MIRA INFORM REPORT
|
Report No. : |
335294 |
|
Report Date : |
03.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
INDOCO REMEDIES LIMITED |
|
|
|
|
Registered
Office : |
Indoco
House, 166, C.S.T. Road, Vidyanagari Marg Kalina, Santacruz (East), Mumbai -
400 098, |
|
Tel. No. : |
91-22-26541851 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
23.08.1947 |
|
|
|
|
Com. Reg. No.: |
11-005913 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.184.301
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L85190MH1947PLC005913 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI00405A
/ MUMI05235G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI0380C |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and Marketing of
Pharmaceutical Formulations (Finished Dosage Forms) and Active Pharmaceutical
Ingredients (APIs). |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 |
|
Maximum Credit Limit : |
USD 14000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is an established company having good track record. Financial position of the company is sound. Fundamentals of the Company
are Strong and Healthy. Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular and as per commitment. The company can be considered normal 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan = AA- |
|
Rating Explanation |
High degree of safety and carry very low credit risk. |
|
Date |
March, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Cash Credit = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
March, 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.
INFORMATION DENIED
Management Non Cooperative (91-22-26541851)
LOCATIONS
|
Registered Office : |
Indoco
House, 166, C.S.T. Road, Vidyanagari Marg Kalina, Santacruz (East), Mumbai -
400 098, Maharashtra, India |
|
Tel. No.: |
91-22-26541851–
55 |
|
Fax No.: |
91-22-26520787 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
A-26,
MIDC Industrial Area, Verna, Goa - 403722, Maharashtra, India |
|
|
|
|
Factory 2 : |
L-32,33,34
Verna Industrial Estate, Verna, Goa - 403722, Maharashtra, India |
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|
|
|
Factory 3 : |
R-104,
Rabale TTC Area, MIDC Thane-Belapur Road, Navi Mumbai - 400701, Maharashtra,
India |
|
|
|
|
Factory 4 : |
B-20
MIDC, Waluj, |
|
|
|
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Factory 5 : |
Village
Katha, P.O. Baddi, Tehsil Nalagarh, District Solan, Himanchal Pradesh-173205,
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Factory 6 : |
L-14,
Verna Industrial Area, Verna, Goa - 403722, Maharashtra, India |
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|
|
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Factory 7 : |
Located at: Patalganga,
|
|
|
|
|
R and D Centre : |
R-92/93,
Rabale TTC Area, MIDC Thane-Belapur Road, Navi Mumbai - 400701, Maharashtra,
India |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr.
Suresh G. Kare |
|
Designation : |
Chairman and Managing Director |
|
Qualification: |
B. Sc. |
|
Date
of Joining: |
26.12.1963 |
|
|
|
|
Name : |
Ms.
Aditi Panandikar |
|
Designation : |
Managing
Director |
|
Date of Birth/Age : |
22.01.1970 |
|
Qualification : |
B. Pharm, Masters in Business Management, Ohio State University |
|
Date of Appointment : |
27.03.2014 |
|
|
|
|
Name : |
Mr. Sundeep V. Bambolkar |
|
Designation : |
Director - Finance and Operations |
|
Date of Birth/Age : |
23.10.1960 |
|
Qualification : |
B. Sc. MBA |
|
Date of Appointment : |
27.03.2004 |
|
|
|
|
Name : |
Mr. Divakar M. Gavaskar |
|
Designation : |
Director
|
|
Date of Birth/Age : |
05.02.1943 |
|
Qualification : |
B.Com, FCA, FCS |
|
Date of Appointment : |
11.04.2005 |
|
|
|
|
Name : |
Mr. Rajiv P. Kakodkar |
|
Designation : |
Director
|
|
Date of Birth/Age : |
23.12.1956 |
|
Qualification : |
B. Pharm, MBA from Stuart School of Business, USA |
|
Date of Appointment : |
26.04.2007 |
|
|
|
|
Name : |
Mr.
Sharad P. Upasani |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.10.1938 |
|
Qualification : |
M.Com, LL.B., IAS, MBA |
|
Date of Appointment : |
23.02.2008 |
|
|
|
|
Name : |
Dr.
Anil M. Naik |
|
Designation : |
Director
|
|
Date of Birth/Age : |
22.05.1942 |
|
Qualification : |
M.Com, MBA |
|
Date of Appointment : |
14.02.2012 |
|
|
|
|
Name : |
Dr. Anand Nadkarni |
|
Designation : |
Director |
|
Date of Birth/Age : |
22.12.1958 |
|
Qualification : |
M.D. in Psychological Medicine. |
|
Date of Appointment : |
28.05.2014 |
KEY EXECUTIVES
|
Name : |
Mr. Sunil D. Joshi |
|
Designation : |
President - Finance and Company Secretary |
SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
19851714 |
21.54 |
|
|
15771755 |
17.12 |
|
|
18975180 |
20.59 |
|
|
18975180 |
20.59 |
|
|
54598649 |
59.25 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
54598649 |
59.25 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
9771904 |
10.60 |
|
|
22048 |
0.02 |
|
|
7982344 |
8.66 |
|
|
17776296 |
19.29 |
|
|
|
|
|
|
2496530 |
2.71 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs.0.100 Million |
7454841 |
8.09 |
|
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million |
9112275 |
9.89 |
|
|
711764 |
0.77 |
|
|
209911 |
0.23 |
|
|
4500 |
0.00 |
|
|
113724 |
0.12 |
|
|
383629 |
0.42 |
|
|
19775410 |
21.46 |
|
Total Public
shareholding (B) |
37551706 |
40.75 |
|
Total (A)+(B) |
92150355 |
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) |
92150355 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of
Pharmaceutical Formulations (Finished Dosage Forms) and Active Pharmaceutical
Ingredients (APIs). |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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|
|
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Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
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|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
|
|
Name : |
Patkar and Pendse Chartered Accountants |
|
Address : |
9, Chartered House CHS, Marine Lines, Mumbai - 400
002, Maharashtra, India |
|
|
|
|
Subsidiary
Companies : |
|
|
|
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Associates : |
|
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|
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|
Enterprises controlled
by key management personnel : |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs.2/- each |
Rs.250.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
92150355 |
Equity Shares |
Rs.2/- each |
Rs.184.301 Million |
Reconciliation of
number of Equity Shares outstanding
|
Particulars |
As on 31.03.2015 |
|
|
No. of Shares |
Rs. In Million |
|
|
Shares outstanding at the beginning of the year |
92150355 |
184.301 |
|
Add: Issue of Bonus Shares |
--- |
--- |
|
Less: Shares bought back during the year |
--- |
--- |
|
Shares outstanding at the end of the year |
92150355 |
184.301 |
Details of Shares
held by each shareholder holding more than 5% shares
|
Equity Shares with voting rights |
As on 31.03.2015 |
|
|
No. of Shares
held @ Rs.2/- per share |
% holding in
that class of shares |
|
|
SPA Holdings Private Limited |
18335000 |
19.90% |
|
Shanteri Investment Private Limited |
15771755 |
17.12% |
|
Aditi Panandikar |
5559013 |
6.03% |
|
Madhura Anup Ramani |
5184079 |
5.62% |
|
Aruna Suresh Kare |
4774714 |
5.18% |
Terms/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 shares is entitled to one vote per share. All equity shares of the Company rank pari passu in all respects including the right to dividend. 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.
During the year ended 31 March 2015, the amount of per share dividend recognized as distributions to equity shareholders was Rs.1.60 on the face value of Rs.2/- (Previous year Rs.1.40 on the face value of Rs.2/-) of the Company.
In the event of winding-up, subject to the rights of holders
of shares issued upon special terms and conditions, the holders of equity
shares shall be entitled to receive remaining assets, if any, in proportion to
the number of shares held at the time of commencement of winding-up.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
184.301 |
184.301 |
184.301 |
|
(b) Reserves &
Surplus |
4999.471 |
4385.352 |
3956.142 |
|
(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) |
5183.772 |
4569.653 |
4140.443 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
128.535 |
137.887 |
273.856 |
|
(b) Deferred tax
liabilities (Net) |
270.153 |
305.286 |
348.108 |
|
(c) Other long term
liabilities |
96.865 |
91.852 |
92.020 |
|
(d) long-term provisions |
150.271 |
163.410 |
68.196 |
|
Total Non-current
Liabilities (3) |
645.824 |
698.435 |
782.180 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
730.558 |
565.960 |
628.358 |
|
(b) Trade payables |
1186.283 |
691.414 |
680.907 |
|
(c) Other current
liabilities |
408.771 |
538.800 |
513.196 |
|
(d) Short-term provisions |
260.215 |
196.586 |
148.367 |
|
Total Current Liabilities
(4) |
2585.827 |
1992.760 |
1970.828 |
|
|
|
|
|
|
TOTAL |
8415.423 |
7260.848 |
6893.451 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2959.953 |
2960.950 |
2910.029 |
|
(ii) Intangible Assets |
434.172 |
291.824 |
304.308 |
|
(iii) Capital
work-in-progress |
260.263 |
243.585 |
219.900 |
|
(iv) Intangible assets
under development |
366.870 |
197.602 |
157.949 |
|
(b) Non-current
Investments |
6.412 |
4.452 |
3.962 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
573.464 |
550.432 |
568.305 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
4601.134 |
4248.845 |
4164.453 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1461.985 |
1082.633 |
927.599 |
|
(c) Trade receivables |
1536.439 |
1372.464 |
1270.772 |
|
(d) Cash and cash
equivalents |
152.817 |
131.361 |
118.117 |
|
(e) Short-term loans and
advances |
658.885 |
422.061 |
412.078 |
|
(f) Other current assets |
4.163 |
3.484 |
0.432 |
|
Total Current Assets |
3814.289 |
3012.003 |
2728.998 |
|
|
|
|
|
|
TOTAL |
8415.423 |
7260.848 |
6893.451 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
8536.349 |
7277.124 |
6303.865 |
|
|
Other Income |
17.416 |
17.523 |
15.048 |
|
|
TOTAL |
8553.765 |
7294.647 |
6318.913 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2640.739 |
2301.643 |
2238.950 |
|
|
Purchases of
Stock-in-Trade |
536.252 |
400.522 |
355.445 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(192.474) |
(10.506) |
31.333 |
|
|
Employees benefits
expense |
1393.567 |
1290.467 |
1077.37 |
|
|
Research
& Development Expenses |
216.715 |
144.286 |
129.024 |
|
|
Other expenses |
2289.576 |
1950.015 |
1547.209 |
|
|
TOTAL |
6884.375 |
6076.427 |
5379.331 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1669.390 |
1218.220 |
939.582 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
103.421 |
188.015 |
218.724 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1565.969 |
1030.205 |
720.858 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
471.131 |
309.121 |
237.159 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1094.838 |
721.084 |
483.699 |
|
|
|
|
|
|
|
Less |
TAX |
266.718 |
142.106 |
57.114 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
828.120 |
578.978 |
426.585 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
1619.231 |
1341.188 |
1183.195 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
150.000 |
150.000 |
150.000 |
|
|
Dividend |
147.400 |
129.010 |
101.365 |
|
|
Tax on Dividend |
30.000 |
21.925 |
17.227 |
|
|
Total (M) |
327.400 |
300.935 |
268.592 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
2119.951 |
1619.231 |
1341.188 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
3101.184 |
2480.348 |
2115.754 |
|
|
TOTAL EARNINGS |
3101.184 |
2480.348 |
2115.754 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
533.299 |
353.116 |
264.800 |
|
|
Components and Stores
parts |
83.795 |
7.200 |
1.562 |
|
|
Capital Goods |
11.458 |
35.333 |
76.082 |
|
|
TOTAL IMPORTS |
628.552 |
395.649 |
342.444 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
8.98 |
6.28 |
4.62 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
1349.966 |
1145.435 |
771.863 |
|
Net Cash generated from Operating Activities |
1103.192 |
999.447 |
688.595 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
9.70 |
7.96 |
6.77 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
19.56 |
16.74 |
14.90 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.07 |
10.58 |
7.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.16 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.17 |
0.15 |
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.48 |
1.51 |
1.38 |
STOCK
PRICES
|
Face Value |
Rs.2.00 /- each |
|
Market Value |
Rs.341.60 /- each |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
184.301 |
184.301 |
184.301 |
|
Reserves & Surplus |
3956.142 |
4385.352 |
4999.471 |
|
Net worth |
4140.443 |
4569.653 |
5183.772 |
|
|
|
|
|
|
long-term borrowings |
273.856 |
137.887 |
128.535 |
|
Short term borrowings |
628.358 |
565.960 |
730.558 |
|
Total borrowings |
902.214 |
703.847 |
859.093 |
|
Debt/Equity ratio |
0.218 |
0.154 |
0.166 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
6303.865 |
7277.124 |
8536.349 |
|
|
|
15.439 |
17.304 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
6303.865 |
7277.124 |
8536.349 |
|
Profit |
426.585 |
578.978 |
828.120 |
|
|
6.77% |
7.96% |
9.70% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---------------------- |
|
6 |
Contact numbers |
No |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---------------------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
Case Details |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
EXAL/1045/2011 |
Failing Date:- |
17.06.2011 |
Reg. No.:- |
EXA/499/2011 |
Reg. Date:- |
07.07.2011 |
|
Petitioner:- |
SHARAD CONSTRUCTIONS PRIVATE LIMITED |
Respondent:- |
INDOCO REMEDIES LIMITED |
||||
|
Petn.Adv:- |
PURNANAND AND COMPANY (692) |
Resp. Adv.: |
PRS LEGAL (0) |
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
SINGLE |
Category:- |
EXECUTION APPLICATIONS |
||||
|
Status:- |
Pre-Admission |
||||||
UNSECURED LOAN:
|
Particulars |
31.03.2015 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
LONG TERM
BORROWINGS |
|
|
|
Foreign currency loan External Commercial Borrowings |
34.375 |
65.907 |
|
SHORT TERM
BORROWINGS |
|
|
|
Cash credit facility |
36.189 |
0.000 |
|
Foreign Currency export packing credit |
0.924 |
149.875 |
|
Packing Credit in Rupee |
40.000 |
0.000 |
|
Working capital demand loan |
100.000 |
0.000 |
|
Short term loan |
100.000 |
100.000 |
|
Total |
311.488 |
315.782 |
INDEX OF CHARGE:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10513601 |
25/08/2014 * |
100,000,000.00 |
THE SARASWAT COOPERATIVE BANK LIMITED |
SME VILE PARLE
BRANCH, BHOLANATH CO-OP HSG SOC, SUBHASH ROAD, VILE PARLE EAST, MUMBAI,
MAHARASHTRA |
C21639836 |
|
2 |
10515486 |
02/09/2014 * |
40,000,000.00 |
IDBI BANK LIMITED |
ALCON CHAMBERS, DR. BANDORKAR MARG, PANAJI, GOA - 403722, INDIA |
C21512827 |
|
3 |
10360574 |
29/05/2012 |
238,000,000.00 |
DBS BANK LIMITED |
221, FORT HOUSE, 3RD FLOOR, D. N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B41596404 |
|
4 |
10193735 |
04/01/2010 |
100,000,000.00 |
CITIBANK N. A. |
TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA |
A76397967 |
|
5 |
10168713 |
17/07/2009 |
100,000,000.00 |
STANDARD CHARTERED BANK |
90, M G ROAD,, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A66643669 |
|
6 |
10148381 |
04/12/2012 * |
140,000,000.00 |
IDBI BANK LIMITED |
47, OPUS CENTRE, CENTRAL ROAD 47, OPUS CENTRE, OPPOSITE TUNGA PARADISE HOTEL, MIDC (E) ANDHERI, MUMBAI, MAHARASHTRA - 400093, INDIA |
B64014889 |
|
7 |
10148720 |
30/01/2009 |
136,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G N VAIDYA MARG, FORT , MUMBAI, MAHARASHTRA - 400023, INDIA |
A58965146 |
|
8 |
10138657 |
18/09/2014 * |
62,500,000.00 |
THE SARASWAT COOPERATIVE BANK LIMITED |
SME VILE PARLE
BRANCH, BHOLANATH CO-OP HSG SOC, SUBHASH ROAD, VILE PARLE EAST, MUMBAI,
MAHARASHTRA |
C28811362 |
|
9 |
10137698 |
18/09/2014 * |
112,000,000.00 |
THE SARASWAT COOPERATIVE BANK LIMITED |
SME VILE PARLE
BRANCH, BHOLANATH CO-OP HSG SOC, SUBHASH ROAD, VILE PARLE EAST, MUMBAI,
MAHARASHTRA |
C28802403 |
|
10 |
10137713 |
18/09/2014 * |
7,500,000.00 |
THE SARASWAT COOPERATIVE BANK LIMITED |
SME VILE PARLE
BRANCH, BHOLANATH CO-OP HSG SOC, SUBHASH ROAD, VILE PARLE EAST, MUMBAI,
MAHARASHTRA |
C28800266 |
RESULTS FROM OPERATIONS:
During the year 2014-15, the total income of the Company amounted to Rs.8553.800 Million as compared to Rs.7294.600 Million in the previous year. This represents a 17.30% growth. The Profit before tax (PBT) at Rs.1094.800 Million as compared to Rs.721.100 Million in the previous year represents a 51.80% growth. After providing for Tax and MAT, the Net Profit (PAT) amounted to Rs.828.100 Million as against Rs.579.000 Million in the previous year. The increase in PBT and PAT is mainly due to reduction in input and other costs as well as improvement in product and business mix.
In July, 2014, the Company purchased the remaining shares of Xtend Industrial Designers and Engineers Private Limited to make it a 100% subsidiary of the Company.
In April, 2015, the Company acquired from Piramal Enterprise Limited, their Clinical Research Division, located in Hyderabad. The Division is equipped with a 98 bed facility, including a four-bed ICU, state-of the-art analytical lab and capabilities of eCTD submission. It also has GCP certification from UK-MHRA and also has regulatory approvals from several bodies including USFDA. The acquisition would reduce the Company's dependability to outsource bio-equivalence studies. This will not only reduce cost but also ensure time-bound outcome of studies and add pace to the Company's existing R&D efforts.
A detailed discussion on the business performance and future outlook is included in Management Discussion & Analysis which forms part of the Directors' Report.
FUTURE OUTLOOK
The global pharmaceutical market is expected to reach between $1.135 trillion and $1.235 trillion by 2017. The United States will continue to hold number one position and Japan will retain the number two spot. The pharmaceutical markets of the five major EU countries viz., France, Germany, Italy, Spain, and United Kingdom are projected to hold a 13% share and the pharmaceutical markets of Brazil, Russia, and India will collectively hold 8%. Tier III Pharmerging countries (Algeria, Argentina, Colombia, Egypt, Indonesia, Mexico, Nigeria, Pakistan, Poland, Romania, Saudi Arabia, South Africa, Thailand, Turkey, Ukraine, Venezuela, and Vietnam) are projected to hold a 10% share by 2017.
In line with the upcoming trends and developments in global market, Indoco's international business is adopting strategies to build on its core competencies, viz., Research and Development and Manufacturing. With the recent acquisition of a CRO, the Company is now completely integrated and will remain a preferred partner, offering complete solutions, to generic companies worldwide. Additionally, it will also exploit the larger opportunities through alliances in major markets.
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH
JUNE, 2015
(Rs. In Million)
|
Particulars |
Quarter Ended 30.06.2015 |
|
|
(Unaudited) |
|
1.
Income from operations |
|
|
(a) Gross Sales / Income from Operations |
2182.200 |
|
(b) Excise Duty |
(22.500) |
|
(c) Net Sales / Income from Operations (a-b) |
2159.700 |
|
(d) Other Operation Income |
74.300 |
|
Total
Income from Operations (Net) (c+d) |
2234.000 |
|
|
|
|
2.
Expenses |
|
|
a) Cost of material consumed |
644.000 |
|
b) Purchases of stock in trade |
141.500 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(21.200) |
|
d) Employees benefit expenses |
405.300 |
|
e) Depreciation and Amortisation
expenses |
149.700 |
|
f) Research and Development Expenses |
64.800 |
|
g) Other Expenses |
573.600 |
|
Total Expenses |
1957.700 |
|
3. Profit from operations before other income and financial costs |
276.300 |
|
4. Other income |
1.900 |
|
5. Profit from ordinary activities before finance costs |
278.200 |
|
6. Finance costs |
21.600 |
|
7. Profit from ordinary activities before tax Expense: |
256.600 |
|
8.Tax expenses |
53.900 |
|
9.Net Profit / (Loss) from ordinary activities after tax |
202.700 |
|
10.Paid-up equity share capital (Nominal value Rs.5/- per share) |
184.300 |
|
11. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
--- |
|
12. Earnings per share (before and after extraordinary items) of Rs.2/- each) (not annualized): |
|
|
Basic |
2.20 |
|
Diluted |
2.20 |
|
A.
Particulars of shareholding |
|
|
1.
Public Shareholding |
|
|
- Number of shares |
37551706 |
|
- Percentage of shareholding |
40.75 |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
--- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
--- |
|
Percentage of shares (as a % of total share capital of the
company) |
--- |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
54598649 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
59.25 |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
8 |
|
Disposed of during the quarter |
8 |
|
Remaining unreserved at the end of the quarter |
Nil |
Note:
- The above results were reviewed by the Audit Committee and taken on record by the Board of Directors at their meeting held on 27th May, 2015.
- The Board of Directors have recommended a dividend of 80% i.e. Rs.1.60 per equity share of face value of Rs. 2/-each for the year 2014-15 subject to the approval of shareholders in the ensuing Annual General Meeting.
- The statutory auditors of the company have carried out limited review of the financial results for the quarter ended 31st March, 2015.
- The company has revised depreciation rates on Fixed Assets effective 1st April, 2014 in accordance with requirement of Schedule II of Companies Act 2013 ("the Act"). The remaining useful life has been revised by adopting standard useful life as per the New Companies Act.2013. The carrying amount as on 1st April 2014 is depreciated over the remaining useful life. As a result of this changes a) The depreciation charge for the year ended 31st March, 2015 is higher by Rs. 1388.60 Lacs, b) There is a debit to retained earnings of Rs. 471.40 Lacs (Net of deferred tax) for the assets whose remaining life as on 1st April, 2014 is expired in accordance with the revised life as per Companies Act, 2013.
- The figures for corresponding previous periods have been restated / regrouped wherever necessary, to make them comparable. The figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year.
FIXED ASSETS:
- Land (Lease Hold)
- Buildings and Premises
- Plant and Machinery
- Handling Equipment’s
- Pollution Control Equipment’s
- Laboratory Equipment’s
- R and D Equipment’s
- Plant - Utilities
- Electrical Installations
- Furniture and Fixtures
- Office and Data Processing Equipment’s
- Air-conditioning Unit
- Vehicles
- Trade Mark
- Technical Knowhow
WEBSITE DETAILS:
PRESS RELEASE:
INDOCO REMEDIES TO INVEST RS 125 CRORE FOR BIZ EXPANSION
July 30, 2015
Indoco Remedies Limited on Thursday said it is looking at an investment of Rs 1250.000 Million for expansion of its sterile ophthalmic facility at Goa and for setting up a Greenfield API facility at Patalganga in Maharashtra.
Indoco Remedies Limited on Thursday said it is looking at an investment of Rs 1250.000 Million for expansion of its sterile ophthalmic facility at Goa and for setting up a Greenfield API facility at Patalganga in Maharashtra.
"We are investing Rs 1250.000 Million for expansion of our sterile ophthalmic facility at Goa and for setting up a Greenfield API facility at Patalganga." The investment will also cover an additional pilot plant for finished dosages at Goa," Indoco Remedies chairman Suresh G Kare told shareholders at the 68th annual general meeting.
"This investment, in sync with the government's 'Make in India' initiative, will be funded through a mix of debt and internal accruals," Kare said.
Stating that the company is on a high growth trajectory, he pointed out that Indoco's domestic formulation business was 14.7 percent as of March, 2015, surpassing the industry average of 13.3 percent.
"Top three brands of the company, Febrex Plus, Cyclopam and Sensodent-K feature amongst the top 500 brands in Indian pharma market. During the year, the company launched 19 new products across various therapeutic segments," Kare said.
"Going forward, the company will continue to launch around 20 new products every year. The company has re-structured the marketing divisions to sharpen the pattern of coverage of different doctor specialities and have added around 500 MRs, taking the total MR strength to 2800," he said.
During the year, the company received the USFDA approval for the sterile ophthalmic facility for the third consecutive time.
With this approval, all the three finished dosage and two API facilities are now USFDA approved.
During the first quarter of the current financial year, Indoco Remedies reported a net profit of Rs 203.000 Million as compared to Rs 187.000 Million for the same period last year.
Revenue for the first quarter of FY16 stood at Rs 2160.000 Million as compared to Rs 2110.000 Million sequentially for the preceding quarter.
Indoco Remedies stock price
On August 03, 2015, at 15:09 hrs Indoco Remedies was quoting at Rs 339.85, down Rs 1.75, or 0.51 percent. The 52-week high of the share was Rs 413.10 and the 52-week low was Rs 213.00.
The company's trailing 12-month (TTM) EPS was at Rs 9.01 per share as per the quarter ended June 2015. The stock's price-to-earnings (P/E) ratio was 37.72. The latest book value of the company is Rs 56.25 per share. At current value, the price-to-book value of the company is 6.04.
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.64.00 |
|
UK Pound |
1 |
Rs.99.83 |
|
Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PNM |
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 |
7 |
|
--PROFITABILITY |
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 |
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 |
|
63 |
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.