MIRA INFORM REPORT
|
Report No. : |
353956 |
|
Report Date : |
16.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUN PHARMA ADVANCED RESEARCH COMPANY LIMITED |
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|
|
|
Registered
Office : |
Akota Road, Akota, Vadodara – 390020, Gujarat |
|
Tel. No.: |
91-265-2330815/ 2339257 |
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|
|
Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
01.03.2006 |
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Com. Reg. No.: |
04-047837 |
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Capital
Investment / Paid-up Capital : |
Rs.236.683 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
L73100GJ2006PLC047837 |
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IEC No.: |
Not Divulged |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged into Pharmaceuticals Research and Development. (From Indirect Sources) |
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|
|
|
No. of Employees
: |
331 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (61) |
|
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 2850000 |
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|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 2006 having
good track. The company has incurred heavy loss from its operational activities
during FY 2015 However, the rating takes into consideration company’s strong net
worth base and decent liquidity position of the company. The rating also derives strength from its strong parentage (viz., Sun
Pharmaceutical Industries Limited) and its experienced management. The rating also takes into consideration promoter’s resourcefulness
and company’s established position in the pharmaceutical industry. Share price are quoted high on stock exchange (Share price Rs.371.20
with Face value Rs.1) Trade relations are reported as fair. Business is active. Payments
terms are reported as regular and as per commitment. In view of aforesaid, 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 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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
31-03-2015.
LOCATIONS
|
Registered Office : |
Akota Road, Akota, Vadodara – 390020, Gujarat, India |
|
Tel. No.: |
91-265-2330815/ 2339257 |
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Mobile No.: |
Not Available |
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Fax No.: |
91-265-2354897 |
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E-Mail : |
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Website : |
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Mumbai Office / Research Centre 1 : |
17-B, Mahal Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai - 400 093, Maharashtra, India |
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Tel. No.: |
91-22-66455645 |
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Fax No.: |
91-22-66455685 |
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|
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Research Centre 2 : |
F.P. 27 Part Survey No. 27, C.S. No. 1050, T.P.S No. 24, Village Tandalja, District Vadodara -390 020, Gujarat, India |
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|
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Research Centre 3 : |
907/4, GIDC, Makarpura, Vadodara - 390 010, Gujarat, India |
DIRECTORS
AS ON : 31.03.2015
|
Name : |
Mr. Dilip Shantilal Shanghvi |
|
Designation : |
Managing Director |
|
Address : |
801, Abhay Building, 8th Floor, Ns 9th Road, Nutan, Laxmi Co-Op Society JVPD Scheme, Vile Parle (W), Mumbai - 400049, Maharashtra, India |
|
Date of Appointment : |
01.03.2012 |
|
DIN No.: |
00005588 |
|
|
|
|
Name : |
Mr. Subhagmal Mohanchand Dadha |
|
Designation : |
Director |
|
Address : |
New No 250/ Old No 268, Lloyds Road, Royapettah, Chennai - 600014, Tamil Nadu, India |
|
Date of Appointment : |
27.09.2014 |
|
DIN No.: |
00087414 |
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|
|
|
Name : |
Prof. Dr. Goverdhan Mehta |
|
Designation : |
Director |
|
Address : |
Bungalow No. 8 (First Floor), Indian Institute Of Science, Bangalore - 560012, Karnataka, India |
|
Date of Appointment : |
31.07.2014 |
|
DIN No.: |
00350615 |
|
|
|
|
Name : |
Ms. Bhavna Gautam Doshi |
|
Designation : |
Director |
|
Address : |
402 Hamilton Court Tagore Road, Santacruz (West), Mumbai - 400054, Maharashtra, INDIA |
|
Date of Birth/Age : |
26.06.1953 |
|
Date of Appointment : |
01.08.2015 |
|
DIN No.: |
00400508 |
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|
|
|
Name : |
Dr. Rajamannar Thennati |
|
Designation : |
Director |
|
Address : |
G-114, Avishkar Complex, Old Padra Road, Vadodara - 390015, Gujarat, India |
|
Date of Appointment : |
24.04.2014 |
|
DIN No.: |
01415412 |
|
|
|
|
Name : |
Prof. Dr. Andrea Thaddaus Vasella |
|
Designation : |
Director |
|
Address : |
Langackerstrasse 7, Ch-8057 Zurich, Zurich, Ch-8057, Switzerland |
|
Date of Appointment : |
31.07.2014 |
|
DIN No.: |
01653058 |
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|
|
|
Name : |
Mr. Sudhir Vrundavandas Valia |
|
Designation : |
Whole-Time Director |
|
Address : |
801, Alaap Building, 8th Floor, 173, Sir Balchandra Road, Dadar (East), Mumbai - 400014, Maharashtra, India |
|
Date of Birth/Age : |
26.07.1956 |
|
Date of Appointment : |
31.07.2014 |
|
DIN No.: |
00005561 |
KEY EXECUTIVES
|
Name : |
Mr. Sudhir Vrundavandas Valia |
|
Designation : |
Chief Financial Officer |
|
Address : |
801, Alaap Building, 8th Floor, 173, Sir Balchandra Road, Dadar (E), Mumbai - 400014, Maharashtra, India |
|
PAN No.: |
AABPV2199J |
|
Date of Appointment : |
31.07.2014 |
|
|
|
|
Name : |
Mr. Debashis Dey |
|
Designation : |
Secretary |
|
Address : |
F-14, Self Help Co-Op Housing Society, St. Francis Limited, Vile Parle(West), Mumbai - 400056, Maharashtra, India |
|
PAN No.: |
AIGPD5976L |
|
Date of Appointment : |
06.05.2015 |
|
|
|
|
Name : |
Mr. Anil Raghavan |
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Designation : |
Company Secretary |
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|
Name : |
Ms. Meetal Sampat |
|
Designation : |
Company Secretary (upto 06.05.2015) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholders |
No.
of Shares |
%age
holding |
|
(A)
Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
35472200 |
14.99 |
|
|
123275262 |
52.08 |
|
|
147791 |
0.06 |
|
|
147791 |
0.06 |
|
|
158895253 |
67.13 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
158895253 |
67.13 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
2785691 |
1.18 |
|
|
222070 |
0.09 |
|
|
14729534 |
6.22 |
|
|
17737295 |
7.49 |
|
|
|
|
|
|
11475402 |
4.85 |
|
|
|
|
|
|
27856552 |
11.77 |
|
|
16015653 |
6.77 |
|
|
4707199 |
1.99 |
|
|
1249389 |
0.53 |
|
|
742597 |
0.31 |
|
|
2293 |
0.00 |
|
|
9600 |
0.00 |
|
|
100 |
0.00 |
|
|
568971 |
0.24 |
|
|
74642 |
0.03 |
|
|
2059607 |
0.87 |
|
|
60054806 |
25.37 |
|
Total
Public shareholding (B) |
77792101 |
32.87 |
|
Total
(A)+(B) |
236687354 |
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) |
236687354 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into Pharmaceuticals Research and Development. (From Indirect Sources) |
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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 Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
331 (Approximately) |
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Bankers : |
·
ICICI Bank Limited ·
Induslnd Bank Limited ·
State Bank of India ·
Kotak Mahindra Bank Limited |
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Facilities : |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address : |
Indiabulls Finance Centre, Tower 3, 27th - 32nd Floor,
Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400013, Maharashtra,
India |
|
Tel No.: |
91-022-61854000 |
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Fax No.: |
91-22-61854501/ 4601 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprise under
significant Influence of Key Management Personnel : |
· Sun Pharmaceutical Industries Limited · Sun Pharma Laboratories Limited · Sun Pharma Global FZE · Sun Pharmaceutical Industries Inc. (Formerly known as Caraco Pharmaceutical Laboratories Limited) · Alfa Infraprop Private Limited · Taro Pharmaceuticals Inc. |
CAPITAL STRUCTURE
AS ON : 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
266500000 |
Equity Shares |
Rs.1/- each |
Rs.266.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
236704447 |
Equity Shares |
Rs.1/- each |
Rs.236.704 Million |
|
|
Less: Calls Unpaid |
|
Rs.0.021 Million |
|
|
Total |
|
Rs.236.683
Million |
Equity Shares held by
each shareholder holding more than 5 percent Equity Shares in the Company are
as follows :
|
|
As at 31.03.2015 |
|
|
No
of Shares held |
%
of holding |
|
|
Dilip Shantilal Shanghvi |
26809395 |
11.33 |
|
Viditi Investment Private Limited |
23555458 |
9.95 |
|
Tejaskiran Pharmachem Industries Private Limited |
23122598 |
9.77 |
|
Quality Investments Private Limited |
22735998 |
9.61 |
|
Family Investments Private Limited |
22578841 |
9.54 |
|
Virtuous Share Investment Private Limited |
11968080 |
5.06 |
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 |
236.683 |
236.680 |
236.599 |
|
(b) Reserves & Surplus |
761.303 |
1156.307 |
847.707 |
|
(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) |
997.986 |
1392.987 |
1084.306 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
32.714 |
38.166 |
43.618 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.786 |
1.572 |
2.358 |
|
(d) long-term
provisions |
23.733 |
14.768 |
17.255 |
|
Total Non-current
Liabilities (3) |
57.233 |
54.506 |
63.231 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
3.955 |
8.237 |
759.655 |
|
(b) Trade
payables |
270.107 |
297.463 |
127.932 |
|
(c) Other
current liabilities |
89.751 |
75.762 |
37.929 |
|
(d) Short-term
provisions |
7.665 |
6.435 |
16.872 |
|
Total Current
Liabilities (4) |
371.478 |
387.897 |
942.388 |
|
|
|
|
|
|
TOTAL |
1426.697 |
1835.390 |
2089.925 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
667.911 |
644.882 |
655.492 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.241 |
7.610 |
1.631 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
126.230 |
75.999 |
34.160 |
|
(e) Other
Non-current assets |
2.968 |
5.734 |
8.507 |
|
Total Non-Current
Assets |
797.350 |
734.225 |
699.790 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
65.002 |
969.059 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
198.868 |
279.989 |
250.564 |
|
(d) Cash
and cash equivalents |
173.441 |
65.551 |
67.237 |
|
(e) Short-term
loans and advances |
254.252 |
649.391 |
100.489 |
|
(f) Other
current assets |
2.786 |
41.232 |
2.786 |
|
Total
Current Assets |
629.347 |
1101.165 |
1390.135 |
|
|
|
|
|
|
TOTAL |
1426.697 |
1835.390 |
2089.925 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
1557.375 |
1670.297 |
872.790 |
|
|
|
Other Income |
30.340 |
100.030 |
16.169 |
|
|
|
TOTAL (A) |
1587.715 |
1770.327 |
888.959 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
100.965 |
80.079 |
93.054 |
|
|
|
Clinical Trials and Professional Charges |
1106.130 |
527.371 |
0.000 |
|
|
|
Employees benefits expense |
457.927 |
403.972 |
365.537 |
|
|
|
Other expenses |
243.314 |
323.967 |
581.854 |
|
|
|
TOTAL (B) |
1908.336 |
1335.389 |
1040.445 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(320.621) |
434.938 |
(151.486) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.183 |
55.973 |
39.506 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(322.804) |
378.965 |
(190.992) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
72.396 |
35.723 |
33.955 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(395.200) |
343.242 |
(224.947) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
40.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(395.200) |
303.242 |
(224.947) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1134.673) |
(1437.915) |
(1212.968) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1529.873) |
(1134.673) |
(1437.915) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1247.408 |
1294.972 |
741.123 |
|
|
TOTAL EARNINGS |
1247.408 |
1294.972 |
741.123 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
27.838 |
23.936 |
20.759 |
|
|
|
Stores & Spares |
11.484 |
22.063 |
7.113 |
|
|
|
Capital Goods |
58.180 |
7.737 |
19.442 |
|
|
TOTAL IMPORTS |
97.502 |
53.736 |
47.314 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(1.67) |
1.28 |
(1.03) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
5.452 |
5.452 |
5.452 |
|
Net Cash from operations |
(369.374) |
450.254 |
(946.944) |
|
Net Cash Flow from Operating Activities |
(395.759) |
368.955 |
(953.439) |
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
JUNE 2015 |
SEPTEMBER 2015 |
|
Audited / UnAudited |
UnAudited |
UnAudited |
|
Net Sales |
43.440 |
43.120 |
|
Total Expenditure |
43.430 |
59.020 |
|
PBIDT (Excl OI) |
0.010 |
(15.900) |
|
Other Income |
0.210 |
0.210 |
|
Operating Profit |
0.220 |
(15.690) |
|
Interest |
0.050 |
0.160 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
0.170 |
(15.850) |
|
Depreciation |
1.820 |
1.890 |
|
Profit Before Tax |
(1.650) |
(17.740) |
|
Tax |
NA |
0.000 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
(1.650) |
(17.740) |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
(1.650) |
(17.740) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(25.38)
|
18.15 |
(25.77) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
(20.59)
|
26.04 |
(17.36) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(27.71)
|
18.78 |
(10.77) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.40)
|
0.25 |
(0.21) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.04
|
0.04 |
0.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.69
|
2.84 |
1.48 |
STOCK
PRICES
|
Face Value |
Rs.1.00 |
|
Market Value |
Rs.371.20 |
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 |
236.599 |
236.680 |
236.683 |
|
Reserves & Surplus |
847.707 |
1156.307 |
761.303 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1084.306 |
1392.987 |
997.986 |
|
|
|
|
|
|
long-term borrowings |
43.618 |
38.166 |
32.714 |
|
Short term borrowings |
759.655 |
8.237 |
3.955 |
|
Current Maturities Of
Long-Term Debts |
5.452 |
5.452 |
5.452 |
|
Total
borrowings |
808.725 |
51.855 |
42.121 |
|
Debt/Equity
ratio |
0.746 |
0.037 |
0.042 |
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) |
|
Revenue from Operations |
872.790 |
1670.297 |
1557.375 |
|
|
|
91.374 |
(6.761) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Revenue from Operations |
872.790 |
1670.297 |
1557.375 |
|
Profit / (Loss) |
(224.947) |
303.242 |
(395.200) |
|
|
(25.77)% |
18.15% |
(25.38)% |
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 |
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONS REVIEW :
The Company earned revenues of Rs.1557.375 million, primarily from royalties and milestones for the licensing out of technology, and revenue-linked royalty for products such as Lipodox, which have been licensed out previously.
In line with most Research and Development companies, revenues, comprising royalty and milestone payments, will depend on projects that are licensed out or brought to market, Revenues will continue to be uneven from quarter to quarter.
The Company reported a loss of Rs.395.200 million. In the last financial year, your Company augmented its senior management team and set up additional infrastructure to support the ongoing projects as well as the future pipeline, in the best long-term interests of the business.
In the year ahead, several projects will move from lab to clinical testing that is an essential part of the drug discovery process. As a consequence, the Company expects expenditure on clinical testing to ramp up significantly.
The Company has also put an extensive risk management plan in place to address the inherent risk that an innovative business of this nature faces.
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loan from Department of Science and Technology (DST), Government
of India under the “Drug and Pharmaceutical Research Program” [Repayable in 7 (previous Year 8) Annual Installments of Rs. 5.452
million each. Last installments is due on 01.09.2021]. |
32.714 |
38.166 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans Repayable
on Demand – From Banks |
|
|
|
Bank Overdraft Facility |
0.000 |
5.994 |
|
Total |
32.714 |
44.160 |
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
a) Guarantees given by the bankers against License Scheme |
20.117 |
43.020 |
|
b) Disputed demands by Income Tax Authorities |
181.211 |
0.000 |
|
c) Disputed demands by Sales Tax Authorities |
5.115 |
0.000 |
|
Amount paid under protest is classified under short term loans & advances |
0.630 |
0.000 |
Note:
Future cash outflows are determinable only on receipt of judgements/decisions pending at various forums/authorities. The company does not expect the outcome to have material adverse impact on the Company's financial condition, results of operation or cash flows. The company doesn't envisage any likely reimbursement.
PRESS RELEASE
Sun Pharma Advanced
Research zooms 60% in one week
Shares of Sun Pharma
Advanced Research Company (SPARC) have rallied 13% to Rs 316, extending
its past four day’s over 40% rally on BSE, on back of heavy volumes.
The stock opened at Rs 281 and touched a record high of Rs 324 on BSE. The
trading volumes on the counter more than doubled with a combined 8.71 million
shares changed hands on the counter till 1015 hours on BSE and NSE.
In past one week, the stock of pharmaceutical company has rallied 60% from Rs
198 on January 16, 2015, since the company announced that a meeting of the
board of directors of the company will be held on January 30, 2015, to consider
and take on record the un-audited financial results of the company for the
third quarter ended December 31, 2014 (Q3). The benchmark S&P BSE Sensex
has gained 4% during the same period.
Meanwhile, in clarification on sudden increase in volume, SPARC has
clarified to BSE that "there is no event which will have a bearing on the
performance / operations of the company nor any price sensitive information of
the company which are reportable under clause 36 or any other clause of the
listing agreement with the exchanges which are not shared with the Exchanges”.
SPARC had sought US Food and Drug Administration (USFDA) approval
for Latanoprost BAK-free to sale in the US market.
On December 1, 2014, the company announced that the USFDA had issued a
Complete Response letter to its New Drug Application (NDA) for Latanoprost
BAK-free eyedrops.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2015
(Rs.
in million)
|
Particulars
|
3 Months ended |
6 Months ended |
|
|
Year to Date ended (Unaudited) |
Year to Date ended (Unaudited) |
Year to Date ended (Unaudited) |
|
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
|
|
|
|
Income
from Operations |
|
|
|
|
Income from
operations |
431.200 |
434.400 |
865.600 |
|
Total
income from Operations |
431.200 |
434.400 |
865.600 |
|
Expenses |
|
|
|
|
Cost of Materials Consumed |
62.400 |
29.600 |
92.00 |
|
Employee Benefits Expense |
136.200 |
136.500 |
272.700 |
|
Clinical Trials and Professional Charges |
274.700 |
215.500 |
490.200 |
|
Depreciation Expense |
18.900 |
18.200 |
37.100 |
|
Other Expenses |
116.900 |
52.700 |
169.600 |
|
Total expenses |
609.100 |
452.500 |
1061.600 |
|
Profit
/ (Loss) from operations before other income and Finance Costs |
(177.900) |
(18.100) |
(196.000) |
|
Other income |
2.100 |
2.100 |
4.200 |
|
Profit
/ (Loss) from ordinary activities before Finance Costs |
(175.800) |
(16.000) |
(191.800) |
|
Finance Costs |
1.600 |
0.500 |
2.100 |
|
Profit / (Loss) from
ordinary activities before Tax |
(177.400) |
(16.500) |
(193.900) |
|
Tax expenses |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss)
for the period |
(177.400) |
(16.500) |
(193.900) |
|
Paid-up Equity Share Capital - Face Value Rs.1 each |
236.700 |
236.700 |
236.700 |
|
Reserve excluding Revaluation Reserves |
0.000 |
0.000 |
0.000 |
|
Earnings per share of Rs.1 each – in Rs (Basic and Diluted) |
(0.75) |
(0.07) |
(0.82) |
|
Public Shareholding
|
|
|
|
|
No. of Equity
shares of Rs.1 each |
77792101 |
77809194 |
77792101 |
|
Percentage of shareholding |
32.87 |
32.87 |
32.87 |
|
Promoters and
promoter group Shareholding |
|
|
|
|
a) Pledged/Encumbered: |
|
|
|
|
- Number of shares |
1162066 |
1162066 |
1162066 |
|
- Percentage of shares (as a% of the total shareholding of promoters and promoter group |
0.73 |
0.73 |
0.73 |
|
- Percentage of shares (as a% of the total share capital of the company) |
0.49 |
0.49 |
0.49 |
|
b) Non-encumbered : |
|
|
|
|
- Number of shares |
157733187 |
157733187 |
157733187 |
|
- Percentage of shares (as a% of the total shareholding of promoters and promoter group |
99.27 |
99.27 |
99.27 |
|
- Percentage of shares (as a% of the total share capital of the issuer) |
66.64 |
66.64 |
66.64 |
STATEMENT OF ASSETS
AND LIABILITIES
(Rs.
in million)
|
Particulars
|
Half year ended Unaudited |
|
|
30.09.2015 |
|
A EQUITY AND LIABILITIES |
|
|
i Shareholder’s Funds: |
|
|
(a) Capital |
236.700 |
|
(b) Reserves and Surplus |
568.300 |
|
Sub-total – Shareholders’ Fund |
805.000 |
|
|
|
|
ii
Non-current Liabilities |
|
|
(a) Long-term Borrowings |
27.300 |
|
(b) Deferred Tax Liabilities (Net) |
0.000 |
|
(c) Other Long-term Liabilities |
0.000 |
|
(d) Long-term Provisions |
26.500 |
|
Sub-total – Non-current Liabilities |
53.800 |
|
|
|
|
iii
Current Liabilities |
|
|
(a) Short-term Borrowings |
164.400 |
|
(b) Trade Payables |
507.00 |
|
(c) Other Current Liabilities |
148.00 |
|
(d) Short-term Provisions |
8.900 |
|
Sub-total – Current Liabilities |
828.300 |
|
|
|
|
TOTAL
– EQUITY AND LIABILITIES |
1687.100 |
|
|
|
|
B ASSETS |
|
|
i
Non-current Assets |
|
|
(a) Fixed Assets |
687.900 |
|
(b) Long-term Loans and Advances |
204.800 |
|
(c) Other Non-current Assets |
1.600 |
|
Sub-total – Non-current assets |
894.300 |
|
|
|
|
CURRENT
ASSETS |
|
|
(a)
Trade Receivables |
407.700 |
|
(b) Cash and Cash Equivalents |
67.700 |
|
(c) Short-term Loans and Advances |
314.600 |
|
(d) Other current assets |
2.800 |
|
Sub-total – Current assets |
792.800 |
|
|
|
|
TOTAL
- ASSETS |
1687.100 |
INDEX OF CHARGES : NO
CHARGES EXIST FOR COMPANY
FIXED ASSETS
Tangible Assets
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records 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.67.04 |
|
|
1 |
Rs.101.67 |
|
Euro |
1 |
Rs.73.93 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASN |
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 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
61 |
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.