MIRA INFORM REPORT
|
Report No. : |
336951 |
|
Report Date : |
18.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
AARTI DRUGS
LIMITED |
|
|
|
|
Registered
Office : |
Plot No.198, M.I.D.C., Tarapur, Taluka - Palghar, Village Pamtermbhi,
Boisar, District Palghar – 401 506, Maharashtra |
|
Tel. No.: |
91-22-24072249 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
28.09.1984 |
|
|
|
|
Com. Reg. No.: |
11-055433 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.242.171
million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L37060MH1984PLC055433 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA18926F/ MUMA20113C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA4410D |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of manufacturing APIs, formulations,
advance intermediates, and specialty chemicals, among other products. |
|
|
|
|
No. of Employees
: |
1005 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
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 8677000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate networth base and decent profitability margins 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.
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 |
CRISIL |
|
Rating |
Long-Term Rating: A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
31.07.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short-Term Rating: A1 |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
31.07.2015 |
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
31-03-2013.
INFORMATION DECLINED BY
|
Name : |
Mr. Rajesh |
|
Designation : |
Assistant Finance Manager |
|
Contact No.: |
91-22-24072249/ 24019025 |
|
Date : |
13.08.2015 |
LOCATIONS
|
Registered Office : |
Plot No.198, M.I.D.C., Tarapur, Taluka - Palghar, Village Pamtermbhi, Boisar,
District Palghar – 401 506, Maharashtra, India |
|
Tel. No.: |
91-22-24072249 (5 Lines)/ 24019025 |
|
Mobile No. : |
91-9821080788 (Mr. Anil) |
|
Fax No.: |
91-22-24073462/ 24070144 |
|
E-Mail : |
International Marketing: export@aartidrugs.com Domestic Marketing: sales@aartidrugs.com Careers : admin@aartidrugs.com Raw Material Purchase: purchase@aartidrugs.com Engineering Purchase: project@aartidrugs.com Accounts and Finance: finacc@aartidrugs.com Investor Grievance: investorrelations@aartidrugs.com |
|
Website : |
|
|
Area : |
10000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
Mahendra
Industrial Estate, Ground Floor, Plot No.109-D Road, No.29, Sion (East),
Mumbai – 400 022, Maharashtra, India |
|
Tel. No.: |
91-22-24072249/
24019025 (30 Lines) |
|
Fax No.: |
91-22-24073462/
24070144 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Plot No. N-198, G-60,
E-1, E-120, K-40, K-41, E-9/3, E-9/4, E-21, E-22, W-60, W-61, W-62, W-71,
W-72 and W-73, M.I.D.C.
Industrial Area, Tarapur, Village Pamtembhi, Taluka Palghar, District Palghar
– 401 506, Maharashtra, India |
|
|
|
|
Factory 2 : |
Plot
Nos.211, 213, 2601, 2602, 2603, 2902/2904, GIDC, Sarigam – 396 155, District
Valsad, Gujarat, Gujarat, India |
|
|
|
|
Research and
Development Center : |
Plot
Nos. E-1, MIDC Industrial Area, Tarapur, Village Pamtembhi, Taluka-Palghar,
District Palghar – 401 506, Maharashtra, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Chandrakant V. Gogri |
|
Designation : |
Chairman Emeritus |
|
|
|
|
Name : |
Mr. Prakash M. Patil |
|
Designation : |
Chairman, Managing Director and Chief Executive
Director |
|
Date of Birth/Age : |
16.08.1947 |
|
Qualification : |
B. Chem. |
|
Date of Appointment : |
05.01.1985 |
|
|
|
|
Name : |
Mr. Rashesh C. Gogri |
|
Designation : |
Managing Director (w.e.f.
26.09.2014) |
|
|
|
|
Name : |
Mr. Harshit M. Savla |
|
Designation : |
Joint Managing Director |
|
Date of Birth/Age : |
19.11.1962 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
02.01.1987 |
|
|
|
|
Name : |
Mr. Harit P. Shah |
|
Designation : |
Whole-Time Director |
|
Date of Birth/Age : |
12.10.1963 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
15.09.1995 |
|
|
|
|
Name : |
Mr. Uday M. Patil |
|
Designation : |
Whole-Time Director |
|
Date of Birth/Age : |
23.06.1963 |
|
Qualification : |
H.S.C. |
|
Date of Appointment : |
18.10.2000 |
|
|
|
|
Name : |
Mr. Rajendra V. Gogri |
|
Designation : |
Non-Executive Director |
|
Date of Birth/ Age
: |
15.12.1959 |
|
Qualifications : |
B.E.-Chemical, Institute of Chemical Technology
(formerly the University Department of Chemical Technology)/ M.S., USA |
|
Experience and
expertise in specific functional areas: |
He has rich experience in handling the portfolios
of marketing, purchase and other commercial matters and is also a key reason
for export development of the Company. Apart from having technical knowledge,
he also has equally good expertise in areas of Accounts, Finance, Taxation,
Legal and other Commercial matters. |
|
Date of
Appointment : |
28.09.1984 |
|
Directorships held
in other (excluding foreign) Companies : |
|
|
|
|
|
Name : |
Mr. Ramdas M. Gandhi |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
CA Bhavesh R. Vora |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Prof. Krishnacharya G. Akamanchi |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Dr. Vilas G. Gaikar |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
CA Navin C. Shah |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
CA
Priti P. Savla |
|
Designation : |
Independent Director (w.e.f. 26.09.2014) |
KEY EXECUTIVES
|
Name : |
CS Sunny Pagre |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr.
Adhish P. Patil |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Rajesh |
|
Designation : |
Assistant Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
12756005 |
52.67 |
|
|
1765732 |
7.29 |
|
|
14521737 |
59.96 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
14521737 |
59.96 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
484619 |
2.00 |
|
|
15729 |
0.06 |
|
|
36500 |
0.15 |
|
|
536848 |
2.22 |
|
|
|
|
|
|
360555 |
1.49 |
|
|
|
|
|
|
3790332 |
15.65 |
|
|
4893258 |
20.21 |
|
|
114370 |
0.47 |
|
|
89420 |
0.37 |
|
|
24950 |
0.10 |
|
|
9158515 |
37.82 |
|
Total
Public shareholding (B) |
9695363 |
40.04 |
|
Total
(A)+(B) |
24217100 |
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) |
24217100 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing APIs,
formulations, advance intermediates, and specialty chemicals, among other products. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS (AS ON 31.03.2015):
Licensed capacity, installed capacity and production (as certified by
the Management and not verified by the Auditors, it being a technical matter.)
(Qty in MT)
|
Particulars |
Unit |
*Licensed |
Installed |
Production |
Captive |
Net Production |
|
Pharmaceutical |
Kgs. |
-- |
15065 |
12069.01 |
2637.23 |
9431.79 |
* As license is not required Licensed Capacity
not given.
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
1005 (Approximately) |
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Bankers : |
·
Axis Bank Limited, Trishul, 3rd Floor,
Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380 006,
Gujarat, India ·
Union Bank of India ·
Bank of Baroda ·
State Bank of India ·
Standard Chartered Bank ·
DBS Bank Limited ·
IDBI Bank Limited ·
Citi Bank N.A. ·
The Hongkong and Shanghai Banking
Corporation Limited ·
Kotak Mahindra Bank Limited ·
IndusInd Bank Limited ·
The Saraswat Co-operative Bank Limited |
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|
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|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Gokhale
and Sathe Chartered
Accountants |
|
Address : |
308/309, Udyog Mandir
No.1, 7-C Bhagoji Keer Marg, Mahim, Mumbai – 400 016, Maharashtra, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Company
: |
Pinnacle Life Sciences Private Limited |
|
|
|
|
Enterprise/ firms over which controlling individuals have significant
influence : |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24217100 |
Equity Shares |
Rs.10/- each |
Rs.242.171
million |
|
|
|
|
|
Notes:
Reconciliation
|
Particulars |
Numbers |
(Rs.
In Million) |
|
Opening outstanding shares |
12108550 |
121.085 |
|
Add:
Bonus shares Issued during the year |
12108550 |
121.086 |
|
Closing outstanding shares |
24217100 |
242.171 |
Note: 12108550 Equity
Shares of Rs.10/- have been allotted as fully paid bonus shares for every share
held on record date 25th March, 2015
Disclosures of shares held by each shareholders more than 5% shares:
|
Name of Shareholders |
As at 31st
March, 2015 |
|
|
No. of Share
held |
% held |
|
|
Prakash M. Patil |
2046632 |
8.45 |
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 |
242.171 |
121.086 |
121.086 |
|
(b) Reserves & Surplus |
2794.853 |
2387.953 |
1954.993 |
|
(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) |
3037.024 |
2509.039 |
2076.079 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
1514.746 |
766.420 |
807.046 |
|
(b) Deferred tax liabilities (Net) |
350.120 |
310.120 |
275.118 |
|
(c) Other long term liabilities |
120.496 |
115.085 |
100.331 |
|
(d) Long-term provisions |
2.895 |
0.000 |
28.574 |
|
Total Non-current Liabilities (3) |
1988.257 |
1191.625 |
1211.069 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2512.659 |
2655.975 |
2149.835 |
|
(b) Trade payables |
1501.872 |
1501.783 |
1318.933 |
|
(c) Other current liabilities |
411.934 |
441.848 |
302.407 |
|
(d) Short-term provisions |
217.571 |
197.142 |
138.865 |
|
Total Current Liabilities (4) |
4644.036 |
4796.748 |
3910.040 |
|
|
|
|
|
|
TOTAL |
9669.317 |
8497.412 |
7197.188 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4314.838 |
3725.262 |
2912.310 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
133.463 |
83.155 |
125.889 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
111.149 |
46.190 |
51.319 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
42.446 |
70.430 |
25.572 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
4601.896 |
3925.037 |
3115.090 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1533.649 |
1267.258 |
1409.191 |
|
(c) Trade receivables |
3075.901 |
2765.209 |
2156.748 |
|
(d) Cash and cash equivalents |
34.299 |
43.980 |
28.788 |
|
(e) Short-term loans and advances |
174.488 |
222.059 |
196.033 |
|
(f) Other current assets |
249.084 |
273.869 |
291.338 |
|
Total Current Assets |
5067.421 |
4572.375 |
4082.098 |
|
|
|
|
|
|
TOTAL |
9669.317 |
8497.412 |
7197.188 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Sales/ Income from Operations |
10844.823 |
9699.372 |
8248.414 |
|
|
|
Other Income |
33.919 |
18.275 |
9.057 |
|
|
|
TOTAL |
10878.742 |
9717.647 |
8257.471 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
6784.396 |
5708.202 |
4924.374 |
|
|
|
Purchase of stock-in-trade |
869.884 |
860.248 |
854.273 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(235.766) |
56.862 |
(225.936) |
|
|
|
Employees benefits expense |
373.043 |
324.063 |
285.287 |
|
|
|
Other expenses |
1391.131 |
1304.577 |
1216.130 |
|
|
|
TOTAL |
9182.688 |
8253.952 |
7054.128 |
|
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1696.054 |
1463.695 |
1203.343 |
|
|
|
|
|
|
|
|
|
Less |
FINANCE COSTS
(INTEREST) |
388.770 |
334.897 |
280.355 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1307.284 |
1128.798 |
922.988 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
306.635 |
281.194 |
259.840 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
1000.649 |
847.604 |
663.148 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
224.654 |
239.651 |
206.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
775.995 |
607.954 |
456.748 |
|
|
|
|
|
|
|
|
|
|
EXTRAORDINARY
ITEMS |
0.000 |
9.170 |
(4.363) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1962.600 |
1591.600 |
1325.300 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
78.000 |
62.000 |
45.000 |
|
|
|
Proposed Dividend 30% |
72.700 |
66.600 |
48.400 |
|
|
|
1st Interim Dividend 50% |
60.500 |
36.300 |
36.300 |
|
|
|
2nd Interim Dividend 50% |
60.500 |
54.500 |
36.300 |
|
|
|
Tax on Dividend |
39.000 |
26.800 |
20.100 |
|
|
|
Bonus share issued |
*121.100 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2306.800 |
1962.600 |
1591.600 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
3803.653 |
3502.138 |
2964.030 |
|
|
TOTAL EARNINGS |
3803.653 |
3502.138 |
2964.030 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4139.724 |
3421.337 |
2699.919 |
|
|
|
Capital Goods |
5.290 |
29.537 |
15.492 |
|
|
TOTAL IMPORTS |
4145.014 |
3450.874 |
2715.411 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
32.04 |
25.48 |
37.36 |
|
* The Company has allotted 12108550 fully paid-up equity shares pursuant
to a bonus issue in the ratio of 1:1.
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 |
1217.663 |
1219.835 |
858.636 |
|
Net Cash Flow from Operating Activities |
1068.250 |
954.265 |
723.082 |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2015 |
|
Unaudited |
|
|
1st
Quarter |
|
Net Sales |
|
|
2636.700 |
|
Total Expenditure |
|
|
2201.600 |
|
PBIDT (Excl OI) |
|
|
435.100 |
|
Other Income |
|
|
NA |
|
Operating Profit |
|
|
435.100 |
|
Interest |
|
|
102.900 |
|
Exceptional Items |
|
|
NA |
|
PBDT |
|
|
332.200 |
|
Depreciation |
|
|
86.700 |
|
Profit Before Tax |
|
|
245.500 |
|
Tax |
|
|
75.000 |
|
Provisions and contingencies |
|
|
NA |
|
Profit After Tax |
|
|
170.500 |
|
Extraordinary Items |
|
|
NA |
|
Prior Period Expenses |
|
|
NA |
|
Other Adjustments |
|
|
NA |
|
Net Profit |
|
|
170.500 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
7.16 |
6.27 |
5.54 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
15.64 |
15.09 |
14.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.62 |
10.13 |
9.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33 |
0.34 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.33 |
1.36 |
1.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09 |
0.95 |
1.04 |
STOCK
PRICES
|
Face Value |
Rs.10.00 |
|
Market Value |
Rs.638.15 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
Rs. In Million |
Rs. In Million |
Rs. In Million |
|
Share Capital |
121.086 |
121.086 |
242.171 |
|
Reserves & Surplus |
1954.993 |
2387.953 |
2794.853 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
2076.079 |
2509.039 |
3037.024 |
|
|
|
|
|
|
Long-term borrowings |
807.046 |
766.420 |
1514.746 |
|
Short term borrowings |
2149.835 |
2655.975 |
2512.659 |
|
Total borrowings |
2956.881 |
3422.395 |
4027.405 |
|
Debt/Equity ratio |
1.424 |
1.364 |
1.326 |
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 |
|
Net Sales/ Income from Operations |
8248.414 |
9699.372 |
10844.823 |
|
|
|
17.591 |
11.810 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
Rs. In Million |
Rs. In Million |
Rs. In Million |
|
Net Sales/ Income from Operations |
8248.414 |
9699.372 |
10844.823 |
|
Profit |
456.748 |
607.954 |
775.995 |
|
|
5.54% |
6.27% |
7.16% |
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 |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
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 |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
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 |
Yes |
|
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.:- |
ITXAL/1472/2012 |
Filing Date:- |
10/10/2012 |
Reg. No.:- |
ITXA/1241/2012 |
Reg. Date:- |
25/10/2012 |
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX- 6, |
Respondent:- |
AARTI DRUGS LIMITED |
|
Petn. Adv.:- |
SURESH KUMAR (0) |
|
District:- |
MUMBAI |
|
Bench:- |
DIVISION |
||||
|
Status:- |
Admitted (Unready) |
Category:- |
TAX APPEALS |
|
Last Date:- |
01/03/2013 |
Stage:- |
FIRST ON BOARD |
|
Last Coram:- |
HON'BLE SHRI JUSTICE J.P. DEVADHAR |
|
HON'BLE SHRI JUSTICE M.S. SANKLECHA |
|
Act :- |
Income Tax Act, 1961 |
Under Section:- |
260A |
SHARE CAPITAL:
The
Company has issued and allotted 12108550 Bonus Shares during the FY 2014-15 in the
ratio of 1 Bonus Equity Share for every 1 existing Equity Share held by the
shareholders, after capitalising a sum of Rs.121.085 million from the
Reserves/Surplus including Securities Premium Account. The Total paid up share
capital of the Company after the Bonus issue stands at Rs.242.171 million
divided into 24217100 Equity Shares of Rs.10/- each.
The
Company had, vide resolution passed through Postal Ballot, increased Authorised
Share Capital from 215.000 million to 250.000 million divided into 25000000
Equity Shares of Rs.10/- each to facilitate the said bonus shares issue.
OPERATIONS REVIEW:
During
the year, Gross Sales of the Company is Rs.11699.400 million (Previous Year:
Rs.10443.500 million) registering a growth of 12.02%.
The
Company has achieved Export Sales of Rs.4117.100 million as against Rs.3956.900
million for the last year, registering a growth of 4.05%.
EBITA,
has been Rs.1689.600 million (Previous Year: Rs.1463.700 million), registering
a growth of 15.43%. PAT has been Rs.776.000 million (Previous Year: Rs.617.100
million), registering a growth of 25.75%.
MANAGEMENT DISCUSSION AND ANALYSIS:
PHARMACEUTICAL INDUSTRY – GLOBAL AND INDIAN
The
global pharmaceutical market is expected to reach $ 1.3 trillion by 2018, due to
increased global spending driven by population growth, an aging population, and
improved access in pharmerging markets. CAGR of pharmerging market will be 8 to
11% by 2018. Due to globalization, pharmerging countries increased from 5 to 21
and healthcare improvement will continue to be their priority. Many of these
countries are implementing healthcare reforms to ensure universal coverage. The
developed market – led by the United States, the major five European markets
and Japan had been the primary drivers of increased growth, while the 21
pharmerging countries will increase their contribution to growth over next five
years and account for nearly 50% of absolute growth in 2018.
The
Indian pharmaceutical industry accounts for about 1.4% of the global pharmaceutical
industry in value terms and 10% in volume terms. It's revenue is expected to
expand at a CAGR of 14.5% from the year 2009 to year 2020, by nearly $ 55
billion. The generic market is expected to grow to $ 26.1 billion by 2016 and
has immense potential for growth. India is the fourth largest player by value
with market share of Asia-Pacific. Indian pharmaceutical industry accounts for
the second largest number of Abbreviated New Drug Applications (ANDAs) and is
the world leader in Drug Master Files (DMFs) application with US. Indian
pharmaceutical industry has many advantages in terms of efficient cost of
production, good R&D technical work force for process improvements, lower
healthcare costs, diversified array of products viz., over 60,000 generics
brands across 60 therapeutic categories comprising of more than 500 different
APIs. Economic prosperity, increased drugs affordability and increasing
penetration of health insurance along with government initiatives like ‘pharma
vision 2020' will propel India to become a global leader as a end-to-end drug
manufacturer. The government of India is committed to setting up robust
healthcare and delivery mechanisms.
FINANCIAL AND OPERATIONAL PERFORMANCE:
During
the year the Company has achieved topline of Rs.11699.400 million, achieving a
y-o-y growth of 12.02%, correspondingly EBIDTA worked out to Rs.1689.600
million as against Rs.1463.700 million in the previous year recording a growth
of 15.43%. Net profit after tax was Rs.776.000 million as against Rs.617.100
million in the previous year recording growth of 25.75%.
The
Company has carried out expansion programs in the current year and also had
carried out in Year 2012-13 and 2013-14 keeping long term view in the mind, in
spite of recessionary conditions prevailing in global and domestic market.
Unfortunately, delay in getting Environment Clearance approval due to change in
government policy regarding public hearing, hampered a bit of sales growth in
the year 2014-15. However, even after expensing out the interest and
depreciation cost from this project, Company has showed good margins in
2014-15. They expect good boost in the sales from this project in the year
2015-16. The Company has received an import alert for its USFDA approved unit
in March 2015 which is responded to the satisfaction of the authority and they
expect their feedback soon. Currently Sales to US are less than 1% of overall
sales and hence impact on revenue and margin is minimal. Overall impact on
growth prospects in near terms is marginal though prolonged delay can affect US
revenue growth going forward. In spite of these constraints faced during the
year, they have successfully operated at higher capacity utilization across the
Company, the overheads got spread over increased production which led to
reduction in costs and thus increase in the profitability.
OUTLOOK:
The
Company's R&D programs are currently focused on new products development
related to lifestyle related diseases like diabetics, cardiovascular,
anticoagulant, hypertension, chronic kidney disease, etc. These products would
be developed along with their DMFs in a time-horizon of 2-4 years. This falls
in line with the vision of expanding ADL's presence in the regulated markets.
Company will continue to do R&D on APIs that are off patents and will work
on non-infringing route of synthesis. ADL has also tied up with European
distributor on profit sharing basis. Already 3 dossiers are ready and are under
stability study. Strategy would be to engage in their own APIs. ADL has also
partnered with USA Company on formulation revenues wherein they would be
supplying APIs at cost.
ADL
plans to undertake two line backward integration to make Anti-biotic; one of
the strongest segment. Majority market share and economies of scale with strong
technological backup will continue to remain key strengths of ADL. New projects
which are in pipeline, will commercialize soon, giving good impetus to growth
initially targeting domestic markets and eventually the global markets post
getting necessary regulatory approvals.
UNSECURED LOAN
|
Particulars |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
LONG-TERM
BORROWINGS |
|
|
|
Loans
and advances from related parties |
|
|
|
From
Directors |
57.500 |
0.000 |
|
From
Other |
50.000 |
0.000 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Loans repayable
on demand |
|
|
|
From Banks |
|
|
|
Borrowings |
891.952 |
757.212 |
|
Loans
and advances from related parties |
|
|
|
From
Directors |
18.800 |
31.800 |
|
From
Other |
10.000 |
148.283 |
|
Total
|
1028.252 |
937.295 |
INDEX
OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
CHARGE HOLDER |
ADDRESS |
Service Request Number
(SRN) |
|
1 |
10550789 |
10/02/2015 |
500,000,000.00 |
THE SHAMRAO VITHAL
CO-OPERATIVE BANK LIMITED |
SVC TOWER, NEHRU ROAD,
VAKOLA, SANTACRUZ (EAST), MUMBAI – 400 055, MAHARASHTRA, INDIA |
C44439644 |
|
2 |
10277975 |
30/09/2014 * |
7,211,800,000.00 |
AXIS BANK LIMITED |
TRISHUL, 3RD FLOOR, OPPOSITE
SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD – 380 006, GUJARAT,
INDIA |
C24536187 |
* Date of charge modification
CONTINGENT
LIABILITIES (AS ON 31.03.2015):
a. In respect of bank guarantees issued and L/C opened by the Company’s bankers
Rs.458.473 million
b. Demand in respect of additional income tax disputed in appeal Rs.113.391 million (and demand in respect
of additional Excise in appeal Rs.7.851 million
c. Liability for duty on raw material imported under advance licence benefit
scheme against which export obligation remained to be fulfilled Rs.18.986 million
d. Estimated amount of contracts remaining to be executed on capital
account and not provided for (net of advances) Rs.121.267 million.
STATEMENT OF AUDITED FINANCIAL
RESULT FOR THE QUARTER ENDED 30TH JUNE, 2015
(Rs. in Million)
|
Sr. No. |
Particulars |
Quarter Ended |
|
30.06.2015 (Audited)
|
||
|
1 |
Income from Operations |
|
|
|
(a) Gross Sales / Income
from Operations |
2864.000 |
|
|
Less : Excise Duty &
Sales Tax |
231.000 |
|
|
(a) Net Sales / Income
from Operations (Net of Excise Duty &
Sales Tax) |
2632.900 |
|
|
(b) Other Operating Income |
3.800 |
|
|
Total income from
operations (net) |
2636.700 |
|
2 |
Expenditure |
|
|
|
(a) Cost of materials consumed |
1897.900 |
|
|
(b) Purchase of
stock-in-trade |
97.100 |
|
|
(c) Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(248.100) |
|
|
(d) Employee benefits
expense |
99.400 |
|
|
(e) Depreciation and Amortisation
Expense |
86.700 |
|
|
(f) Other expenses |
355.300 |
|
|
Total expenses |
2288.300 |
|
3 |
Profit from Operations
before Other Income, finance costs and exceptional items (1-2) |
348.400 |
|
4 |
Other Income |
-- |
|
5 |
Profit from ordinary
activities before finance cost and exceptional items (3+4) |
348.400 |
|
6 |
Finance costs (Interest) |
102.900 |
|
7 |
Profit from ordinary
activities after finance cost but before Exceptional Items (5-6) |
245.500 |
|
8 |
Exceptional Items |
-- |
|
g |
Profit from Ordinary
Activities before Tax (7-8) |
245.500 |
|
10 |
Tax Expenses (Includes) |
75.000 |
|
|
Provision for Taxation -
Current |
61.000 |
|
|
- MAT
Credit Entitlement |
-- |
|
|
- Earlier
Year |
-- |
|
|
Provision for Deferred
Taxation |
14.000 |
|
11 |
Net profit from ordinary
Activities after Tax (9-10) |
170.500 |
|
12 |
Extraordinary item |
-- |
|
13 |
Net profit for the
year |
170.500 |
|
14. |
Paid-up Equity Share
Capital of Rs.10/- each. |
242.200 |
|
|
Reserves & Surplus
(excluding revaluation reserves) |
-- |
|
|
Earnings per share (of
Rs.10 /- each) (not annualised) |
|
|
|
Basic & Diluted
(Before extra-ordinary item) |
7.04 |
|
|
Basic & Diluted (After
extra-ordinary item) |
7.04 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
Public shareholding |
|
|
|
- Number of Shares |
9695363 |
|
|
- Percentage of Total Shareholding |
40.04 |
|
2 |
Promoters & 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 |
14521737 |
|
|
- 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 the company) |
59.96 |
|
B. INVESTOR COMPLAINTS |
Quarter Ended 30.06.2015 |
|
Pending at the beginning
of the quarter |
0 |
|
Received during the
quarter |
2 |
|
Disposed of during the
quarter |
2 |
|
Remaining unresolved at
the end of the quarter |
0 |
Notes:
1. The above results, reviewed by the Audit Committed, have been taken on record by the Board of Directors at their meeting held on 31st July, 2015
2. Company is operating as a Single Segment Company, engaged in Pharmaceuticals Business.
3. Figures for the previous period have been regrouped or rearranged wherever necessary.
FIXED ASSETS:
Tangible Assets
·
Building
·
Furniture
·
Land
·
Office Equipments
·
Plant and Machinery
·
Vehicles
Intangible Assets
·
Tradename
·
Technical Knowhow
·
Process Development (R&D)
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.65.22 |
|
UK Pound |
1 |
Rs.102.23 |
|
Euro |
1 |
Rs.72.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
66 |
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.