MIRA INFORM REPORT
|
Report Date : |
01.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
F D C LIMITED |
|
|
|
|
Registered
Office : |
B-8, MIDC
Industrial Estate, Waluj, |
|
|
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|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2014 |
|
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|
Date of
Incorporation : |
23.09.1940 |
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|
Com. Reg. No.: |
11- 003176 |
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Capital
Investment / Paid-up Capital : |
Rs. 178.619 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24239MH1940PLC003176 |
|
|
|
|
IEC No.: |
0388030461 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF03524D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF0253H |
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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
: |
Subject is engaged in pharmaceutical business. |
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|
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|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects healthy financial risk profile marked by adequate
liquidity position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
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.
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 DENIED BY
|
Name : |
Mr. Santosh |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-240-2554407 |
|
Date : |
26.09.2014 |
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 : |
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|
Website : |
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|
Corporate Head Office / Factory 2 / R&D, Training Centre: |
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 3: |
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 : |
|
|
|
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Factory 4 : |
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 5 : |
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 6: |
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 |
|
|
|
|
Branch Office : |
Located at :
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Regional Offices : |
Located at
|
|
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|
International Office |
Located at |
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|
|
House R & D
Centres 2 : |
|
DIRECTORS
AS ON 31.03.2014
|
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. Varsharani Katre |
|
Designation : |
Company Secretary |
|
Name : |
Mr. Santosh |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of Shareholder |
Total No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
|
||
|
(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 |
||
|
|
|
|
|
|
6706796 |
3.77 |
|
|
29000 |
0.02 |
|
|
102584 |
0.06 |
|
|
60 |
0.00 |
|
|
1488031 |
0.84 |
|
|
13274784 |
7.46 |
|
|
21601255 |
12.15 |
|
|
|
|
|
|
4549623 |
2.56 |
|
|
|
|
|
|
15580195 |
8.76 |
|
|
11091415 |
6.24 |
|
|
2505940 |
1.41 |
|
|
357749 |
0.20 |
|
|
2148191 |
1.21 |
|
|
33727173 |
18.97 |
|
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 |
|
|
0 |
0.00 |
|
|
|
|
|
Total
(A)+(B)+(C) |
177833084 |
100.00 |
SHAREHOLDING
BELONGING TO THE CATEGORY "PROMOTER AND PROMOTER GROUP"
|
Sr. No. |
Name of the Shareholder |
Details of Shares held |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|||
|
1 |
Meera Ramdas Chandavarkar |
2,19,25,260 |
12.33 |
12.33 |
|
2 |
Transgene Trading & Investment Company
Private Limited |
1,70,97,500 |
9.61 |
9.61 |
|
3 |
Sudipta Trading & Investment Company
Private Limited |
1,63,65,000 |
9.20 |
9.20 |
|
4 |
Soven Trading & Investment Company
Private Limited |
1,63,27,500 |
9.18 |
9.18 |
|
5 |
Sandhya Mohan Chandavarkar |
1,04,83,480 |
5.90 |
5.90 |
|
6 |
Mohan Anand Chandavarkar |
1,12,22,770 |
6.31 |
6.31 |
|
7 |
Ashok Anand Chandavarkar |
1,05,30,360 |
5.92 |
5.92 |
|
8 |
Mangala Ashok Chandavarkar |
66,44,100 |
3.74 |
3.74 |
|
9 |
Ameya Ashok Chandavarkar |
53,08,746 |
2.99 |
2.99 |
|
10 |
Nomita Ramdas Chandavarkar |
15,81,940 |
0.89 |
0.89 |
|
11 |
Nandan Mohan Chandavarkar |
50,18,000 |
2.82 |
2.82 |
|
|
Total |
12,25,04,656 |
68.89 |
68.89 |
SHAREHOLDING
BELONGING TO THE CATEGORY "PUBLIC" AND HOLDING MORE THAN 1% OF THE
TOTAL NO. OF SHARES
|
Sr. 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 |
Enam Financial Consultants Private Limited |
1800000 |
1.01 |
1.01 |
|
|
2 |
Fidelity Puritan Trust Fidelity Low |
3600000 |
2.02 |
2.02 |
|
|
3 |
Pari Washington Co Private Limited |
2370503 |
1.33 |
1.33 |
|
|
4 |
Reliance Capital Trustee Co |
3326642 |
1.87 |
1.87 |
|
|
5 |
Somerset Emerging Markets Small Cap |
2592277 |
1.46 |
1.46 |
|
|
6 |
UTI - Childrens Career Balanced PLA |
2761079 |
1.55 |
1.55 |
|
|
|
Total |
16450501 |
9.25 |
9.25 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in pharmaceutical business. |
||||||||||||
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|
||||||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
|
|
|
|
Bankers : |
Not Divulged |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Subsidiary Companies |
· 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 : |
|
CAPITAL STRUCTURE
AS ON: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250,000,000 |
Equity Shares |
Re.1/- each |
Rs. 250.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
180,978,084 |
Equity Shares |
Re.1/- each |
Rs. 180.978 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
177,833,084 |
Equity Shares |
Re.1/- each |
Rs. 177.833 Millions |
|
|
Add: 3145000 Equity shares forfeited |
|
Rs. 0.786 Million |
|
|
Total |
|
Rs. 178.619
Millions |
Reconciliation of the shares outstanding at the beginning and at the end
of the reporting period
|
Particulars |
31.03.2014 |
|
|
|
No. in millions |
Rs. in millions |
|
At the beginning of the period |
180.833 |
180.833 |
|
Less: Buy back during the period |
3.000 |
3.000 |
|
Outstanding at the end of the period |
177.833 |
177.833 |
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 31 March 2014, the amount of per share dividend recognized as distributions to equity shareholders was Rs. 2.25 (Previous year - Rs. 2.25).
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 |
31.03.2014 |
|
|
No. in millions |
|
|
|
|
Equity shares bought back by the Company |
13.628 |
|
|
|
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 2,999,911 equity shares (Previous year - 2,087,432 equity shares) of Re.1 each during the year for a total consideration of Rs. 2,71.775 Millions (Previous year - Rs. 193.341 Millions) and the same has been extinguished. Consequently, an amount of Rs. 3.000 Millions (Previous year - 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. 268.775 Millions (Previous year - 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 |
31.03.2014 |
|
|
Numbers |
% holding in the
class |
|
|
Equity shares of Re. 1 each fully paid |
|
|
|
Meera Ramdas Chandavarkar |
21,925,260 |
12.33 |
|
Transgene Trading and Investment Company Private Limited |
17,097,500 |
9.61 |
|
Sudipta Trading and Investment Company Private Limited |
16,365,000 |
9.20 |
|
Soven Trading and Investment Company Private Limited |
16,327,500 |
9.18 |
|
Mohan Anand Chandavarkar |
11,222,770 |
6.31 |
|
Ashok Anand Chandavarkar |
10,530,360 |
5.92 |
|
Sandhya Mohan Chandavarkar |
10,483,480 |
5.90 |
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 |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
178.619 |
181.619 |
183.706 |
|
(b) Reserves & Surplus |
8226.309 |
7615.437 |
6696.675 |
|
(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) |
8404.928 |
7797.056 |
6880.381 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
10.707 |
12.447 |
14.541 |
|
(b) Deferred tax liabilities (Net) |
300.950 |
300.239 |
283.924 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
311.657 |
312.686 |
298.465 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
781.441 |
597.555 |
564.465 |
|
(c) Other current liabilities |
419.953 |
354.222 |
294.139 |
|
(d) Short-term provisions |
559.638 |
524.374 |
473.703 |
|
Total Current
Liabilities (4) |
1761.032 |
1476.151 |
1332.307 |
|
|
|
|
|
|
TOTAL |
10477.617 |
9585.893 |
8511.153 |
|
|
|
|
|
|
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2701.270 |
2734.103 |
2763.243 |
|
(ii) Intangible Assets |
20.051 |
31.445 |
36.973 |
|
(iii) Capital work-in-progress |
181.048 |
72.243 |
107.190 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1933.178 |
2515.451 |
1025.928 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1298.527 |
166.231 |
176.456 |
|
(e) Other Non-current assets |
6.574 |
5.165 |
9.586 |
|
Total Non-Current
Assets |
6140.648 |
5524.638 |
4119.376 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2299.045 |
1709.096 |
2439.217 |
|
(b) Inventories |
1005.921 |
974.455 |
1010.253 |
|
(c) Trade receivables |
586.245 |
447.649 |
406.917 |
|
(d) Cash and cash equivalents |
200.153 |
349.027 |
134.233 |
|
(e) Short-term loans and advances |
201.308 |
490.793 |
352.376 |
|
(f) Other current assets |
44.297 |
90.235 |
48.781 |
|
Total Current Assets |
4336.969 |
4061.255 |
4391.777 |
|
|
|
|
|
|
TOTAL |
10477.617 |
9585.893 |
8511.153 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (net) |
8370.184 |
7645.951 |
6992.416 |
|
|
|
Other Income |
381.637 |
475.608 |
278.200 |
|
|
|
TOTAL (A) |
8751.821 |
8121.559 |
7270.616 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2402.460 |
2100.050 |
2019.311 |
|
|
|
Purchases of stock-in-trade |
830.102 |
865.239 |
884.899 |
|
|
|
Changes in inventories of finished goods/ stock-in-trade and
work-in-progress |
-31.305 |
74.660 |
(108.396) |
|
|
|
Employee benefits expense |
1207.375 |
1064.287 |
982.704 |
|
|
|
Other Expenses |
1897.702 |
1716.537 |
1596.599 |
|
|
|
TOTAL (B) |
6306.334 |
5820.773 |
5375.117 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2445.487 |
2300.786 |
1895.499 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
30.138 |
15.105 |
13.235 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2415.349 |
2285.681 |
1882.264 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
245.435 |
275.119 |
180.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2169.914 |
2010.562 |
1701.764 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
825.711 |
427.245 |
374.859 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1344.203 |
1583.317 |
1326.905 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4056.818 |
3446.000 |
2843.005 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Final dividend – proposed |
400.124 |
403.863 |
365.841 |
|
|
|
Dividend Tax |
68.001 |
68.636 |
59.348 |
|
|
|
Transfer to General Reserve |
500.000 |
500.000 |
300.000 |
|
|
|
Reversal of excess provision of dividend |
(4.371) |
0.000 |
(1.279) |
|
|
BALANCE CARRIED
TO THE B/S |
4437.267 |
4056.818 |
3446.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
1125.660 |
936.494 |
841.413 |
|
|
|
Interest |
1.021 |
1.063 |
2.534 |
|
|
|
Other Earnings |
19.432 |
2.222 |
0.634 |
|
|
|
Dividend from subsidiary |
0.000 |
19.239 |
0.000 |
|
|
TOTAL EARNINGS |
1146.113 |
959.018 |
844.581 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
207.195 |
195.481 |
175.930 |
|
|
|
Packing material |
13.947 |
32.456 |
18.487 |
|
|
|
Components, Stores & Spares |
20.701 |
5.788 |
6.445 |
|
|
|
Capital goods |
38.313 |
45.136 |
78.625 |
|
|
|
Intangible assets |
2.644 |
0.000 |
6.268 |
|
|
TOTAL IMPORTS |
282.800 |
278.861 |
285.755 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.54 |
8.68 |
7.22 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
15.36 |
19.50 |
18.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
25.92 |
26.30 |
24.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.95 |
28.73 |
23.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.26 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.46 |
2.75 |
3.30 |
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 |
183.706 |
181.619 |
178.619 |
|
Reserves & Surplus |
6696.675 |
7615.437 |
8226.309 |
|
Net
worth |
6880.381 |
7797.056 |
8404.928 |
|
|
|
|
|
|
long-term borrowings |
14.541 |
12.447 |
10.707 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
14.541 |
12.447 |
10.707 |
|
Debt/Equity
ratio |
0.002 |
0.002 |
0.001 |
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) |
|
Revenue from operations |
6992.416 |
7645.951 |
8370.184 |
|
|
|
9.346 |
9.472 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
6992.416 |
7645.951 |
8370.184 |
|
Profit/(Loss) After Tax |
1326.905 |
1583.317 |
1344.203 |
|
|
18.98% |
20.71% |
16.06% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM BORROWINGS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Current maturities of long-term borrowings |
1.839 |
2.047 |
2.728 |
|
|
|
|
|
|
Total |
1.839 |
2.047 |
2.728 |
|
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 |
UNSECURED LOAN
|
Particular |
31.03.2014 (Rs. In
Millions) |
31.03.2013 (Rs. In
Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred sales tax loan |
10.707 |
12.447 |
|
|
|
|
|
Total |
10.707 |
12.447 |
|
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. |
||
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs. In
millions) |
31.03.2013 (Rs. In
millions) |
|
Disputed tax matters |
|
|
|
Income tax (Appealed by tax authorities) |
1.029 |
1.029 |
|
Income tax (Appealed by the Company) |
49.963 |
0.000 |
|
Excise duty (Appealed by excise authorities) |
0.212 |
0.200 |
|
Excise duty (Appealed by the Company) |
26.025 |
22.925 |
|
Sales tax (Appealed by the Company) |
23.482 |
23.244 |
|
In respect of guarantees given by banks |
37.120 |
31.662 |
|
Letter of credit issued by bankers |
27.464 |
9.169 |
|
Estimated amount of duty payable on export obligation against outstanding advances licenses |
0.641 |
3.150 |
|
During the year, the Company has received notices of demand (including interest) from the National Pharmaceutical Pricing Authority, Government of India on account of alleged overcharging in respect of certain formulations under the Drug Price Control Order, 1995. The Company has filed a writ petition before the Hon'ble Supreme Court of India for stay of the demand and other matters. The Company has been legally advised that on the basis of the facts and circumstances and grounds raised by the Company, the possibility of an adverse ruling in this case is unlikely. Hence no provision is considered necessary in this respect. |
84.688 |
0.000 |
INDEX OF
CHARGES: NO CHARGES EXIST FOR COMPANY
SEGMENT INFORMATION:
PRIMARY SEGMENT
INFORMATION
The Company is engaged in pharmaceutical business which as per Accounting Standard 17 - "Segment Reporting" is considered the only business segment.
FINANCIAL
PERFORMANCE:
The Company's net sales have increased by 9.2% as compared to the last financial year. The Company continues its efforts to deliver long term sustainable profitable growth by initiating various steps. The various measures undertaken by the Company has helped in maintaining working capital cycle and efforts for improving the same is an ongoing exercise. Cost controls across all levels of functions are a continuous exercise.
MARKETING
The Company is ranked at 25th position, recording a growth of 3.1% and attaining a market share of 1.07%
(Source: AIOCD Pharmasofttech AWACS Private Limited- Moving Annual Total Turnover- March 2014).
The various steps initiated by the Company have resulted in improving the performance of the Company. The Company continues its efforts to improve the performance through operational efficiencies by way of enlarging geographical coverage.
The Company's Pioneer Oral Rehydration Salts (ORS)- Electral is the No.1 ORS Brand in the market. Newly introduced Calcium-Phosphorus Supplement, Calyumm-P suspension was launched at Paediatricians with much aplomb. Calyumm-P with its unique name and yummy flavour was well accepted and appreciated and was able to garner a good prescriber base at Paediatricians in the very first year of it’s launch.
The Company's premium brand Zocon 150 grew by 47% and has become the fastest growing brand among
top ten Fluconazole brands (Source: AIOCD Pharmasofttech AWACS Private Limited-Moving Annual Total Turnover- March 2014).
EXPORTS:
Developed markets such as UK, US and Australia are driving growth in the generics segment. They continue to rely upon their strengths viz. wide portfolio of Ophthalmic products, Anti-diarrheal, Anti-bacterial, dermatological prescription products and product promotion skills to execute their international plans, while they slowly gain expertise in handling tender/government business in each of the countries they are present in. they have registered an Export Sales turnover of Rs. 1138.220 Millions for the year ended March 31, 2014 with a growth of 19.30% over last year's turnover of Rs. 954.105 Millions.
Apart from the developed markets, they have established a good presence in other fast growing markets like Ukraine, Africa, South East Asia and Latin America. Going forward, they will strongly focus on USA, Canada, Australia, Latin America, South-East Asia, South Africa and the CIS region to register growth in the international markets
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED 30.06.2014
PART I
(Rs. In Millions)
|
|
Particulars |
|
|
30.06.2014 |
|
|
|
Quarter Ended |
||
|
1 |
Income from Operations |
|
|
Unaudited |
|
|
(a) Net Sales (Net of excise duty) |
|
|
2171.692 |
|
|
(b) Other Operating Income |
|
|
11.834 |
|
|
Total Income from Operations (net) |
|
|
2183.526 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
|
|
595.418 |
|
|
(b) Purchases of Stock-in-Trade |
|
|
210.303 |
|
|
(c) Changes in inventories of finished goods,
work-in-progress and Stock-in-Trade |
|
|
62.609 |
|
|
(d) Employee benefits expense |
|
|
354.247 |
|
|
(e) Depreciation and amortization expense |
|
|
106.224 |
|
|
(f) Other expenses |
|
|
528.165 |
|
|
Total expenses |
|
|
1856.966 |
|
3 |
Profit/(Loss) from Operations before other Income,
finance costs (1-2) |
|
|
326.560 |
|
4 |
Other Income |
|
|
153.780 |
|
5 |
Profit/(Loss) before finance costs (3+4) |
|
|
480.340 |
|
6 |
Financial costs |
|
|
6.439 |
|
7 |
Profit/(Loss) from Ordinary Activities before tax
(7-8) |
|
|
473.901 |
|
8 |
Tax expense |
|
|
130.896 |
|
9 |
Net Profit for the period (7-8) |
|
|
343.005 |
|
10 |
Paid up equity share capital (Re. 1 per share) |
|
|
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) |
|
|
1.93 |
|
|
|
|
|
|
|
PART II |
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
— Number of shares |
|
|
5,53,28,428 |
|
|
— Percentage of shareholding |
|
|
31.11 |
|
2 |
Promoters and promoter group Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
— Number of shares |
|
|
Nil |
|
|
— Percentage of shares (as a % of the total |
|
|
Nil |
|
|
shareholding of promoter and
promoter group) |
|
|
|
|
|
— Percentage of shares (as a % of the total |
|
|
Nil |
|
|
share capital of company) |
|
|
|
|
|
b) Non-encumbered |
|
|
|
|
|
— Number of shares |
|
|
122504656 |
|
|
— Percentage of shares (as a % of the total |
|
|
100.00% |
|
|
shareholding of promoter and
promoter group) |
|
|
|
|
|
— Percentage of shares (as a % of the total share
capital of company) |
|
|
68.89% |
|
|
|
|
|
|
|
|
Particulars |
Quarter Ended 30.06.2014 |
|
B |
INVESTOR COMPLAINTS (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
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 Directors at its
meeting held on August 02, 2014 and have been subjected to a limited review by
the statutory auditors.
2. Consequent to the enactment of the Companies Act, 2013 ("the Act")
and its applicability for accounting periods commencing on or after April 01,
2014, the Company has re-worked depreciation in accordance with the useful
lives of fixed assets prescribed by Part C of Schedule II to the Act. In case
of any asset whose life has been completed as per the revised lives, the
carrying value of the asset as at April 01, 2014 (net of deferred tax) has been
adjusted to the General Reserve and in other cases the carrying values have
been depreciated over the remaining revised lives of the assets and recognized
in the Statement of Profit and Loss. As a result the charge for depreciation is
higher by Rs. 426.82 lacs for the quarter ended June 30, 2014.
3. Tax expense for the previous quarter, includes short provision for earlier
years of Rs. 2,25.000 Millions.
4. The Company has only one segment of activity namely
"Pharmaceuticals".
5. Figures for the previous period have been restated/reclassified wherever
necessary to conform to the current period's presentation.
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. 61.61 |
|
|
1 |
Rs.100.28 |
|
Euro |
1 |
Rs. 78.21 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
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 |
|
64 |
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.