MIRA INFORM REPORT
|
Report Date : |
08.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
TORRENT PHARMACEUTICALS LIMITED |
|
|
|
|
Registered
Office : |
Torrent House, Off. Ashram Road, Navarangpura 9, Ahmedabad – 380009, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
15.07.1972 |
|
|
|
|
Com. Reg. No.: |
04-002126 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 423.100 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230GJ1972PLC002126 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMT00474F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT5456A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and
Marketing of Pharmaceutical formulations viz. Tablets, Capsules, Liquids,
Injections, Vials, Ointments, Bulk Drugs and others and Medical Electronic
Equipments. |
|
|
|
|
No. of Employees
: |
9150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (79) |
|
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 66000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Exists |
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|
|
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Comments : |
Subject is a
well-established company having fine track record. The rating
reflects strong financial risk profile marked by strong 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 term and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term non fund based = AA |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
February, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Commercial Papers = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
February, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Rishi Shah |
|
Designation : |
General Manager Finance |
|
Contact No.: |
91-79-26583060 |
|
Date : |
06.05.2014 |
LOCATIONS
|
Registered
Office/ Corporate
office : |
Torrent House Off
|
|
Tel. No.: |
91-79-26585090/26583060 |
|
Fax No.: |
91-79-26582100 |
|
E-mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Indrad Plant: Village Indrad,
Taluka Kadi, District Mehsana-382721, |
|
Tel. No.: |
91-2764-233671-75,
233678-80 |
|
Fax No.: |
91-2764-233676 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Baddi Plant : Village Bhud and Makhnu
Majra, Baddi, Tehsil Nalagarh, District: Solan, |
|
Tel. No.: |
91-1795-246821 |
|
Fax No.: |
91-1795-247159 |
|
|
|
|
Factory 3 : |
32 No. Middle Camp, NH-31A, East District, Gangtok ( |
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|
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Project Site: |
Plot No.
Z104-106, Dahej SEZ Phase II, Taluka Vagra, Dist. Bharuch, |
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|
|
|
Research and
Development Facility : |
Torrent Research
Centre, Near |
|
Tel. No.: |
91-79-23269124/23969100 |
|
Fax No.: |
91-79-23269135/23969135/
23969124-34 |
|
E-Mail : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Sudhir Mehta |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Markand Bhatt |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Prasanna Chandra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shailesh Haribhakti |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Haigreve Khaitan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjay S. Lalbhai |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Leena Srivastava |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Samir Mehta |
|
Designation : |
Executive Vice Chirman |
|
|
|
|
Name : |
Dr. Chaitanya Dutt |
|
Designation : |
Director (Research and Development) |
|
|
|
|
Name : |
Mr. Pradeep Bhargava |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Mahesh Agarwal |
|
Designation : |
VP (Legal) and Company Secretary |
|
Address : |
Torrent House Off Ashram Road, Ahmedabad – 380009, Gujarat, India |
|
Tel No : |
91-79-26585090 |
|
Fax No : |
91-79-26582100 |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr. R Srinivasan |
|
Designation : |
VP (Financial) and Chief Financial Officer |
|
|
|
|
Audit Committee : |
Mr. Pradeep Bhargava Dr. Prasanna Chandra Mr. Shailesh Haribhakti – Chairman Mr. Haigreve Khaitan Dr. Leena Srivastava |
|
|
|
|
Securities Transfer and Investors Grievance Committee: |
Mr. Sudhir Mehta, Chairman Mr. Markand Bhatt Mr. Samir Mehta |
|
|
|
|
Nomination and Remuneration Committee: |
Mr. Pradeep Bhargava, Mr. Markand Bhatt Mr. Shailesh Haribhakti - Chairman Dr. Prasanna Chandra |
|
|
|
|
Committee of Directors: |
Mr. Markand
Bhatt, Chairman Mr. Samir Mehta |
|
|
|
|
Name : |
Mr. K R V Nair |
|
Designation : |
Export department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3797480 |
2.24 |
|
|
86115472 |
50.89 |
|
|
31093768 |
18.37 |
|
|
31093768 |
18.37 |
|
|
121006720 |
71.51 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
121006720 |
71.51 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
12885378 |
7.61 |
|
|
16934 |
0.01 |
|
|
20226962 |
11.95 |
|
|
33129274 |
19.58 |
|
|
|
|
|
|
1978080 |
1.17 |
|
|
|
|
|
|
7214768 |
4.26 |
|
|
819581 |
0.48 |
|
|
5074297 |
3.00 |
|
|
315073 |
0.19 |
|
|
800 |
0.00 |
|
|
56242 |
0.03 |
|
|
4485200 |
2.65 |
|
|
216982 |
0.13 |
|
|
15086726 |
8.92 |
|
Total Public shareholding (B) |
48216000 |
28.49 |
|
Total (A)+(B) |
169222720 |
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) |
169222720 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares
held |
|
|
|
|
No. of Shares held |
As a % of grand total
(A)+(B)+(C) |
|
1 |
Samir U Mehta |
82,54,960 |
4.88 |
|
2 |
Sudhir U Mehta |
58,85,376 |
3.48 |
|
3 |
Sapna S Mehta |
53,59,164 |
3.17 |
|
4 |
Anita S Mehta |
63,41,268 |
3.75 |
|
5 |
Varun S Mehta |
17,50,000 |
1.03 |
|
6 |
Samir Uttamlal Mehta HUF |
20,80,000 |
1.23 |
|
7 |
Jinal S Mehta |
17,50,000 |
1.03 |
|
8 |
Jinal S Mehta |
3,000 |
0.00 |
|
9 |
Sudhir Uttamlal Mehta HUF |
17,17,480 |
1.01 |
|
10 |
Aman Mehta |
17,50,000 |
1.03 |
|
11 |
Torrent Private Limited |
8,61,15,472 |
50.89 |
|
|
Total |
12,10,06,720 |
71.51 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
|
|
|
|
|
1 |
Lavender Investments Limited |
4533563 |
2.68 |
2.68 |
|
2 |
Franklin Templeton Investment Funds |
2600000 |
1.54 |
1.54 |
|
|
Total |
7133563 |
4.22 |
4.22 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Marketing of Pharmaceutical formulations viz. Tablets, Capsules, Liquids, Injections,
Vials, Ointments, Bulk Drugs and others and Medical Electronic Equipments. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2013)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
1) Formulation |
|
|
|
|
Tablets |
‘ 000 Nos. |
Not Applicable |
13900.000 Millions |
|
Capsules |
‘ 000 Nos. |
Not Applicable |
1000.00 Millions |
|
Injection/Vials |
Ltr. |
Not Applicable |
26.000 Millions |
|
Suspension / Liquid [Ltr] |
Ltr. |
Not Applicable |
-- |
|
2) Bulk Drugs |
Kg. |
Not Applicable |
45,000 Kg. |
Production:
|
Particulars |
Unit |
Production* |
|
1) Formulation |
|
|
|
Tablets |
‘ 000 Nos. |
6533076 |
|
Capsules |
‘ 000 Nos. |
455016 |
|
Suspension / Liquid |
Ltr. |
337776 |
|
Injections |
Ltr. |
61534 |
|
Vials / Cartridges |
Nos. |
26375756 |
|
Ointment |
Kg. |
6109 |
|
2) Bulk Drugs |
Kg. |
33035 |
* Notes:
1) Includes production in factories of third parties on loan license.
2) Bulk Drug includes
production for captive consumption.
GENERAL INFORMATION
|
Customers: |
End Users |
|
|
|
|
No. of Employees : |
9150 (Approximately) |
|
|
|
|
Bankers : |
|
|
|
|
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Ahmedabad, |
|
|
|
|
Subsidiaries and
Step Down Subsidiaries: |
|
|
|
|
|
Enterprises
controlled by the Company: |
|
|
|
|
|
Holding Company / Enterprises
Controlled by the Holding Company: |
|
|
|
|
|
Enterprises Controlled by Key Management Personnel / Relatives of Key
Management Personnel: |
|
CAPITAL STRUCTURE
AS ON 26.07.2013
Authorised Capital : Rs.
1250.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 846.114 Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150,000,000 |
Equity Shares |
Rs.5/- each |
Rs. 750.000 Millions |
|
2,500,000 |
Preference Shares |
Rs.100/- each |
Rs. 250.000 Millions |
|
|
TOTAL |
|
Rs. 1000.000
Millions |
Issued & Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
84,625,360 |
Equity Shares |
Rs.5/- each |
Rs. 423.100
Millions |
|
|
|
|
|
Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
84,611,360 |
Equity Shares |
Rs.5/- each |
Rs. 423.100
Millions |
|
|
Amount originally paid up on 14,000 Equity Shares forfeited* (Amount
Rs. 0.035 Million) |
|
* |
|
|
|
|
|
|
|
TOTAL |
|
Rs. 423.100 Millions |
Notes:
(i) Reconciliation of equity shares outstanding at the beginning and at
the end of the reporting year:
|
|
31.03.2013 |
|
|
|
Numbers |
Rs In Millions |
|
As at beginning of the year |
84,611,360 |
423.100 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the end of the year |
84,611,360 |
423.100 |
Torrent
Private Limited, the holding Company, holds 43057736 (previous year 43057736) equity
shares of Rs. 5 each, equivalent to 50.89% (previous year 50.89%) of the total
number of equity shares, which is the only shareholder holding more than 5 % of
total equity shares.
The Company
has one class of equity shares having par value of Rs.5 each. Each shareholder
is eligible for one vote per share held. The final dividend proposed by the
Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting. In the event of liquidation, the equity
shareholders are eligible to receive the remaining assets of the Company after
distribution of all preferential amount, in proportion to shareholding.
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 |
423.100 |
423.100 |
423.092 |
|
(b) Reserves & Surplus |
16087.800 |
12621.900 |
10507.360 |
|
(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) |
16510.900 |
13045.000 |
10930.452 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
4545.400 |
3220.500 |
2930.405 |
|
(b) Deferred
tax liabilities (Net) |
568.900 |
631.700 |
617.053 |
|
(c) Other long term liabilities |
97.600 |
4.500 |
3.164 |
|
(d) long-term provisions |
710.100 |
496.500 |
207.158 |
|
Total Non-current Liabilities (3) |
5922.000 |
4353.200 |
3757.780 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1246.200 |
1381.200 |
995.695 |
|
(b) Trade payables |
4496.900 |
3734.000 |
2989.474 |
|
(c) Other current liabilities |
3298.700 |
2573.700 |
2699.906 |
|
(d) Short-term provisions |
2078.400 |
596.700 |
844.054 |
|
Total Current Liabilities (4) |
11120.200 |
8285.600 |
7529.129 |
|
|
|
|
|
|
TOTAL |
33553.100 |
25683.800 |
22217.361 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
7849.900 |
6285.900 |
5810.915 |
|
(ii) Intangible Assets |
63.900 |
77.100 |
65.176 |
|
(iii) Capital work-in-progress |
2763.100 |
268.700 |
443.728 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b)
Non-current Investments |
1475.000 |
3912.900 |
3045.343 |
|
(c)
Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
533.600 |
536.800 |
371.362 |
|
(e) Other Non-current assets |
239.000 |
462.500 |
463.383 |
|
Total Non-Current Assets |
12924.500 |
11543.900 |
10199.907 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
427.600 |
865.200 |
1259.878 |
|
(b) Inventories |
6970.900 |
3931.300 |
3428.250 |
|
(c) Trade receivables |
8312.700 |
4096.100 |
3400.137 |
|
(d) Cash and cash equivalents |
2777.600 |
3666.800 |
2653.258 |
|
(e) Short-term loans and advances |
683.200 |
629.600 |
387.906 |
|
(f) Other current assets |
1456.600 |
1050.900 |
888.025 |
|
Total Current Assets |
20628.600 |
14239.900 |
12017.454 |
|
|
|
|
|
|
TOTAL |
33553.100 |
25783.800 |
22217.361 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
27662.300 |
20760.400 |
17517.292 |
|
|
|
Other Income |
1316.700 |
1351.900 |
589.704 |
|
|
|
TOTAL |
28979.000 |
22112.300 |
18106.996 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
7974.300 |
5901.700 |
5757.782 |
|
|
|
Purchases of stock-in-trade |
2925.200 |
2521.000 |
905.418 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(1104.300) |
(359.700) |
(655.405) |
|
|
|
Employee benefits expense |
3663.400 |
3090.500 |
2719.642 |
|
|
|
Other expenses |
7412.200 |
5603.000 |
4829.168 |
|
|
|
Exceptional items |
374.900 |
612.000 |
0.000 |
|
|
|
TOTAL |
21245.700 |
17368.500 |
13556.605 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
7733.300 |
4743.800 |
4550.391 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
365.100 |
397.800 |
390.244 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
7368.200 |
4346.000 |
4160.147 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
715.000 |
639.000 |
581.262 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
6653.200 |
3707.000 |
3578.885 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1189.000 |
594.500 |
670.249 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
5464.200 |
3112.500 |
2908.636 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2740.000 |
2370.000 |
1781.857 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
550.000 |
1910.000 |
1530.000 |
|
|
|
Interim Dividend |
510.000 |
510.000 |
0.000 |
|
|
|
Proposed Final Dividend |
1440.000 |
210.000 |
680.000 |
|
|
|
Tax on Distributed profits for interim
Dividend |
80.000 |
80.000 |
0.000 |
|
|
|
Tax on Distributed profits for Final
Dividend |
250.000 |
30.000 |
110.000 |
|
|
BALANCE CARRIED
TO THE B/S |
5380.000 |
2740.000 |
2370.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
12114.300 |
7585.400 |
5781.767 |
|
|
|
Interest |
2.900 |
0.400 |
0.360 |
|
|
|
Other Income [Product registration dossiers
and others] |
1111.000 |
564.400 |
298.483 |
|
|
TOTAL EARNINGS |
13228.200 |
8150.200 |
6080.610 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Packing Material |
2141.800 |
1945.500 |
1923.947 |
|
|
|
Stores & Spares |
71.200 |
57.200 |
63.637 |
|
|
|
Capital Goods |
220.200 |
205.700 |
297.616 |
|
|
TOTAL IMPORTS |
2433.200 |
2208.400 |
2285.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
64.58 |
36.79 |
34.38 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
18.86
|
14.08 |
16.06 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
24.05
|
17.86 |
20.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.03
|
17.88 |
20.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.28 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.35
|
0.35 |
0.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.186
|
1.72 |
1.60 |
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 |
423.092 |
423.100 |
423.100 |
|
Reserves & Surplus |
10507.360 |
12621.900 |
16087.800 |
|
Net
worth |
10930.452 |
13045.000 |
16510.900 |
|
|
|
|
|
|
long-term borrowings |
2930.405 |
3220.500 |
4545.400 |
|
Short term borrowings |
995.695 |
1381.200 |
1246.200 |
|
Total
borrowings |
3926.100 |
4601.700 |
5791.600 |
|
Debt/Equity
ratio |
0.359 |
0.353 |
0.351 |
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 |
17517.292 |
20760.400 |
27662.300 |
|
|
|
18.514 |
33.246 |
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 |
17517.292 |
20760.400 |
27662.300 |
|
Profit |
2908.636 |
3112.500 |
5464.200 |
|
|
16.60% |
14.99% |
19.75% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT: NOT AVAILABLE
|
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 |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATIONS DETAILS
HIGH COURT OF GUJARAT
APPEAL FROM ORDER No. 73 of 2008
|
Status : PENDING |
(Converted from : AOST/64/2007 ) |
CCIN No : 001001200800073 |
|
Next Listing Date: |
20/06/2014 |
|
Coram |
HONOURABLE MR.JUSTICE S.H.VORA |
Not Before : |
HONOURABLE MR.JUSTICE J.C.UPADHYAYA |
|
S.NO. |
Name of the
Petitioner |
Advocate On Record |
|
1 |
BARODA PHARMA PRIVATE LIMITED |
DR RAJESH H ACHARYA for: Appellant(s) |
|
S.NO. |
Name of the
Respondant |
Advocate On Record |
|
1 |
TORRENT PHARMACEUTICALS LIMITED |
MR RR SHAH for :Respondent(s) |
|
Presented On |
: 12/02/2007 |
Registered On |
: 12/02/2007 |
|
Bench Category |
: SINGLE BENCH |
District |
: AHMEDABAD |
|
Case Originated
From |
: THROUGH ADVOCATE |
Listed |
: 51 times |
|
StageName |
: FOR FINAL HEARING |
||
|
Act |
CIVIL PROCEDURE CODE, 1908 |
||
LOWERCOURT DETAILS
|
S.No. |
LowerCourt
CaseDetail |
LowerCourtName |
JudgeName |
Judgmentdate |
|
1 |
CS/2103/2003 |
DISTRICT COURT, AHMEDABAD RURAL |
- |
15/12/2006 |
OFFICE DETAILS
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
|
1 |
12/02/2007 |
VAKALATNAMA |
DR RAJESH H ACHARYA ADVOCATE |
5 |
DR RAJESH H ACHARYA:1 |
|
2 |
12/02/2007 |
MEMO OF APPEAL/PETITION/SUIT |
DR RAJESH H ACHARYA ADVOCATE |
20 |
DR RAJESH H ACHARYA:1 |
|
3 |
15/08/2008 |
VAKALATNAMA |
MR RR SHAH ADVOCATE |
- |
MR RR SHAH:1 |
APPLICATIONS
|
S. No. |
CaseDetail |
Status Name |
Disposal Date |
Action/Coram |
|
1 |
CIVIL APPLICATION/2674/2008 |
DISPOSED |
06/07/2009 |
DISMISSED @ ADM.STAGE HONOURABLE MR.JUSTICE M.R. SHAH |
|
2 |
CIVIL APPLICATION/13140/2009 |
DISPOSED |
14/12/2009 |
ANY OTHER MODE @ ADM.STAGE HONOURABLE MR.JUSTICE D.A.MEHTA |
COURT PROCEEDINGS
|
S. No. |
Notified Date |
CourtCode |
Board Sr. No. |
Stage |
Action |
Coram |
|
1 |
04/07/2008 |
18 |
- |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE THE CHIEF JUSTICE MR.JUSTICE B.N.KIRPAL HONOURABLE MR.JUSTICE D.G.KARIA and HONOURABLE MR.JUSTICE A.N.DIVECHA and HONOURABLE MR.JUSTICE KS JHAVERI |
|
2 |
21/07/2008 |
18 |
- |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE THE CHIEF JUSTICE MR.JUSTICE B.N.KIRPAL HONOURABLE MR.JUSTICE D.G.KARIA and HONOURABLE MR.JUSTICE A.N.DIVECHA and HONOURABLE MR.JUSTICE KS JHAVERI |
|
3 |
31/07/2008 |
18 |
- |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE THE CHIEF JUSTICE MR.JUSTICE B.N.KIRPAL HONOURABLE MR.JUSTICE D.G.KARIA and HONOURABLE MR.JUSTICE A.N.DIVECHA and HONOURABLE MR.JUSTICE KS JHAVERI |
|
4 |
14/08/2008 |
18 |
- |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE THE CHIEF JUSTICE MR.JUSTICE B.N.KIRPAL HONOURABLE MR.JUSTICE D.G.KARIA and HONOURABLE MR.JUSTICE A.N.DIVECHA and HONOURABLE MR.JUSTICE KS JHAVERI |
|
5 |
14/10/2010 |
8 |
- |
FOR FINAL HEARING - A.O. |
NEXT DATE |
HONOURABLE MR.JUSTICE M.R. SHAH |
|
6 |
23/02/2011 |
18 |
- |
FOR FINAL HEARING - A.O. |
NEXT DATE |
HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
|
7 |
28/02/2011 |
18 |
- |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
|
8 |
21/04/2011 |
18 |
- |
FOR FINAL HEARING - A.O. |
NEXT DATE |
HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
|
9 |
06/05/2011 |
18 |
- |
FOR FINAL HEARING - A.O. |
NEXT DATE |
HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
|
10 |
13/06/2011 |
8 |
- |
FOR FINAL HEARING - A.O. |
NEXT DATE |
HONOURABLE MR.JUSTICE M.R. SHAH |
|
11 |
15/06/2011 |
8 |
- |
FOR FINAL HEARING - A.O. |
NEXT DATE |
HONOURABLE MR.JUSTICE M.R. SHAH |
|
12 |
21/06/2011 |
8 |
- |
FOR FINAL HEARING - A.O. |
NEXT DATE |
HONOURABLE MR.JUSTICE M.R. SHAH |
|
13 |
22/06/2011 |
8 |
- |
FOR FINAL HEARING - A.O. |
NEXT DATE |
HONOURABLE MR.JUSTICE M.R. SHAH |
|
14 |
23/06/2011 |
8 |
- |
FOR FINAL HEARING - A.O. |
NEXT DATE |
HONOURABLE MR.JUSTICE M.R. SHAH |
|
15 |
29/06/2011 |
18 |
- |
FOR FINAL HEARING - A.O. |
NEXT DATE |
HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
|
16 |
06/07/2011 |
21 |
- |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
|
17 |
21/01/2014 |
21 |
56 |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE MR.JUSTICE S.G.SHAH |
|
18 |
11/02/2014 |
21 |
53 |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE MR.JUSTICE S.G.SHAH |
|
19 |
06/03/2014 |
21 |
53 |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE MR.JUSTICE S.G.SHAH |
|
20 |
09/04/2014 |
22 |
112 |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE MR.JUSTICE S.G.SHAH HONOURABLE MR.JUSTICE S.H.VORA |
|
21 |
20/06/2014 |
22 |
112 |
FOR FINAL HEARING |
HONOURABLE MR.JUSTICE S.H.VORA |
AVAILABLE ORDERS
|
S. No. |
Case Details |
Judge Name |
Order Date |
CAV |
Judgement |
Questions |
Transferred |
Download |
|
|
1 |
APPEAL FROM ORDER/73/2008 |
HONOURABLE MR.JUSTICE DN PATEL |
07/03/2008 |
N |
ORDER |
- |
Y |
Download |
|
|
2 |
APPEAL FROM ORDER/73/2008 |
HONOURABLE MR.JUSTICE M.R. SHAH |
06/07/2009 |
N |
ORDER |
- |
Y |
Download |
|
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
from banks |
389.200 |
841.400 |
|
from banks |
124.300 |
140.800 |
|
Short-term
borrowings |
|
|
|
from banks |
559.400 |
639.400 |
|
Total |
1072.900 |
1621.600 |
STANDALONE
OPERATING RESULTS
The sales
and operating income increased to Rs. 27660.000 Millions from Rs. 20760.000
Millions in the previous year yielding a growth of 33.24%. The operating profit
for the year increased to Rs.8110.000 Millions as against Rs. 5360.000 Millions
in the previous year registering a growth of 51.31%. The profits after tax for
the year increased to Rs. 5460.000 Millions as against Rs. 3110.000 Millions in
the previous year registering a growth of 75.56%. During the current year,
exceptional item pertaining to provision for diminution in the value of long
term investment amounting to Rs. 370.000 Millions is charged to the Statement
of Profit and Loss. Adjusting for the exceptional item (net of tax), net profit
has grown by 61.94%.
MANAGEMENT DISCUSSION
AND ANALYSIS
CAVEAT
Shareholders
are cautioned that certain data and information external to the Company is
included in this section. Though these data and information are based on
sources believed to be reliable, no representation is made on their accuracy or
comprehensiveness. Further, though utmost care has been taken to ensure that
the opinions expressed by the management herein contain their perceptions on
most of the important trends having a material impact on the Company's
operations, no representation is made that the following presents an exhaustive
coverage on and of all issues related to the same. The opinions expressed by
the management may contain certain forward-looking statements in the current
scenario, which is extremely dynamic and increasingly fraught with risks and
uncertainties. Actual results, performances, achievements or sequence of events
may be materially different from the views expressed herein. Shareholders are
hence cautioned not to place undue reliance on these statements, and are
advised to conduct their own investigation and analysis of the information
contained or referred to in this section before taking any action with regard
to their own specific objectives. Further, the discussion following herein
reflects the perceptions on major issues as on date and the opinions expressed
here are subject to change without notice. The Company undertakes no obligation
to publicly update or revise any of the opinions or forward-looking statements
expressed in this section, consequent to new information, future events, or
otherwise.
NOTE
Except
stated otherwise, all figures, percentages, analysis, views and opinions are on
consolidated financial statements of Torrent Pharmaceuticals Limited. and its
wholly owned subsidiaries and their businesses (jointly referred as Torrent or
Company, hereinafter). Financial information presented in various sections of
the Management Discussion and Analysis is classified under suitable heads which
may be different from the classification reported under the Consolidated
Financial Statements. Some additional financial information is also included in
this section which may not be readily available from the Consolidated Financial
Statements. Previous year's figures have been regrouped to make it comparable
with the current year.
THE
GLOBAL PHARMA MARKET
The world
pharmaceutical market has grown two times in value since 2000 primarily due to
increased use of medicines around the world, global economic growth and faster
regulatory approvals. The global market grew by around 3% in 2012. While the
developed market grew at an average 2%, the Pharmerging markets have grown by
around 12%. The top five pharmaceutical markets in the world remained the US,
Japan, Germany, France and China with US representing 39% of the global
prescription pharmaceuticals sales.
The world population
is expected to grow to around 8 Bn by 2050. In addition, there has been an
increase in the number of people having access to healthcare. Global spending
on medicines is expected to reach USD 1.2 trillion by 2016 reflecting growth of
3 - 6% over the four year period compared to 6.2% annual growth over the past
five years.
In most
developed markets, ageing populations and certain lifestyle choices drive an
increased incidence of non-communicable diseases(NCDs) such as cancer,
cardiovascular/metabolic and respiratory diseases which require long-term
management. In 2008, almost two-thirds of deaths globally were from NCDs and
80% of those were in lower and middle income countries. It Is also estimated
that nearly one-third of the world's diabetes patients will come from India and
China by 2030.
2012 was the
transition year for Generics as drugs having sales value USD 44 Bn, have lost
their patent protection during the current year. Although generics-focused
companies will continue to benefit from patent expirations in 2013, these will
not be to the same extent as in 2011-12, when a slew of blockbuster drugs came
off patent.During the next 4-5 years drugs having value of around USD 75-80 Bn
are going to be off patent which will be in the range of USD 15-25 Bn per year.
Along with this many markets like Europe, Japan and India (some parts) have
increased the push for the use of the Generics over Branded Drugs and even INN
(International Nonproprietary Name) prescribing have been introduced in some
countries. In recent years many small molecules have been converted into
generics and loss of exclusivity of blockbuster drugs has increased the
importance of the Generic Drugs in the industry.
A large no
of Patent Expiry offer a strong growth in the developed market for the Generic
segment. Generic segment contributed around 25% of the world pharmaceuticals
market and is expected to reach 30-35% of the total global pharma spending by
2016 with a CAGR of 12-13% compared with a 1-2% CAGR in the branded market.
At present
although growth in the mature market is very low as compared to the high growth
in the Pharmerging market, over 80% sale of the NCE's (New Chemical Entities)
are coming from the major developed market whereas the top 20 brands of the
Pharmerging market are too old i.e. launched 11-20 years ago. Products are
often launched first in the most commercially attractive markets, whose
characteristics include the pricing and reimbursement environment, regulatory
requirements and in some case the impact of reference pricing systems, whereby
the reimbursed price in some markets is used to set the price in others.
The
developed markets have 65% share of the global market which is expected to
reduce to 57% by 2016, whereas the Pharmerging market's share will be around
30%. Essentially more than 50% of the growth of the global pharma market will
be driven by the Pharmerging markets because of the increased contribution to
the global market and the higher growth rate compared to the developed market.
The dynamic
and high potential Pharmerging markets offer tremendous opportunities for drug
manufacturers. Big Pharma's drive into a group of high potential Pharmerging
markets has continued to gather momentum. The market research organization IMS
Health categorizes the market into Tier 1(China), Tier 2 (Brazil, lndia,Russia)
and Tier 3 (around 13 countries) Pharmerging markets. The Company has presence
in all of the Tier 2 countries and around 8 countries in Tier 3. Positive
developments in these markets, such as greater government investments in
healthcare, increasing demand for drugs to treat diseases and strengthening of
regulatory and IP requirements, enable global players to launch their products
in Pharmerging markets.
INDIAN
PHARMACEUTICAL MARKET
India, 14th
largest pharma market in the world is valued over. 600 Bn growing at a CAGR of
12% over 2002 and is expected to grow at a CAGR of 15-17% till 2020.
lt is one of the
fastest growing pharma markets in the world. Indian pharmaceutical market is
dominated majorly by branded generics constituting nearly 70% to 80% of market.
The market is estimated to be among the top 10 by 2015.
Indian
Pharmaceuticals market (IPM) has witnessed growth in both Acute and Chronic
segments. One of the major reasons for the growth is increase in the incidence
of the chronic disease and its early detection, but still the acute segment
dominates market share in the IPM.
Key growth
drivers are growing population, increase in drug penetration levels, aspiration
to seek better healthcare as income levels increase, growing incidence of
chronic ailments, availability of newer forms of treatments (such as vaccines)
rising insurance penetration, improving medical infrastructure and increasing
government spend on healthcare.
Increasing
urbanization, lifestyle changes and work stress are responsible for the higher
incidences of chronic diseases. Indian market is witnessing gradual transition
from acute diseases to lifestyle diseases and chronic therapies like
Cardiology, Neuropsychiatry, Oncology and Diabetes. With current demographic
profile and growth prospects of the economy, Indian Pharmaceutical market could
see continuing trend of transition towards chronic and super specialty
therapies, with acute therapies retaining their market size. The incidence of
lifestyle related diseases such as Diabetes, Oncology and Cardiovascular
disease are expected to increase over the next few years.
As per IMS
health estimates, the chronic therapies are likely to comprise more than 50% of
the market by 2020 with cardiovascular (second largest segment after
anti-infective) and anti-diabetic taking the lead while segments like
anti-cancer will also add to the momentum. Shift in Therapeutic profile of
Indian Pharma market over a period of last 5 years.
Outlook for
generic in India looks positive due to several factors. The current pipeline of
the generic products that are either undergoing new process development or have
been recently launched is strong. In addition, domestic players have the
opportunity to develop new combinations and formulations of the products that
are already in the market. Generic players continue to have a wide range of
options for new generics launches from the basket of pre 1995 products. The top
25 companies contribute 72% to the IPM and continue to strengthen their grip on
the market with a larger presence across various therapies.
The new DPCO
2013 has been notified by the Department of Pharmaceuticals effective from 15th
May 2013 replacing DPCO 1995. The policy hence widens the ambit of medicines
under price control bringing 348 essential drugs listed in the National List of
Essential Medicines(NLEM) as compared to 74 bulk drugs. The ceiling price will
be based on simple average of prices of all brands having more than 1% of value
share. The ceiling price will be fixed on the basis of readily monitorable
Market Based Data available with pharmaceutical market data specializing
company - IMS Health. The government may in due course come out with other
appropriate mechanism of collecting or obtaining market data related to drugs.
The extent
of control will be limited to drugs and combinations listed in the NLEM and any
new combinations that include one or more molecule under NLEM will require a specific
government price approval. The ceiling price will be subject to upward or
downward revision by NPPA based on market conditions to the extent of Wholesale
Price Index (WPI). For Non NLEM products, the companies can hike their price
upto 10% though it would be depend on market dynamics. Ceiling prices of
products under DPCO 1995, not part of NLEM, shall remain effective for one year
from the date of notification and thereafter prices of such formulations shall
be regulated as in case of other non-scheduled formulations. The department has
directed the National Pharmaceutical Pricing Authority (NPPA) to begin the
process of price fixation so that the effect of the policy could be felt in the
market at the earliest. The manufacturers have been given 45 days to clear the
old stocks and implement the new rates post price notification by NPPA.
Given the
above developments, companies need to focus on driving productivity through
brand building and customize marketing approach to suit different customer segments.
Medium term growth would be driven by therapy expansion and new product
introductions.
PERFORMANCE
SNAPSHOT
Torrent is
one of the leading pharmaceutical companies having presence in Indian and
global markets. The Company's revenues are mainly from manufacture and sale of
branded as well as unbranded generic pharmaceutical products. A further break
down of the revenues can be done as India formulations (comprising branded
pharmaceutical formulations sold in the Indian market), International formulations
(comprising sales outside India of branded and unbranded-generic pharmaceutical
formulations) and Contract manufacturing. Company's current international
operation mainly covers USA, Brazil, Europe (incl. Germany) and Rest of the
World including Russia, CIS, Asia Pacific and Africa.
During the
financial year 2012-13, the Company reported revenues of Rs. 32120.000
Millions, a growth of 19% compared with Rs. 26960.000 Millions in the previous
financial year.
INDIA
FORMULATION BUSINESS
The India
formulations segment registered growth of 13% over the previous year on the
back of improved performance of Cardiology, Diabetology and CNS portfolio. The
company also bolstered better growths in its new segments like Dermatology,
Oncology and Gynaecology.
During the
year the Company continued efforts and strategic initiatives towards improving
its market share through re-alignment of the business units to bring in higher
focus on key customer segments.
Neuro-
Psychiatry. The Company is ranked No.2 in Cardiovascular segment and No.4 in
Neuropsychiatry therapies. The company is ranked 17th by turnover
in the domestic market and has 5 brands in top 300 brands and 37 brands in
leadership position in their respective molecule segments.
The Company
has a strong presence in the chronic segment as 66% of the revenues of the
Company are from the chronic segment as compared to 29% of IPM, which shows
that the company is well-poised to grab the shifting chronic market.
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10447179 |
13/08/2013 |
2,200,000,000.00 |
HSBC BANK (MAURITIUS) LIMITED |
HSBC CENTRE, 18 CYBERCITY,
EBENE, MAURITIUS, - 000, MAURITIUS |
B84093871 |
|
2 |
10421600 |
05/04/2013 |
500,000,000.00 |
BNP PARIBAS |
203, SAKAR-II,
ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
B73713752 |
|
3 |
10399912 |
31/12/2012 |
200,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED |
16, VEER NARIMAN
ROAD,, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B66818014 |
|
4 |
10250161 |
13/12/2010 * |
850,000,000.00 |
BNP PARIBAS |
20, COLLYER
QUAY, #01-01 TUNG CENTRE, SINGAPORE |
B01385046 |
|
5 |
10010037 |
04/07/2006 |
448,000,000.00 |
STANDARD CHARTERED BANK |
ABHIJEET II,
GROUND FLOOR, MITHAKHALI SIX ROADS, A |
A02291342 |
|
6 |
90103831 |
12/02/2008 * |
502,500,000.00 |
CITIBANK N.A. |
GROUND FLOOR,
REMBRANT C G ROAD,, NEAR PANCHAVATI |
A33482977 |
|
7 |
90103822 |
03/11/2011 * |
500,000,000.00 |
CORPORATION BANK |
CORPORATE BANKING
BRANCH, RANGOLI COMPLEX, OPP. V. S. HOSPITAL, ELLIS BRIDGE, ASHRAM ROAD,,
AHMEDABAD, GUJARAT - 380009, INDIA |
B24446957 |
|
8 |
90314950 |
22/05/1992 |
11,000,000.00 |
STATE BANK OF INDIA |
KALOL, KALOL,
GUJARAT, INDIA |
- |
|
9 |
90314804 |
07/10/1991 * |
4,200,000.00 |
GUJARAT INDUSTRIAL INVESTMENT CORPORATION
LIMITED |
CHUNIBHAI
CHAMBERS, ASHRAM ROAD, AHMEDABAD, GUJARAT, INDIA |
- |
|
10 |
90314181 |
07/08/1991 * |
6,000,000.00 |
GUJARAT INDUSTRIAL INVESTMENT CORPORATION LIMITED |
CHUNIBHAI
CHAMBERS, ASHRAM ROAD, AHMEDABAD, GUJARAT, INDIA |
- |
Note: * Date of charge modification
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
|
PARTICULARS |
Rs.
in million 31.03.2013 |
Rs.
in million 31.03.2012 |
|
(a) Claims against the Group not acknowledged as debts |
|
|
|
Disputed Demand of Income Tax for which appeals have been preferred |
52.500 |
34.000 |
|
Disputed Employee State Insurance Contribution Liability under E.S.I.
Act, 1948 |
58.000 |
49.800 |
|
Disputed Legal cases for supply of goods and services |
409.700 |
0.200 |
|
Disputed Demand of Excise and Service tax |
379.300 |
14.700 |
|
Disputed Demand of Local Sales Tax and C.S.T |
1.700 |
1.700 |
|
Disputed cases at Labour Court / Industrial Court |
22.200 |
11.600 |
|
(b) The Company
has issued guarantee aggregating Rs. 20.000 Millions (previous year Nil) for
borrowing a demand loan at “Torrent Pharma Employee Welfare Trust”. The outstanding
amount of liabilities by the said trust as on balance sheet date, is |
0.000 |
13.800 |
|
(c) The Company
has issued guarantee aggregating Rs.20.000 Millions (previous year Rs.20.000
Millions) for borrowing a demand loan at “Torrent Pharma Employee Welfare
Trust”. The outstanding amount of liabilities by the said trust as on balance
sheet date, is |
0.000 |
16.300 |
STATEMENT
OF STANDALONE AUDITED RESULTS FOR THE QUARTER AND NINE ENDED 31-DEC-13
Rs. In Millions
|
Particulars |
Quarter
ended |
Nin months
ended |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
Income
from operations |
|
|
|
|
Net
sales (Net of excise duty) |
7090.000 |
7570.000 |
22840.000 |
|
Other
operating income |
240.000 |
360.000 |
1270.000 |
|
Net
income from operations |
7330.000 |
7930.000 |
24110.000 |
|
Expenses |
|
|
|
|
Cost
of materials consumed |
2280.000 |
2140.000 |
6540.000 |
|
Purchases
of stock-in-trade |
250.000 |
220.000 |
670.000 |
|
Changes
in inventories of finished goods, work- in-progress
and stock-in-trade |
(200.000) |
160.000 |
350.000 |
|
Employee
benefits expense |
1050.000 |
1080.000 |
3170.000 |
|
Depreciation
and amortisation expense |
200.000 |
200.000 |
590.000 |
|
Other
expenses |
2230.000 |
1710.000 |
6170.000 |
|
Total
expenses |
5810.000 |
5510.000 |
17490.000 |
|
Profit
from operations before other income, finance costs and exceptional items |
1520.000 |
2420.000 |
6620.000 |
|
Other
income |
100.000 |
30.000 |
270.000 |
|
Profit
from ordinary activities before finance costs and exceptional items |
1620.000 |
2450.000 |
6890.000 |
|
Finance
costs |
160.000 |
150.000 |
390.000 |
|
Profit
from ordinary activities after finance costs but before exceptional items |
1460.000 |
2300.000 |
6500.000 |
|
Exceptional
items |
-- |
-- |
-- |
|
Profit
from ordinary activities before tax |
1460.000 |
2300.000 |
6500.000 |
|
Tax
expense |
320.000 |
480.000 |
1400.000 |
|
Net
profit for the period |
1140.000 |
1820.000 |
5100.000 |
|
Paid-up
equity share capital (Face value of Rs.5 each) |
850.000 |
850.000 |
850.000 |
|
Reserves
excluding revaluation reserves |
-- |
-- |
-- |
|
Earnings
per share (of Rs. 5/- each) (not annualised): |
|
|
|
|
Basic |
6.74 |
10.78 |
30.16 |
|
Diluted |
6.74 |
10.78 |
30.16 |
|
|
|
|
|
|
Public shareholding |
|
|
|
|
- Number of shares |
48216000 |
48216000 |
48216000 |
|
- Percentage of
shareholding |
28.49% |
28.49% |
28.49% |
|
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 |
121006720 |
121006720 |
121006720 |
|
- 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) |
71.51% |
71.51% |
71.51% |
|
|
|
|
|
|
INVESTOR
COMPLAINTS |
|
|
|
|
Pending at the
beginning of the quarter |
Nil |
|
|
|
Received during the
quarter |
1 |
|
|
|
Disposed of during
the quarter |
1 |
|
|
|
Remaining
unresolved at the end of the quarter |
Nil |
|
|
Notes:
- The above results were reviewed by the Audit Committee and approved by the Board of Directors, in their respective meetings held on 21-Jan-2014. There is no qualification in the Auditors Report on this statement of financial results.
- The Company operates a solitary business segment
viz. pharmaceuticals, comprising mainly manufacture of branded
formulations. A further breakdown of pharmaceutical sales is given below.
(Rs. In Millions)
|
Particulars |
Quarter
ended |
Nin months
ended |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
(A)
Sales in India |
|
|
|
|
Branded
sales |
3000.000 |
2600.000 |
9180.000 |
|
Contract
manufacture |
700.000 |
590.000 |
2010.000 |
|
Others |
20.000 |
20.000 |
50.000 |
|
Total
sales in India |
3720.000 |
3210.000 |
11240.000 |
|
(B)
Sales outside India |
339.000 |
3140.000 |
11660.000 |
|
Total
sales (A+B) |
7110.000 |
6350.000 |
2290.000 |
|
Less:Excise
duty |
20.000 |
20.000 |
60.000 |
|
Net
sales |
7090.000 |
6330.000 |
22840.000 |
- The earnings per share has been restated for comparative periods consequent to issue of bonus shares on 25-Jul-2013
- The Company has entered into a definitive binding agreement, on 13-Dec-2013, with Elder Pharmaceuticals Limited to acquire its Identified Branded Formulations Business in India and Nepal on a going concern basis for a consideration of Rs. 20040.000 Millions. Both the parties are in the process of taking applicable regulatory approvals and satisfying with various Conditions Precedent.
- The Board of Directors in their meeting held on 21-Jan-2014, declared an interim equity dividend of Rs. 5.00 per equity share of Rs. 5.00 each fully paid up for the year 2013-14. The aggregate amount of interim equity dividend proposed to be distributed is Rs. 990.000 Millions including tax on distributed profits of Rs. 140.000 Millions.
- The figures for the comparative periods have been regrouped, wherever necessary, to make them comparable with the figures for the current periods.
- The Company has also prepared and published unaudited consolidated financial results for the quarter and nine months ended 31-Dec- 2013, which were subjected to limited review by statutory auditors of the Company.
FIXED ASSETS
Intangible Assets
- Land
- Buildings
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Office Equipment
- Electrical Equipment
Intangible Assets
- Computer Software
- Products Licenses
PRESS RELEASES
TORRENT PHARMA 44% GROWTH IN NET PROFIT
AND 27% IN REVENUES DURING Q1 13-14
JULY 26TH, 2013
Ahmedabad-based Pharmaceuticals major, Torrent Pharmaceuticals Limited, today released its financial results for the quarter ended 30th June, 2013. The Q1’13-14 revenues stood at Rs. 9720.000 Millions, up by 27% from Rs. 7670.000 Millions in the comparable quarter of last year.
During Q1, domestic formulation business recorded revenues of Rs. 3120.000
Millions, growing by 12% International revenues grew by 28% to Rs. 5390.000
Millions. In the international operations, US business reported a growth of
43%, Europe 49%, Rest of the World, including Russia and CIS 23%., while Brazil
registered a degrowth of 2%.
Profit before Taxes for the quarter was Rs. 1870.000 Millions compared to Rs.
1400.000 Millions during the same period last year. Profit after Taxes for the
quarter was Rs. 1490.000 Millions compared to Rs. 1020.000 Millions during the
same period last year.
About Torrent Pharma: Torrent Pharma, with an annual turnover of over Rs.
32000.000 Millions is the flagship Company of the Torrent Group. With many of
its products ranking among the top 200 brands, Torrent continues to be at the
forefront of the Indian pharmaceutical industry through research, innovation
and breakthroughs in the therapeutics areas of Diabetology, Cardiovascular,
Central Nervous System, Gastro-Intestinal, Anti-infective, Pain management and
Gynecology. Its Research Center employs over 580 scientists in the areas of
drug discovery and development. Torrent’s manufacturing plant at Chattral has a
capacity to manufacture approx. 5,500 million tablets, capsules and vials and
45,000 kgs of Bulk Drugs/API. The facility has been approved by authorities
from regulated markets like US, UK, Germany, Australia and South Africa. The
manufacturing plant at Baddi has a capacity to manufacture 3,300 million tablets
and 350 million capsules. Manufacturing plant at Sikkim has a capacity to
manufacture 3,900 million tablets per annum.
TORRENT TO ACQUIRE
INDIAN BRANDED FORMULATIONS BUSINESS OF ELDER
December 13th, 2013
Mumbai, 13th December 2013: Torrent Pharmaceuticals Limited ("Torrent") and Elder Pharmaceuticals Limited ("Elder") today announced that Torrent has entered into a definitive binding agreement with Elder to acquire its branded domestic formulations business in India and Nepal ("India Business") for a consideration of about Rs. 20000.000 Millions.
Elder's India Business comprises a portfolio of 30 brands including market leading brands in the Women's Healthcare, Pain Management, Wound Care and Nutraceuticals therapeutic segments.
The identified India Business is being sold as a going concern on a slump sale basis and the transaction will also involve the transfer of employees engaged in sales, marketing and operations of the India Business. Under the proposed transaction, Elder will continue to manufacture and supply the products at its existing manufacturing facilities for Torrent for a period of three years.
Torrent would fund the acquisition through a mix of internal accruals and bank borrowings.
Elder's existing brand equity in the areas of women healthcare and pain management will help Torrent strengthen its position in the Indian market expanding into these fast growing areas.
"The transaction is a strategic fit for Torrent and will strengthen its core prescription-based business. This acquisition strengthens our position in the Women Healthcare, Pain management and Vitamins/Nutrition segments by enhancing and accelerating market access. It is also expected to enable cost & revenue synergies in Torrent's domestic formulations business" said Sudhir Mehta, Chairman, Torrent Group.
"This path breaking domestic consolidation by Torrent addresses our recent challenges and will significantly help Elder de-leverage its balance sheet. We will now focus and grow our in-licensing, anti-infectives and exports business" said Alok Saxena, Managing Director and CEO, Elder.
The transaction has been approved by the Boards of Directors of both companies. The transaction is subject to conditions precedent including shareholder approval and applicable regulatory approvals and is expected to close in the first half of 2014.
About Torrent
Pharmaceuticals Limited
Torrent Pharma, with an annual turnover of over Rs.32000.000 Millions is the flagship Company of the Torrent Group. With many of its products ranking among the top 200 brands, Torrent continues to be at the forefront of the Indian pharmaceutical industry. Torrent has a fully equipped Research Center, employing almost 600 scientists, to support the company's operations and product pipeline for both domestic and overseas markets. The company's manufacturing plants located at lndrad, Baddi and Sikkim have facilities to produce Formulations and Bulk drugs. The Plants are approved by authorities from various regulated and semi regulated markets like US, UK, Brazil, Germany, Australia and South Africa.
About Elder
Pharmaceuticals Limited
Elder Pharmaceuticals Limited is an integrated pharmaceutical player, headquartered in Mumbai, with a strong presence in the domestic formulation business and listed on Indian stock exchanges. The Company has a strong presence in therapeutic segments such as Women's Healthcare, Pain Management, Wound Care and Nutraceuticals with market leading brands such as Shelcal, Chymoral, Eldervit, Formic and Carnisure. The Company has six manufacturing facilities for manufacturing formulations and APIs and State-of-the-art RandD facility located in Nerul (Maharashtra) to provide analytical and development support.
TORRENT PHARMA
DECLARES 1:1 BONUS; FINAL DIVIDEND OF RS 17/SHARE INCLUDING RS 10 AS SPECIAL
DIVIDEND
May 30th, 2013
Ahmedabad-based Pharmaceuticals major, Torrent Pharmaceuticals Limited, today released its financial results for the quarter ended 31st March, 2013. The Q4’12-13 revenues stood at Rs 8710.000 Millions, up by 29% from Rs 674 crores in the comparable quarter of last year. The Company’s policy is to distribute 30% of its annual consolidated net profit after tax as dividend in one or more tranches. Accordingly the Company has declared an additional dividend of Rs 7 per share further to the interim dividend of Rs 6 per share. Commemorating four decades of its business operations, TPL has declared a special dividend Rs 10 per share. The total dividend for the year considering this is Rs 23 per share.
The paid up equity capital of the Company is Rs 423.100 Millions. Considering the total accumulated reserves of more than Rs 15000.000 Millions, the Company has decided to issue bonus shares in the ratio of 1:1 i.e. one bonus equity share each for each one existing share.
During the period, the revenues from domestic formulation business were up by 9% at Rs 2180.000 Millions, while from international business were up by 35% at Rs 5260.000 Millions. In the international operations, US business reported a growth of 43%, Europe 59%, Brazil 7% and Rest of the World, including Russia and CIS 23%.
Profit before Taxes and Exceptional item for the quarter was Rs 1960.000 Millions compared to Rs 660.000 Millions during the same period last year. Profit after Taxes for the quarter was Rs 1110.000 Millions compared to the loss of Rs 20.000 Millions during the same period last year on account of exceptional items.
Company received a one-time income of Rs 300.000 Millions as first milestone payment on assignment of patent and process know-how. The exceptional item of Rs 370.000 Millions relates to diminution in value of a long term investment made in an overseas company, which is an SPV for investment in overseas pharma ventures.
For FY 2012-13, total revenues grew by 19% at Rs 32120.000 Millions. The growth in domestic revenues was 13% at Rs 10240.000 Millions and from international business was 24% at Rs 18350.000 Millions. Profit before Taxes and exceptional items grew by 46% to Rs 6190.000 Millions compared to Rs 4240.000 Millions during the same period last year. On a consolidated basis, net profit after tax and exceptional items stood at Rs 4330.000 Millions as compared to Rs 2840.000 Millions during the last year showing a growth of 52%.
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 records 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.60.04 |
|
|
1 |
Rs.101.97 |
|
Euro |
1 |
Rs.83.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--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 |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
76 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.