MIRA INFORM REPORT
|
Report Date : |
08.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
AJANTA PHARMA LIMITED |
|
|
|
|
Registered
Office : |
Ajanta House, 98, Government Industrial, Area Charkop,
Kandivli (West), Mumbai – 400067, Maharashtra
|
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|
Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
31.12.1979 |
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Com. Reg. No.: |
11-022059 |
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Capital
Investment / Paid-up Capital : |
Rs. 176.700 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230MH1979PLC022059 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA08396D/MUMA19462C |
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PAN No.: [Permanent Account No.] |
AAACA5579P |
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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 and Related Activities, Including Research. |
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|
No. of Employees
: |
Information Decline by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
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 : |
Exists |
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Comments : |
Subject is a well-established and reputed company having fine track
record. Financial position of the company seems to be sound. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered good for normal business dealing 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “AA-“ |
|
Rating Explanation |
High degree of safety and carry very low
credit risk. |
|
Date |
18.11.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A1+“ |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
18.11.2013 |
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
Management non-cooperative. (Tel. No.: 91-22-66061000)
LOCATIONS
|
Registered Office / Factory – I : |
Ajanta House, 98, Government Industrial, Area Charkop,
Kandivli (West), Mumbai – 400067, Maharashtra, India |
|
Tel. No.: |
91-22-66061000 |
|
Fax No.: |
91-22-66061200/1300 |
|
E-Mail : |
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|
Website : |
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Factory-2 : |
B-4, B-5, B-6 MIDC Industrial Area, Paithan, Aurangabad-431128, |
|
Tel. No.: |
91-2431-233092 |
|
Fax No.: |
91-2431-232088 |
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|
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|
Factory-3 : |
31-O, MIDC Industrial Area, Chikalthana, Aurangabad-431210, |
|
Tel. No.: |
91-240-22485851 |
|
Fax No.: |
91-240-22485850 |
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Factory-4 : |
Gut No. 11/12/14/15, Chitegaon, Paithan, Road, Aurangabad-431 105, Maharashtra,
India |
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Factory -5 : |
Gut No. 378, Plot No. 8, Waluj, Aurangabad, Maharashtra, India |
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Factory -6 : |
Plot No Z-103 /A, Dahej
SEZ - Part II, District Bharuch, Gujarat, India |
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Factory -7 : |
Plot No 109, GIDC, Post Manjusar,
Taluka - Savli, District Vadodra, Gujarat, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Mannalal B. Agrawal |
|
Designation : |
Chairman |
|
|
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|
Name : |
Mr. Purushottam B. Agrawal |
|
Designation : |
Vice Chairman |
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|
Name : |
Mr. Madhusudan B. Agrawal |
|
Designation : |
Vice Chairman |
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|
Name : |
Mr. Yogesh M. Agrawal |
|
Designation : |
Managing Director |
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|
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|
Name : |
Dr. Anil Kumar |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Chandrakant M. Khetan |
|
Designation : |
Director |
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|
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|
Name : |
K. H. Viswanathan |
|
Designation : |
Director |
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|
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|
Name : |
P. R. Dalal |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Anjana Grewal |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Gaurang Shah |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
22515000 |
64.00 |
|
|
3356905 |
9.54 |
|
|
25871905 |
73.55 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
25871905 |
73.55 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
281155 |
0.80 |
|
|
15575 |
0.04 |
|
|
2779421 |
7.90 |
|
|
3076151 |
8.74 |
|
|
|
|
|
|
1062390 |
3.02 |
|
|
|
|
|
|
3320265 |
9.44 |
|
|
1666290 |
4.74 |
|
|
180399 |
0.51 |
|
|
68814 |
0.20 |
|
|
684 |
0.00 |
|
|
14794 |
0.04 |
|
|
96107 |
0.27 |
|
|
6229344 |
17.71 |
|
Total Public shareholding (B) |
9305495 |
26.45 |
|
Total (A)+(B) |
35177400 |
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) |
35177400 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares
held |
Encumbered shares
(*) |
|||
|
|
|
No. of Shares held |
As a % of grand total
(A)+(B)+(C) |
No |
As a percentage |
As a % of |
|
1 |
Mannalal B Agrawal |
21,62,688 |
6.15 |
0 |
0.00 |
0.00 |
|
2 |
Purushottam B Agrawal |
21,55,770 |
6.13 |
0 |
0.00 |
0.00 |
|
3 |
Madhusudan B Agrawal |
21,55,500 |
6.13 |
0 |
0.00 |
0.00 |
|
4 |
Yogesh M Agrawal |
25,28,424 |
7.19 |
0 |
0.00 |
0.00 |
|
5 |
Ravi P Agrawal |
10,81,824 |
3.08 |
0 |
0.00 |
0.00 |
|
6 |
Rajesh Agrawal |
25,39,441 |
7.22 |
0 |
0.00 |
0.00 |
|
7 |
Ayush M Agrawal |
10,05,927 |
2.86 |
0 |
0.00 |
0.00 |
|
8 |
Mannalal B Agrawal HUF |
12,24,261 |
3.48 |
0 |
0.00 |
0.00 |
|
9 |
Purushottam B Agrawal HUF |
12,14,406 |
3.45 |
0 |
0.00 |
0.00 |
|
10 |
Madhusudan B Agrawal HUF |
12,30,000 |
3.50 |
0 |
0.00 |
0.00 |
|
11 |
Vimal M Agrawal |
4,41,500 |
1.26 |
0 |
0.00 |
0.00 |
|
12 |
Vimal Agrawal and Mamta Agrawal |
20,55,000 |
5.84 |
0 |
0.00 |
0.00 |
|
13 |
Mamta M Agrawal |
7,23,573 |
2.06 |
0 |
0.00 |
0.00 |
|
14 |
Manisha Yogesh Agrawal |
6,71,565 |
1.91 |
0 |
0.00 |
0.00 |
|
15 |
Richa Ravi Agrawal |
6,63,000 |
1.88 |
0 |
0.00 |
0.00 |
|
16 |
Smriti Rajesh Agrawal |
6,62,121 |
1.88 |
0 |
0.00 |
0.00 |
|
17 |
Gabs Investments Private Limited |
33,56,905 |
9.54 |
1445500 |
43.06 |
4.11 |
|
|
Total |
2,58,71,905 |
73.55 |
1445500 |
5.59 |
4.11 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
|
|
|
|
|
|
1 |
Matthews India Fund |
805557 |
2.29 |
|
2 |
Narendra Kumar Agarwal |
500000 |
1.42 |
|
3 |
Anand Rathi Share and Stock Brokers Limited |
363166 |
1.03 |
|
4 |
Narendra Kumar Agarwal |
352897 |
1.00 |
|
|
Total |
2021620 |
5.75 |
Details of Locked-in
Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares |
Locked-in Shares as
% of |
|
1 |
Arvind Kanhaiyalal Agrawal |
4,500 |
0.01 |
|
2 |
Jagdish Dwarkadas Joshi |
2,700 |
0.01 |
|
3 |
Nandkishore Agrawal |
4,500 |
0.01 |
|
4 |
Satish Hanumandas Agrawal |
4,500 |
0.01 |
|
5 |
Suresh Chandra Pandey |
4,500 |
0.01 |
|
6 |
Shailesh Rajkumar Singh |
4,500 |
0.01 |
|
7 |
Sam Gioskos |
1,500 |
0.00 |
|
|
Total |
26,700 |
0.08 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Pharmaceutical and Related
Activities, Including Research. |
GENERAL INFORMATION
|
No. of Employees : |
Information Decline by the management |
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Bankers : |
Saraswat Co-Operative Bank Limited |
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Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kapoor and Parekh Associates Chartered Accountants |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Sevekari Khare and Associates Chartered Accountants |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Associate Companies: |
|
|
|
|
|
Related Party: |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.5/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35457300 |
Equity Shares |
Rs.5/- each |
Rs.177.300 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35150700 |
Equity Shares |
Rs.5/- each |
Rs.175.800 Millions |
|
306600 |
Add :- Share Forfeited - Amount originally paid up |
|
Rs.0.900 Million |
|
|
Total |
|
Rs.176.700 Millions |
Reconciliation of
number of equity shares outstanding at the beginning and at the end of the
year:
|
|
As on 31.03.2014 |
|
|
|
No. of Share |
Rs. In Millions |
|
Equity shares outstanding at the beginning of the year |
23417000 |
117.100 |
|
Add: Equity shares allotted during the year against option's exercised under ESOP |
16800 |
0.100 |
|
Add: Equity shares allotted during the year as Bonus |
11716900 |
58.600 |
|
Less: Equity shares bought back during the year |
-- |
-- |
|
Equity shares outstanding at the end of the year |
35150700 |
175.800 |
Terms/Rights attached
to equity shares
The Company has issued only one class of equity shares having a par value of Rs.5 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 approval of the shareholders in the ensuing Annual General Meeting.
During the year ended 31st March 2014 amount per share of dividend recognised as distributions to equity shareholders is Rs.10 (Pr.Yr. Rs.6.25).
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the numbers of equity shares held by shareholders.
Details of Equity
Shares held by each shareholders holding more than 5%
|
|
As on 31.03.2013 |
|
|
Equity Shares of
Rs.5 (Pr.Yr. Rs.10) each fully paid. |
No. of Share |
% holding |
|
Mannalal B. Agrawal |
21,62,688 |
6.15 |
|
Purushottam B. Agrawal |
21,55,770 |
6.13 |
|
Madhusudan B. Agrawal |
21,55,500 |
6.13 |
|
Vimal Agrawal and Mamta Agrawal |
20,55,000 |
5.85 |
|
Yogesh M. Agrawal |
25,28,424 |
7.19 |
|
Rajesh M. Agrawal |
25,39,441 |
7.22 |
|
Gabs Investments Private Limited |
33,56,905 |
9.55 |
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 |
176.700 |
118.000 |
118.000 |
|
(b) Reserves & Surplus |
5186.500 |
3444.800 |
2600.400 |
|
(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) |
5363.200 |
3562.800 |
2718.400 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
512.800 |
722.000 |
753.600 |
|
(b) Deferred tax liabilities (Net) |
229.800 |
236.500 |
170.900 |
|
(c) Other long term
liabilities |
25.000 |
25.000 |
25.000 |
|
(d) long-term provisions |
28.300 |
29.800 |
49.100 |
|
Total Non-current
Liabilities (3) |
795.900 |
1013.300 |
998.600 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
605.400 |
512.600 |
868.700 |
|
(b) Trade
payables |
1109.000 |
1300.400 |
1059.200 |
|
(c) Other
current liabilities |
498.100 |
168.100 |
422.200 |
|
(d) Short-term
provisions |
427.100 |
196.600 |
104.500 |
|
Total Current
Liabilities (4) |
2639.600 |
2177.700 |
2454.600 |
|
|
|
|
|
|
TOTAL |
8798.700 |
6753.800 |
6171.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2600.200 |
2530.900 |
2233.000 |
|
(ii)
Intangible Assets |
13.800 |
96.400 |
132.600 |
|
(iii) Capital
work-in-progress |
935.500 |
124.900 |
25.200 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
238.400 |
188.600 |
170.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
386.800 |
484.100 |
505.600 |
|
(e) Other
Non-current assets |
87.500 |
70.900 |
12.800 |
|
Total Non-Current
Assets |
4262.200 |
3495.800 |
3079.700 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
550.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1487.700 |
1435.100 |
1623.500 |
|
(c) Trade
receivables |
1770.900 |
1351.900 |
1254.200 |
|
(d) Cash
and cash equivalents |
290.800 |
251.100 |
50.800 |
|
(e)
Short-term loans and advances |
430.900 |
213.200 |
156.100 |
|
(f) Other
current assets |
6.200 |
6.700 |
7.300 |
|
Total
Current Assets |
4536.500 |
3258.000 |
3091.900 |
|
|
|
|
|
|
TOTAL |
8798.700 |
6753.800 |
6171.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
11099.200 |
8,92.000 |
6042.700 |
|
|
Other Income |
177.200 |
74.100 |
12.100 |
|
|
TOTAL
(A) |
11276.400 |
8466.100 |
6054.800 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2998.700 |
2840.900 |
2302.900 |
|
|
Purchases of Stock-in-Trade |
406.700 |
273.500 |
204.700 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
71.400 |
(114.100) |
(329.900) |
|
|
Employees benefits expense |
1472.500 |
1154.000 |
871.700 |
|
|
Other expenses |
2694.600 |
2164.900 |
1761.000 |
|
|
TOTAL
(B) |
7643.900 |
6319.200 |
4810.400 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
3632.500 |
2146.900 |
1244.400 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
82.200 |
184.800 |
140.100 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3550.300 |
1962.100 |
1104.300 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
419.700 |
327.000 |
306.800 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
3130.600 |
1635.100 |
797.500 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
922.000 |
623.900 |
132.600 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
2208.600 |
1011.200 |
664.900 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
6605.600 |
5066.700 |
3426.800 |
|
|
Freight and Insurance |
157.400 |
172.500 |
115.900 |
|
|
Technology transfer Fees |
62.500 |
5.000 |
5.100 |
|
|
Dividend from subsidiary |
45.600 |
54.200 |
0.000 |
|
|
TOTAL
EARNINGS |
6871.100 |
5298.400 |
3547.800 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
300.000 |
393.000 |
332.100 |
|
|
Capital Goods |
298.800 |
123.600 |
41.200 |
|
|
Other |
3.000 |
7.100 |
4.100 |
|
|
TOTAL
IMPORTS |
601.800 |
523.700 |
377.400 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
|
Basic |
42.83 |
28.78 |
28.39 |
|
|
Diluted |
62.72 |
28.71 |
28.33 |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2014 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
2874.900 |
|
Total Expenditure |
|
|
1977.900 |
|
PBIDT (Excl OI) |
|
|
897.000 |
|
Other Income |
|
|
86.900 |
|
Operating Profit |
|
|
983.900 |
|
Interest |
|
|
14.200 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
969.700 |
|
Depreciation |
|
|
120.400 |
|
Profit Before Tax |
|
|
849.300 |
|
Tax |
|
|
262.100 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
587.200 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
587.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
19.59 |
11.94 |
10.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
28.21 |
19.48 |
13.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
41.06 |
25.39 |
13.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.58 |
0.46 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.21 |
0.35 |
0.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.72 |
1.50 |
1.26 |
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 |
118.000 |
118.000 |
176.700 |
|
Reserves & Surplus |
2600.400 |
3444.800 |
5186.500 |
|
Net worth |
2718.400 |
3562.800 |
5363.200 |
|
|
|
|
|
|
long-term borrowings |
753.600 |
722.000 |
512.800 |
|
Short term borrowings |
868.700 |
512.600 |
605.400 |
|
Total borrowings |
1622.300 |
1234.600 |
1118.200 |
|
Debt/Equity ratio |
0.597 |
0.347 |
0.208 |
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 |
6042.700 |
8392.000 |
11099.200 |
|
|
|
38.878 |
32.259 |
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 |
6042.700 |
8392.000 |
11099.200 |
|
Profit |
664.900 |
1011.200 |
2208.600 |
|
|
11.00% |
12.05% |
19.90% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM BORROWING
Rs. In Millions
|
Particular |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
Current Maturities of long-term borrowing |
|
|
|
|
Foreign Currency Term Loan from Banks |
171.200 |
Na |
NA |
|
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 |
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 |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATION DETAILS:
HIGH
COURT OF BOMBAY
|
Bench:- Bombay |
|||||||
|
Presentation Date:- 30/12/2013 |
|||||||
|
Lodging No:- |
ITXAL/2228/2013 |
Filing Date:- |
30/12/2013 |
Reg. No.:- |
ITXA/723/2014 |
Reg. Date:- |
03/04/2014 |
|
Petitioner:- |
COMMISSIONER OF INCOME TAX CENTRAL |
Respondent:- |
AJANTA PHARMA LIMITED |
||||
|
Petn. Adv.: |
ARVIND PINTO (0) |
|
|
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
DIVISION |
||||||
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
||||
|
Last Date:- |
09/10/2014 |
Stage:- |
FOR REJECTION
[ORIGINAL SIDE MATTERS] |
||||
|
Last Coram:- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
||||||
|
Act:- |
Income Tax Act,
1961 |
Under Section:- |
260A |
||||
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWINGS |
|
|
|
Other Loans & Advances |
|
|
|
Deferred Sales Tax Loans |
107.700 |
157.600 |
|
Total |
107.700 |
157.600 |
|
|
|
|
GENERAL INFORMATION:
Subject is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956 (as amended by the Companies Act, 2013). Its shares are listed on two stock exchanges in India. The Company is engaged in the business of pharmaceutical and related activities, including research.
PERFORMANCE REVIEW:
The Company’s performance for the year ended 31st March, 2014 has been outstanding, scaling newer heights in terms of sales and profits. Consolidated sales grew by 30% over the previous year, where international markets accounted for 66% of sales. Profit before interest, depreciation and tax (EBITDA) increased by 64%, whereas Profit after tax was higher by 109% over the previous year.
CONTINGENT
LIABILITIES:
(Rs. In Millions)
|
Particulars |
31.03.2014 |
31.03.2013 |
|
i. Claims against the Company not acknowledged as debt |
7.000 |
3.400 |
|
ii. Income tax demands disputed by Company pending in appeal. Amount paid under protest Rs.18.200 Millions (Pr. Yr. Rs.18.200 Millions) |
Nil |
36.900 |
|
iii. Sales tax demands disputed by Company pending in appeal |
2.200 |
2.200 |
|
iv. Custom Duty on import under Advance License Scheme, pending fulfilment of Exports obligation. |
13.900 |
6.000 |
|
v. Disputed Octroi. Amount paid under protest Rs.5.200 Millions (Pr. Yr. Rs.5.200 Millions) |
5.200 |
5.200 |
|
vi. Excise duty disputed by the Company |
3.400 |
1.600 |
|
vii. Unpaid allotment money in respect of |
|
|
|
(a) Shares of Ajanta Pharma UK Ltd, wholly owned subsidiary, equivalent to UK Pound 10,000 (Pr.Yr. UK Pound 10,000). |
1.000 |
0.800 |
|
(b) Common Stock of Ajanta Pharma USA Inc., wholly owned subsidiary is Nil (Pr.Yr. USD 0.01 Crore). |
Nil |
5.400 |
Future cash outflows in respect of liability under clauses (i) to (iv) is dependent on terms agreed upon with the parties, in respect of clauses (v) to (x) is dependent on decisions by relevant authorities of respective disputes and in respect of clause (xi) it is dependent on call made by investee companies.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10418936 |
21/03/2013 |
551,600,000.00 |
STATE BANK OF MAURITIUS LIMITED |
101, RAHEJA CENTRE, 1ST FLOOR,, FREE PRESS JOURNAL ROAD,, MUMBAI, MAHARASHTRA - 400021, INDIA |
B72949712 |
|
2 |
10343311 |
20/03/2013 * |
550,000,000.00 |
ABU DHABI COMMERCIAL BANK LIMITED |
75, REHMAT MANZIL,, VEER NARIMAN ROAD, CHURCHGATE, MUMBAI, MAHARASHTRA - 400020, INDIA |
B71792477 |
|
3 |
10039644 |
27/03/2014 * |
480,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
C03692589 |
|
4 |
10042802 |
02/11/2010 * |
290,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A98834781 |
|
5 |
90241060 |
27/03/2014 * |
75,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, WORLD TRADE CENTRE COMPLEX,, |
C03693637 |
|
6 |
90240349 |
21/08/2006 * |
435,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, SHIVSAGAR ESTATE,, WORLI - SOUTH, MUMBAI, MAHARASHTRA - 400018, INDIA |
- |
|
7 |
80026318 |
22/03/2007 * |
100,000,000.00 |
STATE BANK OF MAURITIUS |
101, RAHEJA CENTRE,, FREE PRESS JOURNAL ROAD,, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
* Date of charge modification
FIXED ASSETS
- Land & Site Development
- Buildings
- Plant and Machinery
- Furniture and Fixtures
- Office
- Equipments
- Vehicles
- Computers
STATEMENT OF STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2014
(Rs. In
Millions)
|
Sr. No. |
Particular |
3
Months Ended |
|
|
|
30.06.2014 (Unaudited) |
|
|
|
|
|
1 |
Net Sales/Income from Operations |
2807.900 |
|
|
Other operating income |
67.000 |
|
|
Total Income |
2874.900 |
|
|
|
|
|
2 |
Expenditure |
|
|
|
Cost of materials consumed |
578.200 |
|
|
Purchase of stock in trade |
100.100 |
|
|
Changes in inventories of finished goods, work in progress
and stock in trade |
124.800 |
|
|
Employee benefits expenses |
428.400 |
|
|
Depreciation and amortization expenses |
120.400 |
|
|
Exchange rate difference (Net) |
-- |
|
|
Other expenses |
746.400 |
|
|
Total Expenses |
2098.300 |
|
|
|
|
|
3 |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
776.600 |
|
4 |
Other Income |
85.800 |
|
|
Exchange rate difference (Net) |
1.100 |
|
5 |
Profit Before Interest and Exceptional Items (3+4) |
863.500 |
|
6 |
Finance Cost |
14.200 |
|
7 |
Profit from Ordinary Activities before Tax (7+8) |
849.300 |
|
8 |
Tax Expense |
262.100 |
|
9 |
Net Profit from Ordinary Activities after Tax (9-10) |
587.200 |
|
10 |
Paid-up Equity Share Capital |
176.800 |
|
|
(Face Value of Re. 1/- Each) |
|
|
11 |
Reserves Excluding Revaluation Reserve |
NA |
|
12 |
Basic and Diluted Earning Per Share (EPS) (Rs.)-Not
Annualised |
|
|
|
a) Basic |
16.70 |
|
|
b) Diluted |
16.68 |
|
|
|
|
|
|
Public Shareholding |
|
|
|
-Number of Shares |
9305495 |
|
|
- Percentage of Shareholding |
26.45% |
|
18 |
Promoters and Promoter Group Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of Shares |
1445500 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
5.59% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
4.11% |
|
|
b) Non Encumbered |
|
|
|
- Number of Shares |
24426405 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
94.41% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
69.44% |
|
INVESTOR
COMPLAINTS |
As on
30.06.2014 |
|
Pending at the beginning of the quarter and remaining unresolved at the end of the quarter |
Nil |
|
Received and disposed off during the quarter |
14 |
Note:
1. Above results have been reviewed by Audit Committee and approved by the Board of Directors at their meeting held on August 05, 2014.
2. Statutory Auditors have carried out Limited Review of the above results.
3. Earnings per share has been disclosed considering increased number of shares
post bonus for above reported periods.
4. During the quarter 26,700 equity shares fully paid-up were allotted upon
exercise of vested stock options pursuant to ES05 Z011, including bonus,
resulting in increase in paid-up share capital by Rs. 0.100 Millions and share
premium by Rs. 3.200 Millions.
5. The Company has one segment of activity namely, pharmaceuticals.
6. Depreciation for the quarter ended June 30, 2014 has been aligned to meet
the requirements of Schedule II to the Companies Act, 2013 and accordingly an
amount of Rs. 11.200 Millions (net of deferred tax Rs. 5.800 Millions) in
relation to assets where useful life has already expired, has been charged to
Retained Earnings.
7. Figures for the quarter ended March 31, 2014 are the balancing figures
between audited figures for the financial year ended March 31, 2014 and year to
date limited review figures for nine months period ended December 31, 2013.
8. Previous period's figures have been regrouped wherever necessary.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.35 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.77.47 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
67 |
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.