MIRA
INFORM REPORT
|
Report Date : |
09.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
F D C LIMITED |
|
|
|
|
Registered
Office : |
B-8, MIDC
Industrial Estate, Waluj, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
23.09.1940 |
|
|
|
|
Com. Reg. No.: |
11- 003176 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 181.619 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24239MH1940PLC003176 |
|
|
|
|
IEC No.: |
0388030461 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMF03524D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF0253H |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Subject is engaged in pharmaceutical business. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 31100000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
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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.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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.: 91-22-26782656)
LOCATIONS
|
Registered Office / Factory 1 : |
B-8, MIDC
Industrial Estate, Waluj, Aurangabad – 431136, Maharashtra, India |
|
Tel. No.: |
91-240-2554407 / 2554967 / 2554299 |
|
Fax No.: |
91-240-2554299 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
142-48, Swami Vivekanand Road, Jogeshwari (West), Mumbai – 400102,
Maharashtra, India |
|
Tel. No.: |
91-22-26782542/ 26780652/ 26782653/ 26782656/ 26785176/ 26787568/
26794379/ 26775282/ 26775283 |
|
Fax No.: |
91-22-26786393/ 26781912/ 26788123/ 26786194 |
|
|
|
|
Factory 2 : |
Plot No. 19 and 20/2, MIDC Industrial Area, Roha - 402109, District
Raigad, |
|
Tel. No.: |
91-2194-263580 / 263692 / 263653/63264 |
|
Fax No.: |
91-2194-263264 |
|
E-mail : |
|
|
|
|
|
Factory 3 : |
Plot No. G-1, MIDC Malegoan, Sinnar - 422103, District |
|
Tel. No.: |
91-2551-230389/ 230674/ 230531/ 230338 |
|
Fax No.: |
91-2551-230674 |
|
E-mail : |
|
|
|
|
|
Factory 4 : |
Verna Industrial Estate, Plot No. L-56 and L-57, Phase II-D, Verna,
Goa - 403722, India |
|
Tel. No.: |
91-832-2783882 / 2783883 |
|
Fax No.: |
91-832-2783884 |
|
E-mail : |
|
|
|
|
|
Factory 5 : |
Village Khol, Bhud, Tahsil - Nalaghar, Baddi, District Solan - 173205,
Himachal Pradesh, India |
|
Tel. No.: |
91-1795-323901/ 323902/ 323903/ 323904 |
|
Fax No.: |
91-1795-244377 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Mohan A. Chandavarkar |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Nandan M. Chandavarkar |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Mr. Ashok A. Chandavarkar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ameya A. Chandavarkar |
|
Designation : |
Director |
|
|
|
|
Name : |
CA Girish C. Sharedalal |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Satish S. Ugrankar |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Rahim H. Muljiani |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Nagam H. Atthreya |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vinod G. Yennemadi |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Shalini Kamath |
|
Designation : |
Company Secretary |
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 |
|
|
|
|
|
|
|
|
72714656 |
40.89 |
|
|
49790000 |
28.00 |
|
|
122504656 |
68.89 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
122504656 |
68.89 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
7201976 |
4.05 |
|
|
134655 |
0.08 |
|
|
60 |
0.00 |
|
|
1488031 |
0.84 |
|
|
12905436 |
7.26 |
|
|
21730158 |
12.22 |
|
|
|
|
|
|
4470252 |
2.51 |
|
|
|
|
|
|
15737468 |
8.85 |
|
|
11370765 |
6.39 |
|
|
2019785 |
1.14 |
|
|
132353 |
0.07 |
|
|
1887432 |
1.06 |
|
|
33598270 |
18.89 |
|
Total Public shareholding (B) |
55328428 |
31.11 |
|
Total (A)+(B) |
177833084 |
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) |
177833084 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in pharmaceutical business. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Associates Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Subsidiary Company : |
· FDC International Limited FDC Inc. Anand Synthochem Limited (w.e.f. 17th October 2011)) |
|
|
|
|
Joint Venture Entity : |
Fair Deal Corporation Pharmaceutical SA (Pty) Limited |
|
|
|
|
Enterprises owned or significantly influenced by Key Management
Personnel or their relatives : |
· Anand Synthochem Limited (upto 16th October 2011) Mejda Marketing Private Limited Akhil Farma Limited Soven Trading and Investment Company Private Limited Transgene Trading and Investment Company Private Limited Anand Chandavarkar Foundation |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Re.1/- each |
Rs. 250.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
183977995 |
Equity Shares |
Re.1/- each |
Rs. 183.978 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
180832995 |
Equity Shares |
Re.1/- each |
Rs. 180.833 Millions |
|
|
Add: 3145000 Equity shares forfeited |
|
Rs. 0.786 Million |
|
|
Total |
|
Rs. 181.619
Millions |
Reconciliation of the shares outstanding at the beginning and at the end
of the reporting period
|
Particulars |
31.03.2013 |
|
|
|
No.
in millions |
Rs.
in millions |
|
At the beginning of the period |
182.920 |
182.920 |
|
Less: Buy back during the period |
2.087 |
2.087 |
|
Outstanding at the end of the period |
180.833 |
180.833 |
Terms/ rights
attached to equity shares
The Company has only one class of equity shares having a par value of Re.1 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended 31st March 2013, the amount of per share dividend recognised as distributions to equity shareholders was Rs. 2.25 (Previous year - Rs. 2).
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.
Aggregate number of
bonus shares issued, shares issued for consideration other than cash and shares
bought back during the period of five years immediately preceding the reporting
date
|
Particulars |
31.03.2013 |
|
|
No. in millions |
|
|
|
|
Equity shares bought back by the Company |
10.628 |
|
|
|
In accordance with section 77A, 77AA and 77B of the Companies Act, 1956 and pursuant to the buy back announcement made by the Company on 22nd August 2012, the Company has bought back from open market through stock exchanges 20,87,432 equity shares of Re. 1 each during the year for a total consideration of Rs. 193.341 millions. Of this, the Company has extinguished 16,89,310 equity shares till 31st March 2013 and 3,98,122 equity shares have been extinguished subsequent to the balance sheet date. Consequently, an amount of Rs. 2.087 millions being the nominal value of equity shares bought back has been transferred to Capital Redemption Reserve from General Reserve. An amount of Rs.191.254 millions being the premium on buyback has been appropriated from General Reserve.
Details of
shareholders holding more than 5% shares in the Company
|
Particulars |
31.03.2013 |
|
|
Numbers |
% holding in the
class |
|
|
Equity shares of Re. 1 each fully paid |
|
|
|
Meera Ramdas Chandavarkar |
21,925,260 |
12.10 |
|
Transgene Trading and Investment Company Private Limited |
17,097,500 |
9.43 |
|
Sudipta Trading and Investment Company Private Limited |
16,365,000 |
9.03 |
|
Soven Trading and Investment Company Private Limited |
16,327,500 |
9.01 |
|
Sandhya Mohan Chandavarkar |
11,222,770 |
6.19 |
|
Mohan Anand Chandavarkar |
10,530,360 |
5.81 |
|
Ashok Anand Chandavarkar |
10,483,480 |
5.79 |
|
ICICI Prudential Right Fund |
5,270,667 |
2.91 |
As per of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
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 |
181.619 |
183.706 |
185.356 |
|
(b) Reserves & Surplus |
7615.437 |
6696.675 |
5935.919 |
|
(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) |
7797.056 |
6880.381 |
6121.275 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
12.447 |
14.541 |
17.268 |
|
(b) Deferred tax liabilities (Net) |
300.239 |
283.924 |
251.109 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
22.009 |
|
Total Non-current Liabilities (3) |
312.686 |
298.465 |
290.386 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
597.555 |
564.465 |
447.856 |
|
(c) Other current liabilities |
354.222 |
294.139 |
290.605 |
|
(d) Short-term provisions |
524.374 |
473.703 |
464.272 |
|
Total Current Liabilities (4) |
1476.151 |
1332.307 |
1202.733 |
|
|
|
|
|
|
TOTAL |
9585.893 |
8511.153 |
7614.394 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2734.103 |
2763.243 |
2691.782 |
|
(ii) Intangible Assets |
31.445 |
36.973 |
26.059 |
|
(iii) Capital work-in-progress |
72.243 |
107.190 |
101.794 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2515.451 |
1025.928 |
143.402 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
166.231 |
176.456 |
197.247 |
|
(e) Other Non-current assets |
5.165 |
9.586 |
19.012 |
|
Total Non-Current Assets |
5524.638 |
4119.376 |
3179.296 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1709.096 |
2439.217 |
2488.584 |
|
(b) Inventories |
974.455 |
1010.253 |
958.535 |
|
(c) Trade receivables |
447.649 |
406.917 |
395.956 |
|
(d) Cash and cash equivalents |
349.027 |
134.233 |
160.499 |
|
(e) Short-term loans and advances |
490.793 |
352.376 |
418.746 |
|
(f) Other current assets |
90.235 |
48.781 |
12.778 |
|
Total Current Assets |
4061.255 |
4391.777 |
4435.098 |
|
|
|
|
|
|
TOTAL |
9585.893 |
8511.153 |
7614.394 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (net) |
7645.951 |
6992.416 |
7003.626 |
|
|
|
Other Income |
475.608 |
278.200 |
278.378 |
|
|
|
TOTAL (A) |
8121.559 |
7270.616 |
7282.004 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2100.050 |
2019.311 |
2021.302 |
|
|
|
Purchases of stock-in-trade |
865.239 |
884.899 |
892.953 |
|
|
|
Changes in inventories of finished goods/ stock-in-trade and
work-in-progress |
74.660 |
(108.396) |
14.290 |
|
|
|
Employee benefits expense |
1064.035 |
982.704 |
849.058 |
|
|
|
Other Expenses |
1716.789 |
1596.599 |
1592.466 |
|
|
|
TOTAL (B) |
5820.773 |
5375.117 |
5370.069 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2300.786 |
1895.499 |
1911.935 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
15.105 |
13.235 |
13.398 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2285.681 |
1882.264 |
1898.537 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
275.119 |
180.500 |
169.854 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2010.562 |
1701.764 |
1728.683 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
427.245 |
374.859 |
241.224 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1583.317 |
1326.905 |
1487.459 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3446.000 |
2843.005 |
2084.248 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Final dividend – proposed |
403.863 |
365.841 |
368.863 |
|
|
|
Dividend Tax |
68.636 |
59.348 |
59.839 |
|
|
|
Transfer to General Reserve |
500.000 |
300.000 |
300.000 |
|
|
|
Reversal of excess provision of dividend |
0.000 |
(1.279) |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
4056.818 |
3446.000 |
2843.005 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
929.083 |
841.413 |
670.006 |
|
|
|
Interest |
1.063 |
2.534 |
2.172 |
|
|
|
Other Earnings |
2.222 |
0.634 |
0.097 |
|
|
|
Dividend from subsidiary |
19.239 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
951.607 |
844.581 |
672.275 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
195.481 |
175.930 |
216.391 |
|
|
|
Packing material |
32.456 |
18.487 |
18.579 |
|
|
|
Components, Stores & Spares |
5.788 |
6.445 |
5.968 |
|
|
|
Capital goods |
45.136 |
78.625 |
36.047 |
|
|
|
Intangible assets |
0.000 |
6.268 |
18.524 |
|
|
TOTAL IMPORTS |
278.861 |
285.755 |
295.509 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.68 |
7.22 |
7.99 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
2082.500 |
2287.200 |
2020.300 |
|
Total Expenditure |
1563.200 |
1658.400 |
1489.700 |
|
PBIDT (Excl OI) |
519.300 |
628.800 |
530.600 |
|
Other Income |
104.500 |
91.100 |
67.300 |
|
Operating Profit |
623.800 |
719.900 |
597.900 |
|
Interest |
4.000 |
3.500 |
4.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
619.900 |
716.400 |
593.600 |
|
Depreciation |
62.100 |
62.800 |
62.300 |
|
Profit Before Tax |
557.800 |
653.500 |
531.300 |
|
Tax |
127.000 |
162.800 |
126.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
430.800 |
490.700 |
404.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
430.800 |
490.700 |
404.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
19.50 |
18.25 |
20.43 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
26.30 |
24.34 |
24.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.73 |
23.07 |
23.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.25 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.75 |
3.30 |
3.69 |
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 |
185.356 |
183.706 |
181.619 |
|
Reserves & Surplus |
5935.919 |
6696.675 |
7615.437 |
|
Net
worth |
6121.275 |
6880.381 |
7797.056 |
|
|
|
|
|
|
long-term borrowings |
17.268 |
14.541 |
12.447 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
17.268 |
14.541 |
12.447 |
|
Debt/Equity
ratio |
0.003 |
0.002 |
0.002 |
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 |
7003.626 |
6992.416 |
7645.951 |
|
|
|
-0.160 |
9.346 |
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 |
7003.626 |
6992.416 |
7645.951 |
|
Profit |
1487.459 |
1326.905 |
1583.317 |
|
|
21.24% |
18.98% |
20.71% |
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
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 |
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 |
No |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
UNSECURED LOAN
|
Particular |
31.03.2013 (Rs. In
Millions) |
31.03.2012 (Rs. In
Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred sales tax loan |
12.447 |
14.541 |
|
Total |
12.447 |
14.541 |
|
Note: Under various schemes of Government of Maharashtra, the
Company was entitled to interest free Sales Tax deferral incentives for its
units at Waluj and Sinnar. These are repayable in annual installments over a period
of 9-11 years commencing after a period of 10-12 years from the year of
availment of deferred sales tax loan. |
||
BUSINESS REVIEW
The Indian Pharmaceutical Market grew by 11.9% to touch the market size of Rs. 7052.900 millions, during the year ended March 31, 2013. Around 2,194 products were introduced during the year.
The Indian Pharmaceutical Market is well poised for growth and is projected to grow at a Compounded Annual Growth Rate of 12% to 14%. Service oriented segments such as hospitals and medical insurance are slowly gaining rominence. The key drivers have been increase in household income level, increase in lifestyle related diseases, growing population, improving healthcare infrastructure, delivery systems, rapid urbanization and growth in the rural markets.
Pharma emerging markets such as China, Brazil, India and Russia to name a few, have a prominent role to play in the global pharmaceutical market. India is seen as the third largest pharma market in the world. This market is expected to further strengthen by more drugs going off patent by the year 2015.
The much awaited The National Pharmaceuticals Pricing Policy, 2012 (NPPP-2012) is notified by the Government. The policy aims at having a regulatory framework for pricing of 348 drugs, to ensure availability of essential drugs at reasonable prices.
As per the policy, all medicines and dosages specified in the National List of Essential Medicines, 2011 will be under price control. The Drugs (Prices Control) Order 2013 has been notified on May 15, 2013. The National Pharmaceuticals Pricing Policy, 2012 is expected to impact the logistics, sales and profitability of many pharmaceutical companies. The Company would be taking effective steps to reduce the impact of the same.
Compulsory licensing, patent oppositions and litigations, increasing regulations and compliances, infrastructure development and menace of counterfeit drugs are seen as major hurdles in the Industry.
Against the above market background, they give below a brief review of various functions of the Company:
MARKETING
Total revenue from operations of the Company has increased by 9.35% as compared to the last year. The Company is ranked at 25th position, attaining a market share of 1.12%.
The Company has initiated various steps to improve its performance. The same is witnessed by growth and profit, the Company has achieved, which is given under the head financial performance. The steps initiated are expected to yield results over a period of time and this year's performance is a beginning towards the above goal.
The Company launched an extension of its well established ophthalmic brand “IOTIM-B”, with unique drop assist application strips for the first time in Indian market. The above uniqueness of the brand will help the Company to regain its lost strong foothold in ophthalmology segment and will reinforce the world class quality standard products of the Company.
“ZIFI AZ”, a brand extension product of the Company's flagship brand “ZIFI”, has become the fastest growing brand in the antibiotic segment. Another extension to the brand “ZIFI”, namely “ZIFI TURBO” has achieved the accolade of being
“The Best Launch of the Year 2012-13”.
The Company's paediatric segment was further strengthened by the introduction of a unique combination of calcium and phosphorous for healthy bones and teeth along with yummy peppermint and lemon flavour under the brand name “CALYUMM-P”.
FINANCIAL
PERFORMANCE:
The Company's profits have increased by 19.32%. Various steps initiated by the Company have started yielding results which is evident from current year's performance. The Company continues its efforts to improve the performance through operational efficiencies and incremental business. Cost controls across all levels of functions are a continuous and ongoing exercise. The Company's internal control procedures are commensurate with the nature of its operations.
EXPORTS:
The annual export turnover for the year ended March 31, 2013 was Rs. 954.105 millions with a marginal growth of 9.88% as compared to the year ended March 31, 2012 which stood at Rs. 868.293 millions. Although, FDC continues to supply APIs worldwide to its esteemed customers, the improved export performance resulted from sales of finished dosage forms mainly Oral Rehydration Salts range to Africa and Ophthalmic range to UK and US.
The Company's manufacturing facilities of Ophthalmic/ liquids/ powders and tablet dosage forms at Waluj and Goa are approved by international authorities namely US FDA and UK MHRA respectively. In view of the Company's core capabilities, number of opportunities in European and US markets are opening up, for out-licensing of dossiers/ANDA's/ DMF/COS.
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2013
PART I
(Rs. In Millions)
|
S. No. |
Particulars |
Unaudited |
||
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
Quarter Ended |
Quarter Ended |
Nine Months Ended |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net Sales (Net of excise duty) |
2000.815 |
2262.348 |
6336.697 |
|
|
(b) Other Operating Income |
19.466 |
24.807 |
53.237 |
|
|
Total Income from Operations (net) |
2020.281 |
2287.155 |
6389.934 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
532.536 |
727.555 |
1765.091 |
|
|
(b) Purchases of Stock-in-Trade |
177.021 |
273.446 |
623.276 |
|
|
(c) Changes in inventories of finished goods,
work-in-progress and Stock-in-Trade |
42.580 |
(131.352) |
76.705 |
|
|
(d) Employee benefits expense |
42.580 |
(131.352) |
76.705 |
|
|
(e) Depreciation and amortization expense |
62.336 |
62.826 |
187.232 |
|
|
(f) Other expenses |
430.567 |
485.850 |
1354.166 |
|
|
Total expenses |
1552.064 |
1721.189 |
4898.061 |
|
3 |
Profit/(Loss) from Operations before other Income,
finance costs (1-2) |
468.217 |
565.966 |
1491.873 |
|
4 |
Other Income |
67.285 |
91.070 |
262.436 |
|
5 |
Profit/(Loss) before finance costs (3+4) |
535.502 |
657.036 |
1754.309 |
|
6 |
Financial costs |
4.215 |
3.513 |
11.693 |
|
7 |
Profit/(Loss) from Ordinary Activities before tax
(7-8) |
531.287 |
653.523 |
1742.616 |
|
8 |
Tax expense |
126.486 |
162.814 |
416.300 |
|
9 |
Net Profit for the period (7-8) |
404.801 |
490.709 |
1326.316 |
|
10 |
Paid up equity share capital (Re. 1 per share) |
177.833 |
177.833 |
177.833 |
|
11 |
Reserves excluding Revaluation Reserves as per
balance sheet of previous accounting year |
|
|
|
|
12 |
Basic & Diluted earning per share (of Re. 1
each) |
2.28 (Not Annualised) |
2.76 (Not Annualised) |
7.43 (Not Annualised) |
|
|
|
|
|
|
|
PART II |
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
— Number of shares |
55328428 |
55328428 |
55328428 |
|
|
— Percentage of shareholding |
31.11% |
31.11% |
31.11% |
|
2 |
Promoters and promoter group Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
— Number of shares |
Nil |
Nil |
Nil |
|
|
— Percentage of shares (as a % of the total |
Nil |
Nil |
Nil |
|
|
shareholding of promoter and
promoter group) |
|
|
|
|
|
— Percentage of shares (as a % of the total |
Nil |
Nil |
Nil |
|
|
share capital of company) |
|
|
|
|
|
b) Non-encumbered |
|
|
|
|
|
— Number of shares |
122504656 |
122504656 |
122504656 |
|
|
— Percentage of shares (as a % of the total |
100.00% |
100.00% |
100.00% |
|
|
shareholding of promoter and
promoter group) |
|
|
|
|
|
— Percentage of shares (as a % of the total |
68.89% |
68.89% |
68.89% |
|
|
share capital of company) |
|
|
|
|
|
Particulars |
Quarter Ended (31.12.2013) |
|
B |
INVESTOR COMPLAINTS (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
6 |
|
|
Disposed of during the quarter |
6 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
NOTE
1. The above standalone financial results were reviewed by the audit committee and taken on record by the Board of Director at its meeting held on January 30, 2014 and have been subjected to a limited review by the statutory auditors.
2. “Other expenses” includes provision/ (reversal) of diminution in value of the current investments as follows:
|
Quarter Ended 31.12.2013 |
Quarter Ended 30.09.2013 |
Quarter Ended 31.12.2012 |
Nine Months Ended 31.12.2013 |
Nime Months Ended 31.12.2012 |
Year Ended
31.03.2013 |
|
(2.979) |
4.820 |
8.804 |
1.365 |
(13.057) |
0.477 |
3. The company has only one segment of activity namely “Pharmaceuticals”.
4. Figures for the previous period have been restated/ reclassified wherever necessary to conform to the current period’s presentation.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs. In
millions) |
31.03.2012 (Rs. In
millions) |
|
Disputed tax matters |
|
|
|
Income tax |
1.029 |
1.029 |
|
Excise duty |
23.125 |
23.547 |
|
Sales tax |
23.244 |
19.652 |
|
In respect of guarantees given by banks |
31.662 |
15.465 |
|
Letter of credit issued by bankers |
9.169 |
45.212 |
|
Estimated amount of duty payable on export obligation against outstanding advances licenses |
3.150 |
0.463 |
FIXED ASSETS:
Tangible Assets
Leasehold
land
Leasehold
Improvements
Freehold
land
Buildings
Plant
and machinery
Laboratory
testing machines
Electrical
installations
Furniture,
fixtures and fittings
Office
equipments
Vehicles
Buildings
Equipments
Furniture
and fixtures
Intangible Assets
Marketing
rights
Software
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. 59.99 |
|
|
1 |
Rs. 101.75 |
|
Euro |
1 |
Rs. 83.48 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.