MIRA INFORM REPORT
|
Report Date : |
08.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
TORRENT PHARMACEUTICALS LIMITED |
|
|
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|
Registered
Office : |
Torrent House, Off. Ashram Road, Navarangpura 9, Ahmedabad – 380009, |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
15.07.1972 |
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Com. Reg. No.: |
04-002126 |
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Capital
Investment / Paid-up Capital : |
Rs. 846.200 Millions |
|
|
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|
CIN No.: [Company Identification
No.] |
L24230GJ1972PLC002126 |
|
|
|
|
TAN No.: [Tax Deduction and
Collection Account No.] |
AHMT00474F |
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PAN No.: [Permanent Account No.] |
AAACT5456A |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing and
Marketing of Pharmaceutical formulations viz. Tablets, Capsules, Liquids,
Injections, Vials, Ointments, Bulk Drugs and others and Medical Electronic
Equipments. |
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|
|
|
No. of Employees
: |
8628 (Approximately) |
RATING and COMMENTS
|
MIRA’s Rating : |
Aa (80) |
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Rishi Shah |
|
Designation : |
General Manager Finance |
|
Contact No.: |
91-79-26583060 |
|
Date : |
06.11.2014 |
LOCATIONS
|
Registered
Office/ Corporate
office : |
Torrent House Off
|
|
Tel. No.: |
91-79-26585090/26583060 |
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Fax No.: |
91-79-26582100 |
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E-mail : |
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|
Website : |
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Factory 1 : |
Indrad Plant: Village Indrad,
Taluka Kadi, District Mehsana-382721, |
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Tel. No.: |
91-2764-233671-75,
233678-80 |
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Fax No.: |
91-2764-233676 |
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E-Mail : |
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Factory 2 : |
Baddi Plant : Village Bhud and Makhnu
Majra, Baddi, Tehsil Nalagarh, District: Solan, |
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Tel. No.: |
91-1795-246821 |
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Fax No.: |
91-1795-247159 |
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Factory 3 : |
32 No. Middle Camp, NH-31A, East District, Gangtok ( |
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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 |
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Fax No.: |
91-79-23269135/23969135/
23969124-34 |
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E-Mail : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Sudhir Mehta |
|
Designation : |
Chairman |
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|
Name : |
Mr. Markand Bhatt |
|
Designation : |
Director |
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|
Name : |
Mr. Pradeep Bhargava |
|
Designation : |
Director |
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|
Name : |
Mr. Shailesh Haribhakti |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Haigreve Khaitan |
|
Designation : |
Director |
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|
Name : |
Mr. Samir Mehta |
|
Designation : |
Executive Vice Chirman |
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|
Name : |
Dr. Chaitanya Dutt |
|
Designation : |
Director (Research and Development) |
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|
Name : |
Mr. Ashok Modi |
|
Designation : |
Executive Director and Chief Financial Officer |
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 |
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E-Mail : |
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Audit Committee : |
Mr. Pradeep Bhargava Mr. Shailesh Haribhakti – Chairman Mr. Haigreve Khaitan |
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|
Securities Transfer and Investors Grievance Committee: |
Mr. Sudhir Mehta, Chairman Mr. Markand Bhatt Mr. Samir Mehta |
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|
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Nomination and Remuneration Committee: |
Mr. Pradeep Bhargava, Mr. Markand Bhatt Mr. Shailesh Haribhakti - Chairman |
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|
|
|
Committee of Directors: |
Mr. Markand
Bhatt, Chairman Mr. Samir Mehta |
|
|
|
|
Name : |
Mr. K R V Nair |
|
Designation : |
Export department |
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|
|
|
Name : |
Mr. Rishi Shah |
|
Designation : |
General Manager Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
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 |
|
|
|
|
|
|
|
|
10999950 |
6.50 |
|
|
69650 |
0.04 |
|
|
21707800 |
12.83 |
|
|
32777400 |
19.37 |
|
|
|
|
|
|
2263320 |
1.34 |
|
|
|
|
|
|
7184479 |
4.25 |
|
|
832927 |
0.49 |
|
|
5157874 |
3.05 |
|
|
323364 |
0.19 |
|
|
1600 |
0.00 |
|
|
44717 |
0.03 |
|
|
4485200 |
2.65 |
|
|
302993 |
0.18 |
|
|
15438600 |
9.12 |
|
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 of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl.No. |
Name of the
Shareholder |
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|
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 |
(*) The term encumbrance has the same meaning as assigned to
it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % 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 |
3391158 |
2.00 |
2.00 |
|
|
3 |
HDFC Trustee Company Limited -HDFC Mid Cap Opportunities Fund |
2020650 |
1.19 |
1.19 |
|
|
|
Total |
9945371 |
5.88 |
5.88 |
|
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. |
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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
|
No of Employees: |
9150 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
|
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|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Heritage, 3rd Floor, Near Gujarat Vidhyapith, Off Ashram Road, Ahmedabad - 380014, Gujarat, India |
|
Tel No.: |
91-79-27582542/27582543/66073100 |
|
Fax No.: |
91-79-27582551 |
|
|
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|
Subsidiaries and
step down subsidiaries: |
|
|
|
|
|
Enterprises
controlled by the Company: |
|
|
|
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|
Holding Company / Enterprises
controlled by the holding Company: |
|
|
|
|
|
Enterprises
controlled by key management personnel / relatives of key management
personnel: |
|
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.5/- each |
Rs. 1000.000 Millions |
|
2,500,000 |
Preference Shares |
Rs.100/- each |
Rs. 250.000 Millions |
|
|
TOTAL |
|
Rs. 1250.000
Millions |
Issued & Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
169236720 |
Equity Shares |
Rs.5/- each |
Rs. 846.200 Millions |
|
|
|
|
|
Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
169236720 |
Equity Shares |
Rs.5/- each |
Rs. 846.200
Millions |
NOTE:
(i) Reconciliation of equity shares outstanding at the beginning and at the
end of the reporting year:
|
|
31.03.2014 |
|
|
|
Numbers |
Rs In Millions |
|
As at beginning of the year |
84,611,360 |
423.100 |
|
Issued during the year |
84,611,360 |
423.100 |
|
Outstanding at the end of the year |
169222720 |
846.200 |
Details of shares alloted for consideration other than cash, bonus shares and shares bought back in previous five financial years is as under:
The Company allotted 84,611,360 Equity Shares as fully paid up bonus shares of Rs.5 each on 25-Jul-2013, pursuant to the shareholders’ resolution passed on 12-Jul-2013.
(iii) Torrent Private Limited, the holding Company, holds 86,115,472 (previous year 43,057,736) equity shares of ` 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.
(iv) 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 |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
846.200 |
423.100 |
423.100 |
|
(b) Reserves & Surplus |
22051.900 |
16087.800 |
12621.900 |
|
(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) |
22898.100 |
16510.900 |
13045.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7444.600 |
4545.400 |
3220.500 |
|
(b) Deferred tax liabilities
(Net) |
474.600 |
568.900 |
631.700 |
|
(c) Other long term
liabilities |
96.100 |
97.600 |
4.500 |
|
(d) long-term provisions |
744.000 |
710.100 |
496.500 |
|
Total
Non-current Liabilities (3) |
8759.300 |
5922.000 |
4353.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2103.400 |
1246.200 |
1381.200 |
|
(b) Trade payables |
4796.900 |
4507.400 |
3734.000 |
|
(c) Other current liabilities |
3377.200 |
3298.700 |
2573.700 |
|
(d) Short-term provisions |
1391.900 |
2078.400 |
596.700 |
|
Total
Current Liabilities (4) |
11669.400 |
11130.700 |
8285.600 |
|
|
|
|
|
|
TOTAL |
43326.800 |
33563.600 |
25683.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
8313.900 |
7849.900 |
6285.900 |
|
(ii) Intangible Assets |
47.700 |
63.900 |
77.100 |
|
(iii) Capital work-in-progress |
5075.800 |
2763.100 |
268.700 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1493.800 |
1475.000 |
3912.900 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1064.900 |
533.600 |
536.800 |
|
(e) Other Non-current assets |
607.400 |
239.000 |
462.500 |
|
Total
Non-Current Assets |
16603.500 |
12924.500 |
11543.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1724.800 |
427.600 |
865.200 |
|
(b) Inventories |
6945.100 |
6970.900 |
3931.300 |
|
(c) Trade receivables |
13174.300 |
8312.700 |
4096.100 |
|
(d) Cash and cash equivalents |
2184.900 |
2777.600 |
3666.800 |
|
(e) Short-term loans and
advances |
808.800 |
693.700 |
629.600 |
|
(f) Other current assets |
1885.400 |
1456.600 |
1050.900 |
|
Total
Current Assets |
26723.300 |
20639.100 |
14239.900 |
|
|
|
|
|
|
TOTAL |
43326.800 |
33563.600 |
25783.800 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
Income |
33648.700 |
27662.300 |
20760.400 |
|
|
Other Income |
355.400 |
1316.700 |
1351.900 |
|
|
TOTAL
(A) |
34004.100 |
28979.000 |
22112.300 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
8760.800 |
7974.300 |
5901.700 |
|
|
Purchases of Stock-in-Trade |
933.800 |
2925.200 |
2521.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
306.100 |
(1104.300) |
(359.700) |
|
|
Employees benefits expense |
4189.000 |
3663.400 |
3090.500 |
|
|
Other expenses |
8852.100 |
7412.200 |
5603.000 |
|
|
Exceptional items |
0.000 |
374.900 |
612.000 |
|
|
TOTAL
(B) |
23041.800 |
21245.700 |
17368.500 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
10962.300 |
7733.300 |
4743.800 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
584.400 |
365.100 |
397.800 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10377.900 |
7368.200 |
4346.000 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
794.700 |
715.000 |
639.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
9583.200 |
6653.200 |
3707.000 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
1959.800 |
1189.000 |
594.500 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
7623.400 |
5464.200 |
3112.500 |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5380.000 |
2740.000 |
2370.000 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
760.000 |
550.000 |
1910.000 |
|
|
Interim Dividend |
850.000 |
510.000 |
510.000 |
|
|
Proposed Final Dividend |
850.000 |
1440.000 |
210.000 |
|
|
Tax on Distributed Profits for
Interim Dividend |
140.000 |
80.000 |
80.000 |
|
|
Tax on Distributed Profits for
Final Dividend |
140.000 |
250.000 |
30.000 |
|
|
Balance
Carried to the B/S |
102.600 |
5380.000 |
2740.000 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
15664.800 |
12114.300 |
7585.400 |
|
|
Interest |
2.700 |
2.900 |
0.400 |
|
|
Other Income [Product
registration dossiers and others] |
1194.900 |
1111.000 |
564.400 |
|
|
TOTAL
EARNINGS |
16862.400 |
13228.200 |
8150.200 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
2529.200 |
2141.800 |
1945.500 |
|
|
Components and Stores parts |
139.900 |
71.200 |
57.200 |
|
|
Capital Goods |
746.800 |
220.200 |
205.700 |
|
|
TOTAL
IMPORTS |
3415.900 |
2433.200 |
2208.400 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
450.5 |
32.29 |
36.79 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT/ Sales |
(%) |
22.66 |
19.75 |
14.99 |
|
|
|
|
|
|
|
PBIDT / Sales |
(%) |
32.58 |
27.96 |
22.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
26.07 |
22.69 |
17.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.42 |
0.40 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.42 |
0.35 |
0.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.29 |
1.85 |
1.72 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
423.100 |
423.100 |
846.200 |
|
Reserves & Surplus |
12621.900 |
16087.800 |
22051.900 |
|
Net
worth |
13045.000 |
16510.900 |
22898.100 |
|
|
|
|
|
|
long-term borrowings |
3220.500 |
4545.400 |
7444.600 |
|
Short term borrowings |
1381.200 |
1246.200 |
2103.400 |
|
Total
borrowings |
4601.700 |
5791.600 |
9548.000 |
|
Debt/Equity
ratio |
0.353 |
0.351 |
0.417 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
20760.400 |
27662.300 |
33648.700 |
|
|
|
33.246 |
21.641 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
20760.400 |
27662.300 |
33648.700 |
|
Profit |
3112.500 |
5464.200 |
7623.400 |
|
|
14.99% |
19.75% |
22.66% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
1768.700 |
1138.100 |
1185.600
|
|
|
|
|
|
|
Total |
1768.700 |
1138.100 |
1185.600
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
HIGH COURT OF GUJARAT
SPECIAL CIVIL APPLICATION No. 8259 of 2013
|
Status : PENDING |
( Converted from
: ST/8261/2013 ) |
CCIN No :
001021201308259 |
|
||||||||||||||
|
||||||||||||||
|
S.NO. |
Name of the Petitioner |
Advocate On Record |
||||||||||||
|
1 |
GLOBE ALLIES SERVICES |
MR HEMANG M SHAH for: Petitioner(s) 1 |
||||||||||||
|
S.NO. |
Name of the Respondant |
Advocate On Record |
|
|||||||||||
|
1 |
TORRENT PHARMACEUTICALS LTD. |
MR PALAK H THAKKAR for :Respondent(s) 1 |
|
|||||||||||
|
|
|
|||||||||||||
|
Presented On |
: 30/04/2013 |
Registered On |
: 01/05/2013 |
|
||||||||||
|
Bench Category |
: SINGLE BENCH |
District |
: AHMEDABAD |
|
||||||||||
|
Case Originated From |
: THROUGH ADVOCATE |
Listed |
: 12 times |
|
||||||||||
|
StageName |
: FOR FINAL HEARING |
|
||||||||||||
|
Classification |
|
|
Act |
|
Other Forums
|
|
S.No. |
CASEDETAILS |
TRIBUNAL REFERRENCE |
ORDER PASSED BY |
JUDGEMENT DATE |
PLACE |
|
1 |
REF (IT)210/2010 |
INDUSTRIAL TRIBUNAL AHMEDABAD |
R B SONI |
19/03/2013 |
AHMEDABAD |
Office Details
|
|||||
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
|
1 |
30/04/2013 |
CERTIFIED COPY |
MR HEMANG M SHAH ADVOCATE |
5 |
MR HEMANG M
SHAH:1 |
|
2 |
30/04/2013 |
VAKALATNAMA |
MR HEMANG M SHAH ADVOCATE |
5 |
MR HEMANG M
SHAH:1 |
|
3 |
30/04/2013 |
MEMO OF APPEAL/PETITION/SUIT |
MR HEMANG M SHAH ADVOCATE |
100 |
MR HEMANG M
SHAH:1 |
|
4 |
01/05/2013 |
VAKALATNAMA |
(MR MUKUL SINHA) ADVOCATE |
- |
MR MUKUL SINHA:2 |
|
5 |
02/07/2013 |
VAKALATNAMA |
MR PALAK H THAKKAR ADVOCATE |
5 |
MR PALAK H
THAKKAR(3455), for R:1 |
|
6 |
16/07/2013 |
APPEARANCE NOTE |
MR PARITOSH CALLA ADVOCATE |
0 |
MR PARITOSH
CALLA(2972), for R:4 |
|
7 |
17/07/2013 |
AFFIDAVIT OF DS |
MR HEMANG M SHAH ADVOCATE |
0 |
MR HEMANG M
SHAH(5399) for P:1 |
Court Proceedings
|
|||||
|
S. No. |
Notified Date |
CourtCode |
Board Sr. No. |
Stage |
Action |
Coram |
|
1 |
03/05/2013 |
21 |
8 |
OFFICE OBJECTION REMOVED |
NEXT DATE |
·
HONOURABLE MR.JUSTICE PARESH UPADHYAY |
|
2 |
08/05/2013 |
21 |
28 |
FOR REGULAR ADMISSION |
NEXT DATE |
·
HONOURABLE MR.JUSTICE PARESH UPADHYAY |
|
3 |
10/06/2013 |
20 |
29 |
NOTICE & ADJOURNED MATTERS |
NEXT DATE |
·
HONOURABLE MR.JUSTICE PARESH UPADHYAY |
|
4 |
14/06/2013 |
20 |
24 |
NOTICE & ADJOURNED MATTERS |
NEXT DATE |
·
HONOURABLE MR.JUSTICE PARESH UPADHYAY |
|
5 |
18/06/2013 |
20 |
107 |
NOTICE & ADJOURNED MATTERS |
NEXT DATE |
·
HONOURABLE MR.JUSTICE PARESH UPADHYAY |
|
6 |
20/06/2013 |
20 |
31 |
NOTICE & ADJOURNED MATTERS |
NEXT DATE |
·
HONOURABLE MR.JUSTICE PARESH UPADHYAY |
|
7 |
21/06/2013 |
20 |
35 |
NOTICE & ADJOURNED MATTERS |
NEXT DATE |
·
HONOURABLE MR.JUSTICE PARESH UPADHYAY |
|
8 |
25/06/2013 |
20 |
60 |
NOTICE & ADJOURNED MATTERS |
NEXT DATE |
·
HONOURABLE MR.JUSTICE PARESH UPADHYAY |
|
9 |
26/06/2013 |
20 |
66 |
NOTICE & ADJOURNED MATTERS |
NEXT DATE |
·
HONOURABLE MR.JUSTICE PARESH UPADHYAY |
|
10 |
18/07/2013 |
20 |
46 |
NOTICE & ADJOURNED MATTERS |
NEXT DATE |
·
HONOURABLE MR.JUSTICE PARESH UPADHYAY |
|
11 |
01/08/2013 |
20 |
32 |
NOTICE & ADJOURNED MATTERS |
NEXT DATE |
·
HONOURABLE MR.JUSTICE PARESH UPADHYAY |
|
12 |
22/08/2013 |
20 |
150 |
FOR FINAL HEARING |
NEXT DATE |
·
HONOURABLE MR.JUSTICE PARESH UPADHYAY |
|
13 |
30/09/2013 |
20 |
116 |
FOR FINAL HEARING |
NEXT DATE |
·
HONOURABLE MR.JUSTICE PARESH UPADHYAY |
|
14 |
06/12/2013 |
19 |
117 |
FOR FINAL HEARING |
NEXT DATE |
·
HONOURABLE MR.JUSTICE N.V.ANJARIA ·
HONOURABLE MR.JUSTICE PARESH UPADHYAY |
|
15 |
27/12/2013 |
19 |
82 |
FOR FINAL HEARING |
NEXT DATE |
·
HONOURABLE MR.JUSTICE N.V.ANJARIA |
|
16 |
05/02/2014 |
19 |
132 |
FOR FINAL HEARING |
NEXT DATE |
·
HONOURABLE MR.JUSTICE N.V.ANJARIA |
|
17 |
06/03/2014 |
19 |
141 |
FOR FINAL HEARING |
NEXT DATE |
·
HONOURABLE MR.JUSTICE N.V.ANJARIA |
|
18 |
26/03/2014 |
20 |
141 |
FOR FINAL HEARING |
·
HONOURABLE MR.JUSTICE N.V.ANJARIA ·
HONOURABLE MR.JUSTICE PARESH UPADHYAY |
|
Available Orders
|
||||||
|
S. No. |
Case Details |
Judge Name |
Order Date |
CAV |
Judgement |
Questions |
Transferred |
|
1 |
SPECIAL CIVIL APPLICATION/8259/2013 |
·
HONOURABLE MR.JUSTICE PARESH UPADHYAY |
03/05/2013 |
N |
ORDER |
- |
Y |
|
2 |
SPECIAL CIVIL APPLICATION/8259/2013 |
·
HONOURABLE MR.JUSTICE PARESH UPADHYAY |
10/06/2013 |
N |
ORDER |
- |
Y |
|
3 |
SPECIAL CIVIL APPLICATION/8242/2013 |
·
HONOURABLE MR.JUSTICE PARESH UPADHYAY |
26/06/2013 |
N |
ORDER |
- |
Y |
|
4 |
SPECIAL CIVIL APPLICATION/8242/2013 |
·
HONOURABLE MR.JUSTICE PARESH UPADHYAY |
18/07/2013 |
N |
ORDER |
- |
Y |
|
5 |
SPECIAL CIVIL APPLICATION/8242/2013 |
·
HONOURABLE MR.JUSTICE PARESH UPADHYAY |
01/08/2013 |
N |
ORDER |
- |
Y |
STANDALONE OPERATING
RESULTS
The sales and operating income increased to Rs.33650.000 Millions from Rs.27660.000 Millions in the previous year yielding a growth of 21.66%. The operating profit for the year increased to Rs.10960.000 Millions as against Rs.8110.000 Millions in the previous year registering a growth of 35.14%. The profits after tax for the year increased to Rs.7620.000 Millions as against Rs.5470.000 crores in the previous year registering a growth of 39.31%. Adjusted for the exceptional item during the last year net profit has grown by 32.06%.
MERGER AND
ACQUISITION:
1. During the year, the Company had entered into a definite binding Business Transfer Agreement with Elder Pharmaceuticals Limited (“Elder”), for acquisition of Identified Indian Branded Formulation Business (“Identified Business”) in India and Nepal on slump sale basis for a total consideration of Rs.20040.000 Millions on a debt free and cash free basis. Elder's identified 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 final closing of the transaction is subject to satisfactory completion of all terms and conditions laid down in the Business Transfer Agreement. This acquisition shall strengthen the Company’s position in said segments by enhancing and accelerating market access. It is also expected to enable cost and revenue synergies in the Company's domestic formulations business. 2. The Company has also acquired portfolios of marketing authorisations in UK (through Torrent Pharma (UK) Limited) and in France. This will speed up the Company’s efforts to strength its position in the respective markets.
MANAGEMENT’S
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.
GLOBAL
PHARMACEUTICALS MARKET
In the year 2013, Global Pharma Market is estimated to have crossed USD 1 trillion. The key growth drivers continue to be shift towards the use of generic medicines accompanied by patent expiries in the US and volume driven growth in Pharmerging markets. The Global Pharma Market is expected to reach around USD 1.2 trillion by 2017 increasing about USD 205-235 Bn between the years 2012-17 compared to USD 234 Bn over last five years which shows that the absolute spending is expected to be same over next five years as it was in previous five years.
The next five years, however, also sees a continuing growth split between developed markets and Pharmerging markets1. The developed market will see very modest single digit growth, due to combination of economic reasons, healthcare measures and savings realized from growing availability of lower cost generic versions of brands following the patent expiry. In contrast, the leading Pharmerging markets show much higher double digit growth rates due to combination of economic growth, demographic and epidemiologic changes and improved state and private insurance funding for healthcare and medicines. Already, five2 of the world’s largest markets by sales value are Pharmerging markets; IMS expects almost two thirds of the entire global pharmaceutical market’s value growth will be from Pharmerging markets, which will account for over one third of all global sales, by value, in 2017. Although the center of gravity for global growth tips decisively is in the direction of Pharmerging markets, they are low contributors to new launches. It is estimated that around 80% of the NCE (New Chemical Entities) are coming from major developed markets. In Pharmerging markets, complex and difficult approval process, pricing and market access hurdles, price adjustment to the more modest spending power of the patients are mainly the reasons for low level of NCE launches. The value growth of Pharmerging markets are primarily driven by low unit cost generics and therefore innovative agents do less well. The leading 20 branded products in these Pharmerging markets are all, without exception, over 10 years old.
Population growth and government initiatives in emerging markets are expected to drive sector expansion for the next several years. India, China, Indonesia, Mexico and Russia are pegged as main growth engines; companies are likely to continue expanding their presence in these and other emerging markets. Another demographic trend creating increased health care demand is the spread of chronic diseases like heart disease, stroke, cancer, respiratory diseases, diabetes, and mental illness, among others which is attributable to the aging population, more sedentary lifestyles, diet changes, and rising obesity levels, as well as improved diagnostics. The cost of treatment for these diseases may be out of reach for many consumers, especially in emerging markets which are expected to compel a more intense focus on disease education and prevention by governments while companies continue to develop innovative new medicines to address many of these diseases. The Global Spending on healthcare was 10.5% of the GDP in 2013 which is expected to be at the same level in 2014 also. Most of the countries are facing the challenge of reducing the increasing cost of healthcare, although the spending rose by 3% in 2013 and it is expected to grow at a CAGR of around 5% upto 2017.
2012 was the transition year for Generics as drugs having sales value of USD 44 Bn, have lost their patent protection during that year. Although generic focused companies will continue to benefit from patent expirations in 2014 and 2015, these will not be to the same extent as in 2012, when a slew of blockbuster drugs came off patent. During the next 3-4 years drugs having value of around USD 75-80 Bn are going off patent which will be in the range of USD 15-25 Bn per year. Improving access to health care and reducing spend on it is a major goal of governments around the world. Most national health care systems have been encouraging greater use of generic drugs; in the U.S. the proportion of generic prescriptions has risen from around half to 80% over the last decade. As cost-containment approach, Germany and several other countries have turned to value-based pricing for new drugs, which allows a price differential from existing offerings including generics based on a new product’s demonstrated superiority. Finally, some countries are increasingly mandating price control: India, Brazil and China, for example, have national lists of essential drugs with set prices.
Although the spending on the branded medicines will account for more than 2/3rd of spending in the developed market, the total global spending on generics will increase from 27% to 36% by 2017. However absolute spending on brands in developed markets will decline over the next five years due to losses of exclusivity, slower uptake of new medicines and more restrictive access approaches. The use of generics will be at its highest in Pharmerging markets where 63% of the spending will be on generic products.
In addition, the increase in mergers and acquisitions (MandA), joint ventures (JVs) and other collaborative business models implies that companies with disparate systems will need to synergize their local operations with global requirements. The top reason for increased consolidation and partnering is that companies have a host of blockbusters going off patent at a time when the industry is facing fewer drug approvals. With slowing sales, most drug companies are looking for growth by buying the companies that have solid pipelines that will deliver growth. The market research organization IMS Health categorizes Pharmerging markets into Tier 1 (China), Tier 2 (Brazil, India and Russia) and Tier 3 (around 17 countries). 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
PHARMACEUTICALS MARKET
The Indian pharmaceutical market (IPM) is valued at INR 75,000 crores approximately as at March 2014. The year has seen deceleration of industry growth rate from 12% in 2013 to 6% in 2014. This has primarily been due to implementation of new DPCO 2013 coupled with the ensuing stalemate of stocks stuck at various levels in the distribution chain during the year. The products which were brought under price control showed degrowth compared to products which were not under price control. Despite this, Indian pharma market remains one of the fastest growing pharma markets in the world and 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. The Indian pharmaceuticals market is witnessing dynamic changing trends such as large acquisitions by multinational and Indian companies, increasing investment by domestic and international players and deeper penetration into rural and Tier II markets. These trends combined with increased purchasing power and access to good quality medical care will continue to propel the domestic pharmaceutical industry to new heights.
Urban regions (metros and tier I cities) contribute majority of total sales but rural and tier II cities are showing higher growths mainly driven by increased access to healthcare, improved infrastructure and greater penetration of pharmaceutical companies into tier II cities and rural areas.
One of the major reasons for the growth is increase in the incidence of the chronic disease and its early detection. While the acute segment dominates market share in the IPM, the contribution of chronic therapies to the IPM has been increasing consistently. Chronic therapies have outperformed the market in terms of growth for the past few years and are growing faster than the acute therapies. The mix of therapies will continue to gradually move in favour of specialty and super-specialty therapies. 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 cardiac, CNS, Anti-diabetic, dermatology markets have been growing much higher than the Indian pharma market among the major therapies in the past 1 year.
Among the top therapies in the IPM the Company has the presence in all the major therapies. Torrent has entered into a business transfer agreement with Elder Pharmaceuticals Limited for transfer of identified business. This will strengthen Company’s position in the Women Healthcare, Pain management and Vitamins/Nutrition segments by enhancing and accelerating market access. The growth drivers for the companies’ will be aligning their portfolios to bring focus on therapeutic class synergies, adding innovative-better margin products and brand building. Companies also have to focus on increasing the productivity of their field forces which will help in improving the overall efficiency of the business. The partnerships and Alliances between the multinational and Indian companies have also been increased with an aim of expanding the reach to the new customers and geographical areas. These were seen in the form of co-marketing, co-promotion, licensing and joint ventures.
INDIA FORMULATION
BUSINESS:
The India formulations segment registered growth of 13% over the previous year on the back of improved performance of Cardiology, Diabetology, CNS and Gastroenterology portfolio. During the year the Company continued efforts and strategic initiatives towards improving its market share through focus on brandbuilding, productivity improvement, identifying opportunities in existing therapies and new therapies. During the year Company has signed a business transfer agreement with Elder Pharmaceutical Limited which gives access to Vitamins market which is thefourth largest market in the IPM.
Torrent is one of the leading players in India Pharmaceuticals Industry maintaining leadership position in key chronic therapies of Cardiovascular and Neuro-Psychiatry. The Company is ranked No. 4 in cardiovascular segment and in Neuro-Psychiatry therapies. The Company is ranked 20th by turnover in the domestic market and has 4 brands in top 300 brands and 39 brands in leadership position in their respective molecule segments (Source: AIOCD). Their strategic priorities remain i.e. to focus on driving productivity through brand building in major therapies, expanding the portfolio in newly entered segments & accelerating performance in the acute segment.
Growth was primarily driven by Cardiology, Diabetology, CNS in Chronic and Gastroenterology in acute segments. Recently launched Greenfield projects in Derma, Oncology, Gynecology and Pain segments are also making good inroads and gaining market share.
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10525000 |
20/09/2014 |
1,500,000,000.00 |
AXIS BANK LIMITED |
2ND FLOOR, 3RD EYE ONE, NEAR PANCHVATI CIRCLE, C . G. ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
C28214203 |
|
2 |
10516826 |
22/08/2014 * |
1,304,200,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17. R. KAMANI MARG, BALLARD ESTATE, MUMBAI- 400 001, MUMBAI, MAHARASHTRA - 400001, INDIA |
C21912167 |
|
3 |
10516822 |
22/08/2014 * |
2,760,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
C29055787 |
|
4 |
10500496 |
07/06/2014 |
18,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
C05795729 |
|
5 |
10510777 |
05/06/2014 |
2,000,000,000.00 |
BNP PARIBAS |
UNIT NO.203, SAKAR II, NEAR TOWN HALL, ELLIS BRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
C11661931 |
|
6 |
10447179 |
13/08/2013 |
2,200,000,000.00 |
HSBC BANK (MAURITIUS) LIMITED |
HSBC CENTRE, 18 CYBERCITY, EBENE, MAURITIUS, - 000, MAURITIUS |
B84093871 |
|
7 |
10421600 |
05/04/2013 |
500,000,000.00 |
BNP PARIBAS |
203, SAKAR-II, ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
B73713752 |
|
8 |
10399912 |
31/12/2012 |
200,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI |
16, VEER NARIMAN ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B66818014 |
|
9 |
10010037 |
04/07/2006 |
448,000,000.00 |
STANDARD CHARTERED BANK |
ABHIJEET II, GROUND FLOOR, MITHAKHALI SIX ROADS, AHMEDABAD, GUJARAT - 380006, INDIA |
A02291342 |
|
10 |
90103831 |
12/02/2008 * |
502,500,000.00 |
CITIBANK N.A. |
GROUND FLOOR, REMBRANT C G ROAD, NEAR PANCHAVATI CIRCLE, AHMEDABAD, GUJARAT - 380006, INDIA |
A33482977 |
* Date of charge modification
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
from banks |
0.000 |
389.200 |
|
from others |
137.400 |
124.300 |
|
Short-term
borrowings |
|
|
|
from banks |
1907.200 |
559.400 |
|
Total |
2044.600 |
1072.900 |
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
Rs.
in million 31.03.2014 |
Rs.
in million 31.03.2013 |
|
(a) Claims against the Group not acknowledged as debts |
|
|
|
Disputed Demand of Income Tax for which appeals have been preferred |
52.500 |
52.500 |
|
Disputed Employee State Insurance Contribution Liability under E.S.I.
Act, 1948 |
73.000 |
58.000 |
|
Disputed Legal cases for supply of goods and services |
1.900 |
409.700 |
|
Disputed Demand of Excise and Service tax |
324.100 |
379.300 |
|
Disputed Demand of Local Sales Tax and C.S.T |
1.900 |
1.700 |
|
Disputed cases at Labour Court / Industrial Court |
28.600 |
22.200 |
|
(b) Against the above, the Company has paid Rs.2.800 Millions
(previous year Rs.81.600 Millions). The expected outflow will be determined
at the time of final outcome in respect of the concerned matter. No amount is
expected to be reimbursed. |
|
|
|
(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 |
360.600 |
0.000 |
STATEMENT
OF STANDALONE AUDITED RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30.09.2014
Rs. In Millions
|
Particulars |
Quarter
ended |
Half Year
ended |
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
Income
from operations |
|
|
|
|
Net
sales (Net of excise duty) |
8400.000 |
8960.000 |
17360.000 |
|
Other
operating income |
160.000 |
210.000 |
370.000 |
|
Net
income from operations |
8560.000 |
9170.000 |
17730.000 |
|
Expenses |
|
|
|
|
Cost
of materials consumed |
2670.00 |
2000.000 |
4670.000 |
|
Purchases
of stock-in-trade |
490.000 |
430.000 |
920.000 |
|
Changes
in inventories of finished goods, work- in-progress
and stock-in-trade |
(120.000) |
(220.000) |
(340.000) |
|
Employee
benefits expense |
1240.000 |
1130.000 |
2370.000 |
|
Depreciation
and amortisation expense |
530.000 |
190.000 |
720.000 |
|
Other
expenses |
2570.000 |
2090.000 |
4660.000 |
|
Total
expenses |
7380.00 |
5620.000 |
13000.000 |
|
Profit
from operations before other income, finance costs and exceptional items |
1180.000 |
3550.000 |
4730.000 |
|
Other
income |
760.000 |
560.000 |
1320.000 |
|
Profit
from ordinary activities before finance costs and exceptional items |
1940.000 |
4110.000 |
6050.000 |
|
Finance
costs |
520.000 |
240.000 |
760.000 |
|
Profit
from ordinary activities before tax |
1420.000 |
3870.000 |
5290.000 |
|
Tax
expense |
300.000 |
820.000 |
1120.000 |
|
Net
profit for the period |
1120.000 |
3050.000 |
4170.000 |
|
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 |
6.65 |
18.01 |
24.66 |
|
Diluted |
6.65 |
18.01 |
24.66 |
|
|
|
|
|
|
Public shareholding |
|
|
|
|
- Number of shares |
482160000 |
482160000 |
482160000 |
|
- 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) |
72.51% |
72.51% |
72.51% |
|
|
|
|
|
|
INVESTOR
COMPLAINTS |
|
|
|
|
Pending at the
beginning of the quarter |
Nil |
|
|
|
Received during the
quarter |
3 |
|
|
|
Disposed of during
the quarter |
3 |
|
|
|
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 November 05, 2014. There is no qualification in the Auditors Report on this statement of financial results.
(Rs. In Millions)
|
Particulars |
Quarter
ended |
Half Year
ended |
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
(A)
Sales in India |
|
|
|
|
Branded
sales |
4440.000 |
3010.000 |
8000.000 |
|
Contract
manufacture |
960.000 |
710.000 |
1110.000 |
|
Others |
20.000 |
10.000 |
300.000 |
|
Total
sales in India |
5420.000 |
3730.000 |
9140.000 |
|
(B)
Sales outside India |
3000.000 |
3860.000 |
8260.000 |
|
Total
sales (A+B) |
8420.000 |
7590.000 |
17400.000 |
|
Less:Excise
duty |
20.000 |
20.000 |
40.000 |
|
Net
sales |
8400.000 |
7570.000 |
17360.000 |
|
Particulars
|
30.09.2014 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
850.000 |
|
(b) Reserves & Surplus |
26350.000 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
27200.000 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
21050.000 |
|
(b) Deferred tax liabilities
(Net) |
1230.000 |
|
(c) Other long term
liabilities |
60.000 |
|
(d) long-term provisions |
840.000 |
|
Total
Non-current Liabilities (3) |
23180.000 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
1230.000 |
|
(b) Trade payables |
5410.000 |
|
(c) Other current liabilities |
3210.000 |
|
(d) Short-term provisions |
700.000 |
|
Total
Current Liabilities (4) |
10550.000 |
|
|
|
|
TOTAL |
60930.000 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
33580.000 |
|
(b) Non-current Investments |
1500.000 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
1030.000 |
|
(e) Other Non-current assets |
530.000 |
|
Total
Non-Current Assets |
36640.000 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
1670.000 |
|
(b) Inventories |
7060.000 |
|
(c) Trade receivables |
11330.000 |
|
(d) Cash and cash equivalents |
640.000 |
|
(e) Short-term loans and
advances |
1140.000 |
|
(f) Other current assets |
2450.000 |
|
Total
Current Assets |
24290.000 |
|
|
|
|
TOTAL |
60930.000 |
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 half year ended 30-Sep-2014, 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
CMT REPORT (Corruption, Money Laundering and Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.52 |
|
|
1 |
Rs.97.39 |
|
Euro |
1 |
Rs.76.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE and 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 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
80 |
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.