MIRA INFORM REPORT
|
Report Date : |
30.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
CIPLA LIMITED |
|
|
|
|
Registered
Office : |
Cipla House, |
|
|
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
17.08.1935 |
|
|
|
|
Com. Reg. No.: |
11-002380 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1605.800 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24239MH1935PLC002380 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC00352C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Distributor of Drugs and Healthcare Products. |
|
|
|
|
No. of Employees
: |
Information
denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (77) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
Maximum Credit Limit : |
USD 404000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Exist |
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|
|
|
Comments : |
Subject is a well-established and reputed company having fine track
record. The rating reflect “Cipla Limited” leading market position in
respiratory segment, stable business performance, continuing strong financial
profile characterized by low gearing levels and a healthy liquidity position.
Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments 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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict
Implications: Apex court order may alter coal import dynamics. Traders go slowly
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: “AAA” |
|
Rating Explanation |
Highest degree of safety and lowest credit
risk. |
|
Date |
02.12.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: “A1+” |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
02.12.2013 |
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 DENIED
Management non-cooperative. (Tel. No.: 91-22-23095521)
LOCATIONS
|
Registered Office : |
Cipla House, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-23095521 / 24826701 / 24826300 |
|
Fax No.: |
91-22-24826893 |
|
E-Mail : |
|
|
Website : |
http://www.cipla.com |
|
|
|
|
Corporate Office/ Head Office : |
289, Opposite Sahil Hotel, Near Citi Center Mall, Bellasis
Road, Mumbai Central, Mumbai – 400008, Maharashtra, India |
|
Tel. No.: |
91-22-23095521/ 23082891/ 23023272/ 23025272 |
|
Fax No.: |
91-22-23070013/ 23070393/ 85/ 23008101 |
|
|
|
|
Factory 1: |
Virgonagar, Old Madras Road, Bangalore – 560049, Karnataka, India |
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Factory 2: |
Bommasandra-Jigani Link Road, Industrial Area, KIADB 4th Phase, Bangalore - 560099, Karnataka, India |
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Factory 3: |
MIDC, Patalganga, District Raigad – 410220, Maharashtra, India |
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Factory 4: |
MIDC Industrial Area, Kurkumbh, Daund District Pune - 413802, Maharashtra, India |
|
|
|
|
Factory 5: |
Verna Industrial Estate, Verna, Salcette, Panaji – 403722, Goa, India |
|
|
|
|
Factory 6: |
Village Malpur Upper, P.O. Bhud, Nalagarh, Baddi, District Solan - 173205, Himachal Pradesh, India |
|
|
|
|
Factory 7: |
Village Kumrek, P.O. Rangpoo-737132, East District Sikkim |
|
|
|
|
Factory 8: |
Indore SEZ, Phase ll, Sector III, Pharma Zone, P.O. Pithampur, District Dhar -454774, Madhya Pradesh, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Dr. Y.K. Hamied |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. M.K. Hamied |
|
Designation : |
Vice-Chairman |
|
|
|
|
Name : |
Mr. Subhanu Saxena |
|
Designation : |
Managing Director and Global Chief Executive Officer |
|
|
|
|
Name : |
Mr. S. Radhakrishnan |
|
Designation : |
Whole-time
Director |
|
|
|
|
Name : |
Mr. Rajesh Garg |
|
Designation : |
Executive Director and Global Chief Financial Officer |
|
|
|
|
Name : |
Dr. H.R. Manchanda |
|
Designation : |
Non-Executive
Directors |
|
|
|
|
Name : |
Mr. V.C. Kotwal |
|
Designation : |
Non-Executive
Directors |
|
|
|
|
Name : |
Mr. Pankaj Patel |
|
Designation : |
Non-Executive
Directors |
|
|
|
|
Name : |
Mr. Ashok Sinha |
|
Designation : |
Non-Executive
Directors |
|
|
|
|
Name : |
Dr. Peter Mugyenyi |
|
Designation : |
Non-Executive
Directors |
|
|
|
|
Name : |
Mr. Adil Zainulbhai |
|
Designation : |
Non-Executive
Directors |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
122720500 |
15.46 |
|
|
6022791 |
0.76 |
|
|
128743291 |
16.21 |
|
|
|
|
|
|
166742687 |
21.00 |
|
|
166742687 |
21.00 |
|
Total shareholding
of Promoter and Promoter Group (A) |
295485978 |
37.22 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
33772001 |
4.25 |
|
|
2146712 |
0.27 |
|
|
61772362 |
7.78 |
|
|
190190557 |
23.95 |
|
|
287881632 |
36.26 |
|
|
|
|
|
|
29180988 |
3.68 |
|
|
|
|
|
|
52432556 |
6.60 |
|
|
99110556 |
12.48 |
|
|
29904666 |
3.77 |
|
|
1376393 |
0.17 |
|
|
143297 |
0.02 |
|
|
27502709 |
3.46 |
|
|
881792 |
0.11 |
|
|
100 |
0.00 |
|
|
375 |
0.00 |
|
|
210628766 |
26.53 |
|
Total
Public shareholding (B) |
498510398 |
62.78 |
|
Total
(A)+(B) |
793996376 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
8924981 |
0.00 |
|
|
8924981 |
0.00 |
|
Total
(A)+(B)+(C) |
802921357 |
100.00 |
Individual
shareholders holding nominal share capital up to Rs.0.100 million
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distributor of Drugs and Healthcare Products. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
||||||||||||
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|
|
||||||||||||
|
Bankers : |
· Bank of Baroda · Canara Bank · Corporation Bank · Indian Overseas Bank · Standard Chartered Bank · The Hongkong and Shanghai Banking Corporation Limited · Union Bank of India |
||||||||||||
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|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name 1 : |
V. Sankar Aiyar and Company Chartered Accountants |
|
|
|
|
Name 2 : |
R.G.N. Price and Company Chartered Accountants |
|
|
|
|
Subsidiaries (held directly): |
· Cipla FZE · Goldencross Pharma Private Limited · Cipla (Mauritius) Limited · Meditab Specialities Private Limited · Cipla Medpro South Africa (Pty) Limited (formerly Cipla Medpro South Africa Limited)# · Cipla Holding B.V.@ |
|
|
|
|
Subsidiaries
(held indirectly) : |
· Cipla (UK) Limited · Cipla Australia Pty. Limited · Cipla (EU) Limited · Medispray Laboratories Private Limited · Sitec Labs Private Limited · Four M Propack Private Limited · Meditab Holdings Limited · Meditab Pharmaceuticals South Africa (Pty) Limited · Meditab Specialities New Zealand Limited · Cipla Ilaç Ticaret Anonim Sirketi · Cipla USA Inc. · Cipla Kenya Limited · Cipla Malaysia Sdn. Bhd. · Cipla Europe NV* · Cipla Quality Chemical Industries Limited (formerly Quality Chemical Industries Limited) ** · Celeris d.o.o. *** · Cipla Medpro Manufacturing Proprietary Limited# · Galilee Marketing Proprietary Limited# · Inyanga Trading 386 Proprietary Limited# · Xeragen Laboratories Proprietary Limited# · Cipla Medpro Holdings Proprietary Limited# · Cape to Cairo Exports Proprietary Limited# · Cipla Agrimed Proprietary Limited# · Cipla Dibcare Proprietary Limited# · Cipla Health Care Proprietary Limited# · Cipla Life Sciences Proprietary Limited# · Cipla-Medpro Proprietary Limited# · Cipla-Medpro Distribution Centre Proprietary Limited# · Cipla Medpro ARV Proprietary Limited# · Cipla Medpro Botswana Proprietary Limited# · Cipla Medpro Cardio Respiratory Proprietary Limited# · Cipla Medpro Research and Development Proprietary Limited# · Cipla Nutrition Proprietary Limited# · Cipla Personal Care Proprietary Limited# · Cipla Vet Proprietary Limited# · Gardian Cipla Proprietary Limited# · Medpro Gen Proprietary Limited# · Medpro Holdings Proprietary Limited# · Medpro Pharmaceutica Proprietary Limited# · Medpro Pharmaceutica Africa Proprietary Limited# · Medpro-On-Line Proprietary Limited# · Med Man Care Proprietary Limited# · Smith and Couzin Proprietary Limited# |
|
|
|
|
Associates : |
· Quality Chemical Industries Limited# # · Stempeutics Research Private Limited · Mabpharm Private Limited |
|
|
|
|
Joint Venture :
|
·
Aspen-Cipla
Australia Pty Limited |
|
|
|
|
Entities over which
Key Management Personnel are able to exercise significant influence: |
· Okasa Private Limited · Okasa Pharma Private Limited · Cipla Cancer and AIDS Foundation · Hamied Foundation (earlier known as Dr. K. A. Hamied Foundation) · Cipla Foundation |
@ With effect from 28/08/2013
* With effect from 30/09/2013
** With effect from 20/11/2013
*** With effect from 04/12/2013
# With effect from 15/07/2013
# # from 01/10/2010 upto 19/11/2013
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
875000000 |
Equity Shares |
Rs.2/- each |
Rs.1750.000 Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
803924752 |
Equity Shares |
Rs.2/- each |
Rs.1607.800
Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
802921357 |
Equity Shares |
Rs.2/- each |
Rs.1605.800
Millions |
There is no change in the shares outstanding
at the beginning and at the end of the reporting date and immediately preceding
reporting date
·
Details of Shareholders holding more than 5 percent
shares in the Company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Y.K. Hamied |
12,48,27,750 |
15.55 |
|
Farida Hamied |
4,19,14,937 |
5.22 |
|
Sophie Ahmed |
4,59,82,000 |
5.73 |
|
Life Insurance Corporation of India |
5,24,97,490 |
6.54 |
·
Terms and
Rights attached to Equity Shares
The Company has only one class of equity
shares having a par value of Rs.2 per share. Each holder of equity share is
entitled to one vote per share. The Company declares and pays dividends in
Indian Rupees. The dividend proposed by the Board of Directors is subject to
the approval of the shareholders in the ensuing Annual General Meeting. 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 number of
equity shares held by the shareholder.
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 |
1,605.800 |
1,605.800 |
1,605.800 |
|
(b) Reserves & Surplus |
99,310.600 |
87,089.400 |
73,897.000 |
|
(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) |
100,916.400 |
88,695.200 |
75,502.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4.300 |
5.500 |
22.000 |
|
(b) Deferred tax liabilities (Net) |
3,112.000 |
2,812.000 |
2,324.500 |
|
(c) Other long term liabilities |
300.000 |
300.000 |
300.000 |
|
(d) long-term provisions |
739.900 |
473.400 |
291.200 |
|
Total Non-current Liabilities (3) |
4,156.200 |
3,590.900 |
2,937.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
8,769.100 |
9,652.600 |
100.000 |
|
(b) Trade payables |
9,625.600 |
8,270.900 |
6,858.500 |
|
(c) Other current
liabilities |
3,332.000 |
2,426.200 |
2,327.900 |
|
(d) Short-term provisions |
2,440.700 |
2,296.300 |
2,206.400 |
|
Total Current Liabilities (4) |
24,167.400 |
22,646.000 |
11,492.800 |
|
|
|
|
|
|
TOTAL |
129,240.000 |
114,932.100 |
89,933.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
35,195.900 |
34,182.900 |
30,026.600 |
|
(ii) Intangible Assets |
46.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
3,196.400 |
3,399.900 |
3,434.500 |
|
(iv)
Intangible assets under development |
570.500 |
103.500 |
0.000 |
|
(b) Non-current Investments |
33,282.800 |
5,143.600 |
4,618.300 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5,353.000 |
3,737.200 |
3,935.000 |
|
(e) Other Non-current assets |
615.700 |
3.100 |
2.400 |
|
Total Non-Current Assets |
78,260.300 |
46,570.200 |
42,016.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2,588.500 |
20,874.600 |
5,733.200 |
|
(b) Inventories |
25,111.600 |
23,433.700 |
18,245.000 |
|
(c) Trade receivables |
17,281.000 |
16,452.200 |
15,193.100 |
|
(d) Cash and cash
equivalents |
460.400 |
1,050.700 |
550.600 |
|
(e) Short-term loans and
advances |
5,155.600 |
6,527.900 |
7,654.800 |
|
(f) Other current assets |
382.600 |
22.800 |
539.800 |
|
Total Current Assets |
50,979.700 |
68,361.900 |
47,916.500 |
|
|
|
|
|
|
TOTAL |
129,240.000 |
114,932.100 |
89,933.300 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
93,802.900 |
82,024.200 |
69,775.000 |
|
|
|
Other Income |
2,802.800 |
2,291.300 |
1,483.000 |
|
|
|
TOTAL (A) |
96,605.700 |
84,315.500 |
71,258.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
31,453.400 |
26,468.300 |
23,008.500 |
|
|
|
Purchase of Traded Goods |
7,734.000 |
7,068.900 |
5,555.500 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Process
and Traded Goods |
(1,581.200) |
(2,907.500) |
112.400 |
|
|
|
Employee Benefits Expense |
12,847.500 |
9,692.800 |
7,282.100 |
|
|
|
Other Expenses |
23,453.900 |
20,510.300 |
17,997.900 |
|
|
|
TOTAL (B) |
73,907.600 |
60,832.800 |
53,956.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
22,698.100 |
23,482.700 |
17,301.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1,278.600 |
333.800 |
266.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
21,419.500 |
23,148.900 |
17,035.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3,236.100 |
3,030.300 |
2,820.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
18,183.400 |
20,118.600 |
14,214.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4,300.000 |
5,047.500 |
2,975.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
13,883.400 |
15,071.100 |
11,239.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
42,701.300 |
31,108.900 |
22,979.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
1,605.800 |
1,605.800 |
1,600.000 |
|
|
|
Tax on Dividend |
272.900 |
272.900 |
260.000 |
|
|
|
Transfer to General Reserve |
1,400.000 |
1,600.000 |
1,250.000 |
|
|
BALANCE CARRIED
TO THE B/S |
53,306.000 |
42,701.300 |
31,108.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
49479.600 |
44261.600 |
36920.300 |
|
|
|
Technical Know-how/ Fees |
1873.900 |
604.300 |
295.500 |
|
|
|
Others |
145.300 |
81.300 |
65.900 |
|
|
TOTAL EARNINGS |
51498.800 |
44947.200 |
37281.7 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials / Packing Materials |
13306.400 |
12067.800 |
9543.400 |
|
|
|
Components and Spare Parts |
307.000 |
262.300 |
324.200 |
|
|
|
Capital Goods |
647.100 |
832.100 |
1465.000 |
|
|
TOTAL IMPORTS |
14260.500 |
13162.200 |
11332.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.29 |
18.77 |
14.00 |
|
QUARTERLY RESULTS
|
Particulars |
|
|
30.06.2014 (Unaudited) |
|
|
|
|
1st Quarter |
|
Net Sales |
|
|
2,4744.600 |
|
Total Expenditure |
|
|
1,9419.300 |
|
PBIDT (Excl OI) |
|
|
5325.300 |
|
Other Income |
|
|
372.800 |
|
Operating Profit |
|
|
5698.100 |
|
Interest |
|
|
251.500 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
5446.600 |
|
Depreciation |
|
|
1142.400 |
|
Profit Before Tax |
|
|
4304.200 |
|
Tax |
|
|
982..500 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
3321700 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
3321.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
14.37 |
17.87 |
15.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.38 |
24.53 |
20.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.72 |
18.93 |
17.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.23 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.09 |
0.11 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.11 |
3.02 |
4.17 |
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 |
1605.800 |
1605.800 |
1605.800 |
|
Reserves & Surplus |
73897.000 |
87089.400 |
99310.600 |
|
Net
worth |
75502.800 |
88695.200 |
100916.400 |
|
|
|
|
|
|
long-term borrowings |
22.000 |
5.500 |
4.300 |
|
Short term borrowings |
100.000 |
9652.600 |
8769.100 |
|
Total
borrowings |
122.000 |
9658.100 |
8773.400 |
|
Debt/Equity
ratio |
0.002 |
0.109 |
0.087 |
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 |
69,775.000 |
82,024.200 |
93,802.900 |
|
|
|
17.555 |
14.360 |
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
|
69,775.000 |
82,024.200 |
93,802.900 |
|
Profit |
11,239.600 |
15,071.100 |
13,883.400 |
|
|
16.11% |
18.37% |
14.80% |
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 |
Yes |
|
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:
|
Case Details |
|||||||||||
|
Bench:-Bombay |
|||||||||||
|
|
|||||||||||
|
Lodging No.:- |
ITXAL/438/2013 |
Filing Date:- |
14/03/2013 |
Reg. No.:- |
ITXA/706/2013 |
Reg. Date:- |
09/04/2013 |
||||
|
|
|||||||||||
|
Petitioner:- |
COMMISSIONER OF INCOME TAX CENTRAL
- I |
Respondent:- |
CIPLA LIMITED |
||||||||
|
Petn.Adv.:- |
PADMA DIVAKAR (0) |
Resp.Adv.:- |
0 (0) |
||||||||
|
District:- |
MUMBAI |
||||||||||
|
|
|||||||||||
|
Bench:- |
DIVISION |
||||||||||
|
|
|||||||||||
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
||||||||
|
Next Date:- |
19/11/2014 |
Stage:- |
FOR DIRECTION |
||||||||
|
|
|||||||||||
|
Coram:- |
ACCORDING TO SITTING
LIST ACCORDING TO SITTING
LIST |
||||||||||
|
Act :- |
Income Tax Act, 1961 |
Under Section:- |
260A |
||||||||
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2014 Rs.
In Millions |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred Payment Liability - Sales Tax Deferral Loan (Sales tax deferral loan is interest free and repayable in 3 equal instalments from the 10th year.) |
4.300 |
5.500 |
|
SHORT TERM
BORROWINGS |
|
|
|
Packing Credit
from Banks |
8769.100 |
9557.700 |
|
Total |
8773.400 |
9563.200 |
GLOBAL BUSINESS
REVIEW
With a footprint across five continents, subject is moving fast towards its goal of making affordable healthcare available to all. The Company’s revenue from operations on a consolidated basis during the financial year 2013-14 amounted to Rs.102180.000 Millions against Rs.83880.000 Millions in the previous year, recording a growth of 21.8%. The income from operations for domestic business increased by 14.7%, from Rs.35690.000 Millions in the previous financial year to Rs.40940.000 Millions in the financial year. Total exports increased by 25.0% during the year to Rs.56590.000 Millions. During the year, operating margin reduced by 5.4%. This was primarily due to the change in product mix, higher investments in R and D and talent acquisition. As a result, profit for the year reduced by 10.1% to Rs.13890.000 Millions from Rs.15450.000 Millions in the previous financial year. India Ratings and Research Private Limited, a Fitch Group Company, assigned a Long-Term Issuer Rating of ‘IND AAA’ with a stable outlook to the Company. The rating is the highest assigned in Fitch’s rating scale and indicates the highest degree of safety regarding timely servicing of financial obligations and lowest credit risk.
STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 30TH
JUNE 2014
(Rs. In Millions)
|
|
Particulars |
30.06.2014 Unaudited |
|
|
|
|||
|
1 |
Income from operations |
|
|
|
|
(a) Net sales/income from operations (net of excise duty) |
24015.200 |
|
|
|
(b) Other operating income |
729.400 |
|
|
|
Total income from operations (net) |
24744.600 |
|
|
2 |
Expenses |
|
|
|
|
a) Cost of materials consumed |
6846.600 |
|
|
|
b) Purchases of stock-in-trade |
1570.300 |
|
|
|
c) Changes in inventories of finished goods, work-in- process and
stock-in-trade |
1462.100 |
|
|
|
d) Employee benefits expense |
3828.100 |
|
|
|
e) Depreciation and amortisation expense |
1142.400 |
|
|
|
g) Other expenses |
5712.200 |
|
|
|
Total expenses |
20561.700 |
|
|
|
|
|
|
|
3 |
Profit from operations before other income, finance costs and
exceptional items (1-2) |
4182.900 |
|
|
4 |
Other income |
372.800 |
|
|
5 |
Profit before finance costs and exceptional items (3+4) |
4555.700 |
|
|
6 |
Finance costs |
251.500 |
|
|
7 |
Profit / (Loss) from Ordinary Activities after finance costs but
before tax (5-6) |
4304.200 |
|
|
8 |
Exceptional Item |
0.000 |
|
|
9 |
Net Profit / (Loss) from Ordinary Activities after tax (7-8) |
4304.200 |
|
|
10 |
Tax expense |
982.500 |
|
|
11 |
Net Profit (+)/Loss
(-) after tax (9-10) |
3321.700 |
|
|
12 |
Paid-up equity share capital (Face value-7l per equity share) |
1605.800 |
|
|
13 |
Reserves (excluding revaluation reserves) as per Balance Sheet of previous accounting year |
|
|
|
14 |
Earnings per share |
|
|
|
|
-Basic |
*4.14 |
|
|
|
-Diluted |
*4.13 |
|
|
|
|
|
|
|
A |
Particulars of Shareholding |
|
|
|
1 |
Public Shareholding |
|
|
|
|
- Number of shares |
498510398 |
|
|
|
- Percentage of shareholding |
62.09% |
|
|
2 |
Promoters and Promoter group Shareholding a) Pledged/encumbered |
|
|
|
|
-Number of shares |
Nil |
|
|
|
-Percentage of shares (as a % of the total shareholding of promoter
and promoter group) |
Nil |
|
|
|
-Percentage of shares (as a % of the total share capital of the
Company) |
Nil |
|
|
|
b) Non-encumbered |
|
|
|
|
-Number of shares |
295485978 |
|
|
|
-Percentage of shares (as a % of the total shareholding of promoter
and promoter group) |
100.00% |
|
|
|
Percentage of shares (as a % of the total share capital of |
36.80% |
|
Particulars |
30.06.2014 |
|
Investment Complaints |
|
|
Pending at the beginning of the quarter |
0 |
|
Received during the quarter |
12 |
|
Disposed of during the quarter |
12 |
|
Remaining unresolved at the end of the quarter |
0 |
Note:
1. The Company is essentially in the pharmaceutical business segment.
2. In 2003, the Company received notice of demand from the National Pharmaceutical Pricing Authority, Government of India on account of alleged overcharging in respect of certain drugs under the Drugs (Prices Control) Order, 1995. This was contested before the jurisdictional High Courts in Mumbai, Karnataka and Allahabad wherein it was held in favour of the Company. The orders of Hon'ble High Court of Allahabad and Bombay were challenged before the Hon'ble Supreme Court of India by the Government. Although in the challenge to the decision of the Hon'ble Bombay High Court, the Hon'ble Supreme Court of India restored the matter to the Hon'ble Bombay High Court in August 2003 for interpreting the Drug Policy on the basis of directions and principles laid down by them and the same was pending, in the challenge to the Hon'ble High Court of Allahabad's order, in February 2013, the Hon'ble Supreme Court of India transferred the Bombay High Court petition also before itself for a final hearing on both the matters. In an earlier order, the Hon'ble Supreme Court has already restrained the Government from taking any coercive action against the Company. The Company has been legally advised that on the basis of these orders there is no probability of demand crystallising. Hence no provision is considered necessary in respect of notice of demand received by the company up to date aggregating to Rs. 17685.100 millions.
3. During the current quarter, pursuant to the enactment of the Companies Act 2013 (the 'Act'), the Company has, effective April 01, 2014, reviewed and revised estimated useful lives of its fixed assets, generally in accordance with the provisions of Schedule II to the Act. In case of any asset whose useful life is already exhausted as on April 01, 2014, the carrying value, net of residual value and deferred tax has been adjusted in retained earnings in accordance with the requirements of Schedule II of the Act. As a result the charge of depreciation is higher by Rs.304.100 millions for the quarter ended June 30, 2014.
4. The figures for the quarter ended March 31, 2014 are the balancing figures between audited figures in respect of the full financial year ended March 31, 2014 and the published unaudited figures for the nine months ended December 31, 2013.
5. The figures of the previous year / periods have been regrouped / recast to render them comparable with the figures of the current period.
6. The above standalone financial results for the quarter ended June 30, 2014 have been subjected to Limited Review by the Statutory Auditors, reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on August 14, 2014.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80066651 |
17/03/1998 * |
685,000,000.00 |
The Hongkong and Shanghai Banking Corporation Limited (Lead Charge Holder) |
52/60, Mahatma Gandhi Road, Bombay, Bombay, Maharashtra - 400023, India |
- |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.61.43 |
|
UK Pound |
1 |
Rs.99.72 |
|
Euro |
1 |
Rs.77.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
77 |
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.