MIRA INFORM REPORT
|
Report Date : |
09.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
INTAS PHARMACEUTICALS LIMITED (w.e.f. 10.03.1995) |
|
|
|
|
Formerly Known
As : |
INTAS LABORATORIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor, Chinubhai Center, Ashram Road, Ahmedabad – 380009, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
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 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI5120L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The company engaged in the development,
manufacture, and marketing of pharmaceutical formulations. |
|
|
|
|
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 |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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
31-03-2012.
INFORMATION DENIED
Management non-cooperative
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 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
400 Sq. Ft |
|
Location : |
Owned |
|
|
|
|
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 |
|
|
|
|
Factory 2 : |
7/3, GIDC Estate,
Behind Dena Bank, Vatva,
Ahmedabad- 382445, Gujarat, India |
|
Tel No : |
91-79-25831279 |
|
Fax No : |
91-79-25830207 |
|
|
|
|
Factory 3 : |
85/87 Kailash
Industrial Estate, Post Jyawa Taluka, Sanand, Ahmedabad, Gujarat, India |
|
Tel. No.: |
91-2717-284188 |
|
|
|
|
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 : |
|
|
|
|
|
Banking Relations : |
--- |
|
|
|
|
Financial Institution : |
|
|
|
|
|
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 : |
CIN No.:
U24231GJ2001PLC039545
CIN No.: U24230GJ2005PLC047111
CIN No.: U33110GJ2010PLC061475
CIN No.: U24231GJ2000PLC037582
CIN No: U24231GJ1973PLC040442
|
|
|
|
|
Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their
relatives : |
CIN No.: U21029GJ2001PLC039733
CIN No.: U73100GJ2003PLC042948
CIN No.: U51909GJ1955PTC000577
CIN No.: U65910GJ1994PTC023392
CIN No.: U24236GJ1998PLC034883
CIN No.: U74300GJ2001PLC046472
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 |
|
|
|
|
|
|
|
Income |
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) |
|
Sales |
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) |
|
Sales |
19,243.285 |
26,222.167 |
33,976.677 |
|
Profit After Tax |
2,815.239 |
4,428.967 |
5,469.955 |
|
|
14.63% |
16.89% |
16.10% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
Current Maturities of Long-Term Debt |
1054.099 |
1644.281 |
974.258 |
|
|
|
|
|
|
Total |
1054.099 |
1644.281 |
974.258 |
|
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:
|
HIGH COURT OF
GUJARAT CIVIL
APPLICATION (FOR DIRECTION) NO.: 9068 OF 2010 IN SPECIAL CIVIL
APPLICATION / 2082/2009 (PENDING) |
||||
|
Status: PENDING
( Converted from : CAST/10626/2010 ) CCIN No : 001003201009068 Last Listing Date: 06.09.2010 ·
Coram: HONOURABLE MR.JUSTICE M R SHAH |
||||
|
|
Not Before : |
|
||
|
S.NO. |
Name of the Petitioner |
Advocate On Record |
||
|
1 |
GUJARAT MAZDOOR SABHA |
MR MUKUL SINHA for: Petitioner (s) |
||
|
S.NO. |
Name of the Respondant |
Advocate On Record |
||
|
1 |
INTAS PHARMACEUTICALS LTD. |
MS TRIVEDI AND GUPTA for : Respondent (s) |
||
|
2. |
SHAH AND COMPANY |
MR DIPAK R DAVE for : Respondent (s) |
||
|
3. |
RAJ CONTRACT EMPLOYEE SERVICES |
MR DC DAVE for : Respondent (s) |
||
|
4. |
SHREE GAJANAND LABOUR CONTRACTOR |
MR RD DAVE for : Respondent (s) |
||
|
5. |
CHAMUNDA LABOUR CONTRACTOR |
|
||
|
Presented On |
: 06.08.2010 |
Registered On |
: 06.08.2010 |
|
Bench Category |
: SINGLE BENCH |
District |
: AHMEDABAD |
|
Case Originated From |
:
THROUGH ADVOCATE |
Listed |
: 1 times |
|
Stage Name |
: FOR REGULAR ADMISSION |
||
|
Act
CIVIL PROCEDURE CODE, 1908 |
|||
|
Office Details |
||||||
|
S.
No. |
Filing
Date |
Document
Name |
Advocate
Name |
Court
Fee on Document |
Document
Details |
|
|
1 |
06.08.2010 |
APPLICATION |
MR MUKUL SINHA ADVOCATE for: PETITIONER (s) |
20 |
--- |
|
|
2 |
15.08.2010 |
VAKALATNAMA |
MR DC DAVE ADVOCATE for :
RESPONDENT (s) |
4 |
MR DC DAVE:3 |
|
|
3 |
15.08.2010 |
VAKALATNAMA |
MR DIPAK R DAVE ADVOCATE for : RESPONDENT (s) |
4 |
MR DIPAK R
DAVE:2 |
|
|
|
15.08.2010 |
VAKALATNAMA |
MR RD DAVE ADVOCATE for : RESPONDENT (s) |
4 |
MR RD DAVE:4 |
|
|
4 |
15.08.2010 |
VAKALATNAMA |
MS TRIVEDI AND GUPTA ADVOCATE for : RESPONDENT (s) |
-- |
MS TRIVEDI AND
GUPTA:1 |
|
|
|
|
|
|
|
|
|
|
Court
Proceedings |
||||||
|
S. No. |
Notified Date |
Court Code |
Board Sr. No. |
Stage |
Action |
Coram |
|
1 |
06.09.2010 |
10 |
- |
FOR REGULAR ADMISSION |
NEXT DATE |
HONOURABLE MR.JUSTICE M.R. SHAH |
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
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.59.20 |
|
|
1 |
Rs.99.52 |
|
Euro |
1 |
Rs. 80.83 |
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.