MIRA
INFORM REPORT
|
Report Date : |
16.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
INTAS PHARMACEUTICALS LIMITED (w.e.f. 10.03.1995) |
|
|
|
|
Formerly Known
As : |
INTAS LABORATORIES PRIVATE LIMITED |
|
|
|
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Registered
Office : |
2nd Floor, |
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Country : |
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|
|
|
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Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
31.05.1985 |
|
|
|
|
Com. Reg. No.: |
04-007866 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 1144.363 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24231GJ1985PLC007866 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMI00350A |
|
|
|
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PAN No.: [Permanent Account No.] |
AAACI5120L |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
Line of Business
: |
The company engaged in the development,
manufacture, and marketing of pharmaceutical formulations. |
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|
|
|
No. of Employees
: |
8314 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 89200000 |
|
|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects strong financial risk profile marked by adequate
liquidity position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
NEWS
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 |
AA (Non-Convertible Debenture) |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
January 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
A1+ (Commercial Paper) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
January 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
LOCATIONS
|
Registered Office/
Corporate Office : |
2nd Floor, Chinubhai Center, Ashram Road, Ahmedabad – 380009, Gujarat,
India |
|
Tel. No.: |
91-79-26576655/26579052/26578269/26623100 |
|
Fax No.: |
91-79-26588862/26578862 |
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E-Mail : |
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|
Website : |
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|
Area : |
400 Sq. Ft |
|
Location : |
Owned |
|
|
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|
Factory 1 : |
Plot No. 457/458
, Sarkhej - Bavla Highway, Village: Matoda, Taluka: Sanand, Ahmedabad -
382210, Gujarat, India |
|
Tel. No.: |
91-2717-551111/ 551298 |
|
Fax No.: |
91-2717-551106 |
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|
|
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Factory 2 : |
7/3, GIDC Estate,
Behind Dena Bank, Vatva,
Ahmedabad- 382445, Gujarat, India |
|
Tel No : |
91-79-25831279 |
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Fax No : |
91-79-25830207 |
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|
|
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Factory 3 : |
85/87 Kailash Industrial
Estate, Post Jyawa Taluka, Sanand, Ahmedabad, Gujarat, India |
|
Tel. No.: |
91-2717-284188 |
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|
|
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Factory 4 : |
Valia, Near Bharuch, Ankaleshwar, Gujarat, India |
DIRECTORS
AS ON 25.06.2013
|
Name : |
Mr. Nimish Hasmukh Bhai Chudgar |
|
Designation : |
Managing Director |
|
Address : |
3, Sanidhya Bunglows, Near |
|
Date of Birth/Age : |
19.08.1960 |
|
Qualification : |
B Sc |
|
Date of Appointment : |
01.04.2011 |
|
DIN No.: |
00212400 |
|
|
|
|
Name : |
Mr. Urmish Hasmukh Chudgar |
|
Designation : |
Managing Director |
|
Address : |
16, Nishant Bungalows, Satellite, Ahmedabad-380015, |
|
Date of Birth/Age : |
16.02.1959 |
|
Qualification : |
MD in Oncology and Haemetoly |
|
Date of Appointment : |
01.09.2011 |
|
DIN No.: |
00096080 |
|
|
|
|
Name : |
Mr. Binish Hasmukh Chudgar |
|
Designation : |
Managing Director |
|
Address : |
12, Aristo Villa Opposite Gold Coin Complex, Satellite, |
|
Date of Birth/Age : |
01.12.1963 |
|
Qualification : |
B Com MBA |
|
Date of Appointment : |
01.04.2011 |
|
DIN No.: |
00119503 |
|
|
|
|
Name : |
Mr. Hasmukh Chudgar |
|
Designation : |
Managing Director |
|
Address : |
3, Sanidhya Bunglows, Near |
|
Date of Birth/Age : |
16.05.1933 |
|
Qualification : |
B Pharm |
|
Date of Appointment : |
01.07.2009 |
|
DIN No.: |
00172265 |
|
|
|
|
Name : |
Mr. Nitin Ram Potdar |
|
Designation : |
Additional director |
|
Address : |
202, Phoenix House.
Sayani Road. Opposite Ravindra Natya Mandir, Prabhadevi, Mumbai -400 025. Maharashtra,
India |
|
Date of Birth/Age : |
21.02.1963 |
|
Date of Appointment : |
12.08.2011 |
|
DIN No.: |
00452644 |
|
|
|
|
Name : |
Mr. John Goddard |
|
Designation : |
Director |
|
Address : |
38, Delvino Road London SW64AJ, United Kingdom |
|
Date of Birth/Age : |
19.07.1951 |
|
Date of Appointment : |
12.08.2011 |
|
Din No: |
03420601 |
|
|
|
|
Name : |
Mr. Hemant D. Sheth |
|
Designation : |
Director |
|
Address : |
201, Aangan, Plot No 40, T.V.Chidambaram Marg, Sion (East) Mumbai- 400022,
Maharashtra, India |
|
Date of Birth/Age : |
29.11.1961 |
|
Date of Appointment : |
12.08.2011 |
|
Din No: |
01261486 |
|
|
|
|
Name : |
Mr. Surender Tuteja |
|
Designation : |
Director |
|
Address : |
S- 307, IInd Floor, Panchsheel Park, New Delhi- 110017 |
|
Date of Birth/Age : |
15.06.1945 |
|
Date of Appointment : |
12.08.2011 |
|
Din No: |
00594076 |
|
|
|
|
Name : |
Mr. Tilokchand P.Ostwal |
|
Designation : |
Director |
|
Address : |
103, 104 Falcon’s Cres, G.D. Ambedkar Marg, Parel, Mumbai-400012 |
|
Date of Birth/Age : |
20.10.1979 |
|
Date of Appointment : |
12.08.2011 |
|
Din No: |
00821268 |
|
Name : |
Mr. Kaul D Sanjiv |
|
Designation : |
Nominee Director |
|
Address : |
22, Siris Rao, DLF Phase – 3, Gurgaon – 122002, India |
|
Date of Birth/Age : |
25.07.1957 |
|
Date of Appointment : |
16.06.2012 |
|
Din No: |
01550413 |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Narayanan Nair |
|
Designation : |
Company Secretary |
|
Address : |
Plot No. 648/1, Sector-4 C, Gandhinagar – 382006, Gujarat, India |
|
Date of Birth/Age : |
20.10.1979 |
|
Date of Appointment : |
08.06.2007 |
|
PAN No.: |
AEBPN7909Q |
|
|
|
MAJOR SHAREHOLDERS
AS ON 26.03.2013
|
Names of Shareholders |
|
No. of Shares |
|
Nimish H Chudgar |
|
6438707 |
|
Binish H Chudgar |
|
6209147 |
|
Umish H Chudgar |
|
113533 |
|
Kusumben H Chudgar |
|
2367503 |
|
Bindiben B Chudgar |
|
6906389 |
|
Parulben U Chudgar |
|
6994369 |
|
Binaben N Chudgar |
|
5444829 |
|
Hasmukh K Chudgar |
|
3597487 |
|
Equatorial Private Limited, India
|
|
47432000 |
|
Mozart Limited, Mauritius |
|
11621100 |
|
Intas Enterprise Private Limited, India |
|
4106667 |
|
Chudgar U. Shall |
|
4796967 |
|
Caravaggio, Mauritius |
|
6898447 |
|
Cytas Research Limited, India |
|
1509131 |
|
|
|
|
|
Total |
|
114436276 |
Equity Share Break up (Percentage of Total Equity)
AS ON 26.03.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
16.18 |
|
Bodies corporate |
43.36 |
|
Directors or relatives of Directors |
37.46 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company engaged in the development,
manufacture, and marketing of pharmaceutical formulations. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
8314 (Approximately) |
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Bankers : |
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Facilities : |
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Banking Relations : |
--- |
|
|
|
|
Financial Institution : |
·
IDBI Trusteeship Services Limited, Asian Building,
Ground Floor, 17, R. Kamani Marg, Mumbai – 400001, Maharashtra, India |
|
|
|
|
Name : |
Apaji Amin and Company Chartered Accountants |
|
Address : |
304, Akansha Building, Opposite Vadilal House, Navrangpura, Ahmedabad - 380009, Gujarat, India |
|
Tel. No.: |
91-79-2303603 |
|
PAN No.: |
AAFFA6140C |
|
|
|
|
Subsidiaries : |
·
Astron Research Limited CIN No.:
U24231GJ2001PLC039545 ·
Indus Biothrapeutics Limited CIN No.: U24230GJ2005PLC047111 ·
Intas Medi Devices Limited CIN No.: U33110GJ2010PLC061475 ·
Intas Pharma Limited CIN No.: U24231GJ2000PLC037582 ·
Andre Laboratories Limited CIN No: U24231GJ1973PLC040442 ·
Accord Farma Sade CV Mexico ·
Accord Farmaceutica Ltda., Brazil ·
Accord Health Care Inc., North Carolina, USA ·
Accord Healthcare Pty. Limited, South Africa ·
Accord Healthcare INC. Canada ·
Accord Healthcare Limited, UK ·
Accord Healthcare NZ Limited, New Zealand ·
Accord Healthcare SAC Peru ·
Farmabiot SA DE CV, Mexico ·
Intas Pharmaceuticals (Partnership Firm) ·
Accord Healthcare Limited, India ·
Accord Healthcare Inc. (US, New Jersey) ·
Celestial Biologicals Limited ·
Astron Research Limited, UK |
|
|
|
|
Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their
relatives : |
·
Astron Packaging Limited CIN No.: U21029GJ2001PLC039733 ·
Cytas Research Limited CIN No.: U73100GJ2003PLC042948 ·
Equatorial Private Limited CIN No.: U51909GJ1955PTC000577 ·
Intas Enterprise Private Limited CIN No.: U65910GJ1994PTC023392 ·
Lambda Therapeutic Research Inc., Canada ·
Lambda Therapeutic Research Limited CIN No.: U24236GJ1998PLC034883 ·
One Advertising and Communication Services
limited CIN No.: U74300GJ2001PLC046472 ·
Unipath Specialty Laboratory Private Limited CIN No.: U85195GJ2009PLC057059 |
CAPITAL STRUCTURE
AS ON 26.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
168916752 |
Equity Shares |
Rs.10/- each |
Rs.1689.167Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
114436276 |
Equity Shares |
Rs.10/- each |
Rs.1144.363
Millions |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1144.363 |
1034.767 |
1038.767 |
|
(b) Reserves & Surplus |
21152.338 |
12077.184 |
8284.738 |
|
(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) |
22296.701 |
13111.951 |
9323.505 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1166.829 |
3075.547 |
3984.439 |
|
(b) Deferred tax liabilities (Net) |
632.367 |
228.847 |
223.730 |
|
(c) Other long term liabilities |
197.795 |
170.179 |
168.329 |
|
(d) long-term provisions |
355.928 |
293.111 |
276.447 |
|
Total Non-current Liabilities (3) |
2352.919 |
3767.684 |
4652.945 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
5539.665 |
5504.697 |
3943.203 |
|
(b) Trade payables |
7311.506 |
4512.412 |
3379.867 |
|
(c) Other current
liabilities |
1317.971 |
1942.307 |
1101.378 |
|
(d) Short-term provisions |
267.769 |
240.526 |
240.526 |
|
Total Current Liabilities (4) |
14436.911 |
12199.942 |
8664.974 |
|
|
|
|
|
|
TOTAL |
39086.531 |
29079.577 |
22641.424 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6645.833 |
2680.851 |
2080.799 |
|
(ii) Intangible Assets |
1680.019 |
154.546 |
185.229 |
|
(iii) Capital
work-in-progress |
385.797 |
420.812 |
397.671 |
|
(iv)
Intangible assets under development |
3535.084 |
525.029 |
467.632 |
|
(b) Non-current Investments |
0.000 |
8682.568 |
6505.105 |
|
(c) Deferred tax assets (net) |
5256.685 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3391.504 |
3256.436 |
4150.408 |
|
(e) Other Non-current assets |
59.893 |
51.337 |
27.013 |
|
Total Non-Current Assets |
20954.815 |
15771.579 |
13813.857 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
44.112 |
0.000 |
0.000 |
|
(b) Inventories |
6161.054 |
4646.117 |
3505.340 |
|
(c) Trade receivables |
9875.314 |
6934.153 |
3924.506 |
|
(d) Cash and cash
equivalents |
243.381 |
189.309 |
175.127 |
|
(e) Short-term loans
and advances |
1807.855 |
1538.419 |
1222.594 |
|
(f) Other current
assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
18131.716 |
13307.998 |
8827.567 |
|
|
|
|
|
|
TOTAL |
39086.531 |
29079.577 |
22641.424 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
33976.677 |
26222.167 |
19243.285 |
|
|
|
Other Income |
141.292 |
292.114 |
408.292 |
|
|
|
TOTAL (A) |
34117.969 |
26514.281 |
19651.577 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
7760.982 |
5856.996 |
4210.364 |
|
|
|
Purchases of stock-in-trade |
8200.515 |
7500.920 |
5830.118 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
99.838 |
(905.566) |
(720.133) |
|
|
|
Employee benefit expense |
2979.090 |
1895.883 |
1457.596 |
|
|
|
Other expenses |
7430.319 |
6109.715 |
5106.990 |
|
|
|
TOTAL (B) |
26470.744 |
20457.948 |
15884.935 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7647.225 |
6056.333 |
3766.642 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
588.992 |
774.974 |
419.577 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7058.233 |
5281.359 |
3347.065 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
754.570 |
302.275 |
269.346 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
6303.663 |
4979.084 |
3077.719 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
833.708 |
550.117 |
262.480 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5469.955 |
4428.967 |
2815.239 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5630.035 |
2791.595 |
1966.876 |
|
|
|
|
|
|
|
|
|
|
ARISE ON SCHEME
OF MERGER |
665.429 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Equity Dividend |
228.873 |
206.953 |
206.953 |
|
|
|
Divided on Preference Shares |
0.000 |
0.000 |
0.000 |
|
|
|
Corporate Dividend Tax |
38.897 |
33.573 |
33.573 |
|
|
|
General Reserve |
600.000 |
1000.000 |
1000.000 |
|
|
|
Transfer to Capital Redemption Reserve |
0.000 |
0.000 |
400.000 |
|
|
|
Transfer to Debenture Redemption Reserve |
0.000 |
350.000 |
350.000 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
10897.649 |
5630.035 |
2791.594 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
13599.709 |
9808.451 |
5536.198 |
|
|
TOTAL EARNINGS |
13599.709 |
9808.451 |
5536.198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
48.41 |
42.80 |
27.20 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
16.03 |
16.70 |
14.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.55 |
18.98 |
15.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.08 |
25.60 |
20.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.38 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.30 |
0.65 |
0.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26 |
1.09 |
1.02 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
1038.767 |
1034.767 |
1144.363 |
|
Reserves & Surplus |
8284.738 |
12077.184 |
21152.338 |
|
Net
worth |
9323.505 |
13111.951 |
22296.701 |
|
|
|
|
|
|
long-term borrowings |
3984.439 |
3075.547 |
1166.829 |
|
Short term borrowings |
3943.203 |
5504.697 |
5539.665 |
|
Total
borrowings |
7927.642 |
8580.244 |
6706.494 |
|
Debt/Equity
ratio |
0.850 |
0.654 |
0.301 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Revenue from operations |
19,243.285 |
26,222.167 |
33,976.677 |
|
|
|
36.267 |
29.572 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Revenue from operations |
19,243.285 |
26,222.167 |
33,976.677 |
|
Profit/(Loss) After Tax |
2,815.239 |
4,428.967 |
5,469.955 |
|
|
14.63% |
16.89% |
16.10% |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
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 |
CASE DETAILS:
LITIGATION
DETAILS:
|
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INDEX OF CHARGE:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10443209 |
14/06/2013 |
900,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani
Marg,, Ballard Estate, MUMBAI, Maharashtra - 400001, India |
B80823800 |
|
2 |
10373035 |
14/02/2014 * |
181,120,000.00 |
BIOTECHNOLOGY
INDUSTRY RESEARCH ASSISTANCE COUNCIL |
A-254, 3rd Floor, Veera Tower, Bhisham
Pitamah M Arg, Defence Colony, New Delhi - 110024, India |
B97953426 |
|
3 |
10349325 |
27/03/2012 |
250,000,000.00 |
INDUSIND BANK
LTD. |
2401 Gen Thimmayya Road, Contonment, Pune,
Maharashtra - 411001, India |
B37464724 |
|
4 |
10256338 |
24/02/2014 * |
500,000,000.00 |
CITI BANK N.A. |
301, 3rd Floor, Rembrant Building, Opp.
Associate Petrol Pump, C.G. Road,, Ahmedabad - 380006, Gujarat, India |
B98651003 |
|
5 |
10237974 |
31/03/2011 * |
500,000,000.00 |
Citi Bank N.A. |
301, 3rd Floor, Rembrant Building,, Opp.
Associate Petrol Pump, C.G. Road, Ahmedabad - - 380006, Gujarat, India |
B12685574 |
|
6 |
10242942 |
31/03/2011 * |
500,000,000.00 |
CITIBANK N. A. |
301, 3rd Floor, Rembrant Building,, Opp. Associate
Petrol Pump, C.G. Road, Ahmedabad - - 380006, Gujarat, India |
B12696878 |
|
7 |
10216795 |
25/03/2010 |
1,050,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg,
Ballard Estate, Mumbai - 400001, Maharashtra, India |
A84363340 |
|
8 |
10187006 |
16/06/2010 * |
1,050,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani
Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India |
A88556238 |
|
9 |
10175453 |
31/03/2011 * |
500,000,000.00 |
Citi Bank N.A. |
301, 3rd Floor, Rembrant Building,, Opp.
Associate Petrol Pump, C.G. Road, Ahmedabad - 380006, Gujarat, India |
B12775250 |
|
10 |
10175025 |
21/01/2010 * |
400,000,000.00 |
IDBI Bank
Limited |
IDBI Complex, Near Lal Bunglow, Off C G
Road, Ahmedabad - 380006, Gujarat, India |
A77607406 |
* Date of modification charge
UNSECURED LOANS:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Incorporate
deposits |
0.000 |
1259.350 |
|
Loans and advances from related parties |
455.999 |
0.000 |
|
Other loans and advances |
121.700 |
30.000 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Rupee term loans from banks |
315.961 |
538.810 |
|
Foreign currency term loans from banks |
2192.078 |
2111.069 |
|
|
|
|
|
Total |
3085.738 |
3939.229 |
REVIEW OF OPERATIONS
During the year, the
company has achieved sales of Rs. 34132.813 millions as compared to Rs.
26344.877 millions in the previous year representing a growth of 30%. The
EBIDTA was Rs. 7647.224 millions increased from Rs. 6056.336 millions in the
previous year representing a growth of 26%. The PBT was Rs. 6303.663 millions
increased from Rs. 49,79.086 millions in the previous year representing a
growth of 27%. The Net profit was Rs. 5469.955 millions increased from Rs.
4428.969 millions in the previous year representing a growth of 23%. The
Earning per Share was Rs. 48.41 as compared to Rs. 42.80.
SANCTION OF SCHEME
OF MERGER
The Company had
explored and evaluated various opportunities for growth and expansion available
for the Company. Looking at the synergies of operations and the benefits that
would accrue to the Company it was decided to merge Intas Biopharmaceuticals
Limited (IBPL), Celestial Biologicals Limited (CBL), Astron Research Limited
(ARL) and Intas Pharma Limited (IPL SEZ) with the company and accordingly the company
approached Honble High Court of Gujarat.
The Honble High
Court of Gujarat has sanctioned the scheme of merger ("Scheme") in
the nature of Amalgamation of IBPL, CBL, ARL and IPL SEZ with the Company
effective from appointed day i.e.1-04-2012.
The assets and
liabilities of ARL, CBL, IPL SEZ, IBPL and its operating results have been
incorporated in the Company's books with effect from April 1, 2012 (Appointed
Date).
In terms of the
said scheme their Company has issued and allotted 4,061,131 Equity Shares to
the shareholders of IBPL in the ratio of four Equity Shares of their Company
for every three equity shares of IBPL. Since CBL and IPL SEZ were WOS, no
shares were required to be allotted pursuant to the sanctioned scheme.
From the effective
date of the Composite Scheme of Arrangement, the authorised capital of IBPL,
CBL, IPL SEZ and ARL has been merged with the authorised share capital of their
Company.
FIXED ASSETS:
·
Land
·
Building
·
Plant
and machinery
·
Furniture
and Fixture
·
Office
equipment
·
Vehicle
·
Computers
·
Technical
Knowhow
·
GCSF,
EPO-License and Commercial Rights
WEBSITE DETAILS
Overview
Intas
is a leading, vertically integrated global pharmaceutical formulation
development, manufacturing and marketing company headquartered in India.
Intas'
success and incessant growth lies in clinical execution of successful and
strategic moves made in the areas of manufacturing, R & D, Biotechnology
and global operations over three decades. As of 31st of March 2013, Intas has
grown to be a ~$650 million* organization with a revenue growth over 30% CAGR
over the last 5 years and a profit growth of ~50% CAGR over the same period.
Intas is now ranked as the 12th largest pharmaceutical company in the domestic
market (as per IMS Health India, Secondary Stockist Audit (SSA), April, 2014
MAT).
In
the domestic market, Intas is the 5th largest corporate in Indian Chronic
Pharma Market with a market share of 4.85%. It also has presence in cardiovascular
system (CVS), diabetology, gynecology, infertility, respiratory care,
gastroenterology, pain management as well as other therapeutic segments.
Besides
rapidly growing domestic prominence, Intas is also present in more than 70
countries worldwide with robust sales, marketing and distribution
infrastructure in markets like North America, Europe, Central & Latin
America, Africa, Australia, New Zealand, Asia - Pacific as well as CIS and MENA
countries.
Intas'
global strategy includes alliances with leading Global Pharma Companies for
development and distribution of products as well as direct product
distribution.
Intas
has made a substantial commitment to its Biologics Business Unit in terms of
creating R&D, manufacturing and marketing capabilities for its biotech
portfolio. As on date, Intas commercialized 11 biologic products and continues
its R&D efforts in chronic disease areas such as Oncology (Cancer),
Rheumatology, Auto-Immune, Nephrology, Ophthalmology and Plasma derived product
based therapies.
Continual
R & D initiatives have strengthened niche and complex product offerings in
India and International markets. Commercialized in India, three pharmaceutical
formulations are based on the novel lipid based drug delivery system with
studies ongoing to extend these products to International markets.
Intas
has made strategic investments in ten manufacturing facilities, globally.
Between them, these facilities have received approvals from various prominent
international regulatory bodies, including U.S. Food and Drug Administration
(FDA).
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.22 |
|
|
1 |
Rs.102.79 |
|
Euro |
1 |
Rs. 81.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
68 |
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.