MIRA INFORM REPORT
|
Report Date : |
07.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
PFIZER LIMITED |
|
|
|
|
Registered
Office : |
Patel Estate,
Off. S.V. Road, Pfizer Centre,
Jogeshwari (West), Mumbai – 400102, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
21.11.1950 |
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Com. Reg. No.: |
11-008311 |
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Capital
Investment / Paid-up Capital : |
Rs.298.432
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24231MH1950PLC008311 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP00256E |
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PAN No.: [Permanent Account No.] |
AAACP3334M |
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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, Marketing, Trading and Export of Pharmaceutical Products. Business Segments: The business operations of the Company comprise Pharmaceuticals, Animal Health and Services. The business segments have been identified and reported taking into account, the nature of products and services, the differing risks and returns and the internal financial reporting systems.
The Pharmaceuticals business comprises of manufacturing of formulations, trading of formulations and also includes rendering of marketing services.
The Animal Health business has a presence primarily in the large animal health and poultry market segments and also includes rendering of marketing services. Services - Clinical Development Operations primarily
include conducting clinical trials, new product development and undertaking
comprehensive data management for new drug development. |
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|
|
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No. of Employees
: |
2795 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
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 |
|
Maximum Credit Limit : |
USD 67780000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects healthy 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 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
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.
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.: 91-22-66932000)
LOCATIONS
|
Registered / Head Office : |
Patel Estate,
Off. S.V. Road, Pfizer Centre,
Jogeshwari (West), Mumbai – 400102, Maharashtra, India |
|
Tel. No.: |
91-22-26785511 /
6932000 |
|
Fax No.: |
91-22-26781766 /
6932377 / 66932444 |
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E-Mail : |
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|
Website : |
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Factory 1: |
Thane |
|
Tel. No.: |
91-22-7916161 /
27681036 / 27681421 |
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Fax No.: |
91-22-7916160 |
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|
|
|
Factory 2: |
Plot No. 178-178A,
Industrial Area, Phase I, Chandigarh - 160002, India |
|
Tel. No.: |
91-129-650578 /
79 / 80 / 84 |
|
Fax No.: |
91-129-655178 |
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|
|
Regional Centers” |
5, Patel Estate, S V Road, Jogeshwari (West), Mumbai -
400102, Maharashtra, India |
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Tel. No.: |
91-22-66932000 |
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Fax No.: |
91-22-66932499 |
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Regional Centers: |
Also Located at:
· Kolkata · New Delhi · Chennai · Secunderabad · Lucknow |
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Branch Office : |
Located at : · Ahmedabad · Bangalore · Bhopal · Kolkata · Chennai · Cochin · New Delhi · Guwahati · Lucknow · Ludhiana · Mumbai · Nagpur · Patna · Pune · Secunderabad ·
Varanasi |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Rajendra Ambalal Shah |
|
Designation : |
Chairman |
|
Address : |
Panorama, 2nd Floor, 203, Walkeshwar Road, Mumbai-400006, Maharashtra,
India |
|
Date of Birth/Age : |
07.07.1931 |
|
Date of Appointment : |
09.11.1965 |
|
DIN No.: |
00009851 |
|
|
|
|
Name : |
Mr. Aijaz Rehmatali Tobaccowalla |
|
Designation : |
Non Executive Director |
|
Address: |
15, Sunflower DR, UP Saddle RVR, USA, New Jersey, Pin Code 07458 |
|
Date of Birth/ Age : |
06.01.1967 |
|
Date of Appointment : |
28.06.2012 |
|
DIN No.: |
05312126 |
|
|
|
|
Name : |
Mr. Pradip Panalal Shah |
|
Designation : |
Director |
|
Address : |
72A, Embassy Apartment, 7th Floor, Napean Sea Road,
Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
07.01.1953 |
|
Date of Appointment : |
07.12.1999 |
|
DIN No.: |
00066242 |
|
|
|
|
Name : |
Mr. Uday Chander Khanna |
|
Designation : |
Director |
|
Address: |
Centrum Towers, Flat 182, Centrum Co-operative Society Limited, Barkat
Ali Road, Wadala, Mumbai-400037, Maharashtra, India |
|
Date of Birth/ Age : |
01.12.1949 |
|
Date of Appointment : |
21.05.2012 |
|
Din No.: |
00079129 |
|
|
|
|
Name : |
Mr. Vivek Sampat Dhariwal |
|
Designation : |
Executive Director [Technical Operation] |
|
Address: |
301, Marble Arch, 94 Pali Hill, Bandra (West), Mumbai-400050,
Maharashtra, India |
|
Date of Birth/ Age : |
21.12.1966 |
|
Date of Appointment : |
21.05.2012 |
|
Din No.: |
02826679 |
|
|
|
|
Name : |
Mr. S. Sridhar |
|
Designation : |
Whole-time Director |
KEY EXECUTIVES
|
Name : |
Mr. Prajeet Nair |
|
Designation : |
Secretary |
|
Address : |
A-1/602, Shanti Vihar, Mira Road (East), Thane-401107, Maharashtra, India |
|
Date of Birth/Age : |
25.05.1968 |
|
Date of Appointment : |
01.09.2007 |
|
Pan No.: |
AADPN9155G |
|
|
|
|
Name : |
Dr. C.N. Potkar |
|
Designation : |
Medical and Regulatory Affairs |
|
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|
Name : |
Mrs. (Dr.) Lakshmi Nadkarni |
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Designation : |
Human Resources |
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|
Name : |
Partha Ghosh |
|
Designation : |
Business Unit Head |
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|
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|
Name : |
S. Sridhar |
|
Designation : |
Finance and Distribution |
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|
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|
Name : |
S. Venkatesh |
|
Designation : |
Strategy and Business Development and Commercial |
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|
Name : |
Mr. Samir Kazi |
|
Designation : |
Legal |
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|
Name : |
Sarita Bahl (Ms.) |
|
Designation : |
Public Affairs |
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|
Name : |
Mr. Shiva Nair |
|
Designation : |
Business Technology |
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|
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|
Name : |
Mr. Suresh Muddana |
|
Designation : |
Business Unit Head |
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|
|
|
Name : |
Mr. Suresh Subramanian |
|
Designation : |
Business Unit Head |
|
|
|
|
Name : |
Mr. Vivek Dhariwal |
|
Designation : |
Technical Operations |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
21113171 |
70.75 |
|
|
21113171 |
70.75 |
|
Total shareholding of Promoter and Promoter Group (A) |
21113171 |
70.75 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1332945 |
4.47 |
|
|
11017 |
0.04 |
|
|
75 |
0.00 |
|
|
297154 |
1.00 |
|
|
921371 |
3.09 |
|
|
2562562 |
8.59 |
|
|
|
|
|
|
364318 |
1.22 |
|
|
|
|
|
|
5338747 |
17.89 |
|
|
176248 |
0.59 |
|
|
286394 |
0.96 |
|
|
3400 |
0.01 |
|
|
2033 |
0.01 |
|
|
300 |
0.00 |
|
|
231076 |
0.77 |
|
|
49585 |
0.17 |
|
|
6165707 |
20.66 |
|
Total Public shareholding (B) |
8728269 |
29.25 |
|
Total (A)+(B) |
29841440 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
29841440 |
100.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Pfizer East India BV |
1,81,86,334 |
60.94 |
|
2 |
Warner Lambert Company LLC |
11,87,163 |
3.98 |
|
3 |
Parke Davis & Co LLC |
9,55,733 |
3.20 |
|
4 |
Pharmacia Corporation |
7,83,941 |
2.63 |
|
|
Total |
2,11,13,171 |
70.75 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % |
|
|
1 |
Franklin Templeton Investment Funds |
390000 |
1.31 |
|
|
|
Total |
390000 |
1.31 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Marketing, Trading and Export of Pharmaceutical Products. Business Segments: The business operations of the Company comprise Pharmaceuticals, Animal Health and Services. The business segments have been identified and reported taking into account, the nature of products and services, the differing risks and returns and the internal financial reporting systems.
The Pharmaceuticals business comprises of manufacturing of formulations, trading of formulations and also includes rendering of marketing services.
The Animal Health business has a presence primarily in the large animal health and poultry market segments and also includes rendering of marketing services. Services - Clinical Development Operations primarily
include conducting clinical trials, new product development and undertaking
comprehensive data management for new drug development. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
|
Tablets and Capsules (Three shift basis) |
Million Nos. |
3624 |
|
Liquids (Two shift basis) |
Litres |
6960000 |
|
Solids (Two shift basis) |
Kgs. |
162400 |
|
Ointments (Single shift basis) |
Kgs. |
232800 |
NOTES:
- In terms of Press Note No. 4 (1994 series) dated 25 October, 1994
issued by the Department of Industrial Development, Ministry of Industry, Government
of India and Notification No. S.O. 137(E) dated 1 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.
- The installed capacity is as certified by the Management and not
verified by the Auditors, this being a technical matter.
ACTUAL PRODUCTION:
|
Particulars |
Unit |
Actual
Production |
|
BULK (A) |
Tonnes |
-- |
|
FORMULATIONS (B) Injectables: |
|
|
|
Liquid Parentals |
Litres |
555486.20 |
|
Tablets and
Capsules |
No. in Millions |
3489.91 |
|
Liquids |
Litres |
10810553.97 |
|
Solids |
Kgs |
165419.30 |
|
Food products |
Tonnes |
-- |
|
Feed supplements |
Tonnes |
1068.26 |
NOTES:
1. Figures of
production are inclusive of production for captive consumption and quantities
produced in the factories of third parties on loan licenses.
2. Figures for
Production, Purchases and Closing Stock exclude Physicians’ Sample packs.
3. Stocks are
after adjustments of write-offs.
4. Figures in
brackets are in respect of the previous year.
GENERAL INFORMATION
|
No. of Employees : |
2795 (Approximately) |
|
|
|
|
Bankers : |
· Deutsche Bank AG · HSBC Limited · Citibank N.A. · Standard Chartered Bank · ICICI Bank |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
|
|
|
Statutory Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address: |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N.M. Joshi
Marg, Mahalakshmi, Mumbai - 400011, Maharashtra, India |
|
Tel No.: |
91-22-39896000 |
|
Fax No.: |
91-22-39836000 |
|
|
|
|
Cost Auditors : |
|
|
Name : |
RA and Company Cost Accountants |
|
|
|
|
Ultimate holding
company: |
Pfizer Inc., USA |
|
|
|
|
Companies
collectively exercising significant influence: |
· Pfizer Corporation, Panama · Warner-Lambert Company, LLC, USA · Parke-Davis and Company, LLC, USA · Pharmacia Corporation, USA · Pfizer Investments Netherlands, B.V. [Collectively holding 70.75% of the aggregate of equity share capital of the Company] |
|
|
|
|
Fellow Subsidiaries
with whom transactions have taken place during the year: |
· Pfizer Asia Manufacturing Pte Limited, Singapore · Pfizer Laboratories(Proprietory) Limited South Africa · Pfizer Enterprises SARL, Luxembourg · Pfizer Export Company, Ireland · Pfizer Global Trading, Ireland · Pfizer Limited, United Kingdom · Pfizer Pharmaceutical India Private Limited, India · Pfizer Singapore Trading Pte Limited, Singapore · Pfizer Limited, Phillipines · Pfizer Private Limited,Singapore · Pfizer Products India Private Limited, India · Pfizer Products Inc, USA · Pfizer Animal Health India Limited, India · AHP Manufacturing B.V. India · Wyeth Limited, India · Pfizer Suzhou Animal Health Private Limited · PAH Singapore Pte. Limited · Pfizer (Malaysia) Sdn Bhd ·
Pfizer Animal Pharma Private Limited |
|
|
|
|
Subsidiaries with
whom transactions have taken place during the year: |
·
Pfizer Animal Pharma Private Limited (ceased to
be subsidiary w.e.f 7 Dec 2012) |
CAPITAL STRUCTURE
As on 06.09.2013
Authorised Capital : Rs. 400.000 Millions
Issued ,Subscribed & Paid-up Capital : Rs.
298.414 Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29844080 |
Equity Shares |
Rs.10/- each |
Rs.298.441 Millions |
|
10155920 |
Unclassified Share |
Rs.10/- each |
Rs.101.559 Millions |
|
|
TOTAL |
|
Rs.400.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29844080 |
Equity Shares |
Rs.10/- each |
Rs.298.441
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29841440 |
Equity Shares |
Rs.10/- each |
Rs.298.414
Millions |
|
|
Add: Forfeited Share Capital |
|
Rs. 0.018 Millions |
|
|
TOTAL |
|
Rs.298.432 Millions |
NOTES
Reconciliation of the
number of equity shares and amount outstanding at the commencement and at the
end of the reporting period:
|
Particulars |
31.03.2013 |
|
|
Number of Shares |
Rs. In Millions |
|
|
Balance at the commencement of the year |
29,844,080 |
298.432 |
|
Additions |
-- |
-- |
|
Deletions |
-- |
-- |
|
Balance at the end of the year |
29,844,080 |
298.432 |
Details of equity
shares held by the holding company, the ultimate holding company, their
subsidiaries and associates:
|
Particulars |
31.03.2013 |
|
|
Number of Shares |
Rs. In Millions |
|
|
Ultimate Holding Company |
|
|
|
Pfizer Inc. |
-- |
-- |
|
Subsidiaries of the ultimate holding company |
|
|
|
Pfizer Corporation |
9,376,100 |
93.761 |
|
Pfizer Investments Netherlands, B.V |
8,810,234 |
88.102 |
|
Warner Lambert Company |
1,187,163 |
11.872 |
|
Parke Davis and Company |
955,733 |
9.557 |
|
Pharmacia Corporation |
783,941 |
7.839 |
Shareholders holding
more than 5% shares as on 31 March 2013 and 31 March 2012
|
Particulars |
31.03.2013 |
|
|
Number of Shares |
% Holding |
|
|
Equity shares of Rs.10 each fully paid up held by: |
|
|
|
Subsidiaries of the ultimate holding company |
|
|
|
Pfizer Corporation |
9,376,100 |
31.42 |
|
Pfizer Investments Netherlands, B.V |
8,810,234 |
29.52 |
During the five reporting periods immediately preceeding the reporting date no shares have been issued by capitalization of reserves as bonus shares or for consideration other than cash.
The Company has a single class of equity shares. Accordingly all the equity shares rank equally with regard to voting rights, dividends and share in the Company’s residual assets.
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 |
298.432 |
298.432 |
298.432 |
|
(b) Reserves & Surplus |
16645.781 |
12748.539 |
11336.039 |
|
(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) |
16944.213 |
13046.971 |
11634.471 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
1.000 |
0.000 |
63.777 |
|
(d) long-term
provisions |
140.655 |
258.285 |
281.976 |
|
Total Non-current
Liabilities (3) |
141.655 |
258.285 |
345.753 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
1505.948 |
1360.356 |
980.317 |
|
(c) Other
current liabilities |
395.620 |
356.440 |
427.822 |
|
(d) Short-term
provisions |
1607.565 |
793.564 |
474.162 |
|
Total Current Liabilities
(4) |
3509.133 |
2510.360 |
1882.301 |
|
|
|
|
|
|
TOTAL |
20595.001 |
15815.616 |
13862.525 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible Assets |
248.424 |
306.095 |
350.098 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
3.709 |
3.767 |
16.405 |
|
(iv) Assets held for sale |
7.242 |
8.760 |
8.760 |
|
(b) Non-current Investments |
459.938 |
475.007 |
489.508 |
|
(c) Deferred tax assets (net) |
398.767 |
370.848 |
355.386 |
|
(d) Long-term Loan and Advances |
1433.056 |
1343.116 |
927.234 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2551.136 |
2507.593 |
2147.391 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.500 |
0.000 |
|
(b)
Inventories |
1651.505 |
1832.376 |
1593.235 |
|
(c) Trade
receivables |
1420.881 |
1417.780 |
1001.693 |
|
(d) Cash
and cash equivalents |
14329.370 |
8662.657 |
5784.621 |
|
(e)
Short-term loans and advances |
432.298 |
1298.345 |
3252.255 |
|
(f) Other
current assets |
209.811 |
96.365 |
83.330 |
|
Total
Current Assets |
18043.865 |
13308.023 |
11715.134 |
|
|
|
|
|
|
TOTAL |
20595.001 |
15815.616 |
13862.525 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9479.773 |
10173.234 |
11695.588 |
|
|
|
Other Operating Income |
1020.895 |
759.647 |
828.901 |
|
|
|
Other Income |
1052.430 |
927.336 |
929.033 |
|
|
|
TOTAL (A) |
11553.098 |
11860.217 |
13453.522 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2384.889 |
2307.731 |
2726.507 |
|
|
|
Purchases of Stock-in-Trade |
972.264 |
1468.094 |
1499.904 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(26.651) |
(184.854) |
(321.509) |
|
|
|
Employees benefits expense |
2066.954 |
1928.210 |
2269.935 |
|
|
|
Other expenses |
3232.348 |
3460.481 |
3657.609 |
|
|
|
Exceptional Items |
(4096.938) |
3.750 |
30.256 |
|
|
|
TOTAL (B) |
4532.866 |
8983.412 |
9862.702 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
7020.232 |
2876.805 |
3590.820 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.396 |
5.903 |
24.659 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7017.836 |
2870.902 |
3566.161 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
80.184 |
95.613 |
119.965 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
6937.652 |
2775.289 |
3446.196 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1905.674 |
929.227 |
1182.789 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
5031.978 |
1846.062 |
2263.407 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10225.612 |
8997.718 |
7532.914 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
503.198 |
184.606 |
226.341 |
|
|
|
Proposed Dividend |
373.018 |
373.018 |
119.373 |
|
|
|
Interim Dividend |
0.000 |
0.000 |
373.018 |
|
|
|
Tax on Dividend |
164.835 |
60.544 |
79.871 |
|
|
|
Special Dividend |
596.883 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
13619.656 |
10225.612 |
8997.718 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
12.411 |
17.102 |
19.027 |
|
|
|
Service Income (Gross) |
142.698 |
203.861 |
362.076 |
|
|
TOTAL EARNINGS |
155.109 |
220.963 |
381.103 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
687.548 |
576.533 |
569.671 |
|
|
|
Goods for resale |
244.065 |
453.448 |
322.960 |
|
|
TOTAL IMPORTS |
931.613 |
1029.981 |
892.631 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
168.63 |
56.78 |
68.69 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
31.03.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
2661.600 |
2989.700 |
2721.900 |
2744.800 |
|
Total Expenditure |
2214.500 |
2244.600 |
2257.900 |
2015.700 |
|
PBIDT (Excl OI) |
447.100 |
745.100 |
464.000 |
729.100 |
|
Other Income |
304.900 |
344.500 |
281.300 |
163.100 |
|
Operating Profit |
752.000 |
1089.600 |
745.300 |
892.200 |
|
Interest |
0.800 |
0.100 |
0.800 |
1.900 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
751.200 |
1089.500 |
744.500 |
890.300 |
|
Depreciation |
20.100 |
21.900 |
17.400 |
20.300 |
|
Profit Before Tax |
731.100 |
1067.600 |
727.100 |
870.000 |
|
Tax |
254.800 |
371.700 |
251.100 |
309.700 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
476.300 |
695.900 |
476.000 |
560.300 |
|
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 |
476.300 |
695.900 |
476.000 |
560.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
43.56 |
15.57 |
16.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
73.18 |
27.28 |
29.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
35.17 |
18.55 |
26.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41 |
0.21 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.14 |
5.30 |
6.22 |
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 |
298.432 |
298.432 |
298.432 |
|
Reserves & Surplus |
11336.039 |
12748.539 |
16645.781 |
|
Net
worth |
11634.471 |
13046.971 |
16944.213 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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 |
11695.588 |
10173.234 |
9479.773 |
|
|
|
(13.016) |
(6.817) |
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 |
11695.588 |
10173.234 |
9479.773 |
|
Profit |
2263.407 |
1846.062 |
5031.978 |
|
|
19.35% |
18.15% |
53.08% |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
No |
CURRENT MATURITIES OF
LONG TERM DEBTS: NOT AVAILABLE
LITIGATIONS
|
HIGH COURT OF BOMBAY |
||||||
|
CASE DETAILS |
||||||
|
BENCH:- BOMBAY |
||||||
|
PRESENTATION DATE:- 29/07/2013 |
||||||
|
STAMP NO:- ITXAL/1239/2013 |
FAILING DATE:- 29/07/2013 |
REG. NO.: ITXA/2181/2013 |
REG. DATE: 27/11/2013 |
|||
|
PETITIONER:- |
COMMISSIONER OF INCOME TAX |
RESPONDENT:- |
PFIZER LTD. |
|||
|
PETN.ADV:- |
ARVIND PINTO (11892) |
|
||||
|
DISTRICT:- |
MUMBAI |
|||||
|
BENCH:- |
SINGLE |
|||||
|
STATUS:- |
PRE-ADMISSION |
CATEGORY:- |
TAX APPEALS |
|||
|
ACT:- |
INCOME TAX ACT, 1961 |
|||||
|
UNDER SECTION:- |
260A |
|||||
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
BACKGROUND
The Company is a Public limited Company, incorporated under the Indian Companies Act, 1913, having its registered office in Mumbai, Maharashtra and is listed on BSE Limited and the National Stock Exchange of India Limited. The Company is engaged in manufacturing, marketing, trading and export of Pharmaceutical products. The Company has its own manufacturing facility at Thane and various independent contract/third party manufacturers based across the country. The Company sells its products through independent distributors primarily in India.
FINANCIAL HIGHLIGHTS
The Company’s revenue from operations for the year stood at Rs.9479.800 Millions as compared to Rs.10173.200 Millions in the previous year. As highlighted earlier, the previous year’s figures are not comparable in view of the divestment of the animal health business on 2nd April, 2012. On a comparable basis, i.e., excluding animal health sales from the previous year, the Company’s Pharmaceutical sales grew at 4%.
For the year, the Company achieved a Profit Before Tax of Rs.6937.700 Millions as compared to Rs.2775.300 Millions for the previous year. On a comparable basis, i.e., after excluding the profit attributable to the animal health business in the previous year, the Profit Before Tax and Exceptional Items grew by 6%.
The Company made a gain of Rs.3825.200 Millions on account of sale of the animal health business to Pfizer Animal Pharma Private Limited (PAPPL), the erstwhile wholly-owned subsidiary of the Company and Rs.316.000 Millions on account of transfer of investment in PAPPL.
The Company reported Other Income of Rs.1052.400 Millions for the year showing an increase of 13% over the previous year.
PHARMA INDUSTRY -
OVERVIEW AND OUTLOOK
The Pharmaceutical Industry continues to remain one of the fastest growing sectors and India is expected to be a major global pharmaceutical leader by 2020. The audited pharmaceutical market in India grew by 10.2% to reach USD 13.8 billion in 2012-13. The retail sector accounted for USD 11.6 billion and grew at 10.1%, while the hospital sector accounted for USD 1.4 billion and grew by 9.9% IMS ranks Indian Pharmaceutical Industry 14th in
terms of value and 3rd in volume globally.
The Indian Pharmaceutical growth story is juxtaposed with a slow down caused by interplay of governmental interventions in 2012 and a sluggish economy. Out-of pocket expenditure which continues to dominate India’s healthcare spend also impacts the growth story. Over the past few months, the ‘stable instable’ environment has led to a declining curve in the sector’s growth.
Never before has the Pharmaceutical Industry faced such a challenging environment as it does today. While the industry continues to battle known problems of rising ‘patent cliff ’, expensive cost of doing business and increasing health care expenditure, there has been an unprecedented pressure from government on intellectual property rights and prices, leading to a climate of unpredictability and uncertainty.
Technology advancement and socioeconomic changes will strengthen the sector’s base. These will however, have to be equally balanced by government’s initiatives to increase access to medicines, positive regulatory reforms, Public Private Partnership (PPP) models and incentives for a flourishing R&D ecosystem. Together, these will provide a level playing field and favorable edge to industry players for diversifying their drug discovery portfolio and reaching its valued customers. As per McKinsey reports, the Indian pharmaceutical market is likely to be USD 44-46 billion, with a ~13% CAGR over next 8 years. The report also cautions that the market will reach only USD 35 billion by 2020 with a CAGR ~9% if investment is weakened by price controls and economic slowdown.
REVIEW OF OPERATIONS
- FINANCIAL AND OPERATIONAL PERFORMANCE
FINANCIAL AND
OPERATIONAL PERFORMANCE:
During the year, the Company’s pharmaceutical sales grew by 4% from Rs.8838.500 Millions to Rs.9150.600 Millions.
The Company reported a revenue of Rs.1337.400 Millions under the Segment “Others”, which includes mainly service income, income received from animal health entities towards transitional support and income received for rendering clinical trial services.
While the top two products of the Company, viz., Corex and Becosules continue to dominate their position in their respective segment, both these products showed a flat growth during the year under review mainly on account of general slowdown in the Industry. However, with the realignment of the Business Units from the first quarter 2013-14, the Company expects its top brands to further consolidate their position. Three of the Company’s top 10 products recorded strong double digit growth. The Company also maintained its ranking in most of the therapeutic segments with marginal improvement in the market share.
IMS reported a growth of 7.4% for the Company with a market share of 1.9% (MAT MAR'13) and that the Company has grown faster than the market in the therapeutic segments of Pain and Respiratory. The Company's current portfolio includes some of India’s best known brands, with six of their key brands being in the list of top 100 brands in the industry.
PART I
STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND
YEAR ENDED 31ST MARCH, 2014
|
Sl. No. |
Particulars |
Quarter Ended |
Year Ended |
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
||
|
(Audited) |
(Unaudited) |
(Audited) |
||
|
1. |
Income from Operations |
|
|
|
|
|
a) Net Sales/Income from Operations |
2516.900 |
2477.000 |
10042.700 |
|
|
b) Other Operating Income |
227.900 |
244.900 |
1075.300 |
|
|
Total Income From Operations (Net) |
2744.800 |
2721.900 |
11118.000 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
a)
Cost of materials consumed |
649.600 |
651.200 |
2657.700 |
|
|
b)
Purchase of stock in trade |
275.300 |
315.700 |
1062.77 |
|
|
c)
Changes in inventories of finished goods, work in progress and
stock in trade |
(39.200) |
8.700 |
28.400 |
|
|
d)
Employee benefits expenses |
383.900 |
441.000 |
1917.700 |
|
|
e)
Depreciation and amortization expenses |
383.900 |
441.000 |
1917.700 |
|
|
f)
Other expenses |
20.300 |
17.400 |
79.700 |
|
|
Total Expenses |
746.100 |
841.300 |
3066.200 |
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
708.800 |
446.600 |
2305.600 |
|
4. |
Other
Income |
163.100 |
281.300 |
1093.800 |
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
871.900 |
727.900 |
3399.400 |
|
6. |
Finance
Costs |
1.900 |
0.800 |
3.600 |
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
870.000 |
727.100 |
3395.800 |
|
8. |
Exceptional
Items |
|
|
|
|
|
a)
Gain on sale of Animal Health business |
-- |
-- |
-- |
|
|
b)
Gain on sale of Investment |
-- |
-- |
-- |
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
870.000 |
727.100 |
3395.800 |
|
10. |
Tax
Expense |
309.700 |
251.100 |
1187.300 |
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
560.300 |
476.000 |
2208.500 |
|
12. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
298.400 |
298.400 |
298.400 |
|
13. |
Reserves
Excluding Revaluation Reserve |
|
|
6285.700 |
|
14. |
Earnings per share - Basic and Diluted (of Rs. 10/- each) (not annualised) |
|
|
|
|
|
a. before exceptional items (net of tax) |
18.78 |
15.95 |
74.01 |
|
|
b. after exceptional items |
18.78 |
15.95 |
74.01 |
SELECT INFORMATION FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2014
PART II
|
Sl. No. |
Particulars |
Quarter Ended |
Year Ended |
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
||
|
(Audited) |
(Unaudited) |
(Audited) |
||
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
8,728,269 |
8,728,269 |
8,728,269 |
|
|
-
Percentage of Shareholding |
29.25% |
29.25% |
29.25% |
|
|
|
|
|
|
|
2. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
21,113,171 |
21,113,171 |
21,113,171 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100% |
100% |
100% |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
70.75% |
70.75% |
70.75% |
|
Particulars |
Quarter Ended 31.03.2014 |
|
B INVESTOR COMPLAINTS (Nos.) |
|
|
Pending at the beginning of the quarter |
-- |
|
Received during the quarter |
32 |
|
Disposed of during the quarter |
32 |
|
Remaining unresolved at the end of the
quarter |
-- |
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
|
Particular |
As at 31
March 2014 Audited |
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholders’
funds |
|
|
|
(a) Share capital |
298.400 |
|
|
(b) Reserves and surplus |
6285.700 |
|
|
Sub-total
- Shareholders' funds |
6584.100 |
|
|
|
|
|
2 |
Non-current
liabilities |
|
|
|
(a) Other long-term liabilities |
1.000 |
|
|
(b) Long-term provisions |
155.500 |
|
|
Sub-total
- Non-current liabilities |
156.500 |
|
|
|
|
|
3 |
Current
liabilities |
|
|
|
(a) Trade payables |
1599.300 |
|
|
(b) Other current liabilities |
546.800 |
|
|
(c) Short-term provision |
356.700 |
|
|
Sub-total - Current liabilities |
2502.800 |
|
|
TOTAL - EQUITY AND
LIABILITIES |
9243.400 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-current
assets |
|
|
|
(a) Fixed assets |
239.000 |
|
|
(b) Non-current investments |
444.900 |
|
|
(c) Deferred tax assets (net) |
341.900 |
|
|
(d) Long-term loans and advances |
1365.400 |
|
|
Sub-total
- Non-current assets Current assets |
2391.200 |
|
2 |
Current assets |
|
|
|
(a) Inventories |
1515.000 |
|
|
(b) Trade receivables |
1733.900 |
|
|
(c) Cash and cash equivalents |
3077.900 |
|
|
(d) Short-term loans and advances |
471.700 |
|
|
(e) Other current assets |
53.700 |
|
|
Sub-total
- Current assets |
6852.200 |
|
|
TOTAL
- ASSETS |
9243.400 |
NOTES:
1. The above results were reviewed and recommended by the Audit Committee, for approval by the Board, at its meeting held on May 2, 2014 and were approved and taken on record at the meeting of the Board of Directors of the Company held on that date.
2. The financial results for year ended March 31, 2014 have been audited by the statutory auditors of the Company. The audit report does not contain any qualifications. The audit report will be filed with the Stock Exchanges and will also be available on the Company’s website - www.pfizerindia.com.
3. The figures for the quarter ended March 31, 2014 and quarter ended March 31, 2013 as reported in these financial results are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the relevant financial year. Also, the figures up to the end of the third quarter were only reviewed and not subjected to audit.
4. Employee benefits expense includes provision / payments aggregating to Rs.(0.800) Million for the quarter and Rs.96.300 Millions for year ended March 31, 2014 (Quarter ended December 31, 2013 Rs.7.900 Millions, Quarter and year ended March 31, 2013 Rs.(6.200) Millions and Rs.44.200 Millions respectively) to employees under Voluntary Retirement Scheme.
5. The company had spun-off its animal health business operations on April 2, 2012 to Pfizer Animal Pharma Private Limited (‘PAPPL’). Accordingly, the gain of Rs.3825.200 Millions arising on the slump sale of the said business was disclosed as ‘Exceptional items’ during the year ended March 31, 2013.
The Company had transferred on December 7, 2012, its 100% ownership in the wholly owned subsidiary, Pfizer Animal Pharma Private Limited to Zoetis India Limited (erstwhile Pfizer Animal Health India Limited), the then 100% indirect subsidiary of Pfizer Inc. for a consideration of Rs.4716.000 Millions. The gain on sale of investment of Rs.316.000 Millions is disclosed as exceptional item for the year ended March 31, 2013.
The Company provides transitional support to PAPPL including support for manufacture of certain Animal Health products. The revenue for the quarter and year ended March 31, 2014 includes Nil lakhs and Rs.424.700 Millions respectively (Quarter ended December 31, 2013 Rs.74.700 Millions, Quarter and year ended March 31, 2013 Rs.149.500 Millions and Rs.329.200 Millions respectively) for sale of such products.
Further the Company also provides consignment selling agent services (CSA) and other support functions. Other operating income for the quarter and year ended March 31, 2014 includes Rs.6.400 Millions and Rs.106.700 Millions respectively (Quarter ended December 31, 2013 Rs.22.600 Millions, Quarter and year ended March 31, 2013 Rs.94.500 Millions and Rs.127.800 Millions respectively towards such CSA commission and support services.
The income from such support services were disclosed as ‘Others’ in the segment reporting for the previous periods. However, considering the above spin-off in April of previous year, the Company has concluded that beginning current year April 1, 2013 it has only one segment which is Pharmaceuticals and therefore disclosure relating to segments is not applicable and accordingly not made.
6. The Board of Directors (“The Board”) approved the Scheme of Amalgamation of Wyeth Limited with the Company (“the Scheme”) on November 23, 2013. The Board has approved a share swap ratio of 7 equity shares of the face value of Rs.10 each fully paid up of Pfizer Limited for every 10 equity shares of the face value of Rs.10 each fully paid up of Wyeth Limited. In terms of the Scheme, the Appointed Date is April 1, 2013. The Scheme of Amalgamation has been unanimously approved by of the equity shareholders (100% in number and 100% in value) of those present and voting at the Court Convened Meeting held on April 16, 2014. The said Scheme has also been approved by an overwhelming majority of the minority shareholders by way of postal ballot and e-voting in terms of SEBI Circulars. Pending all other statutory approvals, no effect to the above Scheme has been given in the results.
7. During the quarter ended December 31, 2013 the Company had paid an interim dividend of 3600% (Rs.360 per equity share of Rs.10 each) aggregating to Rs.10742.900 Millions. The Board of Directors of the Company has not recommended any further dividend for the financial year ended March 31, 2014.
8. Figures for previous quarters / year have been regrouped / restated where necessary.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Other guarantees |
81.135 |
37.048 |
|
Other contingent liabilities in respect of: |
|
|
|
1. Excise duty |
102.897 |
103.767 |
|
2. Customs duty |
4.054 |
4.054 |
|
3. Sales tax |
967.460 |
415.032 |
|
4. Service tax |
19.311 |
19.311 |
|
5. Income tax |
2932.672 |
2907.000 |
|
6. Pending labour matters contested in various courts |
10.357 |
10.357 |
FIXED ASSETS
Tangible Assets
· Leasehold land
· Leasehold Improvements
· Building on Leasehold Land
· Plant and
· Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment’s
· Computers
Intangible
Assets
· Trademarks
PRESS RELEASE
PFIZER LIMITED PROFIT BEFORE TAX AND EXCEPTIONAL ITEMS FOR THE YEAR UP
BY 21% TO RS 3395.800 MILLIONS
Pfizer Limited, on May 2, 2014, announced its results for the quarter and year ended March 31, 2014.
The revenue for the quarter was Rs 2516.900 Millions as compared to Rs 2521.900 Millions in the same period last year. The revenue for the year was Rs 10042.700 Millions as compared to Rs 9479.800 Millions last year.
Excluding the transitional support for sales of certain animal health products, the pharmaceutical revenue for the quarter registered a growth of 6% to Rs 2516.900 Millions as compared to Rs 2372.400 Millions in the same period last year. Similarly the revenue for the year registered a growth of 5% to Rs 9618.000 Millions as compare to Rs 9150.600 Millions last year.
The profit before tax and exceptional items for the year grew by 21% to Rs 3395.800 Millions from Rs 2796.500 Millions last year.
The Earnings per share before exceptional items (net of tax) improved to Rs 74.01 per equity share for the year from Rs 61.10 per equity share last year.
The Company had paid an interim dividend of Rs 360 per equity share of Rs 10 each (3600%) during the financial year ended March 31, 2014. The Board has not recommended any further dividend for the financial year ended March 31, 2014 and has treated the Interim Dividend as the final dividend.
About Pfizer Limited:
At Pfizer, we apply science and our global resources to improve health and well-being at every stage of life. We strive to set the standard for quality, safety and value in the discovery, development and manufacturing of medicines for people. Every day, Pfizer colleagues work to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as the world’s leading biopharmaceutical company, we also collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For more than 60 years in India, Pfizer has worked to make a difference for all who rely on us.
“WYETH
LIMITED AND PFIZER LIMITED SHAREHOLDERS APPROVED THE SCHEME OF AMALGAMATION BY
AN OVERWHELMING MAJORITY
April 28, 2014
At the respective Court Convened meetings of the shareholders held on April 16, 2014, the shareholders of Pfizer Limited have unanimously approved (100% in number and value) the Scheme of Amalgamation of Wyeth Limited with Pfizer Limited and the shareholders of Wyeth Limited have voted in favor of the said Scheme by an overwhelming majority of 93.07% in number and 99.99% in value.
Further, as required under SEBI Regulations, the public shareholders have approved, by Postal ballot and e-voting process, the Scheme of Amalgamation by an overwhelming majority of 99.92% for both Pfizer Limited and Wyeth Limited.
The Company would now be seeking the final approval of the Hon’ble Bombay High Court and other regulatory authorities, as may be required under law.”
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.60.20 |
|
|
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MRI |
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 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
72 |
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.