MIRA
INFORM REPORT
|
Report Date : |
24.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
CLARIS LIFESCIENCES LIMITED (w.e.f. 31.03.1999) |
|
|
|
|
Formerly Known
As : |
ORACLE
LABORATORIES LIMITED |
|
|
|
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Registered
Office : |
Claris Corporate
Headquarters, Near Parimal Crossing, Ellisbridge, Ahmedabad – 380006, |
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Country : |
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|
Financials (as
on) : |
31.12.2013 |
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|
Date of
Incorporation : |
19.07.1994 |
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Com. Reg. No.: |
04-22543 |
|
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|
Capital
Investment / Paid-up Capital : |
Rs.638.178
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L85110GJ1994PLC022543 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMC00478C |
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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
: |
Manufacturer of
Drugs and Pharmaceuticals. |
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|
|
|
No. of Employees
: |
959 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Not Available |
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Comments : |
Subject is a wee-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
Long Term Issuer Rating = A |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
22.08.2013 |
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 BY
|
Name : |
Mr. Modi |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-79-26563331 |
|
Date : |
22.09.2014 |
LOCATIONS
|
Registered/ Corporate Office/ Global Headquarters : |
Claris Corporate
Headquarters, Near Parimal Crossing, Ellisbridge, Ahmedabad – 380006, |
|
Tel. No.: |
91-79-26563331/
66309330 |
|
Fax No.: |
91-79-26408053/
26565879/ 26408055 |
|
E-Mail : |
intl.corp@clarislifesciences.com crcproducts.corp@clarislifessciences.com
|
|
Website : |
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Head Office : |
Corporate Towers, A-3, “Sangeeta”, Near
Parimal Crossing, Ellisbridge, Ahmedabad – 380 006, |
|
Tel. No.: |
91-79-26563331 |
|
Fax No.: |
91-79-26408053/ 26565879/ 26408055 |
|
E-Mail : |
intl.corp@clarislifesciences.com
|
|
Website: |
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Factory 1 : |
A-3, “Sangeeta”,
Near Parimal Crossing, Ellisbridge, Ahmedabad – 380 006, |
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Factory 2 : |
Village:
Chacharwadi, Vasna, Taluka Sanand, Ahmedabad-382213, Gujarat, India |
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Overseas Office
: |
|
|
Address: |
Claris Lifesciences AG Fal Consulting
Seestrasse 5, CH-6030 CHAM, |
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Tel No.: |
91-41-41-7808766 |
|
Fax No.: |
91-41-56-6228257 |
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E-Mail : |
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|
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|
Address: |
16, |
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Tel No.: |
91-7-095-2996610 |
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Fax No.: |
91-7-095-2999695 |
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|
|
|
Address: |
Zeus Lifesciences Limited Rua Estados
Unidos, 242, CEP 01427-00, Jardim |
|
Tel No.: |
91-55-11-38847263 |
|
Fax No.: |
91-55-11-30517888 |
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E-Mail : |
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|
|
Address: |
Claris Lifesciences Kazakhstan Limited |
|
Tel No.: |
91-32-72-306363 /
308251 |
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Email: |
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|
|
Address: |
|
|
Tel No.: |
91-7-3272-583193/
583194 |
|
Fax No.: |
91-7-3272-583195 |
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Regional Office: |
Located at:- · USA and Canada · UK and Europe · Latin America · China · CIS · Asia · Middle East · Africa · Australia |
DIRECTORS
As on 31.12.2013
|
Name : |
Mr. Surrinder Lal
Kapur |
|
Designation : |
Chairman and
Independent Director |
|
|
|
|
Name : |
Mr. Arjun
Sushilkumar Handa |
|
Designation : |
Managing Director
and Chief Executive Officer |
|
Address : |
"Sharanya" |
|
Date of
Birth/Age : |
30.09.1979 |
|
Date of
Appointment : |
19.02.2001 |
|
|
|
|
Name : |
Mr. Aditya Sushilkumar Handa |
|
Designation : |
Director |
|
Address : |
"Sharanya" |
|
Date of
Birth/Age : |
14.03.1985 |
|
Date of
Appointment : |
13.06.2006 |
|
|
|
|
Name : |
Mr. Chetankumar Satyendra Majumdar |
|
Designation : |
Director |
|
Address : |
B-201, |
|
Date of
Birth/Age : |
16.06.1952 |
|
Date of
Appointment : |
02.10.2003 |
|
|
|
|
Name : |
Mr. Chandrasingh Purohit |
|
Designation : |
Whole Time Director |
|
Address : |
17. Rajvi Emeralds, Nr. Gala Gymkhana, Bopal, Ahmedabad –
380054, |
|
Date of Birth/Age : |
15.09.1973 |
|
Date of Appointment : |
03.07.2009 |
|
|
|
|
Name : |
Mr. T V Ananthnarayanan |
|
Designation : |
Director |
|
Address: |
1/183, Kankam, East Coast Road,
Koltivakka, Chennai-600041, Tamilnadu, India |
|
Date of Birth/Age: |
28.03.1950 |
|
Date of Appointment: |
28.01.2008 |
|
|
|
|
Name : |
Mr. Anup P Shah |
|
Designation : |
Additional Independent
Director |
KEY EXECUTIVES
|
Name : |
Mr. Kirit Kanjaria |
|
Designation : |
VP-Company Secretary and Compliance Officer |
|
|
|
|
Name : |
Mr. Modi |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
33281964 |
60.99 |
|
|
33281964 |
60.99 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
33281964 |
60.99 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
7336586 |
13.44 |
|
|
6159267 |
11.29 |
|
|
13495853 |
24.73 |
|
|
|
|
|
|
1453960 |
2.66 |
|
|
|
|
|
|
3592725 |
6.58 |
|
|
483688 |
0.89 |
|
|
1617452 |
2.96 |
|
|
642123 |
1.18 |
|
|
229262 |
0.42 |
|
|
412861 |
0.76 |
|
|
7789948 |
14.28 |
|
Total Public shareholding (B) |
21285801 |
39.01 |
|
Total (A)+(B) |
54567765 |
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) |
54567765 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares
held |
Encumbered shares
(*) |
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) |
No |
As a percentage |
As a % of |
|
|
1 |
Athanas Enterprises Private Limited |
2,73,53,580 |
50.13 |
0 |
0.00 |
0.00 |
50.13 |
|
2 |
Abellon Energy Limited |
59,28,384 |
10.86 |
5928384 |
100.00 |
10.86 |
10.86 |
|
|
Total |
3,32,81,964 |
60.99 |
5928384 |
17.81 |
10.86 |
60.99 |
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 |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
|
|
|
|
|
1 |
First Carlyle Ventures III |
6159267 |
11.29 |
11.29 |
|
2 |
Privatbank Ihag Zurich AG |
1302215 |
2.39 |
2.39 |
|
3 |
Signet Healthcare Partners QP Partnership III LP |
1216982 |
2.23 |
2.23 |
|
4 |
Orbimed Partners Masters Mauritius Limited |
1196151 |
2.19 |
2.19 |
|
5 |
Orbimed Partners II Mauritius Limited |
1065363 |
1.95 |
1.95 |
|
6 |
Barclays Capital Mauritius Limited |
997284 |
1.83 |
1.83 |
|
7 |
Copthall Mauritius Investment Limited |
719433 |
1.32 |
1.32 |
|
|
Total |
12656695 |
23.19 |
23.19 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
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 |
First Carlyle Ventures III |
6159267 |
11.29 |
11.29 |
|
|
Total |
6159267 |
11.29 |
11.29 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Drugs and Pharmaceuticals. |
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|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
959 (Approximately) |
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Bankers : |
· Canara Bank · Indian Overseas Bank · Punjab National Bank · Andhra Bank · Allahabad Bank · Central Bank of India · Vijaya Bank ·
Barclays Bank Plc |
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Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Heritage, 3rd Floor, Near |
|
|
|
|
Subsidiary
Companies : |
· Claris Lifesciences Venezuela C. A · Claris Produtos Farmaceuticos Do Brasil Limitada · PT. Claris Lifesciences Indonesia · Claris Lifesciences Colombia Limitada · iCubix Infotech Limited · Catalys Venture Cap Limited · Claris Lifesciences International Limited · Claris Lifesciences Philippines Inc · Claris Lifesciences De Mexico SA de CV · Claris Lifesciences (UK) Limited · Claris Lifesciences (Aust) Pty. Limited · Claris Lifesciences Inc. · Claris Lifesciences & CIA Chile Limitada · OGEN Nutrition Limited · Claris Infrastructure Limited · Claris Pharmaservices · Claris SteriOne ·
Claris Otsuka Limited (upto July 31, 2013) |
|
|
|
|
Associate Company |
Claris Otsuka Limited (from August 1, 2013) |
|
|
|
|
Companies over
which Key Management Personnel and their relatives are able to exercise
significant influence |
· Sarjan Financial Private Limited ·
Medical Technologies Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120510000 |
Equity Shares |
Rs.10/-each |
Rs.1205.100 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
63817765 |
Equity Shares |
Rs.10/- each |
Rs.638.178
Millions |
|
|
|
|
|
a.
Reconciliation of number of equity shares outstanding
at the beginning and at the end of the reporting year :
|
Names of Shareholders |
No. of Shares |
|
As at beginning of the year |
63817765 |
|
Add: Issued during the year |
- |
|
Outstanding at the end of the year |
63817765 |
b. Rights, Preferences
and Restrictions attached to equity shares
The Company has
one class of equity shares having a par value of Rs.10 per share. Each
shareholder is eligible for one vote per share held. The dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting. In the event of liquidation, the equity
shareholders are eligible to receive the remaining assets of the company after
distribution of all preferential amounts in proportion to their shareholding
c.
Shareholders holding more than 5% of total equity
shares
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Athanas Enterprise Private Limited |
31580679 |
49.49% |
|
First Carlyle Ventures III |
7111095 |
11.14% |
|
Abellon Energy Limited |
6844532 |
10.73% |
d.
Details of bonus shares issued during last five
years
|
Names of Shareholders |
No. of Shares |
|
|
|
|
Equity shares allotted as fully paid-up shares of Rs.10 each
for a consideration other than cash pursuant to capitalization of securities
premium account during the financial year ended December 31, 2010 |
17061763 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
638.178 |
638.178 |
638.178 |
|
(b) Reserves & Surplus |
8863.140 |
8723.913 |
8128.092 |
|
(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) |
9501.318 |
9362.091 |
8766.270 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1268.294 |
2989.466 |
1817.220 |
|
(b) Deferred tax liabilities (Net) |
589.685 |
716.699 |
602.444 |
|
(c) Other long term liabilities |
0.000 |
13.353 |
34.188 |
|
(d) long-term provisions |
59.112 |
88.125 |
63.632 |
|
Total Non-current Liabilities (3) |
1917.091 |
3807.643 |
2517.484 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1054.665 |
2003.767 |
1894.918 |
|
(b) Trade payables |
1031.721 |
1004.521 |
878.642 |
|
(c) Other current
liabilities |
2928.217 |
1668.410 |
1383.269 |
|
(d) Short-term provisions |
900.993 |
196.579 |
257.769 |
|
Total Current Liabilities (4) |
5915.596 |
4873.277 |
4414.598 |
|
|
|
|
|
|
TOTAL |
17334.005 |
18043.011 |
15698.352 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5031.623 |
8047.399 |
6613.488 |
|
(ii) Intangible Assets |
19.650 |
0.000 |
1.919 |
|
(iii) Capital work-in-progress |
1732.926 |
1742.679 |
419.142 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
186.062 |
166.562 |
170.572 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
951.019 |
1990.422 |
1942.608 |
|
(e) Other Non-current assets |
0.000 |
12.600 |
17.600 |
|
Total Non-Current Assets |
7921.280 |
11959.662 |
9165.329 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
6088.199 |
0.000 |
0.000 |
|
(b) Inventories |
392.532 |
1719.480 |
1521.076 |
|
(c) Trade receivables |
1547.909 |
2479.354 |
2438.562 |
|
(d) Cash and cash
equivalents |
891.285 |
1133.439 |
1511.712 |
|
(e) Short-term loans and
advances |
376.470 |
734.156 |
1048.611 |
|
(f) Other current assets |
116.330 |
16.920 |
13.062 |
|
Total Current Assets |
9412.725 |
6083.349 |
6533.023 |
|
|
|
|
|
|
TOTAL |
17334.005 |
18043.011 |
15698.352 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6381.800 |
7180.138 |
6513.843 |
|
|
|
Other Income |
404.953 |
121.315 |
159.230 |
|
|
|
TOTAL (A) |
6786.753 |
7301.453 |
6673.073 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1509.100 |
2178.021 |
2286.555 |
|
|
|
Purchases of Stock-in-Trade |
937.823 |
424.288 |
370.646 |
|
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(14.273) |
(186.983) |
(122.236) |
|
|
|
Employees benefits expense |
472.487 |
492.281 |
430.450 |
|
|
|
Other expenses |
1899.505 |
1959.479 |
1662.083 |
|
|
|
Exceptional Items |
(150.598) |
4.510 |
0.000 |
|
|
|
TOTAL (B) |
4654.044 |
4871.596 |
4627.498 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2132.709 |
2429.857 |
2045.575 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
521.012 |
649.124 |
552.988 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1611.697 |
1780.733 |
1492.587 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
579.611 |
717.944 |
543.414 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1032.086 |
1062.789 |
949.173 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
219.901 |
318.627 |
251.640 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
812.185 |
744.162 |
697.533 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4688.557 |
4149.236 |
3652.051 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
83.000 |
56.500 |
52.500 |
|
|
|
Proposed Dividend |
574.360 |
127.635 |
127.635 |
|
|
|
Corporate tax on dividend |
97.612 |
20.706 |
20.706 |
|
|
|
Tax on Dividend of earlier
year Reversed |
0.986 |
0.000 |
(0.493) |
|
|
BALANCE CARRIED
TO THE B/S |
4744.784 |
4688.557 |
4149.236 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
3535.446 |
3378.760 |
2765.082 |
|
|
|
Operating Income |
5.426 |
0.000 |
0.000 |
|
|
|
Sales of Voluntary Carbon Reduction Units |
23.551 |
21.530 |
14.782 |
|
|
TOTAL EARNINGS |
3564.423 |
3400.290 |
2779.864 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
658.806 |
673.184 |
457.602 |
|
|
|
Purchase of goods traded in |
8.413 |
46.379 |
81.158 |
|
|
|
Packing Material |
183.948 |
168.966 |
86.042 |
|
|
|
Plant and Machinery |
178.333 |
1368.755 |
70.907 |
|
|
|
Stores and spares |
3.201 |
11.538 |
5.050 |
|
|
TOTAL IMPORTS |
1032.701 |
2268.822 |
700.759 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.73 |
11.66 |
10.93 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
31.03.2014 |
30.06.2014 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
1287.100 |
1428.400 |
|
Total Expenditure |
|
1094.200 |
1196.400 |
|
PBIDT (Excl OI) |
|
192.900 |
231.900 |
|
Other Income |
|
179.900 |
138.000 |
|
Operating Profit |
|
372.800 |
369.900 |
|
Interest |
|
87.100 |
90.500 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
285.700 |
279.400 |
|
Depreciation |
|
82.400 |
84.300 |
|
Profit Before Tax |
|
203.200 |
195.100 |
|
Tax |
|
37.500 |
59.100 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
165.700 |
136.0.000 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
165.700 |
136.000 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
PAT / Total Income |
(%) |
11.97 |
10.19 |
10.45 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.17 |
14.80 |
14.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.70 |
6.59 |
6.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.11 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.24 |
0.53 |
0.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.59 |
1.25 |
1.48 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
638.178 |
638.178 |
638.178 |
|
Reserves & Surplus |
8128.092 |
8723.913 |
8863.140 |
|
Net worth |
8766.270 |
9362.091 |
9501.318 |
|
|
|
|
|
|
long-term borrowings |
1817.220 |
2989.466 |
1268.294 |
|
Short term borrowings |
1894.918 |
2003.767 |
1054.665 |
|
Total borrowings |
3712.138 |
4993.233 |
2322.959 |
|
Debt/Equity ratio |
0.423 |
0.533 |
0.244 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
6513.843 |
7180.138 |
6381.800 |
|
|
|
10.229 |
(11.119) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
6513.843 |
7180.138 |
6381.800 |
|
Profit |
697.533 |
744.162 |
812.185 |
|
|
10.71% |
10.36% |
12.73% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM BORROWINGS DETAIL:
(Rs.
In Millions)
|
Particulars |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
Current maturities of long-term debt |
354.862 |
427.712 |
374.288 |
|
Total |
354.862 |
427.712 |
374.288 |
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
RESULTS OF
OPERATIONS:
During the financial year the Company’s income from net sales stood at Rs. 6583.755 Millions as against Rs. 7627.234 Millions in the previous year. As highlighted earlier, the previous year’s figures are not comparable in view of the divestment of Infusion business on July 31, 2013.
Their revenues from international markets stood at Rs. 4382.702 Millions as compared to Rs. 4067.123 Millions in previous financial year representing 66.57% of the net revenues as compared to 53.32 % of previous financial year.
EBITDA, PBT and PAT reached to Rs.2099.740 Millions, Rs.1074.855 Millions and Rs.844.097 Millions respectively as against Rs.2751.029 Lacs, Rs.1357.812 Millions and Rs.1039.112 Millions respectively, in the previous year.
As a percentage of net sales, the EBITDA, PBT and PAT margins stood at 31.89%, 16.33% and 12.82% respectively in fiscal year 2013 compared to 36.07%, 17.80% and 13.62% respectively in the previous year.
The Company reported gain of Rs.150.598 Millions on sale of it’s infusion business to Claris Otsuka Limited, the erstwhile wholly-owned subsidiary of the company.
Detailed analyses of the financials have been provided in the Management Discussion and Analysis which is a part of this Directors Report.
FURTURE OUTLOOK /
GROWTH PLANS:
The Company will focus on its speciality generics injectables business and will target its next phase of growth through new product launches in international market, especially in the key Regulated Markets of US and European Union. The Company will increase its focus on development and launch of niche products targeted for the US and EU, the company intends to build a pipeline of 100 ANDAs for the US over the next three years, some of these products may also be acquired inorganically.
To meet the growing demands of Injectable products in the International Markets the company has commenced projects for capacity expansion to meet the growing demand of its products in the US and EU and to introduce new delivery systems. As part of the expansion process, two projects have been initiated for the year 2014, (i) packaging automation for the flagship plant Clarion 1, this will increase the overall capacities of the plant; and (ii) Installation of two manufacturing lines in Clarion 5, these lines will cater to Aseptic as well as Terminally Sterilised products and also have the capability to manufacture Lyophilised products.
MANAGEMENT DISCUSSION
AND ANALYSIS
2014 M&A OUTLOOK
A recent survey by KPMG indicated 41% of the respondents felt that Mergers and Acquisitions would be most active in Healthcare, Pharamaceuticals and Life Sciences, this was second only to the TMT sector where 44% respondents felt would be the most active sector in M&A. Futher, more than 83% respondents felt that the US would be the most popular deal destination as large pharma companies seek out companies to enhance product basket & delivery systems, enter new revenue growth areas, expand customer base or seek cost efficiencies in regions where there is a distinct cost advantage as compared to US.
Larger corporations and PE funds are sitting on investable capital and feel positive about the current deal environment. Interest rates in the US are low and the economy is improving. Despite these positive factors the M&A has not been as active as expected in 2013. However deals are expected to pick up as companies seek to grow inorganically in 2014.
Financial Performance
The financial statements have been prepared in compliance with the requirements of the Companies Act, 1956 and Generally Accepted Accounting Principles (GAAP) in India. The revised Schedule VI of the Companies Act, 1956 has been adopted while preparing these statements, in accordance with the notification from the Ministry of Corporate Affairs.
During the period from Jan 1, 2013 to July 31, 2013, company operated in both Infusion & Specialty business, and subsequent to Joint Venture, it operated in specialty business only, thus current year financials are not comparable to the previous year.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10459609 |
24/10/2013 |
150,000,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B89298145 |
|
2 |
10168330 |
31/07/2013 * |
3,354,100,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH, 104, JYOTI COMMERCIAL COMP, NEAR SHYAMAL CROSS ROAD, SATELLITE, VEJALPUR, AHMEDABAD, GUJARAT - 380015, INDIA |
B80627615 |
|
3 |
10129270 |
31/07/2013 * |
3,354,100,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH, 104, JYOTI COMMERCIAL COMP, NEAR SHYAMAL CROSS ROAD, SATELLITE, VEJALPUR, AHMEDABAD, GUJARAT - 380015, INDIA |
B80629934 |
* Date of charge modification
FIXED ASSETS
·
Freehold Land
·
Buildings
·
Improvement in Leasehold Property
·
Plant and Machinery
·
Electrical Instrument
·
Furniture and Fixtures
·
Other Equipments
·
Vehicles
·
Data Processing Equipments
·
Computer Software
Unaudited Financial
Results for the Quarter and Half Year ended June 30, 2014
(Rs. In Millions)
|
|
Quarter Ended |
Year
to Date |
|
|
Particular |
30th
June 2014 |
31st
Mar 2014 |
30th
June 2014 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
PART I |
|
|
|
|
1. Income from Operations |
|
|
|
|
a. Net Sales/Income from Operations
( Net of excise duty ) |
1375.356 |
12,49.777 |
26,251.33 |
|
b. Other Operating Income |
52.989 |
37.297 |
902.86 |
|
Total Income from operations
( net ) |
1428.345 |
1287.074 |
27,154.19 |
|
2. Expenses |
|
|
|
|
a. Cost of materials
consumed |
229.357 |
176.673 |
4,060.30 |
|
b. Purchase of stock-in-
trade |
411.295 |
613.789 |
10,250.84 |
|
c. Changes in inventories
of finished goods,
work-in-progress and stock-in-trade |
37.742 |
(66.331) |
(285.89) |
|
d. Employee benefits
expense |
195.261 |
95.487 |
2,907.48 |
|
e. Depreciation and amortisation
expense |
84.341 |
82.427 |
1,667.68 |
|
f. Other expenses |
322.747 |
274.594 |
5,973.41 |
|
Total Expenses |
1280.743 |
1176.639 |
24,573.82 |
|
3. Profit / (Loss) from Operations before Other Income, finance costs and exceptional Items (1-2) |
147.602 |
110.435 |
2,580.37 |
|
4. Other Income |
137.969 |
179.926 |
3,178.95 |
|
5. Profit / (Loss) from ordinary activities before finance costs and
exceptional Items (3+4) |
285.571 |
290.361 |
5,759.32 |
|
6. Finance Costs |
90.486 |
87.132 |
1,776.18 |
|
7. Profit / (Loss) from ordinary activities after finance costs but
before exceptional Items (5-6) |
195.085 |
203.229 |
3,983.14 |
|
8. Exceptional Items [ Income / ( Expense ) ] |
- |
- |
-- |
|
9. Profit / (Loss) from Ordinary Activities before tax (7+8 ) |
195.085 |
203.229 |
3,983.14 |
|
10. Tax Expense |
59.080 |
37.519 |
965.99 |
|
11. Net Profit / (Loss) from Ordinary Activities after tax (9-10) |
136.005 |
165.710 |
3,017.15 |
|
12. Extraordinary Item |
- |
- |
- |
|
13. Net Profit / (Loss) for the period (11-12) |
136.005 |
165.710 |
3,017.15 |
|
14. Share in Profit/(Loss) from Associate |
|
- |
|
|
15. Minority interest |
|
- |
|
|
16 Net Profit / (Loss) after taxes, minority interest and share
of profit / (loss) of associates
(13+14+15) |
136.005 |
165.710 |
3,017.15 |
|
17. Paid-up equity share capital (Face Value - Rs. 10/- Per Share) |
545.678 |
638.178 |
5,456.78 |
|
18. Reserve excluding Revaluation Reserves (As per Balance Sheet of previous accounting year) |
-- |
-- |
-- |
|
19. Basic and Diluted Earnings Per Share (EPS) (before & after extraordinary items ) ( of Rs. 10/- each ) (Not Annualised) |
2.22 |
2.60 |
4.82 |
|
|
|
|
|
|
See accompanying note to the financial results |
|
|
|
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
25392554 |
25392554 |
25392554 |
|
- Percentage of shareholding |
39.79 |
39.79 |
39.79 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
7724000 |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
19.50 |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
12.10 |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
38425211 |
31881331 |
38425211 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
80.50 |
100.00 |
|
|
|
|
60.21 |
|
Percentage of shares (as a % of total share capital of the
company) |
60.21 |
49.96 |
|
|
|
|
|
|
|
B.
Investor Complaints |
|
||
|
Pending at the beginning of the quarter |
Nil |
||
|
Receiving during the quarter |
1 |
||
|
Disposed of during the quarter |
1 |
||
|
Remaining unreserved at the end of the quarter |
Nil |
||
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 31.03.2013
Rs. In Millions
|
SOURCES OF FUNDS |
|
|
30.12.2013 Audited |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
638.178 |
|
(b) Reserves & Surplus |
|
|
11319.969 |
|
(c) Pending Call Money |
|
|
0.000 |
|
Sub-total Shareholders’ |
|
|
11958.147 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
|
0.000 |
|
|
|
|
|
|
(3)
Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
1268.294 |
|
(b) Other
long-term liabilities |
|
|
587.819 |
|
(c) Long
term Provisions |
|
|
64.150 |
|
Sub-total of
Non-Current liabilities |
|
|
1920.263 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
1054.665 |
|
(b) Trade payables |
|
|
1082.880 |
|
(c) Other current
liabilities |
|
|
2104.498 |
|
(d) Short-term provisions |
|
|
903.921 |
|
Sub-total of Current liabilities |
|
|
5145.964 |
|
|
|
|
|
|
TOTAL |
|
|
19024.374 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Goodwill |
|
|
0.320 |
|
(b) Fixed Assets |
|
|
7448.314 |
|
(c)
Non-Current investments |
|
|
10.207 |
|
(d) Long
term loans and advances |
|
|
1946.712 |
|
Sub-total of
Non-Current Assets |
|
|
9405.553 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
6088.199 |
|
(b) Inventories |
|
|
449.742 |
|
(c) Trade receivables |
|
|
1565.127 |
|
(d) Cash and cash
equivalents |
|
|
945.935 |
|
(e) Short-term loans and
advances |
|
|
453.488 |
|
(f) Other current assets |
|
|
116.330 |
|
Sub-total of
Current Assets |
|
|
9618.821 |
|
|
|
|
|
|
TOTAL |
|
|
19024.374 |
Notes:
1.
The above results have been reviewed by the Audit
Committee and approved by the Board of Directors at their respective meetings
held on 28th February, 2014
2.
The Company has only one reportable business
segment, namely, Drugs and Pharmaceuticals.
3.
On 31st July 2013, pursuant to agreements with
Otsuka Pharmaceutical Factory, Inc., Japan Otsuka and Mitsui & Co. Ltd., Japan
(Mitsui), the Company has transferred its Infusion Business to Claris Otsuka
Limited on a slump sale basis. Post transfer of business, the Company holds 20%
of equity share capital of Claris Otsuka Limited
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. |
|
|
1 |
Rs. |
|
Euro |
1 |
Rs. |
INFORMATION DETAILS
|
Information
Gathered by : |
|
|
|
|
|
Analysis Done by
: |
|
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.