MIRA
INFORM REPORT
|
Report Date : |
25.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
CIPLA LIMITED |
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Registered
Office : |
Cipla House, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
17.08.1935 |
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Com. Reg. No.: |
11-002380 |
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Capital Investment
/ Paid-up Capital : |
Rs. 1605.800 Millions |
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CIN No.: [Company Identification
No.] |
L24239MH1935PLC002380 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC00352C |
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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
: |
Manufacturer and Distributor of Drugs and Healthcare Products. |
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No. of Employees
: |
Information
Decline by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (77) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established and reputed company having fine track
record. The rating reflect “Cipla Limited” leading market position in
respiratory segment, stable business performance, continuing strong financial
profile characterized by low gearing levels and a healthy liquidity position.
Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered 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.
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. (Tel. No.: 91-22-23095521)
LOCATIONS
|
Registered Office : |
Cipla House, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-23095521 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
http://www.cipla.com |
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|
Corporate Office/ Head Office : |
289, Opposite Sahil Hotel, Near Citi Center Mall, Bellasis
Road, Mumbai Central, Mumbai – 400008, Maharashtra, India |
|
Tel. No.: |
91-22-23095521/ 23082891/ 23023272/ 23025272 |
|
Fax No.: |
91-22-23070013/ 23070393/ 85/ 23008101 |
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Factory 1: |
Virgonagar, Old Madras Road, Bangalore – 560049, Karnataka, India |
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Factory 2: |
Bommasandra-Jigani Link Road, Industrial Area, KIADB 4th Phase, Bangalore - 560099, Karnataka, India |
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Factory 3: |
MIDC, Patalganga, District Raigad – 410220, Maharashtra, India |
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Factory 4: |
MIDC Industrial Area, Kurkumbh, Daund District Pune - 413802, Maharashtra, India |
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Factory 5: |
Verna Industrial Estate, Verna, Salcette, Panaji – 403722, Goa, India |
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Factory 6: |
Village Malpur Upper, P.O. Bhud, Nalagarh, Baddi, District Solan - 173205, Himachal Pradesh, India |
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Factory 7: |
Village Kumrek, P.O. Rangpoo-737132, East District Sikkim |
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Factory 8: |
Indore SEZ, Phase ll, Sector III, Pharma Zone, P.O. Pithampur, District Dhar -454774, Madhya Pradesh, India |
DIRECTORS
As on: 31.03.2013
|
Name : |
Dr. Y.K. Hamied |
|
Designation : |
Chairman and Managing Director |
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|
|
|
Name : |
Mr. M.K. Hamied |
|
Designation : |
Joint Managing
Director |
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|
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|
Name : |
Mr. S. Radhakrishnan |
|
Designation : |
Whole-time
Director |
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|
Name : |
Dr. H.R. Manchanda |
|
Designation : |
Non-Executive
Directors |
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|
|
|
Name : |
Mr. Ramesh Shroff |
|
Designation : |
Non-Executive
Directors |
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|
Name : |
Mr. V.C. Kotwal |
|
Designation : |
Non-Executive
Directors |
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|
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|
Name : |
Mr. M.R. Raghavan |
|
Designation : |
Non-Executive
Directors |
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|
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|
Name : |
Mr. Pankaj Patel |
|
Designation : |
Non-Executive
Directors |
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|
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|
Name : |
Dr. Ranjan Pai |
|
Designation : |
Non-Executive Directors |
KEY EXECUTIVES
|
Name : |
Mr. Subhanu Saxena |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
Category |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
122720500 |
15.46 |
|
|
6022791 |
0.76 |
|
|
128743291 |
16.21 |
|
|
|
|
|
|
166742687 |
21.00 |
|
|
166742687 |
21.00 |
|
Total shareholding
of Promoter and Promoter Group (A) |
295485978 |
37.22 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
33772001 |
4.25 |
|
|
2146712 |
0.27 |
|
|
61772362 |
7.78 |
|
|
190190557 |
23.95 |
|
|
287881632 |
36.26 |
|
|
|
|
|
|
29180988 |
3.68 |
|
|
|
|
|
|
52432556 |
6.60 |
|
|
99110556 |
12.48 |
|
|
29904666 |
3.77 |
|
|
1376393 |
0.17 |
|
|
143297 |
0.02 |
|
|
27502709 |
3.46 |
|
|
881792 |
0.11 |
|
|
100 |
0.00 |
|
|
375 |
0.00 |
|
|
210628766 |
26.53 |
|
Total Public
shareholding (B) |
498510398 |
62.78 |
|
Total (A)+(B) |
793996376 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
8924981 |
0.00 |
|
|
8924981 |
0.00 |
|
Total (A)+(B)+(C) |
802921357 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares
held |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
|||
|
1 |
Dr. Y. K. Hamied |
11,69,29,500 |
14.56 |
14.56 |
|
2 |
Dr. Y. K. Hamied |
77,70,750 |
0.97 |
0.97 |
|
3 |
Dr. Y. K. Hamied |
1,27,500 |
0.02 |
0.02 |
|
4 |
M. K. Hamied |
3,28,54,500 |
4.09 |
4.09 |
|
5 |
M. K. Hamied |
68,35,500 |
0.85 |
0.85 |
|
6 |
Farida Hamied |
4,19,14,937 |
5.22 |
5.22 |
|
7 |
Sophie Ahmed |
1,54,71,000 |
1.93 |
1.93 |
|
8 |
Sophie Ahmed |
1,54,71,000 |
1.93 |
1.93 |
|
9 |
Sophie Ahmed |
1,13,22,250 |
1.41 |
1.41 |
|
10 |
Sophie Ahmed |
37,17,750 |
0.46 |
0.46 |
|
11 |
Shirin Hamied |
63,63,000 |
0.79 |
0.79 |
|
12 |
Kamil Hamied |
63,54,000 |
0.79 |
0.79 |
|
13 |
Kamil Hamied |
44,95,500 |
0.56 |
0.56 |
|
14 |
Kamil Hamied |
90,000 |
0.01 |
0.01 |
|
15 |
Samina Hamied |
54,81,000 |
0.68 |
0.68 |
|
16 |
Samina Hamied |
43,78,500 |
0.55 |
0.55 |
|
17 |
Rumana Hamied |
54,72,000 |
0.68 |
0.68 |
|
18 |
Rumana Hamied |
44,14,500 |
0.55 |
0.55 |
|
19 |
M. N. Rajkumar Garments LLP |
26,01,852 |
0.32 |
0.32 |
|
20 |
Shree Riddhi Chemicals LLP |
24,34,970 |
0.30 |
0.30 |
|
21 |
Alps Remedies Private Limited |
4,92,985 |
0.06 |
0.06 |
|
22 |
Hamsons Laboratories LLP |
4,92,602 |
0.06 |
0.06 |
|
23 |
Neo Research Labs Private Limited |
382 |
0.00 |
0.00 |
|
|
Total |
29,54,85,978 |
36.80 |
36.80 |
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 |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
Life Insurance Corporation of India |
59733411 |
7.44 |
7.44 |
|
|
2 |
Oppenheimer Developing Markets Fund |
30788534 |
3.83 |
3.83 |
|
|
3 |
Virtus Emerging Markets Opportunities Fund |
13185787 |
1.64 |
1.64 |
|
|
4 |
Vontobel Fund A/c Vontobel Fund Emerging Markets Equity |
8511275 |
1.06 |
1.06 |
|
|
5 |
IIFL Inc A/c Vontobel India Fund |
8596897 |
1.07 |
1.07 |
|
|
|
Total |
120815904 |
15.05 |
15.05 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
|
Sl. No. |
Name(s) of the shareholder(s)
and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
Life Insurance Corporation of India |
59733411 |
7.44 |
7.44 |
|
|
|
Total |
59733411 |
7.44 |
7.44 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distributor of Drugs and Healthcare Products. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
Bulk Drugs (including Malts) |
Tonne |
1492.9 |
1601.2 |
|
Tablets and Capsules |
Million |
17496.1 |
17935.3 |
|
Liquids |
Kilolitre |
3191.5 |
9009.8 |
|
Creams |
Tonnes |
689.0 |
898.9 |
|
Aerosols/Inhalation Devices |
Thousand |
143452.5 |
55256.9 |
|
Injections/Sterile Solutions |
Kilolitre |
1739.0 |
2525.9 |
|
Others |
|
-- |
2061.7 |
NOTES
· In terms of press Note No. 4 (1994 series) dated 25th October 1994 issued by the Department of Industrial Development, Ministry of Industry, Government of India and Notification No. S.O. 137 (E) dated 1st March 1999 issued by the Department of Industrial Policy and Promotion, Ministry of Industry, Government of India, Industrial licensing has been abolished in respect of bulk drugs and formulations. Hence there are no registered/licensed capacities for these bulk drugs and formulations.
· Installed capacity being effective operational capacity has been reviewed and calculated on shift basis for formulations and on a continuous basis for active pharmaceutical ingredients and drug intermediates. The installed capacity may, therefore, vary according to the production mix. In addition, installed capacity does not include the installed capacity of contract manufacturing sites.
· Actual production for all dosage forms includes production carried out by Cipla at contract manufacturing sites.
· The installed capacity is as certified by the management and not verified by the auditors, this being a technical matter.
· Actual production includes production of goods captively consumed.
GENERAL INFORMATION
|
No. of Employees : |
Information
Decline by the management |
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|
Bankers : |
Ř
Bank of Baroda Ř
Canara Bank Ř
Corporation Bank Ř
Indian Overseas Bank Ř
Standard Chartered Bank Ř
The Hongkong and Shanghai Banking Corporation
Limited Ř Union Bank of
India |
|||||||||||||||
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|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking Relations
: |
-- |
|
|
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|
Auditors : |
|
|
Name : |
V. Sankar Aiyar and Company Chartered Accountants |
|
|
|
|
Auditors 2 : |
|
|
Name : |
R.G.N. Price and Company Chartered Accountants |
|
|
|
|
Subsidiaries (held directly) : |
Ř
Cipla FZE Ř
Goldencross Pharma Private Limited Ř
Cipla (Mauritius) Limited Ř Meditab
Specialities Private Limited |
|
|
|
|
Subsidiaries (held indirectly) : |
Ř
Cipla (UK) Limited Ř Cipla Australia Pty Limited (formerly Cipla-Oz Pty Limited Ř Cipla (EU) Limited (formerly STD Chemicals Limited Ř
Medispray Laboratories Private Limited Ř
Sitec Labs Private Limited Ř Four M Propack
Private Limited Ř
Meditab Holdings Limited Ř
Meditab Pharmaceuticals South Africa (Pty)
Limited Ř
Meditab Specialities New Zealand Limited Ř Cipla İlaç
Ticaret Anonim Ř Cipla USA Inc. (w.e.f. 12th September 2012) Ř Cipla Kenya Limited (w.e.f. 8th October 2012) Ř
Cipla Malaysia Sdn. Bhd. (w.e.f. 20th March
2013) |
|
|
|
|
Associates : |
Ř
Quality Chemical Industries Limited Ř
Stempeutics Research Private Limited Ř
Biomab Holding Limited Ř Mabpharm Private Limited (w.e.f. 29th October 2012) |
|
|
|
|
Joint Venture : |
Aspen-Cipla Australia Pty Limited |
|
|
|
|
Entities over which Key Management Personnel are able to exercise
significant influence : |
Ř
Okasa Private Limited Ř
Okasa Pharma Private Limited Ř Cipla Foundation |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs. 1605.800 Millions
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
875000000 |
Equity Shares |
Rs. 2/- each |
Rs. 1750.000 Millions |
|
|
|
|
|
Issued :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
803924752 |
Equity Shares |
Rs. 2/- each |
Rs. 1607.800
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
802921357 |
Equity Shares |
Rs. 2/- each |
Rs. 1605.800
Millions |
|
|
|
|
|
Ř There is no change
in the shares outstanding at the beginning and at the end of the reporting date
and immediately preceding reporting date.
Ř
Details of Shareholders holding more than 5 percent
shares in the Company
|
Particulars |
31.03.2013 |
|
|
|
Number of shares |
% Holding |
|
Y.K. Hamied |
124827750 |
15.55 |
|
Farida Hamied |
41914937 |
5.22 |
|
Sophie Ahmed |
45982000 |
5.50 |
|
Life Insurance Corporation of India |
80153536 |
9.98 |
Terms and Rights
attached to Equity Shares
The Company has only one class of equity shares having a par value of `2 per share. Each holder of equity share is entitled to one vote per share. 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.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholder.
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 |
1605.800 |
1605.800 |
1605.800 |
|
(b) Reserves & Surplus |
99310.600 |
87089.400 |
73897.000 |
|
(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) |
100916.400 |
88695.200 |
75502.800 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4.300 |
5.500 |
22.000 |
|
(b) Deferred tax liabilities (Net) |
3112.000 |
2812.000 |
2324.500 |
|
(c) Other long term liabilities |
300.000 |
300.000 |
300.000 |
|
(d) long-term provisions |
739.900 |
473.400 |
291.200 |
|
Total Non-current Liabilities (3) |
4156.200 |
3590.900 |
2937.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
8769.100 |
9652.600 |
100.000 |
|
(b) Trade payables |
9625.600 |
8270.900 |
6858.500 |
|
(c) Other current liabilities |
3332.000 |
2426.200 |
2327.900 |
|
(d) Short-term provisions |
2440.700 |
2296.300 |
2206.400 |
|
Total Current Liabilities (4) |
24167.400 |
22646.000 |
11492.800 |
|
|
|
|
|
|
TOTAL |
129240.000 |
114932.100 |
89933.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
35195.900 |
34182.900 |
30026.600 |
|
(ii) Intangible Assets |
46.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
3196.400 |
3399.900 |
3434.500 |
|
(iv) Intangible assets under development |
570.500 |
103.500 |
0.000 |
|
(b) Non-current Investments |
33282.800 |
5143.600 |
4618.300 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5353.000 |
3737.200 |
3935.000 |
|
(e) Other Non-current assets |
615.700 |
3.100 |
2.400 |
|
Total Non-Current Assets |
78260.300 |
46570.200 |
42016.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2588.500 |
20874.600 |
5733.200 |
|
(b) Inventories |
25111.600 |
23433.700 |
18245.000 |
|
(c) Trade receivables |
17281.000 |
16452.200 |
15193.100 |
|
(d) Cash and cash equivalents |
460.400 |
1050.700 |
550.600 |
|
(e) Short-term loans and advances |
5155.600 |
6527.900 |
7654.800 |
|
(f) Other current assets |
382.600 |
22.800 |
539.800 |
|
Total Current Assets |
50979.700 |
68361.900 |
47916.500 |
|
|
|
|
|
|
TOTAL |
129240.000 |
114932.100 |
89933.300 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
93802.900 |
82024.200 |
69775.000 |
|
|
|
Other Income |
2802.800 |
2291.300 |
1483.000 |
|
|
|
TOTAL (A) |
96605.700 |
84315.500 |
71258.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
31453.400 |
26468.300 |
23008.500 |
|
|
|
Purchase of Traded Goods |
7734.000 |
7068.900 |
5555.500 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Process
and Traded Goods |
(1581.200) |
(2907.500) |
112.400 |
|
|
|
Employee Benefits Expense |
12847.500 |
9692.800 |
7282.100 |
|
|
|
Other Expenses |
23453.900 |
20510.300 |
17997.900 |
|
|
|
TOTAL (B) |
73907.600 |
60832.800 |
53956.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
22698.100 |
23482.700 |
17301.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1278.600 |
333.800 |
266.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
21419.500 |
23148.900 |
17035.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3236.100 |
3030.300 |
2820.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
18183.400 |
20118.600 |
14214.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4300.000 |
5047.500 |
2975.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
13883.400 |
15071.100 |
11239.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
42701.300 |
31108.900 |
22979.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
NA |
1605.800 |
1600.000 |
|
|
|
Tax on Dividend |
NA |
272.900 |
260.000 |
|
|
|
Transfer to General Reserve |
NA |
1600.000 |
1250.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
42701.300 |
31108.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
NA |
36920.300 |
|
|
|
Technical Know-how/ Fees |
NA |
NA |
295.500 |
|
|
|
Others |
NA |
NA |
65.900 |
|
|
TOTAL EARNINGS |
NA |
NA |
37281.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials / Packing Materials |
NA |
12067.800 |
9543.400 |
|
|
|
Components and Spare Parts |
NA |
262.300 |
324.200 |
|
|
|
Capital Goods |
NA |
832.100 |
1465.000 |
|
|
TOTAL IMPORTS |
NA |
13162.200 |
11332.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.29 |
18.77 |
14.00 |
|
Note:
The Company is essentially in the pharmaceutical business segment.
The figures of last quarter are the balancing figures between audited figures
in respect of the full financial year and the published year to date figures
upto the third quarter of the relevant financial year.
The Directors at their meeting held on May 29, 2014, recommended payment of
dividend of Rs. 2 per equity share (face value Rs. 2 per equity share) for the
year 2013-2014 amounting to Rs. 1605.800 millions.
In 2003, the Company received notice of demand from the National Pharmaceutical
Pricing Authority, Government of India on account of alleged overcharging in
respect of certain drugs under the Drug Price Control Order. This was contested
before the jurisdictional High Courts in Mumbai, Karnataka and Allahabad
wherein it was held in favour of the Company. The orders of Hon'ble High Court
of Allahabad and Bombay were challenged before the Hon'ble Supreme Court of
India by the Government. Although in the challenge to the decision of the
Hon'ble Bombay High Court, the Hon'ble Supreme Court of India restored the
matter to the Hon'ble Bombay High Court in August 2003 for interpreting the
Drug Policy on the basis of directions and principles laid down by them and the
same was pending, in the challenge to the Hon'ble High Court of Allahabad's
order, in February 2013, the Hon'ble Supreme Court of India transferred the
Bombay High Court petition also before itself for a final hearing on both the
matters. In an earlier order, the Hon'ble Supreme Court has already restrained
the govt from taking any coercive action against the Company. The Company has
been legally advised that on the basis of these orders there is no probability
of demand crystallising. Hence no provision is considered necessary in respect
of notice of demand received by the company up to date aggregating to Rs.
17685.100 millions.
During the quarter ended March 31, 2014, in accordance with Employee Stock
Option Scheme ("ESOS 2013 - A") dated October 31, 2013, the Company
has granted 85,194 stock options to employees at an exercise price equal to
face value of the equity share. These options would vest not earlier than 1
year and not later than 2 years from the date of grant of options.
The figures of the previous year/period have been regrouped/recast to render
them comparable with the figures of the current period.
The above results after being reviewed by the Audit Committee were approved at
the meeting of the Board of Directors held on May 29, 2014.
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
14.37 |
17.87 |
15.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.38 |
24.53 |
20.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.72 |
18.93 |
17.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.23 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.09 |
0.11 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.11 |
3.02 |
4.17 |
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 |
1605.800 |
1605.800 |
1605.800 |
|
Reserves & Surplus |
73897.000 |
87089.400 |
99310.600 |
|
Net worth |
75502.800 |
88695.200 |
100916.400 |
|
|
|
|
|
|
long-term borrowings |
22.000 |
5.500 |
4.300 |
|
Short term borrowings |
100.000 |
9652.600 |
8769.100 |
|
Total borrowings |
122.000 |
9658.100 |
8773.400 |
|
Debt/Equity ratio |
0.002 |
0.109 |
0.087 |
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 |
69775.000 |
82024.200 |
93802.900 |
|
|
|
17.555 |
14.360 |
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 |
69775.000 |
82024.200 |
93802.900 |
|
Profit |
11239.600 |
15071.100 |
13883.400 |
|
|
16.11% |
18.37% |
14.80% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
Long Term
Borrowings |
|
|
|
Deferred Payment Liability - Sales Tax Deferral Loan |
NA |
5.500 |
|
|
|
|
|
Short term
borrowings |
|
|
|
Packing Credit from Banks |
NA |
9557.700 |
|
|
|
|
|
Total |
NA |
9563.200 |
LITIGATION DETAILS:
HIGH
COURT OF BOMBAY
|
Bench:- Bombay |
||||||||
|
Presentation Date:- 09/05/2014 |
||||||||
|
Lodging No:- |
CAL/218/2014 |
Filling Date:- |
09/05/2014 |
Reg. No.: |
CA/279/2014 |
Filling Date: |
09/05/2014 |
|
|
|
||||||||
|
Petitioner:- |
TWILIGHT LITAKA PHARM LIMITED |
Respondent:- |
CIPLA LIMITED |
|||||
|
Petn. Adv.: |
THODUR LAW ASSOCIATES (I2108) |
|
|
|||||
|
District:- |
PUNE |
|||||||
|
|
||||||||
|
Bench:- |
SINGLE |
|||||||
|
Status:- |
Pre-Admission |
Category:- |
COMPANY APPLN. U/SEC 433,434,439 OF COMPANIES ACT |
|||||
|
Last Date:- |
24/07/2014 |
Stage: |
|
|||||
|
Last Coram: |
According to Sitting List |
|
|
|||||
|
|
||||||||
|
Act:- |
Companies Act and Rules 1956 |
Under Section:- |
433,434 and 439 |
|||||
FIXED ASSETS
Ř Freehold Land
Ř Leasehold Land
Ř Buildings and
Flats
Ř Plant and
Machinery
Ř Furniture and
Fixtures
Ř Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.00 |
|
|
1 |
Rs. 102.19 |
|
Euro |
1 |
Rs. 80.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
77 |
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.