBSITE DETAILS:
PRESS RELEASE:
Orchid Pharma registers turnover of Rs. 3720.000 Million in Q1 FY14 Chennai, India February 11, 2014
Financial highlights for Quarter ended December 31, 2013 (Q1 FY14)
- Revenue of Rs 3716.000 Million (US$ 60.1 million) in the quarter ended December 31,2013 (Q1 FY14) as against Rs 3135.300 Million (US$ 50.7 million) in the quarter ended December 31, 2012 (Q3 FY13)
- EBITDA of Rs.1094.900 Million (US$ 17.7 million) in the quarter ended December 31,2013 versus Rs 233.500 Million (US$ 3.8 million) in the quarter ended December 31, 2012
- Loss before Tax of Rs. 539.000 Million (US$ 8.7 million) in the quarter ended December 31, 2013 compared to a loss before tax of Rs. 919.900 Million (US$ 14.9 million) during the quarter ended December 31, 2012
- At the net level, the company registered a loss of Rs 539.000 Million (US$ 8.7million) in the quarter ended December 31, 2013 compared to a loss of Rs. 723.600 Million (US$ 11.7 million) during the quarter ended December 31, 2012.
FINANCIAL YEAR
REVISION
The company had extended its last financial year (FY 2012-13) by 6 months to September 30, 2013. Consequently, the current financial year (FY 2013-14) would consist of only of 6 months, i.e., from October 2013 to March 31, 2014. * 1 US$ = Rs 61.81
From the chairman and
managing director
“Though the Company continues to face tight working capital
situation, the approval for the Corporate Debt Restructuring Package (CDR),
expected before end of February 2014 would facilitate completion of Penicillin
and Carbapenem Business Transfer to Hospira and also bring in working capital
availability from deal proceeds besides deleveraging debt profile. With this
the Company would be on a better platform to achieve improved performance in
the quarters to come” said Mr. K. Raghavendra Rao, Chairman and Managing
Director, Orchid Chemicals and Pharmaceuticals Limited.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.09 |
|
|
1 |
Rs.102.33 |
|
Euro |
1 |
Rs.82.01 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
YOG |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.