MIRA
INFORM REPORT
|
Report Date : |
04.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
IPCA LABORATORIES LIMITED |
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Registered
Office : |
48, Kandivali Industrial Estate, Kandivali (West), Mumbai - 400067, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.10.1949 |
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Com. Reg. No.: |
11-007837 |
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Capital
Investment / Paid-up Capital : |
Rs.252.400
Millions |
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CIN No.: [Company Identification
No.] |
L24239MH1949PLC007837 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI05234F |
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PAN No.: [Permanent Account No.] |
AAACI1220M |
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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 Selling of Pharmaceutical Products such as Tablets/Capsules,
Orals/Liquids, Injectables, Basic Drugs/Intermediates and Psyllium Husk. |
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No. of Employees
: |
11727 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
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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 |
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Maximum Credit Limit : |
USD 79260000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is an old and well established 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 for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = AA |
|
Rating Explanation |
Have high degree of safety and carry very low credit risk |
|
Date |
22.08.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
|
Date |
22.08.2014 |
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.
LOCATIONS
|
Registered Office / International Division : |
48, Kandivli Industrial Estate, Kandivali (West), Mumbai - 400067,
Maharashtra, India |
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Tel No.: |
91-22-66474444 |
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Fax No.: |
91-22-28686613 |
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E-Mail : |
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Website : |
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Corporate Office : |
142 AB, Kandivli Co-operative Industrial Estate Limited, Kandivli
(West), Mumbai – 400067, Maharashtra, India |
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Tel No.: |
91-22- 66474747 |
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Fax No.: |
91-22- 66474757/ 28686954 |
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Research and Development Center : |
47, 48, 58-DD, 123 AB, 125 and 126 (Amalgamated),
Kandivli Industrial Estate, Kandivli (West), Mumbai – 400067, Maharashtra,
India |
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Tel No.: |
91-22-66474755 |
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Fax No.: |
91-22-66474757 |
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Factory : |
MADHYA PRADESH P. O. Sejavata, Ratlam – 457002, Madhya Pradesh, India Tel. No.: 91-7412-278000 Fax No.: 91-7412-279083 Plot No. 89-A-D/90/91, Industrial Estate, Pologround, Tel. No.: 91-731-2421172/2081 Fax No.: 91-731-2422082 1, Pharma Zone, SEZ Indore, Pithampur – 454775, Madhya Pradesh, India Tel. No.: 91-7292-667777 Fax No.: 91-7292-667020 GUJARAT Plot No, 69 to 72 (B), Sector II, Kandla Free Trade Zone, Gandhidham - 370230, Gujarat, India Tel. No.: 91-2836-252385/389 Fax No.: 91-2836-252313 4722, GIDC Industrial Estate, Ankleshwar – 393002, Tel. No.: 91-2646-220594 Fax No.: 91-2246-250435 23-24, GIDC Industrial Estate, Nandesari – 391340, Tel. No.: 91-265-2840795 Fax No.: 91-265-2840868 Union Territory of
Dadra and Nagar Haveli Plot No, 255/1, Village Athal, Sllvassa - 396230, Dadra and Nagar Haveli (U.T.), India Tel. No.: 91-260-2640301 Fax No.: 91-260-2640303 Plot No. 65 and 99, Danudyog Industrial Estate, Silvassa - 396230, Dadra and Nagar Haveli (U.T.), India Tel. No.: 91-260-2640850 Fax No.: 91-260-2640646 MAHARASHTRA H-4, MIDC, Waluj, Aurangabad - 431136, Maharashtra, India Tel. No.: 91-240-2564993 Fax No.: 91-240-2564113 C 89 to C 95, MIDC, Waluj Industrial Area, Aurangabad-431136,
Maharashtra, India Tel No.: 91-2145-232058 Fax No.: 91-2145-232055 UTTARAKHAND C-6, Sara Industrial Estate, Chakrata Road, Rampur, Dehradun - 248197, Uttarakhand, India Tel. No.: 91-135-6542228 Fax No.: 91-135-2728766 SIKKIM Plot No. 393/394, Melli Jorethang Road, Gom Block, Bharikhola, South
District Sikkim – 737121, India Tel. No.: 91-3595-276372 Fax No.: 91-3595-276372 |
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DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Premchand
Godha |
|
Designation : |
Chairman and
Managing Director |
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|
Name : |
Mr. Ajit Kumar Jain |
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Designation : |
Joint Managing
Director |
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Name : |
Mr. Pranay Godha |
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Designation : |
Executive
Director |
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Name : |
Mr. Prashant
Godha |
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Designation : |
Executive
Director |
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Name : |
Mr. Babulal Jain |
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Designation : |
Director |
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Qualification |
C. A. |
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Name : |
Mr. Anand T.
Kurse |
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Designation : |
Director |
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Name : |
Mr. Dev Prakash
Yadava |
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Designation : |
Director |
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Name : |
Dr. Ramakanta
Panda |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Harish P. Kamath |
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Designation : |
Company Secretary |
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CORPORATE
MANAGEMENT TEAM |
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|
Name : |
Mr. Premchand
Godha |
|
Designation : |
Chairman and
Managing Director |
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|
Name : |
Mr. Ajit Kumar Jain |
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Designation : |
Joint Managing
Director |
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Name : |
Mr. Pranay Godha |
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Designation : |
Executive
Director |
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Name : |
Mr. Prashant
Godha |
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Designation : |
Executive
Director |
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Name : |
Mr. Jeevan L. Nagori |
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Designation : |
President – Operation |
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|
Name : |
Dr. Ashok Kumar |
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Designation : |
President - R and D Chemicals |
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Name : |
Mr. N. Guhaprasad |
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Designation : |
President - International Marketing ( Branded Formulations) |
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Name : |
Dr. Anil Pareek |
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Designation : |
President – Medical Affairs and Clinical Research |
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Name : |
Mr. Sunil Ghai |
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Designation : |
President – Domestic Marketing |
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Name : |
Harish P. Kamath |
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Designation : |
Corporate Counsel and Company Secretary |
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Name : |
Abha Pant |
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Designation : |
President – R and D (Formulations) |
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Name : |
E. J. Babu |
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Designation : |
President - API Exports |
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Name : |
Sanjay Sinha |
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Designation : |
President - Operations (Formulations) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.06.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
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|
10497946 |
8.32 |
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|
47420209 |
37.58 |
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|
57918155 |
45.89 |
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|
|
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|
Total shareholding of Promoter
and Promoter Group (A) |
57918155 |
45.89 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
13837737 |
10.97 |
|
|
13958 |
0.01 |
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|
31882205 |
25.26 |
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|
45733900 |
36.24 |
|
|
|
|
|
|
7548115 |
5.98 |
|
|
|
|
|
|
12486399 |
9.89 |
|
|
1657612 |
1.31 |
|
|
854928 |
0.68 |
|
|
153136 |
0.12 |
|
|
1755 |
0.00 |
|
|
154506 |
0.12 |
|
|
545531 |
0.43 |
|
|
22547054 |
17.87 |
|
Total Public shareholding (B) |
68280954 |
54.11 |
|
Total (A)+(B) |
126199109 |
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) |
126199109 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of Pharmaceutical Products such as
Tablets/Capsules, Orals/Liquids, Injectables, Basic Drugs/Intermediates and
Psyllium Husk. |
GENERAL INFORMATION
|
No. of Employees : |
11727 (Approximately) |
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Bankers : |
· HSBC Bank Limited · Standard Chartered Bank · Kotak Mahindra Bank · Corporation Bank · BNP Paribas · HDFC Bank Limited · Bank of Nova Scotia · Citibank N.A. · Barclays Bank PLC ·
ICICI Bank Limited ·
DBS Bank Limited |
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Facilities : |
(Rs.
In Millions)
Notes:
Maturity Profile of Borrowings other than Debentures
Secured by first charge by way of hypothecation of all the
stocks, book debts and all other movable current assets of the Company and
second charge by way of mortgage of the immovable properties of the Company
and hypothecation of plant and machinery of the Company. |
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Banking
Relations : |
--- |
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Auditors : |
|
|
Name : |
Natvarlal Vepari and Company Chartered Accountants |
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Cost Auditors : |
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|
Name : |
ABK and Associates Cost Accountants |
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Entities where
control exists : |
Kaygee Investments Private Limited |
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|
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Subsidiaries : |
· Ipca Pharmaceuticals, Inc. · Ipca Laboratories (U.K.) Limited · Ipca Pharma (Australia) Pty Limited · Ipca Pharma Nigeria Limited · National Druggists (Pty) Limited · Ipca Pharmaceuticals (Shanghai) Limited · Ipca Pharmaceuticals LimitedSA de CV · Ipca Traditional Remedies Private Limited (Liquidated on 29th March, 2014) · Tonira Exports Limited |
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|
Step-down
Subsidiaries : |
· Ipca Pharma (NZ) Private Limited · Onyx Research Chemicals Limited · Onyx Scientific Limited |
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Associates : |
· Paschim Chemicals Private Limited(Upto 18th Sept, 2012) · Makers Laboratories Limited · Trophic Wellness Private Limited |
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Joint Venture : |
Avik Pharmaceutical Limited (From 18th November, 2013) |
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Other Related Parties
(Entities in which Directors or their relatives have significant influence) :
|
· Nipra Industries Private Limited · Nipra Packaging Private Limited · Oscar Industries · Prabhat Foundation · Vandhara Resorts Private Limited · Exon Laboratories Private Limited (w.e.f. 19th Sept, 2012) · Paschim Chemicals Private Limited (w.e.f. 19th Sept, 2012) · Mexin Medicaments Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
285000000 |
Equity Shares |
Rs.2/- each |
Rs.570.000 Millions |
|
|
|
|
|
Issued, Subscribed Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
127480204 |
Equity Shares |
Rs.2/- each |
Rs.255.000 Millions |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
126199109 |
Equity Shares |
Rs.2/- each |
Rs.252.400 Millions |
|
|
|
|
|
NOTES:
OF THE ABOVE:
a) Aggregate Shares issued under Employees Stock Option Scheme (ESOS) : NIL Equity Shares of Rs. 2/- each (Previous year 21,57,500 Equity Shares of Rs. 2/- each).
b) Equity Share of Rs. 10/- each have been sub-divided into five equity shares of Rs. 2/- each pursuant to the resolution passed by the shareholders at the Extra Ordinary General Meeting held on 25th February, 2010.
c) 53,210 Equity Shares of Rs. 10/- each in 2009-10 and 203,009 Equity Shares of Rs. 10/- each in 2008-09 have been extinguished under Buy back Scheme.
d) 3,22,704 Equity shares of Rs. 2/- each of the Company have been issued during 2012-13 under the scheme of amalgamation of erstwhile Tonira Pharma Limited with the Company.
RECONCILIATION OF SHARES:
|
PARTICULARS |
AS ON 31.03.2014 |
|
|
|
NO. OF SHARES |
RS. IN MILLIONS |
|
Shares outstanding at the beginning of the
year |
126199109 |
252.400 |
|
Shares Issued during the year |
- |
- |
|
Shares
outstanding at the end of the year |
126199109 |
252.400 |
DETAILS OF SHAREHOLDING IN EXCESS OF 5%
|
PARTICULARS |
AS ON 31.03.2013 |
|
|
|
NO. OF SHARES |
% |
|
Kaygee Investments Private Limited |
27018195 |
21.41% |
|
HDFC Trustee Company Limited |
3901357 |
3.09% |
|
Exon Laboratories Private Limited |
8271000 |
6.55% |
|
Chandurkar Investments Private Limited |
6978005 |
5.53% |
RIGHTS AND
OBLIGATIONS OF SHAREHOLDERS:
The Company has only one class of share referred as Equity shares having a par value of Rs. 2/- per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after payment of external liabilities. The distribution will be in proportion to the number of equity shares held by the shareholders.
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 |
252.400 |
252.400 |
252.300 |
|
(b) Reserves & Surplus |
19563.700 |
15446.100 |
12370.400 |
|
(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) |
19816.100 |
15698.500 |
12622.700 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2921.200 |
3662.100 |
3301.800 |
|
(b) Deferred tax liabilities
(Net) |
1471.100 |
1303.900 |
930.900 |
|
(c) Other long term
liabilities |
3.800 |
4.000 |
5.900 |
|
(d) long-term provisions |
144.900 |
122.100 |
87.200 |
|
Total
Non-current Liabilities (3) |
4541.000 |
5092.100 |
4325.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1379.600 |
1571.400 |
2013.600 |
|
(b) Trade payables |
3373.600 |
2654.600 |
2307.100 |
|
(c) Other current liabilities |
2513.500 |
1651.800 |
1745.600 |
|
(d) Short-term provisions |
547.200 |
419.100 |
285.700 |
|
Total
Current Liabilities (4) |
7813.900 |
6296.900 |
6352.000 |
|
|
|
|
|
|
TOTAL |
32171.000 |
27087.500 |
23300.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
12851.000 |
10526.700 |
9085.200 |
|
(ii) Intangible Assets |
210.100 |
226.600 |
43.000 |
|
(iii) Capital work-in-progress |
1486.300 |
1209.900 |
884.500 |
|
(iv) Intangible assets under
development |
162.700 |
81.800 |
60.600 |
|
(b) Non-current Investments |
287.500 |
217.900 |
426.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1247.600 |
881.600 |
763.600 |
|
(e) Other Non-current assets |
90.300 |
95.000 |
71.300 |
|
Total
Non-Current Assets |
16335.500 |
13239.500 |
11334.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1.500 |
1.500 |
1.500 |
|
(b) Inventories |
8383.000 |
7333.400 |
6639.800 |
|
(c) Trade receivables |
4484.900 |
4159.300 |
3409.100 |
|
(d) Cash and cash equivalents |
694.900 |
546.600 |
92.500 |
|
(e) Short-term loans and
advances |
654.700 |
496.400 |
336.600 |
|
(f) Other current assets |
1616.500 |
1310.800 |
1486.300 |
|
Total
Current Assets |
15835.500 |
13848.000 |
11965.800 |
|
|
|
|
|
|
TOTAL |
32171.000 |
27087.500 |
23300.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
32348.200 |
27784.200 |
23300.600 |
|
|
Other Income |
214.300 |
186.600 |
129.200 |
|
|
TOTAL
(A) |
32562.500 |
27970.800 |
23429.800 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
10975.100 |
10447.500 |
8714.300 |
|
|
Purchases of Stock-in-Trade |
904.900 |
1060.800 |
1008.800 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(606.300) |
(597.700) |
(650.400) |
|
|
Employees benefits expense |
4778.600 |
3765.700 |
3222.000 |
|
|
Other expenses |
8243.600 |
6895.000 |
5871.100 |
|
|
Foreign Exchange (Gain)/Loss -
Net |
721.000 |
632.800 |
527.900 |
|
|
TOTAL
(B) |
25016.900 |
22204.100 |
18693.700 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
7545.600 |
5766.700 |
4736.100 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
245.800 |
313.000 |
393.600 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7299.800 |
5453.700 |
4342.500 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1008.900 |
840.000 |
653.100 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
6290.900 |
4613.700 |
3689.400 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
1517.200 |
1299.800 |
887.700 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
4773.700 |
3313.900 |
2801.700 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
3739.300 |
2768.900 |
1462.400 |
|
|
|
|
|
|
|
Add |
Addition on Amalgamation of Tonira Pharma Limited |
0.000 |
0.000 |
43.100 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
1500.000 |
1755.000 |
1000.000 |
|
|
Interim dividend |
315.500 |
252.300 |
251.500 |
|
|
Tax on Interim dividend |
53.600 |
40.900 |
40.800 |
|
|
Proposed final dividend |
315.500 |
252.400 |
151.400 |
|
|
Transfer to Debenture
Redemption Reserve |
0.000 |
0.000 |
70.000 |
|
|
Tax on Proposed Dividend |
53.600 |
42.900 |
24.600 |
|
|
|
|
|
|
|
|
BALANCE
CARRIED TO THE B/S |
6274.800 |
3739.300 |
2768.900 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
FOB value of exports |
19836.200 |
16666.900 |
13533.600 |
|
|
Deemed exports |
23.900 |
3.300 |
0.000 |
|
|
Interest |
0.000 |
0.100 |
12.000 |
|
|
Dossier Income |
182.200 |
74.500 |
0.000 |
|
|
Other Service charges |
5.9000 |
21.200 |
63.500 |
|
|
TOTAL
EARNINGS |
20048.200 |
16766.000 |
13609.100 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw materials |
4166.100 |
3662.800 |
3732.000 |
|
|
Packing Materials |
52.900 |
25.300 |
21.800 |
|
|
Traded goods |
4.600 |
63.000 |
88.200 |
|
|
Capital goods |
986.700 |
410.400 |
529.700 |
|
|
Stores and machine components |
56.300 |
35.300 |
34.300 |
|
|
Others |
15.200 |
23.800 |
24.500 |
|
|
TOTAL
IMPORTS |
5281.800 |
4220.600 |
4430.500 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
37.83 |
26.27 |
22.23 |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 Unaudited |
|
Type |
|
|
1st Quarter |
|
Net Sales |
|
|
9359.600 |
|
Total Expenditure |
|
|
7050.400 |
|
PBIDT (Excl OI) |
|
|
2309.200 |
|
Other Income |
|
|
85.500 |
|
Operating Profit |
|
|
2394.700 |
|
Interest |
|
|
57.200 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
2337.500 |
|
Depreciation |
|
|
379.100 |
|
Profit Before Tax |
|
|
1958.400 |
|
Tax |
|
|
503.500 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
1454.900 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
1454.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
14.66 |
11.85 |
11.96 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.45 |
16.61 |
15.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.81 |
18.04 |
16.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32 |
0.29 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.22 |
0.33 |
0.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.03 |
2.20 |
1.88 |
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 |
252.300 |
252.400 |
252.400 |
|
Reserves & Surplus |
12370.400 |
15446.100 |
19563.700 |
|
Net
worth |
12622.700 |
15698.500 |
19816.100 |
|
|
|
|
|
|
long-term borrowings |
3301.800 |
3662.100 |
2921.200 |
|
Short term borrowings |
2013.600 |
1571.400 |
1379.600 |
|
Total
borrowings |
5315.400 |
5233.500 |
4300.800 |
|
Debt/Equity
ratio |
0.421 |
0.333 |
0.217 |
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 |
23300.600 |
27784.200 |
32348.200 |
|
|
|
19.242 |
16.427 |
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 |
23300.600 |
27784.200 |
32348.200 |
|
Profit |
2801.700 |
3313.900 |
4773.700 |
|
|
12.02% |
11.93% |
14.76% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
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 |
||||||||
|
Bench:- Bombay |
||||||||
|
Presentation Date : 27/08/2014 |
||||||||
|
Lodging No. : |
NMWL/498/2014 |
Failing Date:- |
27/08/2014 |
|
|
|
|
|
|
|
||||||||
|
Main Matter |
||||||||
|
Lodging No. : |
WPL/313/2014 |
|
||||||
|
|
||||||||
|
Petitioner:- |
USHA OFFSET PRINTERS PRIVATE LIMITED |
Respondent:- |
IPCA LABORATORIES LIMITED |
|||||
|
Petn.Adv:- |
DRUPAD SOPAN PATIL (I2860) |
|
|
|||||
|
District:- |
MUMBAI |
|||||||
|
|
||||||||
|
Bench:- |
DIVISION |
Category:- |
NOTICE OF MOTION (DIRECTION) |
|||||
|
Status:- |
Pre-Admission |
Stage:- |
|
|||||
|
Last Date:- |
20/01/2014 |
|
||||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE V.M. KANADE HON’BLE SHRI JUSTICE P.D. KODE |
|||||||
|
|
|
|||||||
|
Act. : |
Debt Tribunal Recovery Act |
|
||||||
UNSECURED LOAN
(Rs. IN Millions)
|
Particular |
As on 31.03.2014 |
As on 31.03.2013 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Short Term Loans from Banks |
0.000 |
765.900 |
|
|
|
|
|
Total |
0.000 |
765.900 |
MANAGEMENT DISCUSSION
AND ANALYSIS
Industry Structure
and Development
The global pharmaceutical market is now estimated to be US $960 billion and is growing at a rate of about 3% per annum. US, Japan and Europe constitute about 75% of the global pharmaceutical market and are growing at a slower annual rate mainly due to loss of exclusivity, lesser new product approvals and price erosions due to generics competition.
In contrast, pharmaceutical market of emerging economies like India are growing at a much faster rate of 10% - 12% per annum driven by improved per capita income, increased access and rising awareness of modern medicines and strengthening of healthcare infrastructure.
Out of the global pharmaceutical market, generic formulations contribute about US$ 150 billion and is growing at about 8% per annum. US is the largest market contributing 45% and Canada, Japan and Europe collectively contributing another 35% of the world generic formulation business.
Outlook
Though in the world pharmaceutical market, India has a negligible share by value, India is recognized as one of the leading global players with large number of drug master files and dossier registrations for Active Pharmaceutical Ingredients (APIs) and formulations with manufacturing facilities approved by regulatory authorities of the various countries.
Indian companies are focusing on global generic and API business, R and D activities and contract research and manufacturing alliances. India is also fast emerging as a preferred pharmaceuticals manufacturing location.
Several large selling drugs going off patent over next few years and increasing use of pharmaceutical generics in developed markets to reduce healthcare cost will provide attractive growth opportunities to generics manufacturers and thus Indian pharmaceutical industry is poised for an accelerated growth in the coming years.
However, poor public healthcare funding and infrastructure, low per capita consumption of medicines in developing and under developed countries including India, currency fluctuations, inflation and resultant all round increase in input costs are few causes of concern.
Financial Performance
and Operations Review
The Company had another successful financial year with a net total income of Rs. 32562.500 Millions as against Rs. 2797.08 Millions in the previous year, a growth of 16%.
The Company’s focus on formulations business resulted into increase in overall formulation sales to Rs. 24169.900 Millions, an increase of 17% over previous year formulations sales of Rs. 20722.800 Millions.
The Company further expanded its coverage with introduction of new formulations, both in the domestic and export markets, especially in the fast growing life style related therapeutic segments.
The Active Pharmaceutical Ingredient (API) business also increased by 15% to Rs. 7647.700 Millions.
During the financial year under report, the Earnings before interest, depreciation and foreign exchange transactions / translation loss increased by 29% to Rs. 8266.600 Millions as against Rs. 6399.500 Millions in the previous financial year. The operations have resulted in a net profit of Rs. 4773.700 Millions during the financial year under report as against Rs. 3313.900 Millions in the previous financial year, an increase of 44%. Due to steep depreciation of Indian Rupee vis-à-vis major currencies, during the financial year under report, the Company incurred a foreign exchange translations/transactions loss of Rs. 721.000 Millions (previous year - loss of Rs. 632.800 Millions).
International
Business
The products of the Company are now exported to nearly 130 countries across the globe. During the financial year under report, the international business increased by 19% to Rs. 20478.000 Millions as against Rs. 17160.800 Millions in the previous year. Formulation exports of the Company increased by 21% to Rs. 14475.700 Millions and exports of APIs and Drug Intermediates increased by 15% to Rs. 6002.300 Millions.
Domestic Formulations
Business
The Company’s formulations business in India now comprises of 12 marketing divisions focusing on key therapeutic segments. The brand building was in evidence especially in chronic therapy segments such as cardio-vasculars, anti-diabetics and non steroidal anti-inflammatory drugs (NSAID).
During the financial year under report, the domestic formulations business recorded a growth of 10% at Rs. 9694.200 Millions as against Rs. 8781.000 Millions in the previous year. The lower growth in the domestic formulations business is mainly on account of lower anti-malarial formulations business and price reduction and market disturbances due to introduction of new drug pricing regime in the country.
CONTINGENT LIABILITIES AND COMMITMENTS NOT PROVIDED FOR IN RESPECT OF:
|
Particulars |
31.03.2014 [Rs. in millions] |
31.03.2013 [Rs. in millions] |
|
Bills discounted with banks |
2564.00 |
2370.900 |
|
Since Realized |
(1037.700) |
(1507.900) |
|
Other moneys for
which the Company is contingently liable for tax, excise, customs and other
matters not accepted by the Company |
164.400* |
118.200* |
|
Amount deposited under protest |
(40.800) |
(0.500) |
|
Claims against the Company not acknowledged as debts |
29.500 |
29.800 |
|
Corporate Guarantee given to others |
82.800 |
22.800 |
|
Guarantees given
by banks in favour of Govt. & others/ Letter of Credit opened against
which goods are not received * |
827.100 |
624.400 |
|
*Note: It includes Rs. 43.800 Millions (Previous
year Rs. 43.800 Millions) towards interest and penalty demanded by excise
department, Ankleshwar relating to erstwhile Tonira Pharma Limited since
amalgamated with the Company and is not payable in accordance with the order
passed by the Hon’ble Central Excise and Service Tax Appellate Tribunal
(CESTAT), Ahmedabad. The Department had moved the Hon’ble Gujarat High Court
against the said CESTAT order and as per the order of the said Hon’ble High
Court; the Company has furnished a Bank Guarantee of Rs. 20.000
Millions to the Department. (Previous year Rs.20.000 Millions) to the
Department. |
||
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10504127 |
05/06/2014 |
1,250,000,000.00 |
HSBC BANK(MAURITIUS) LIMITED |
6TH FLOOR, HSBC CENTRE, 18, CYBER CITY, EBENE, MAURITIUS, - 00, MAURITIUS |
C07219389 |
|
2 |
10448895 |
28/08/2013 |
640,000,000.00 |
DBS BANK LIMITED |
CAPITOL POINT, BABA KHARAK SINGH MARG,, CONNAUGHT |
B84945625 |
|
3 |
10425025 |
03/05/2013 |
7,900,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17 R KAMANI MARG,, |
B74905605 |
|
4 |
10410282 |
15/02/2013 |
1,103,840,000.00 |
HSBC BANK(MAURITIUS) LIMITED |
6TH FLOOR, HSBC CENTRE, 18, CYBER CITY, EBENE, MAURITIUS, - 00, MAURITIUS |
B70253190 |
|
5 |
10397485 |
14/02/2013 * |
200,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA |
B69152189 |
|
6 |
10323062 |
19/12/2011 * |
500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA |
B28289064 |
|
7 |
10323188 |
18/11/2011 |
900,000,000.00 |
HSBC BANK(MAURITIUS) LIMITED |
6TH FLOOR, HSBC CENTRE, 18, CYBER CITY, EBENE, MAURITIUS, - 00, MAURITIUS |
B27886316 |
|
8 |
10307531 |
09/04/2014 * |
7,200,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA |
C02916062 |
|
9 |
10307533 |
24/08/2011 |
150,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA |
B21116876 |
|
10 |
10276773 |
28/03/2011 |
500,000,000.00 |
BARCLAYS BANK PLC |
EROS CORPORATE TOWER,, 1ST FLOOR, NEHRU PLACE,, NEW DELHI, DELHI - 110019, INDIA |
B09425307 |
|
11 |
10226713 |
24/06/2010 |
297,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA |
A88504907 |
|
12 |
10222105 |
17/05/2010 |
450,000,000.00 |
DBS BANK LIMITED |
3RD FLOOR, FORT HOUSE, DR. D. N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A85582237 |
|
13 |
10198485 |
02/02/2010 |
250,000,000.00 |
CITIBANK N. A. |
CITIGROUP CENTRE, G BLOCK, PLOT NO.C61, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA |
A78150463 |
|
14 |
10076503 |
12/12/2011 * |
1,055,500,000.00 |
BNP PARIBAS |
20, COLLYER QUAY,, #01-01, TUNG CENTRE, SINGAPORE, - 049319, SINGAPORE |
B28344240 |
|
15 |
90241365 |
18/03/2005 * |
5,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE CORP SERVICE BRANCH, WORLD TRADE CENTRE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
16 |
90102444 |
10/02/2005 |
480,000.00 |
CITICORP FINANCE (INDIA) LIMITED |
VADODARA, VADODARA, GUJARAT, INDIA |
- |
|
17 |
90243656 |
11/12/2003 |
5,000,000.00 |
EXPORT - IMPORT BANK OF INDIA |
CENTRE ONE; WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
* Date of charge modification
FIXED ASSETS
Tangible Assets
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Machinery
· Office and Other Equipments
· Effluent Treatment Plant
· Furniture and Fixtures
· Vehicles
· Leasehold Improvement
· R and D Building
· R and D Leasehold Improvement
· R and D Equipments
· R and D Furnitures
Intangible Assets
· Goodwill
· Software
· Brands and Trade Mark
· Know-How
· Software - R and D
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.60.54 |
|
|
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.79.54 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--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 |
YES |
|
--EPF |
YES/NO |
YES |
|
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.