MIRA INFORM REPORT
|
Report Date : |
19.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
DISHMAN PHARMACEUTICALS AND CHEMICALS LIMITED |
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Registered
Office : |
Bhadra-Raj Chambers, Swastik Cross Road, Navrangpura,
Ahmedabad-380009, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
29.06.1983 |
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Com. Reg. No.: |
04-006329 |
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Capital
Investment / Paid-up Capital : |
Rs.161.394 Millions |
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CIN No.: [Company Identification
No.] |
L24230GJ1983PLC006329 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMD00851E |
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PAN No.: [Permanent Account No.] |
AAACD4161D AAACD4164D |
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Legal Form : |
A Public Limited
Liability Company. The Company’s
Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturing and marketing of
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No. of Employees
: |
1055 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 29000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear (Gujarat case site not working) |
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Comments : |
Subject is an established company having satisfactory track record. Financial position of the company is sound. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a quarter
of a century. The data was below an official estimate of 4.9 % annual growth
and compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 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 |
CARE |
|
Rating |
Long Term Bank Facilities = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
04.09.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk |
|
Date |
04.09.2013 |
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.
LOCATIONS
|
Registered Office : |
Bhadra-Raj Chambers, Swastik Cross Road, Navrangpura, Ahmedabad –
380009, Gujarat, India |
|
Tel. No.: |
91-79-26445807 / 26443053 / 26560089/ 26420198 |
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Fax No.: |
91-79-26420198 |
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E-Mail : |
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Website : |
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Corporate Office : |
301-306, Samudra Annexe, Off C. G. Road, Navrangpura, Ahmedabad - 380
009, Gujarat, India |
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Factory 1 : |
Plot No. 1216/20, Phase IV, GIDC Estate, Naroda, Ahmedabad – 382 330,
Gujarat, India |
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Tel. No.: |
91-79-2811633 / 2814234 |
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Factory 2 : |
Survey No. 47, Paiki Sub Lot No. 1, Village Lodariya, Taluka Sanand,
District Ahmedabad, Gujarat, India |
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Factory 3: |
Swastika Cross Road, Navrangpura, Ahmedabad 380 009, Gujarat, India |
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Tel. No.: |
91-79-26420198 |
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Branch Office 1 : |
401, Sangeet Plaza, Marol Marashi Road, Andheri (East), Mumbai - 400
059, Maharashtra |
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Tel. No.: |
91-22-2859 2120/ 29204537 |
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Fax No.: |
91-22-2859 2226/ 66964055 |
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E-Mail : |
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Branch Office: |
Also Located at
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Overseas Office : |
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Sales Offices: |
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DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Janmejay R. Vyas |
|
Designation : |
Chairman and Managing Director |
|
Address : |
B/1-A, Rajhans Society, Ellisbridge, Ahmedabad – 380 006, Gujarat, India |
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Date of Birth / Age : |
29.04.1951 |
|
Qualification : |
B. Sc. (Tech.) |
|
Experience : |
39 Years |
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|
Name : |
Mrs. Deohooti J. Vyas |
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Designation : |
Whole-time Director |
|
Address : |
B/1-A, Rajhans Society, Ellisbridge, Ahmedabad – 380 006, Gujarat, India |
|
Date of Birth / Age : |
61 Years |
|
Experience : |
29 Years |
|
Date of Appointment : |
01.12.1997 |
|
Qualification : |
A Bachelor Degree in Science |
|
|
|
|
Name : |
Mr. Arpit J Vyas |
|
Designation : |
Whole Time Director |
|
Date of Birth / Age : |
27 Years |
|
Qualification : |
Chemical Engineer |
|
Experience : |
5 years |
|
Date of Appointment: |
01/06/2009 |
|
Other Directorship : |
|
|
|
|
|
Name : |
Mr. Yagneshkumar B. Desai |
|
Designation : |
Director |
|
Date of Birth / Age : |
72 Years |
|
Date of Appointment : |
26.11.2003 |
|
Qualification : |
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Other Directorship : |
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|
|
|
Name : |
Mr. Sanjay S. Majmudar |
|
Designation : |
Director |
|
Date of Birth / Age : |
49 Years |
|
Date of Appointment : |
14.02.2004 |
|
Qualification : |
CA, LLB, Company Secretary |
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|
|
|
Name : |
Mr. Ashok C. Gandhi |
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Designation : |
Director |
|
Date of Birth / Age : |
73 Years |
|
Date of Appointment: |
30th July, 2004 |
|
Qualification : |
B. Com, LLB |
|
Other Directorship : |
|
KEY EXECUTIVES
|
Name : |
Mr. Deepak S. Pandya |
|
Designation : |
Company Secretary and Compliance Officer |
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|
|
|
Name : |
Mr. V.V.S. Murthy |
|
Designation : |
Chief Financial Officer |
|
Date of Birth / Age : |
57 Years |
|
Qualification : |
B.Com., A.C.A. |
|
Experience : |
32 Years |
|
Date of Appointment: |
01/03/2007 |
|
|
|
|
Name : |
Mr. Rajiv A. Desai |
|
Designation : |
President (Quality) |
|
Date of Birth / Age : |
51 Years |
|
Qualification : |
B.Sc., M.Sc. (Org. Chemistry) and Ph.D (Science- Chemistry) |
|
Experience : |
24 years |
|
Date of Appointment: |
18.10.2010 |
|
|
|
|
Name : |
Mr. Arvind A. Joshi |
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Designation : |
President (H.R. and Admn.) |
|
Date of Birth / Age : |
57 Years |
|
Qualification : |
B.Sc., L.L.B., M.S.W. |
|
Experience : |
37 Years |
|
Date of Appointment: |
18.10.2007 |
SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
48985799 |
60.70 |
|
|
600000 |
0.74 |
|
|
49585799 |
61.45 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
49585799 |
61.45 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
449761 |
0.56 |
|
|
2633594 |
3.26 |
|
|
7223687 |
8.95 |
|
|
10307042 |
12.77 |
|
|
|
|
|
|
5579222 |
6.91 |
|
|
|
|
|
|
11982084 |
14.85 |
|
|
1776379 |
2.20 |
|
|
1466610 |
1.82 |
|
|
855532 |
1.06 |
|
|
611078 |
0.76 |
|
|
20804295 |
25.78 |
|
Total
Public shareholding (B) |
31111337 |
38.55 |
|
Total
(A)+(B) |
80697136 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
80697136 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and marketing of
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Products : |
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PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Manufactured** |
|
Bulk Drugs and Intermediates |
MT |
3185.18 |
** Manufactured quantity, as mentioned above does
not include recovered solvent.
GENERAL INFORMATION
|
No. of Employees : |
1055 (Approximately) |
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Bankers : |
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Facilities : |
Notes: Long Term Borrowings
Short Term Borrowings
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
‘Herigate’, 3rd Floor, Near Gujarat Vidhyapith, Off. Ashram
Road, Ahmedabad-380014, Gujarat, India |
|
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Subsidiaries
: |
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Fellow
Subsidiaries : |
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Joint Venture : |
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Associates : |
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Company in which
KMP / Relatives of KMP can exercise significant influence : |
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CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.2/- each |
Rs.200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80697136 |
Equity Shares |
Rs.2/- each |
Rs.161.394
Millions |
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of the
reporting period:
|
Equity Shares |
Number
of Shares |
Rs.
In Millions |
|
Opening Balance |
80697136 |
161.394 |
|
Fresh issue |
- |
- |
|
Closing Balance |
80697136 |
161.394 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Shri Janmejay R Vyas |
25421750 |
31.50% |
|
Shri Arpit J. Vyas |
12359600 |
15.32% |
|
Smt. Deohooti J Vyas |
10964500 |
13.59% |
|
HDFC Standard Life Insurance Company Limited |
- |
- |
The Company has issued only one class of shares referred to as equity shares having a par value of Rs.2. All equity shares carry one vote per share without restrictions and are entitled to dividend, as and when declared. All shares rank equally with regard to the Company’s residual assets.
The amount of per share dividend recognised as distributions
to equity shareholders during the year ended March 31, 2013 is Rs.1.20
(previous year: Rs.1.20), subject to approval by shareholders in the ensuing
annual general meeting.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
161.394 |
161.394 |
161.394 |
|
(b) Reserves & Surplus |
7,092.752 |
6,574.919 |
6,252.401 |
|
(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) |
7,254.146 |
6,736.313 |
6,413.795 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2,745.271 |
3,016.836 |
3,089.089 |
|
(b) Deferred tax liabilities (Net) |
438.149 |
314.805 |
297.665 |
|
(c) Other long term
liabilities |
468.466 |
493.018 |
350.008 |
|
(d) long-term
provisions |
47.425 |
44.335 |
47.158 |
|
Total Non-current
Liabilities (3) |
3,699.311 |
3,868.994 |
3,783.920 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1,804.761 |
1,280.075 |
1,796.453 |
|
(b) Trade
payables |
944.300 |
849.261 |
1,190.063 |
|
(c) Other
current liabilities |
1,068.322 |
1,548.677 |
922.811 |
|
(d) Short-term
provisions |
179.305 |
133.465 |
122.896 |
|
Total Current
Liabilities (4) |
3,996.688 |
3,811.478 |
4,032.223 |
|
|
|
|
|
|
TOTAL |
14,950.145 |
14,416.785 |
14,229.938 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
6,788.120 |
4,647.345 |
4,804.985 |
|
(ii)
Intangible Assets |
37.347 |
55.887 |
62.743 |
|
(iii)
Capital work-in-progress |
487.901 |
2,573.403 |
1,989.558 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1,870.569 |
1,870.569 |
1,871.405 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1,532.451 |
1,911.606 |
2,329.528 |
|
(e) Other
Non-current assets |
12.150 |
12.150 |
24.298 |
|
Total Non-Current
Assets |
10,728.538 |
11,070.960 |
11,082.517 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1,277.612 |
1,191.265 |
1,242.450 |
|
(c) Trade
receivables |
627.900 |
964.594 |
1,269.676 |
|
(d) Cash
and cash equivalents |
68.570 |
64.517 |
43.135 |
|
(e)
Short-term loans and advances |
2,247.525 |
1,125.449 |
592.160 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
4,221.607 |
3,345.825 |
3,147.421 |
|
|
|
|
|
|
TOTAL |
14,950.145 |
14,416.785 |
14,229.938 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4,846.361 |
4,634.006 |
4208.179 |
|
|
|
Other Income |
135.915 |
117.717 |
145.864 |
|
|
|
TOTAL (A) |
4,982.276 |
4,751.723 |
4,354.043 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1,734.985 |
1,717.763 |
1625.522 |
|
|
|
Purchases of stock-in-trade |
23.830 |
129.831 |
658.363 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
33.121 |
104.834 |
(178.093) |
|
|
|
Employee benefits expense |
582.140 |
452.238 |
470.956 |
|
|
|
Other expenses |
796.785 |
779.787 |
606.519 |
|
|
|
TOTAL (B) |
3,170.861 |
3,184.453 |
3,183.267 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1,811.415 |
1,567.270 |
1,170.776 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
510.996 |
575.443 |
405.317 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1,300.419 |
991.827 |
765.459 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
353.419 |
316.641 |
280.067 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
947.000 |
675.186 |
485.392 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
315.249 |
226.829 |
84.143 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
631.751 |
448.357 |
401.249 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
204.053 |
243.245 |
579.542 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Debenture Redemption Reserve |
62.500 |
125.000 |
500.000 |
|
|
|
Transfer to General Reserve |
80.000 |
250.000 |
96.837 |
|
|
|
Proposed Dividend |
96.837 |
96.837 |
15.709 |
|
|
|
Tax on Proposed Dividend |
15.709 |
15.709 |
125.000 |
|
|
BALANCE CARRIED TO
THE B/S |
580.758 |
204.056 |
243.245 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on FOB |
3595.262 |
3403.542 |
2772.268 |
|
|
|
Contract Research Services |
614.289 |
570.251 |
180.329 |
|
|
TOTAL EARNINGS |
4209.551 |
3973.793 |
2952.597 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
561.815 |
728.187 |
1162.685 |
|
|
|
Capital Goods |
18.270 |
78.172 |
129.131 |
|
|
TOTAL IMPORTS |
580.085 |
806.359 |
1291.816 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.83 |
5.56 |
4.97 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
31.03.2014 (Unaudited) |
|
|
1st Quarter |
2nd Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
900.500 |
1213.400 |
1044.400 |
1574.60000 |
|
Total Expenditure |
577.700 |
889.500 |
636.800 |
881.900 |
|
PBIDT (Excl OI) |
322.800 |
323.800 |
407.700 |
692.700 |
|
Other Income |
16.600 |
37.300 |
16.600 |
427.200 |
|
Operating Profit |
339.300 |
361.100 |
424.300 |
1149.900 |
|
Interest |
224.300 |
150.600 |
148.100 |
121.900 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
115.000 |
210.500 |
276.200 |
1028.000 |
|
Depreciation |
112.100 |
113.200 |
116..000 |
100.000 |
|
Profit Before Tax |
2.900 |
97.300 |
160200 |
928.000 |
|
Tax |
2.000 |
33.800 |
54.700 |
230.100 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
0.900 |
63.500 |
105.500 |
698.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
0.900 |
63.500 |
105.500 |
698.0 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
12.68 |
9.44 |
9.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.54 |
14.57 |
11.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.52 |
6.77 |
4.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.10 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.63 |
0.64 |
0.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06 |
0.88 |
0.78 |
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 |
161.394 |
161.394 |
161.394 |
|
Reserves & Surplus |
6252.401 |
6574.919 |
7092.752 |
|
Net
worth |
6413.795 |
6736.313 |
7254.146 |
|
|
|
|
|
|
long-term borrowings |
3089.089 |
3016.836 |
2745.271 |
|
Short term borrowings |
1796.453 |
1280.075 |
1804.761 |
|
Total
borrowings |
4885.542 |
4296.911 |
4550.032 |
|
Debt/Equity
ratio |
0.762 |
0.638 |
0.627 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
4,208.179 |
4,634.006 |
4,846.361 |
|
|
|
10.119 |
4.583 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
4,208.179 |
4,634.006 |
4,846.361 |
|
Profit |
401.249 |
448.357 |
631.751 |
|
|
9.53% |
9.68% |
13.04% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
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 |
No |
|
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 |
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Term loan from
other parties |
96.746 |
54.546 |
|
Short Term Borrowings |
|
|
|
Loans repayable on demand From banks |
12.778 |
25.787 |
|
Short Term Loans from Banks |
430.785 |
277.000 |
|
Short Term Loans from Directors |
15.500 |
0.000 |
|
Short Term Loans from Others |
78.500 |
0.000 |
|
Total |
634.309 |
357.333 |
Notes
|
Particulars |
Nature of
security |
31.03.2013 |
31.03.2012 |
|
Loans repayable on demand
from banks: |
|
|
|
|
|
|
|
|
|
Corporation Bank |
Hypothecation of Inventories, collateral security of Bank
Of Baroda book debts, first charge on Company’s fixed asset at Naroda DTA plant
located at Plot No. 1216/12,1216/ 20 to 23, Pharse IV, and Plot No. 67, Phase
I, GIDC Estate, Naroda , Ahmedabad unit and second charge on fixed asset at
Bavla. |
254.246 |
62.721 |
|
Bank Of Baroda |
316.437 |
288.011 |
|
|
Bank Of India |
167.454 |
136.967 |
|
|
State Bank Of India |
380.369 |
343.649 |
|
|
|
|
|
|
|
HDFC Bank |
Unsecured |
12.778 |
25.787 |
|
|
|
|
|
|
Short Term Loans
from Banks |
|
|
|
|
|
|
|
|
|
ICICI Bank |
Unsecured |
250.000 |
250.000 |
|
IndusInd Bank |
Unsecured |
0.000 |
27.000 |
|
HDFC Bank Limited |
Unsecured |
80.000 |
0.000 |
|
Axis Bank |
Unsecured |
0.785 |
0.000 |
|
Bank Of India |
Unsecured |
100.000 |
0.000 |
|
|
|
|
|
|
Short Term Loans
from Directors |
|
|
|
|
|
|
|
|
|
Shri J R Vyas |
Unsecured |
15.500 |
0.000 |
|
|
|
|
|
|
Short Term Loans
from Others |
|
|
|
|
|
|
|
|
|
Krone Finstock Private Limited |
Unsecured |
30.000 |
0.000 |
|
Ravisha Financial Services |
Unsecured |
48.500 |
0.000 |
PERFORMANCE AND
OPERATION REVIEW:
During the year, the Company achieved a turnover of Rs.4846.361 Millions
as against Rs.4634.006 Millions during the previous year reflecting a growth of
4.58%. Exports constitute Rs.43326.17 Millions or 89.40% of sales for
2012-2013. Profit before tax improved by about 40.26% (Rs.947.000 Millions
during the year as against Rs.675.186 Millions in the previous year). Profit
after tax for the year was Rs.631.751 Millions as against Rs.448.357 Lacs
during previous year. Earning per share for the year works out to Rs.7.83 per
share (previous year Rs.5.56). The consolidated turnover, which includes
results of all its wholly owned subsidiaries, proportionate share in the joint
ventures (Schutz Dishman Biotech Limited, Dishman Arabia Limited, and Dishman
Japan Limited) and associate (Bhadra- Raj Holdings Private Limited) reported
13.18% growth in sales to Rs.12722.217 Millions for the financial year
2012-2013 compared to the previous year’s sales of Rs.11241.117 Millions.
OPERATIONS:
During the year, most of the key business verticals of the Company and
also almost all major subsidiaries of the Company have performed reasonably
well.
In respect of “CRAMS” segment of Dishman India, as you are aware, since
last two years the Company has modified its focus and is now concentrating on a
larger number of midsize contracts rather than concentrating only on a few
large MNCs. The idea is to de-risk the business model to the maximum extent and
also fill up the available plant capacities so as to effectively improve the
capacity utilization of the plants, which will result into an increase in the
“Return on Capital Employed”. We are happy to inform you that the Company has
successfully started getting many new orders in this particular segment and the
performance is improving. No doubt the business with the major pharma MNCs
continues but as you are all aware this is a fairly long gestation business and
in most of the cases the timelines are not under our control. Under this
strategy the Company is confident of achieving a steady and sustainable growth
in this segment in the coming years.
The state of the art Hi-Potency (Hi-Po unit) – Unit 9 at Bavla has come
in operation during the year. As you are aware, this is perhaps the only one of
its kind facility not only in India but in the entire Asian sub-continent and
is capable of handling extremely high potency molecules with a specific focus
on the therapeutic segments of oncology, steroids, etc. three or four major
Global Pharma majors have already completed safety studies, and regular
business has started, with this unit contributing a turnover of around US $ 4
million during the year. For the current year, the Company has already an order
book/visibility of around US $ 10 million for this unit and at its optimum
capacity the target is to achieve a top line of around US $ 25 – 30 million
over next 2 to 3 years for which a good visibility exists. Again this is a high
margin segment which will also help in improving the bottom line of the
Company.
Similarly, during the year, the Vitamin D3 unit has also commenced
operations. As you may be aware, this is a forward integration facility and
adds value to the Vitamin D3 business that was acquired by the Company from
erstwhile Solvay a few years ago, in the name of its subsidiary company Dishman
Netherland Limited which is having its plant in Netherlands producing
cholesterol, the key raw material for Vitamin D3. A part of the cholesterol is
now being converted into Vitamin D3 resin in the Bavla, India facility of the
Company and the said resin is sent back to the Netherlands for its formulation
into various end use like value added cattle feed, cosmetics etc. Currently
this plant is operating at around 50% capacity utilization and the target is to
ramp up its capacity utilization in next couple of years so as to reach the
optimum capacity.
As you may be aware, the Company has activated a new vertical viz.
Generic API during the year. The idea is to take the advantage of several
products already developed by the Company in the form of around 25 to 30
potential good generic APIs for which the Company has enough data available to
immediately file the DMFs in the regulated market. The focus will be only on
the regulated markets where the Company would be in a position to get a better
value addition and comfortable profit margin. The fundamental logic is to
ensure that the Company effectively increases its capacity utilization of the
existing facilities already created and also capitalizes on product portfolio readily
available with the Company to take the opportunity available in the generic
space in the developed/regulated markets. The Company has already appointed a
separate marketing team for this purpose and has also filed about 5 DMFs in the
regulated markets against specific firm orders/arrangement entered into with
the pharma companies. Going forward this vertical has the potential of
generating an annual turnover of Rs.250 crores over next 3 to 4 years.
As the members may be aware the non-integral subsidiary Company Carbogen
Amcis Switzerland has started performing quite satisfactorily during the year,
thanks to a major business restructuring exercise successfully completed by the
Company. This subsidiary has reported a healthy revenue of around Rs.508 crores
and EBIDTA in the region of 16% and going forward it is confident of continuing
a steady growth in the top line as well as in the margins. The other marketing
subsidiaries viz. Dishman Europe, Dishman USA as well as Dishman Japan have
operated quite satisfactorily during the year.
In as much as Dishman China is concerned the Company is operating on two
parallel strategies. Thus, on one hand a concrete and effective business plan
has already been chalked out to ensure that the available capacity is filled up
at least to a level where the operations reach a cash break-even position.
Simultaneously the Company is also looking for a strategic sell out of the said
facility to a global interested party who could either constitute a joint
venture for the said subsidiary or who could effectively takeover the said
subsidiary, if we are offered a reasonable price.
In as much as the land allotted to the Company in the Pharma and
Finechemicals SEZ situated at village Gangad and Kalyangadh, which is approx.
15 kms. Distant from Company’s Bavla Plant developed by the group company
Dishman Infrastructure Limited (DIL) is concerned, the Company has no plans for
any Capex at that location in foreseeable future. As the members may be aware,
the said group Company DIL is contemplating de-notification/sell out/exit from
the SEZ in a viable manner and if that happens the Company will be cancelling
the long term lease in respect of the leasehold land in the SEZ allotted to it
and will get its amount duly refunded.
OUTLOOK:
According to RNCOS
new research report on “Indian Pharma Sector Forecast 2014” Indian
pharmaceutical industry is projected to show double-digit growth in near future
owing to a rise in pharmaceutical outsourcing and rising investment by
multinational companies. The baseline for optimistic future outlook of the
pharmaceutical market is improvement in the access to medicines to the Indian
population. A large percentage of Pharma products produced in India are
exported, which has led the leading players to expand their reach in to western
nations. Due to the investment in Research & Development and the quest for
more and more ANDA filings, the clinical trials market is expected to grow at
blistering pace in coming years.
Indian Pharma
industry has always been a leading industrial sector of the country, with a
paralleled dominance of both domestic and foreign Pharma companies. Growth of
the industry can be attributed to prominent factor such as growing middle class
population, rapid urbanization, increase in lifestyle related disease and
increasing issuance of health insurance. Besides, the product patent regime has
provided ample support to the industry to sustain its growth pace, despite the
global economic downturn. Further, generic emerging as one of the leading
segments to be benefited by many drugs going off patent in due course of time.
On the CRAMS
front, Indian players are focusing on providing service across the value chain
spanning from development stage to commercial scale production. With several
drug going off patent and big pharma increasing exposure to cost efficient
sourcing locations, opportunities remain favorable for CRAMS players to provide
services and subsequently graduate to commercial scale production.
STATEMENT
OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
31-12-2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
1042.374 |
1210.849 |
3151.878 |
|
b) Other operating income |
2.032 |
2.512 |
6.348 |
|
Total
income from Operations(net) |
1044.406 |
1213.361 |
3158.226 |
|
2.Expenditure |
|
|
|
|
a) Consumption
of Raw Materials |
330.542 |
490.125 |
1297.860 |
|
b) Purchase
of traded goods |
5.273 |
4.026 |
16.868 |
|
c) Changes
in inventories of finished goods, work-in-progress and stock-in-trade |
25.097 |
46.709 |
(111.997) |
|
d) Employee benefits
expense |
136.482 |
146.668 |
418.491 |
|
e)
Depreciation and amortisation expense |
116.042 |
113.231 |
341.359 |
|
f) Other
Expenditure |
139.365 |
169.268 |
435.432 |
|
Total
expenses |
752.801 |
970.027 |
2398.013 |
|
3. Profit from operations before other income and
financial costs |
291.605 |
243.334 |
760.213 |
|
4. Other income |
16.622 |
37.259 |
70.429 |
|
5. Profit from ordinary activities before finance costs |
308.227 |
280.593 |
830.642 |
|
6. Finance costs |
148.060 |
183.324 |
570.305 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
160.167 |
97.269 |
260.337 |
|
8. Exceptional item |
- |
- |
- |
|
9. Profit from ordinary activities before tax
Expense: |
160.167 |
97.269 |
260.337 |
|
10.Tax expenses |
54.654 |
33.758 |
90.417 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
105.513 |
63.511 |
169.920 |
|
12.Extraordinary Items (net of tax expense) |
- |
- |
- |
|
13.Net Profit / (Loss) for the period (11 -12) |
105.513 |
63.511 |
169.920 |
|
14.Paid-up equity share capital (Nominal value Rs.2/- each per share) |
|
|
|
|
15. Reserve excluding Revaluation
Reserves as per balance sheet of previous accounting year |
161.394 |
161.394 |
161.394 |
|
16.i) Earnings per share (before extraordinary
items) Rs.2/-
each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
1.31 |
0.79 |
2.11 |
|
ii) Earnings per share (after extraordinary items) |
|
|
|
|
(a) Basic and diluted |
1.31 |
0.79 |
2.11 |
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
30,926,758 |
31,176,817 |
30,926,758 |
|
- Percentage of shareholding |
38.32% |
38.63% |
38.32% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
11,800,000 |
9,615,000 |
11,800,000 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
23.71% |
19.42% |
23.71% |
|
Percentage of shares (as a % of total share capital of the
company) |
14.62% |
11.92% |
14.62% |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
37,970,378 |
39,905,319 |
37,970,378 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
76.29% |
80.58% |
76.29% |
|
Percentage of shares (as a % of total share capital of the
company) |
47.06% |
49.45% |
47.06% |
|
|
|
|
|
|
B. Investor
Complaints |
|
||
|
Pending at the beginning of the quarter |
- |
||
|
Receiving during the quarter |
6 |
||
|
Disposed of during the quarter |
6 |
||
|
Remaining unreserved at the end of the quarter |
- |
||
UNAUDITED SEGMENT WIE REVENUE, RESULTS AND
CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
Nine
Months Ended (
Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
Segment Revenue |
|
|
|
|
(a) CRAMS |
581.160 |
765.065 |
1892.232 |
|
(b) Others |
461.214 |
445.784 |
1259.646 |
|
Total |
1042.374 |
1210.849 |
3151.878 |
|
Less: Inter-segment Revenue |
- |
- |
|
|
Net Sales /Income from Operation |
1042.374 |
1210.849 |
3151.878 |
|
Segment Results {(Profit)(+)/(Loss)(-) before tax and interest from
each segment} |
|
|
|
|
(a) CRAMS* |
179.150 |
172.139 |
571.570 |
|
(b) Others* |
129.075 |
108.454 |
259.072 |
|
Total |
308.225 |
280.593 |
830.642 |
|
Less: i) Interest |
148.060 |
183.324 |
570.305 |
|
ii) Other un-allocable expenditure net off unallocable income |
- |
- |
|
|
Total Profit/(Loss) Before Tax |
160.165 |
97.269 |
260.337 |
|
Capital Employed (Segment Assets-Segment liabilities) |
|
|
|
|
(a) CRAMS |
5712.426 |
5814.153 |
5712.426 |
|
(b) Others |
4888.468 |
5584.896 |
4888.468 |
|
(c) Unallocable others |
1969.890 |
1410.869 |
1969.890 |
|
Total |
12570.784 |
12809.918 |
12570.784 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10458519 |
14/10/2013 |
30,000,000.00 |
Corporation
Bank |
Rangoli
Complex, Opp. V. S. Hospital, Ellisbridge, Ahmedabad, Gujarat - 380006, India |
B88898465 |
|
2 |
10457989 |
05/10/2013 |
50,000,000.00 |
BANK
OF INDIA |
Ahmedabad
Mid Corporate Branch 1st Floor, Boi Building, C. G. Road, Navrangpura,
Ahmedabad, Gujarat - 380009, India |
B88688056 |
|
3 |
10435703 |
05/07/2013 |
323,000,000.00 |
BANK
OF BARODA |
Corporate
Financial Service Branch, BOB Towers, 1st Floor, Opp. Law Garden,
Ellisbridge, Ahmedabad, Gujarat - 380006, India |
B79133781 |
|
4 |
10434598 |
22/08/2013 * |
1,114,700,000.00 |
State
Bank of India |
Overseas
Branch, 3rd Floor, Amrit Jayanti Bhavan, Navjivan Trust Complex, Off. Ashram
Road,, Ahmedabad, Gujarat - 380014, India |
B87136669 |
|
5 |
10337737 |
24/02/2012 |
500,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
Centre
One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai,
Maharashtra - 400005, India |
B33042599 |
|
6 |
10306297 |
03/09/2011 |
656,700,000.00 |
State
Bank of India |
Overseas
Branch, 3rd Floor, Amrit Jayanti Bhavan, Navjivan Trust Complex, Off. Ashram
Road,, Ahmedabad, Gujarat - 380014, India |
B20554614 |
|
7 |
10238901 |
27/08/2010 |
750,000,000.00 |
IDBI
Trusteeship Services Limited |
Asian
Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra -
400001, India |
A93510279 |
|
8 |
10217457 |
07/05/2010 |
750,000,000.00 |
IDBI
Trusteeship Services Limited |
Asian
Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra -
400001, India |
A85001410 |
|
9 |
10217103 |
16/09/2010 * |
300,000,000.00 |
Standard
Chartered Bank |
Abhijeet
II, Ground Floor, Near Mithakali Six Roads, Ahmedabad, Gujarat - 380006,
INDIA |
A94384336 |
|
10 |
10192311 |
17/01/2014 * |
2,700,000,000.00 |
3i
Infotech Trusteeship Services Limited |
3rd To
6th Floor, International Infotech Park,, Tower No.5, Vashi Railway Station
Complex, Vashi, Navi Mumbai, Maharashtra - 400703, India |
B97655385 |
|
11 |
10186487 |
17/01/2014 * |
2,700,000,000.00 |
3i
Infotech Trusteeship Services Limited |
3rd To
6th Floor, International Infotech Park,, Tower No.5, Vashi Railway Station
Complex, Vashi, Navi Mumbai, Maharashtra - 400703, India |
B97654792 |
|
12 |
10136425 |
26/12/2008 |
500,000,000.00 |
Indusind
Bank Limited |
World
Business House, M. G. Road,, Nr. Parimal Garden, Ellisbridge,, Ahmedabad,
Gujarat - 380015, India |
A53887907 |
|
13 |
10072442 |
18/02/2012 * |
1,970,000,000.00 |
State
Bank of India (Lead Bank) |
Overseas
Branch, 3rd Floor, Amrit Jayanti Bhavan, Navjivan Trust Complex, Off. Ashram
Road,, Ahmedabad, Gujarat - 380014, India |
B33303363 |
|
14 |
90099685 |
14/08/2003 |
1,200,000.00 |
ICICI
BANK LIMITED |
ICICI
Towers, Bandra Curla Complex, Mumbai, Maharashtra - 400051, India |
- |
|
15 |
90099227 |
27/07/2000 |
1,500,000.00 |
Corporation
Bank |
Industrail
Finance Branch, Ahmedabad, Gujarat, India |
- |
|
16 |
90099132 |
29/02/2000 |
620,000.00 |
Corporation
Bank |
Industrail
Finance Branch, Ahmedabad, Gujarat, India |
- |
|
17 |
90098942 |
18/02/2012 * |
1,970,000,000.00 |
State
Bank of India (Lead Bank) |
Overseas
Branch, 3rd Floor, Amrit Jayanti Bhavan, Navjivan Trust Complex, Off. Ashram Road,,
Ahmedabad, Gujarat - 380014, India |
B33307794 |
|
18 |
90096558 |
15/09/1998 |
17,500,000.00 |
BANK
OF PUNJAB LIMITED |
Ahemdabad
Branch, Chaitanya; C.G.Road ; Panchvati, Ahmedabad, Gujarat - 380006, India |
- |
|
19 |
90098783 |
24/02/1998 |
2,500,000.00 |
Corporation
Bank |
Industrial
Finance Branch, Ashram Road, Ahemdabad, Gujarat, India |
- |
|
20 |
90097076 |
22/06/1981 |
500,000.00 |
Madhya
Pura Mercentile Co. Op. Bank |
Astodia
Branch, Ahemdabad, Gujarat, India |
- |
*Date of modification charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Laboratory Equipment
·
Electrical Installation
·
Furniture and Fixtures
·
Office Equipment and Computer
·
Vehicles
NEWS:
DISHMAN PHARMACEUTICALS CLARIFIES ON INCREASE IN VOLUME
With reference to
increase in volume, Dishman Pharmaceuticals and Chemicals Limited has clarified
that, to the best of our knowledge and belief, there is no price sensitive
information/ development which can have a bearing on the performance of the
Company and which has not been an announced by the Company.
DISHMAN PINS HOPES ON CHINA UNIT
JR Vyas, MD, Dishman Pharma says Carbogen Amcis anticipates a turnover of 96 million this fiscal and a turnover of 106 million the next fiscal year.
In an interview with CNBC-TV18’s Reema Tendulkar and Sumaira Abidi, JR Vyas, MD
of Dishman Pharmaceuticals & Chemicals talks about its Q3 figures and the
road map ahead.
Commenting on the company's China plant, he said the facility was doing extremely well and would reach breakeven or even make whooping profits by end of FY15.
GlaxoSmithKline Pharma Q4 profit falls 15.5% to Rs.1170.000 Millions Below is the verbatim transcript of the interview:
Q: Could you take us through what we can expect from Carbogen Amcis going forward because that disappointed the street, there was some deferment of dispatches as well, we understand, in the previous quarter? In the next quarter, what can we expect and will there be a bounce back over there?
A: Yes, there will be a bounce back. Last quarter was our exception where the delivery was deferred. This quarter and the whole of next fiscal year, Carbogen Amcis is going to perform exceptionally well.
Q: If you could put that into some numbers because in the previous quarter, Carbogen Amcis reported 4 percent decline in revenue so what can we expect in Q4 as well as in FY15?
A: This year, Carbogen Amcis will do Rs.96.000 millions of turnover and next year Rs.106.000 millions of turnover. This year they will do a profit of Rs.6.000-8.000 millions and next year more than Rs.10.000 millions.
Q: While most analysts, after studying your results, maintained that there is upside potential from here for Q4 but their key risk to their assumption includes slowdown in the global CRAMs business and also some execution risk? In terms of the contract research and manufacturing (CRAMs) business, what is the kind of momentum that you see going forward and do you think executionally there are some problems that you could be facing and if so, your views on how it could be resolved?
A: We are surprised that suddenly there has been a very positive movement in the CRAMs. We are flooded with the enquiries and orders both for the contract research and the contract manufacturing and right now we are planning which product to drop because we will not be able to manufacture and how to use China facility to make some of the products.
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.60.12 |
|
UK Pound |
1 |
Rs.102.00 |
|
Euro |
1 |
Rs.81.43 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
50 |
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.