MIRA
INFORM REPORT
|
Report Date : |
08.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
INDOCO REMEDIES LIMITED |
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Registered
Office : |
Indoco House, 166, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
23.08.1947 |
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Com. Reg. No.: |
11-005913 |
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Capital Investment
/ Paid-up Capital : |
Rs. 184.301
Millions |
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CIN No.: [Company Identification
No.] |
L85190MH1947PLC005913 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI00405A
/ MUMI05235G |
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PAN No.: [Permanent Account No.] |
AAACI0380C |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing and Marketing of
Pharmaceutical Formulations (Finished Dosage Forms) and Active Pharmaceutical
Ingredients (APIs). |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having good track record. Financial position of the company is sound. Fundamentals are strong. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 crore
– 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
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan = A+ |
|
Rating Explanation |
Adequate degree of safety. It carry low credit risk. |
|
Date |
January, 2014 |
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Rating Agency Name |
ICRA |
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Rating |
Fund Based = A1+ |
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Rating Explanation |
Very strong degree of safety it carry lowest credit risk. |
|
Date |
January, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non Cooperative (91-22-26541851)
LOCATIONS
|
Registered Office : |
Indoco House, 166, C.S.T. Road, Vidyanagari Marg Kalina, Santacruz (East), Mumbai - 400 098, Maharashtra,
India |
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Tel. No.: |
91-22-26541851– 55 |
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Fax No.: |
91-22-26520787 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
A-26, MIDC Industrial Area, Verna-Goa-403722, |
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Factory 2 : |
L-32,33,34 Verna Industrial Estate, Verna - Goa 403722, |
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Factory 3 : |
R-104, Rabale TTC Area, |
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Factory 4 : |
B-20 MIDC, Waluj, |
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Factory 5 : |
Village Katha, P.O. Baddi, Tehsil Nalagarh, District Solan, Himanchal Pradesh-173205, |
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Factory 6 : |
L-14, Verna Industrial Area, Verna, Goa
- 403 722, |
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Factory 7 : |
Located at: Patalganga ( |
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R and D Centre : |
R-92/93, Rabale TTC Area, |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr.
Suresh G. Kare |
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Designation : |
Chairman and Managing Director |
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Qualification: |
B. Sc. |
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Date
of Joining: |
26.12.1963 |
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Name : |
Ms. Aditi Panandikar |
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Designation : |
Managing
Director |
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Date of Birth/Age : |
22.01.1970 |
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Qualification : |
B. Pharm, Masters in Business Management, Ohio State University |
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Date of Appointment : |
27.03.2014 |
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Name : |
Mr. Sundeep V. Bambolkar |
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Designation : |
Director - Finance and Operations |
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Date of Birth/Age : |
23.10.1960 |
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Qualification : |
B. Sc. MBA |
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Date of Appointment : |
27.03.2004 |
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Name : |
Mr. Divakar M. Gavaskar |
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Designation : |
Director
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Date of Birth/Age : |
05.02.1943 |
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Qualification : |
B.Com, FCA, FCS |
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Date of Appointment : |
11.04.2005 |
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Name : |
Mr. Rajiv P. Kakodkar |
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Designation : |
Director
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Date of Birth/Age : |
23.12.1956 |
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Qualification : |
B. Pharm, MBA from Stuart School of Business, USA |
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Date of Appointment : |
26.04.2007 |
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Name : |
Mr. Sharad P. Upasani |
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Designation : |
Director |
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Date of Birth/Age : |
01.10.1938 |
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Qualification : |
M.Com, LL.B., IAS, MBA |
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Date of Appointment : |
23.02.2008 |
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|
Name : |
Dr.
Anil M. Naik |
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Designation : |
Director
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Date of Birth/Age : |
22.05.1942 |
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Qualification : |
M.Com, MBA |
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Date of Appointment : |
14.02.2012 |
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Name : |
Dr. Anand Nadkarni |
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Designation : |
Director |
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Date of Birth/Age : |
22.12.1958 |
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Qualification : |
M.D. in Psychological Medicine. |
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Date of Appointment : |
28.05.2014 |
KEY EXECUTIVES
|
SENIOR MANAGEMENT |
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|
Name : |
Mr. Sunil D. Joshi |
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Designation : |
President - Finance and Company Secretary |
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Name : |
Mr.
A.S. Rege, |
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Designation : |
President
- Operations |
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Name : |
Dr. Kavita Inamdar, |
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Designation : |
President
– R and D (Formulations) |
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Name : |
Mr.
Vilas V. Nagare, |
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Designation : |
Executive
Vice President - Corporate Affairs |
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Name : |
Mr.
B. Rajendra Kumar, |
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Designation : |
Vice
President- Sales and Marketing |
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Name : |
Mr. Rakesh Malik, |
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Designation : |
Vice
President - Sales and Marketing |
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Name : |
Mr.
Clarence P D'souza, |
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Designation : |
Vice
President - International Business |
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Name : |
Mr.
Ajay Karajagi, |
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Designation : |
Associate
Vice President-Marketing Services |
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Name : |
Mr. Amulya Nayak, |
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Designation : |
Associate
Vice President - Sales and Marketing |
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Name : |
Ms.
Aida Dias, Associate |
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Designation : |
Vice
President- Corporate O.A. |
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Name : |
Mr. R
V. Ramesan, |
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Designation : |
Associate
Vice President-Technical Operations (API) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2014
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
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|
19801714 |
21.49 |
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|
34106755 |
37.01 |
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|
640487 |
0.70 |
|
|
640487 |
0.70 |
|
|
54548956 |
59.20 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
54548956 |
59.20 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
11025322 |
11.96 |
|
|
21943 |
0.02 |
|
|
5236364 |
5.68 |
|
|
16283629 |
17.67 |
|
|
|
|
|
|
2787310 |
3.02 |
|
|
|
|
|
|
8742869 |
9.49 |
|
|
9463472 |
10.27 |
|
|
324119 |
0.35 |
|
|
237478 |
0.26 |
|
|
4500 |
0.00 |
|
|
82141 |
0.09 |
|
|
21317770 |
23.13 |
|
Total Public
shareholding (B) |
37601399 |
40.80 |
|
Total (A)+(B) |
92150355 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
92150355 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares
held |
|
|
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
|
1 |
SPA Holdings Private Limited |
1,83,35,000 |
19.90 |
|
2 |
Shanteri Investment Private Limited |
1,57,71,755 |
17.12 |
|
3 |
Panandikar Aditi Milind |
55,49,013 |
6.02 |
|
4 |
Ramani Madhura Anup |
51,74,079 |
5.61 |
|
5 |
Kare Aruna Suresh |
47,64,714 |
5.17 |
|
6 |
Kare Suresh Govind |
40,50,408 |
4.40 |
|
7 |
Kare Suresh Govind |
2,63,500 |
0.29 |
|
8 |
Suman Pundalik Naik |
2,40,000 |
0.26 |
|
9 |
Laxmi Vasant Bambolkar |
1,44,000 |
0.16 |
|
10 |
Sharda Ramnath Kare |
56,500 |
0.06 |
|
11 |
Ramnath Govind Kare |
61,500 |
0.07 |
|
12 |
Vasant Camotim Bambolkar |
52,875 |
0.06 |
|
13 |
Anup Premanand Ramani |
39,337 |
0.04 |
|
14 |
Ajit Madhusudan Vaidya |
26,550 |
0.03 |
|
15 |
Rajendra M Pai |
12,225 |
0.01 |
|
16 |
Milind S Panaadikar |
7,500 |
0.01 |
|
|
Total |
5,45,48,956 |
59.20 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
|
1 |
Baring India Private Equity Fund III Listed Investments Limited |
3708301 |
4.02 |
|
2 |
Reliance Capital Trustee Co Limited A/c Reliancepharma Fund |
2622001 |
2.85 |
|
3 |
SBI Tax Advantage Fund Series |
2433998 |
2.64 |
|
4 |
DSP Blackrock Micro Cap Fund |
2084958 |
2.26 |
|
5 |
UTI Mid Cap Fund |
1777740 |
1.93 |
|
6 |
ICICI Prudential Value Fund Series 2 |
1668125 |
1.81 |
|
7 |
Mangeshi Investment Private Limited |
1167300 |
1.27 |
|
|
Total |
15462423 |
16.78 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of
Pharmaceutical Formulations (Finished Dosage Forms) and Active Pharmaceutical
Ingredients (APIs). |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs. In Millions)
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Patkar and Pendse Chartered Accountants |
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Address : |
9, Chartered House CHS, Marine Lines, Mumbai - 400
002, Maharashtra, India |
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Subsidiary
Companies : |
· Xtend Industrial Designers and Engineers Private Limited (Formerly known as Indoco Industrial Designers and Engineers Private Limited) ·
Indoco Pharmchem Limited. |
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Associates : |
Indoco Analytical Solution LLP |
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Enterprises controlled
by key management personnel: |
· SPA Holdings Private Limited · Shanteri Investments Private Limited · Indoco Capital Markets Limited · A K Services · Suresh Kare Indoco Foundation. |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs.2/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
92150355 |
Equity Shares |
Rs.2/- each |
Rs.184.301 Millions |
|
|
|
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|
a) Reconciliation of
number of Equity Shares outstanding
|
Particulars |
As on 31.03.2014 |
|
|
|
Numbers |
Rs. In Millions |
|
Shares outstanding at the beginning of the year |
92150355 |
184.301 |
|
Adjustments for Sub-division of Ordinary Shares of Rs.10/- each into 5 shares of Rs. 2/- each |
-- |
-- |
|
Add: Issue of Bonus Shares |
-- |
-- |
|
Less: Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
92150355 |
184.301 |
b) Details of Shares
held by each shareholder holding more than 5% shares
|
Details of Shares
held by each shareholder holding more than 5% shares |
As on 31.03.2014 |
|
|
|
No of Shares held |
% holding in that class of shares |
|
Equity Shares with voting rights : |
|
|
|
SPA Holdings Private Limited |
18335000 |
19.90% |
|
Shanteri Investment Private Limited |
15771755 |
17.12% |
|
Aditi Panandikar |
5549013 |
6.02% |
|
Madhura Anup Ramani |
5174079 |
5.61% |
|
Aruna Suresh Kare |
4764714 |
5.17% |
|
Reliance Capital Trustee Company Limited |
2622001 |
2.85% |
*The Board of Directors after the approval of shareholders have subdivided one equity share having face value of Rs. 10/- into five equity shares having face value of Rs.2/- each fully paid up. Bonus shares in ratio of one equity share of Rs. 2/- each fully paid for every two shares held by existing shareholders have also been issued.
c) Terms/rights
attached to equity shares
The company has only one class of equity shares having a par value of Rs. 2/- per share (Refer Note No. 35 for disclosure regarding post balance sheet event). Each holder of equity shares is entitled to one vote per share. All equity shares of the Company rank pari passu in all respects including the right to dividend. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended 31 March 2014, the amount of per share dividend recognized as distributions to equity shareholders was Rs. 1.40 on the face value of Rs.2/- (Previous year Rs.1.10 on the face value of Rs.2/-) of the company.
In the event of winding-up, subject to the rights of holders of shares issued upon special terms and conditions, the holders of equity shares shall be entitled to receive remaining assets, if any, in proportion to the number of shares held at the time of commencement of winding-up.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
184.301 |
184.301 |
122.867 |
|
(b) Reserves & Surplus |
4385.352 |
3956.142 |
3676.647 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4569.653 |
4140.443 |
3799.514 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
137.887 |
273.856 |
462.416 |
|
(b) Deferred tax liabilities (Net) |
305.286 |
348.108 |
293.819 |
|
(c) Other long term liabilities |
91.852 |
92.020 |
91.482 |
|
(d) long-term provisions |
163.410 |
68.196 |
45.630 |
|
Total Non-current Liabilities (3) |
698.435 |
782.180 |
893.347 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
565.960 |
628.358 |
414.614 |
|
(b) Trade payables |
691.414 |
680.907 |
764.542 |
|
(c) Other current
liabilities |
538.800 |
513.196 |
500.286 |
|
(d) Short-term provisions |
196.586 |
148.367 |
143.275 |
|
Total Current Liabilities (4) |
1992.760 |
1970.828 |
1822.717 |
|
|
|
|
|
|
TOTAL |
7260.848 |
6893.451 |
6515.578 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2960.950 |
2910.029 |
2834.380 |
|
(ii) Intangible Assets |
291.824 |
304.308 |
181.850 |
|
(iii) Capital
work-in-progress |
243.585 |
219.900 |
168.861 |
|
(iv)
Intangible assets under development |
197.602 |
157.949 |
157.217 |
|
(b) Non-current Investments |
4.452 |
3.962 |
1.210 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
550.432 |
568.305 |
551.967 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
4248.845 |
4164.453 |
3895.485 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1082.633 |
927.599 |
1018.870 |
|
(c) Trade receivables |
1372.464 |
1270.772 |
1137.136 |
|
(d) Cash and cash
equivalents |
131.361 |
118.117 |
104.793 |
|
(e) Short-term loans and
advances |
422.061 |
412.078 |
354.924 |
|
(f) Other current assets |
3.484 |
0.432 |
4.370 |
|
Total Current Assets |
3012.003 |
2728.998 |
2620.093 |
|
|
|
|
|
|
TOTAL |
7260.848 |
6893.451 |
6515.578 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7277.124 |
6303.865 |
5687.725 |
|
|
|
Other Income |
17.523 |
15.048 |
22.631 |
|
|
|
TOTAL (A) |
7294.647 |
6318.913 |
5710.356 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2301.643 |
2238.950 |
2227.064 |
|
|
|
Purchases of Stock-in-Trade |
400.522 |
355.445 |
336.524 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(10.506) |
31.333 |
(113.758) |
|
|
|
Employees benefits expense |
1290.467 |
1077.370 |
818.807 |
|
|
|
Research & Development
Expenses |
144.286 |
129.024 |
108.032 |
|
|
|
Other expenses |
1950.015 |
1547.209 |
1465.244 |
|
|
|
TOTAL (B) |
6076.427 |
5379.331 |
4841.913 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1218.220 |
939.582 |
868.443 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
188.015 |
218.724 |
163.302 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1030.205 |
720.858 |
705.141 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
309.121 |
237.159 |
192.484 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
721.084 |
483.699 |
512.657 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
142.106 |
57.114 |
49.233 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
578.978 |
426.585 |
463.424 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1341.188 |
1183.195 |
987.580 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
150.000 |
150.000 |
150.000 |
|
|
|
Dividend |
129.010 |
101.365 |
101.365 |
|
|
|
Tax on Dividend |
21.925 |
17.227 |
16.444 |
|
|
BALANCE CARRIED
TO THE B/S |
1619.231 |
1341.188 |
1183.195 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Earnings in Foreign Currency (FOB value) |
2480.348 |
2115.754 |
1959.631 |
|
|
TOTAL EARNINGS |
2480.348 |
2115.754 |
1959.631 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
353.116 |
264.800 |
332.284 |
|
|
|
Stores & Spares |
7.200 |
1.562 |
53.144 |
|
|
|
Capital Goods |
35.333 |
76.082 |
13.538 |
|
|
TOTAL IMPORTS |
395.649 |
342.444 |
398.966 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.28 |
4.63 |
5.03 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
7.94 |
6.75 |
8.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.91 |
7.67 |
9.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.58 |
7.43 |
8.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.12 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.15 |
0.22 |
0.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51 |
1.38 |
1.44 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
122.867 |
184.301 |
184.301 |
|
Reserves & Surplus |
3676.647 |
3956.142 |
4385.352 |
|
Net
worth |
3799.514 |
4140.443 |
4569.653 |
|
|
|
|
|
|
long-term borrowings |
462.416 |
273.856 |
137.887 |
|
Short term borrowings |
414.614 |
628.358 |
565.960 |
|
Total
borrowings |
877.030 |
902.214 |
703.847 |
|
Debt/Equity
ratio |
0.231 |
0.218 |
0.154 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
5687.725 |
6303.865 |
7277.124 |
|
|
|
10.833 |
15.439 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
5687.725 |
6303.865 |
7277.124 |
|
Profit |
463.424 |
426.585 |
578.978 |
|
|
8.15% |
6.77% |
7.96% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT: NOT AVAILABLE
|
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 |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
ITXAL/690/2012 |
Failing Date:- |
27/04/2012 |
Reg. No.:- |
ITXA/1306/2012 |
Reg. Date:- |
03/11/2012 |
|
|
|||||||
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX |
Respondent:- |
INDOCO REMEDIES LIMITED |
||||
|
Petn.Adv:- |
S.V. BHARUCHA (0) |
Resp. Adv.: |
Kanga and Company (0) |
||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||
|
Status:- |
Pre-Admission |
Stage:- |
FOR ADMISSION |
||||
|
Last Date:- |
24/07/2014 |
|
|||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE S.C. DHARMADHIKARI HON’BLE SHRI JUSTICE B.P. COLABAWALLA |
||||||
|
|
|
||||||
|
Act. : |
Income Tax Act,1961 |
Under Section 260A |
|||||
UNSECURED LOAN
Rs. In
Millions
|
Particular |
As
on 31.03.2014 |
As
on 31.03.2013 |
||||||||||||||||
|
LONG TERM
BORROWINGS |
|
|
||||||||||||||||
|
Foreign currency loan External Commercial Borrowings (Note
No. 5.1) |
65.907 |
59.719 |
||||||||||||||||
|
Short term
borrowing |
|
|
||||||||||||||||
|
Cash credit facility (Note No. 9.1) |
0.000 |
14.949 |
||||||||||||||||
|
Foreign Currency export packing credit (Note No. 9.2) |
149.875 |
90.308 |
||||||||||||||||
|
Working capital demand loan (Note No. 9.3) |
0.000 |
40.000 |
||||||||||||||||
|
Short term loan (Note No. 9.4) |
100.000 |
0.000 |
||||||||||||||||
|
Total |
315.782 |
204.976 |
||||||||||||||||
|
Note: Detailed terms of
repayment of term loans from banks and security provided in respect of the
secured long term borrowings: 5.1 – Watson
Pharmaceuticals Inc.
Cash Credit, Foreign
Currency Export Packing Credit and Buyer's Credit facilities are part of
Working Capital facilities availed from various Banks and are secured by
hypothecation by way of first pari passu charge on all its stocks and book debts. 9.1
9.2
9.3
9.4
|
||||||||||||||||||
CORPORATE INFORMATION
Subject is a Public Limited Company domiciled in India and incorporated under the provision of the Companies Act, VII of 1913. Its Shares are listed on two stock exchanges in India. Indoco Remedies Limited is engaged in the manufacturing and marketing of Formulations (Finished Dosage Forms) and Active Pharmaceutical Ingredients (APIs). The Company caters to both Domestic and International markets. The Company has two subsidiaries viz. Xtend Industrial Designers and Engineers Private Limited (formerly known as Indoco Industrial Designers and Engineers Private Limited) and Indoco Pharmchem Limited.
RESULTS FROM
OPERATIONS:
The FY 2013-14 under consideration witnessed a continued slowdown in the Indian economy. Delays in project clearances and difficulties in achieving the financial closure affected the industry resulting in sluggish growth. Added to this was higher inflation and adverse climatic conditions resulting in slowdown in agriculture. The cumulative impact was lower industrial production and slower growth in GDP. In the pharmaceutical industry in particular there was confusion because of lack of clarity due to introduction of NPPA for NLEM Products which resulted in less than expected performance for many companies. Internationally also the Indian pharmaceutical companies faced a lot of challenges from regulatory authorities in various countries resulting in the lower growth of business. However, they were proactive to take effective steps to overcome these difficulties as a result of which their overall performance was not affected to a large extent.
During the year 2013-14, the total income of the Company amounted to Rs.7294.600 Millions as compared to Rs.6318.900 Millions in the previous year. This represents a 15.44% growth. The Profit before Tax (PBT) at Rs.721.100 Millions as compared to Rs.483.700 Millions in the previous year representing a 49.08% growth. After providing for Income Tax and MAT, the Net Profit After Tax (PAT) amounts to Rs.579.000 Millions as against Rs.426.600 Millions in the previous year. The increase in PBT and PAT is mainly due to reduction in input and other costs.
A detailed discussion on the business performance and future outlook is included in Management Discussion and Analysis which forms part of the Directors' Report.
MANAGEMENT DISCUSSION
AND ANALYSIS
Industry Structure
and Development:
The global pharmaceutical market in 2013 crossed US$ 1 trillion and is expected to reach around US$ 1.2 trillion by 2016. The generic formulation market for the year 2013 contributed more than US$ 300 billion and is projected to grow at 12% per annum in the coming years. By 2020, India is expected to be amongst the top 3 pharmaceutical markets globally, in terms of incremental growth and the 6th largest market in absolute size. USA, Japan and Europe constitute around 34%, 24%, 12% respectively and 70% collectively of the global pharmaceutical market. These markets, however, are growing at a slower rate due to loss of patent exclusivity, fewer new product approvals and price erosions due to generic competition. In contrast, pharmaceutical markets of emerging economies are growing at a much faster rate of 10% to 14% per annum, driven by improved per capita income, increased access to modern medicines and strengthening of healthcare infrastructure.
Indian Pharmaceutical Market (IPM) for the year 2013-14 is at Rs.757570.000 Millions with a growth of 6.2 %. The acute segment at Rs.537490.000 Millions, contributing to 71% of IPM has grown at 4.4%. The chronic segment at Rs.220080.000 Millions, contributing to 29% of IPM has grown at 10.9%. Pharma exports from India aggregated to USD 14.84 billion during the year 2013-14. As structural growth drivers remain favourable, the Indian pharmaceutical industry will continue to experience strong growth.
Financial Performance
The overall financial performance of the Company has been reasonably good for the year ended 31st March 2014 with the domestic business growing at 13.4% and international business growing at 16.3%. The domestic business contributed to 64% and international business contributed to 36% of the total revenues. The formulations business contribution stood at 93% as against that of the API business, which stood at 7% of the total revenues.
Other operating income in the current year increased by Rs.64.000 Millions compared to the previous year. The increase is mainly on account of exchange gain on Debtors of Rs.60.000 Millions and export incentive of Rs. 4.000 Millions.
The material consumption to net sales is 37.5% at Rs. 2692.000 Millions as compared to 41.9% at Rs. 2626. 000 Millions last year. This decrease in the material cost is due to the change in product and business mix as also efficiency in manufacturing processes as well as effective procurement policies. The staff cost to net sales is 18.0% at Rs. 1290.000 Millions as compared to 17.2% at Rs. 1077.000 Millions last year. The increase is mainly on account of annual increase in salary and new recruitments. The R&D expenses to net sales are 2.0% at Rs. 144.000 Millions as compared to 2.1% at Rs. 129.000 Millions last year. Other expenses to net sales are at 27.2% at Rs. 1950.000 Millions as compared to 24.7% at Rs. 1547.000 Millions last year.
The finance cost to net sales is at 2.6% at Rs. 188.000 Millions as compared to 3.5% at Rs. 219.000 Millions. The lower finance cost is attributed to decrease in exchange loss of Rs. 40.300 Millions towards repayment of ECB Loans. Depreciation is higher at Rs. 309.000 Millions as against Rs. 237.000 Millions in the previous year. The operating profit increased by 41.9% to Rs. 848.000 Millions from Rs. 598.000 Millions last year. The increase in profit is mainly on account of increase in revenues and reduction in cost.
Profit before tax is at Rs. 721.000 Millions as compared to Rs. 484.000 Millions in the last year showing a increase of 49.1%. Profit after tax was Rs. 579.000 Millions as against Rs. 427.000 Millions in the last year, registering a growth of 35.7%.
Basic and Diluted earnings per share (EPS) for the year is Rs. 6.28 as against Rs. 4.63 in the previous year (both after and before the extra-ordinary items). The outstanding long term debt as on 31st March, 2014 was Rs. 138.000 Millions as compared to Rs. 274.000 Millions last year. The cash outflow on account of capital expenditure (CAPEX) during the year was Rs. 417.000 Millions compared to Rs. 434.000 Millions in the last year.
During the year an amount of Rs. 140.500 Millions was contributed to the national exchequer by way of payment of income tax and Rs. 238.400 Millions by way of sales tax. The net worth of the company as at 31st March, 2014 is Rs. 4570.000 Millions against Rs. 4140.000 Millions previous year which is on account of retained profits. The debt-equity ratio during the year was 0.03 times as compared to 0.07 times in the previous year. The return on net worth was 12.7% as at 31st March, 2014 against 10.3% as at 31st March, 2013.
Business Overview
Domestic Business
Indoco's domestic formulations business growth has been above the industry average during the year and it continues to remain a thrust area for the Company. The Company's strategy is focused on brand building, increasing contribution from chronic segment and improved sales from northern and eastern regions to ensure structurally balanced and consistent growth.
Domestic Marketing
Divisions:
INDOCO:
This division has strong presence in major therapies like Gastrointestinal, Anti-infectives, Respiratory, Anti-diabetics and Multi-vitamins. The top brands promoted by the division are Cyclopam, Oxipod, Cloben-G, Karvol Plus, Glychek, Tuspel Plus, MCBM 69 and Hemsyl.
Recently launched brands in anti-inflammatory segment, viz., Inflachek and Inflachek D have registered good sales in the first year of its launch. To strengthen the product portfolios further, the division has launched new brands like OH-D3, Tuspel-LS besides other brands, during the year. With its deeper penetration across territories, the division is surging ahead to ensure large prescription share on consistent basis.
SPADE:
This division covers General Practitioners, Consulting Physicians, ENTs, Pediatricians, and Chest Physicians and has presence in therapeutic segments like, Respiratory, Anti-infectives, Vitamins/Minerals, Pain/Analgesics, Otologicals, etc.
The division promotes brands like Febrex Plus, ATM, Methycal and Otorex, besides others. Febrex Plus, the largest brand of the Company, features amongst the top 150 brands of the Indian Pharma Market. Spade has also launched a novel product under the brand name, Ezint for the management of electrolyte and energy loss.
WARREN:
Warren is the market leader in Stomatological segment and caters to more than 40,000 Dentists in the country. The division offers a complete basket of products comprising of toothpastes for dentinal sensitivity, mouthwashes, antibiotics, analgesics/anti-inflammatory, local anesthetics and other innovative oral care products.
Warren has launched 'first time in India products' like - SM Fibro (For Oral Sub Mucous Fibrosis) and RR Sensoform (1st ethical brand of Strontium Acetate). With the growing number of Dentists across India, awareness about oral hygiene and higher use of dental products, Warren division will continue to do well.
SPERA:
This division covers General Practitioners, Gynecologists and Pediatricians. Spera's product basket includes legacy brands like Cital, Triz, Carmicide and Scabex. Active promotion of legacy brands and new launches, viz., liver tonic, uterine tonic and anti-obesity formulations will expand the division's product basket, paving the way for higher growth.
EXCEL:
This division caters to Ophthalmologists and covers select General Practitioners. The division has its major presence in ophthalmic anti-oxidants, lubricating/tear substitutes, anti-infective and anti-allergic therapies. The major brands marketed by the division are Homide, Renolen, Irivisc, Mofloren, Macuchek, Dexoren-S and Tobaren.
During the year, Excel has launched Nepachek and Macuchek Forte for the management of pain and age related macular degeneration.
ETERNA:
Eterna division is predominantly present in chronic, nutritional and pain management therapies along with other therapies like Gastrointestinal and Anti-infectives for the management of Orthopedic conditions. The division is focusing on Orthopedicians and Consultant Physicians with brands like Osteochek, Lorchek, ATM-LX, Cyclopam Plus and PGB-12.
IndocoCND:
IndocoCND division caters to Cardiologists, Diabetologists, Endocrinologists, Nephrologists and Consulting Physicians with an objective to strengthen the Company's presence in chronic segment. The division promotes brands like Cal-Aid, Prichek, Amchek, Telmichek and Rosuchek-D.
INSTITUTION:
This division deals with Government Health departments, including ESIC, Railways, BHEL, SAIL, DHS, Defence and Coal fields, etc. The division works closely with these institutions for registering the Company's products in their formulary and participates in various tenders for medicines and proprietary products. The rate contracts and tenders are awarded at regular intervals by these government institutions, which ensures sustainable growth for this division.
Future Outlook
The future of the pharmaceutical industry will be driven by innovation and technology. Indoco's domestic business has been consistently performing well over the years. Brand building, new product introductions, concentrated efforts to increase share in chronic segment and penetration in Tier II and Tier III towns, will drive the future growth of the Company in the domestic market. Though the domestic formulations business will grow at a much higher rate than the industry average, its proportion to the total revenues will reduce over a period of time due to faster growth in international business.
Indoco's international business will continue to focus on its core competencies in Research and Development and Manufacturing excellence. The Company will continue to remain the preferred partner, offering complete solutions to generic companies worldwide. Additionally, it will also exploit the larger opportunities through alliances in major markets. Currently, a major part of international business comes from Europe, where the contract manufacturing business will be slowly augmented with manufacturing against the Company's own dossiers and Marketing Authorizations. Going forward, the US business is expected to grow speedily as ANDAs will be commercialized at regular intervals. While surging ahead in the Regulated Markets, Indoco is also consolidating its position in the Emerging markets through active brand promotion. Part of the emerging market is exploited through distributors appointed by Indoco and partly through alliances.
Expertise in R&D activities will be a key differentiator and the Company will continue to work on development of non-infringing manufacturing processes for APIs and Finished Dosages, patentable Novel Drug Delivery Systems (NDDS), Para IV filings and 505(b)2 submissions using new technology platforms. On the analytical research front, expertise in the analytical methods development, Isolation and Characterization of Impurities, Extractables, Leachables, Polymorphism and Lyophilization studies will be the focus area.
Backed by expertise in R&D, excellence in Manufacturing and strong customer base, Indoco's Domestic as well as International business will constantly evolve and consistently excel.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
(Rs. In Millions)
|
Particular |
As on 31.03.2014 |
As on 31.03.2013 |
|
A) Matters under dispute |
|
|
|
i) Sales Tax Rs.11.808 Millions has been paid under protest Previous year Rs.9.490 Millions) |
39.683 |
19.465 |
|
ii) Excise / Service Tax |
36.392 |
36.392 |
|
iii) Income Tax |
13.484 |
25.822 |
|
B) Bank Guarantees |
9.847 |
28.685 |
|
C) Letters of Credit |
53.819 |
85.752 |
|
D) Estimated amount of contracts remaining to be executed on Capital Account, net of advances of Rs.20.164 Millions (Previous year Rs.10.811 Millions) |
77.613 |
16.199 |
|
E) Corporate Guarantee given to Bank on behalf of the Subsidiary |
20.000 |
20.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10360574 |
29/05/2012 |
238,000,000.00 |
DBS BANK LIMITED |
221, FORT HOUSE, 3RD FLOOR, D.N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B41596404 |
|
2 |
10354797 |
11/05/2012 |
40,000,000.00 |
JANAKALYAN SAHAKARI BANK LIMITED |
140, VIVEK DARSHAN, SINDHI SOCIETY, OPPOSITE BHAKTI |
B39357983 |
|
3 |
10263925 |
17/01/2011 |
206,000,000.00 |
DBS BANK LIMITED |
221, FORT HOUSE, 3RD FLOOR, D.N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B03932381 |
|
4 |
10193735 |
04/01/2010 |
100,000,000.00 |
CITIBANK N. A. |
TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA
COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA |
A76397967 |
|
5 |
10188530 |
10/03/2010 * |
282,000,000.00 |
STANDARD CHARTERED BANK |
90, M. G. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A80939382 |
|
6 |
10168713 |
17/07/2009 |
100,000,000.00 |
STANDARD CHARTERED BANK |
90, M. G. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A66643669 |
|
7 |
10148381 |
04/12/2012 * |
140,000,000.00 |
IDBI BANK LIMITED |
47, OPUS CENTRE, CENTRAL ROAD 47, OPUS CENTRE, CEN, OPP. TUNGA PARADISE HOTEL, MIDC (E) ANDHERI, MUMBAI, MAHARASHTRA - 400093, INDIA |
B64014889 |
|
8 |
10148720 |
30/01/2009 |
136,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G N VAIDYA MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
A58965146 |
|
9 |
10144055 |
23/01/2009 |
150,000,000.00 |
CITIBANK N.A. |
CITIGROUP CENTRE, BANDRA KURLA COMPLEX, BANDRA, |
A57297384 |
|
10 |
10138657 |
28/11/2008 |
62,500,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
RAJA SHOPPING CENTER, NEW NAGARDAS ROAD, ANDHERI |
A54527767 |
|
11 |
10137698 |
28/11/2008 |
112,000,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
RAJA SHOPPING CENTER, NEW NAGARDAS ROAD, ANDHERI |
A54641469 |
|
12 |
10137713 |
16/12/2009 * |
7,500,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
RAJA SHOPPING CENTRE, NEW NAGARDAS ROAD, ANDHERI |
A76313790 |
|
13 |
10122903 |
31/07/2008 |
3,000,000.00 |
MEMBERS SECRETARY HIMACHAL PRADESH |
SINGLE WINDOW CLEARING AGENCY, BADDI, BADDI DIST |
A45855194 |
|
14 |
10118471 |
10/07/2008 |
150,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A43802479 |
|
15 |
10115333 |
30/06/2008 |
100,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A42834408 |
|
16 |
90231470 |
06/05/1982 |
115,000.00 |
CANARA BANK |
ANDHERI WEST BRANCH, 146; JAYAPRAKASH ROAD, MUMBAI, MAHARASHTRA, INDIA |
- |
|
17 |
90231456 |
10/02/1981 |
500,000.00 |
CANARA BANK |
SHANSHRAM, 146; JAYAPRAKASH ROAD; ANDHERI WEST, |
- |
|
18 |
90231419 |
31/03/1979 |
450,000.00 |
THE MAHRASHRTRA STATE FINANCIAL CORPORATION |
AK NAYAK MARG, MUMBAI, MAHARASHTRA, INDIA |
- |
* Date of charge modification
FIXED ASSETS
v
Land (Lease Hold)
v
Buildings and Premises
v
Plant and Machinery
v
Handling Equipments
v
Pollution Control Equipments
v
Laboratory Equipments
v
R and D Equipments
v
Plant - Utilities
v
Electrical Installations
v
Furniture and Fixtures
v
Office and Data Processing Equipments
v
Air-conditioning Unit
v
Vehicles
v
Trade Mark
v
Technical Knowhow
INDOCO REMEDIES FIXES
BOOK CLOSURE FOR FINAL DIVIDEND AND AGM
Jul 01, 2014,
11.06
Indoco Remedies Limited has informed BSE that the Register of Members and Share Transfer Books of the Company will remain closed from July 23, 2014 to July 30, 2014 (both days inclusive) for the purpose of Payment of Final Dividend & Annual General Meeting (AGM) of the Company to be held on July 30, 2014.
MR. SURESH G. KARE’S 50 GLORIOUS
YEARS OF VISIONARY LEADERSHIP AT INDOCO
Mumbai, July 2, 2013: Mr. Suresh G. Kare took the reins of Indoco Remedies Limited. 50 years ago, i.e on July 2, 1963 at a tender age of 24 years. His visionary leadership has been instrumental in achievements of many significant milestones for the Company during these 50 glorious years.
Born in Margao-Goa on 9th of January, 1939, he is blessed with his father’s principles and mother’s values. He completed his school education in Goa and University education in Mumbai. Thereafter, he joined his father’s business of marketing pharmaceutical in Goa and then moved to Mumbai as, Managing Director of Indoco Remedies Ltd.
Under his able guidance, the Company progressed steadily with a strong presence in the Indian Pharma market and is well recognized as a reliable source for products and services to generic Companies across the globe. Indoco’s domestic product basket encompasses 18 therapeutic segments with a large brand portfolio, 32 of which are ranking amongst the top 5 in their respective segments. Over a period of time, Mr. Kare has created an impressive manufacturing base comprising of 8 facilities spread across India. These world-class manufacturing facilities have been approved by various regulatory authorities including USFDA, UK-MHRA, Germany, Australia, South Africa etc. Its state-of-the-art R&D centre is spread over an area of 100,000 sq.ft. housing over 200 scientists. Indoco today, engages a workforce of over 4300 employees.
Mr. Kare’s administrative and organizational capabilities, his persistent efforts, astute decision making and creativity have all been responsible for taking Indoco to greater heights. The way in which he expanded the Company by investing in infrastructure, marketing activities, and strategically tapping opportunities across the globe, is an inspiring story for young entrepreneurs. For 50 long years, Mr. Kare has ceaselessly strived for the development and progress of the Company and Pharma Industry.
Mr. Kare has been the past President of the Indian Drug Manufacturers’ Association (IDMA) and an active member of the Indian Pharmaceutical Association (IPA). Through these organizations he has represented the Pharma Industry on many Government Committees.
Mr. Kare is associated with many social, cultural and educational institutions in Mumbai and Goa. He is the President of The Goa Hindu Association’s Sneha Mandir, a modern home for the aged at Bandora-Goa and the Managing Trustee of ‘SURESH-KARE INDOCO FOUNDATION’, a charitable trust established to promote higher education and social upliftment to deserving students.
Recently in March 2013, Mr. Kare has been honoured with the 'Udyog Shree Jeevan Gaurav Sanman' (Lifetime Achievement Award) for his noteworthy contribution to business and industry at the hands of the Hon’ble Chief Minister of Goa, Mr. Manohar Parrikar. In the past, Mr. Kare has received various prestigious awards such as ‘Pharma Business and Technology Excellence Award 2004’, Lifetime Achievement Award by Pharma Summit Mumbai, ‘Saraswat Chaitanya Gaurav Award’ by Saraswat Prakashan, ‘Jeevan Gaurav Puraskar’ by Unnayan, a social organization, ‘Best Industrialist-2011 Award’ by Lokmat Goa and ‘Lifetime Achievement Award’ by The Goa State Industries Association. He is also the first recipient of ‘Lifetime Achievement Award’ instituted by the Maharashtra Chamber of Commerce.
In 2011, ‘KARENAMA’ a book on the life of Mr. Kare was released at the hands of Mr. Anil Kakodkar. The book comprises of short stories and incidents in his life that molded his personality and made him the visionary that he is today.
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.59.95 |
|
|
1 |
Rs.102.78 |
|
Euro |
1 |
Rs.81.39 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.