MIRA INFORM REPORT
|
Report No. : |
356221 |
|
Report Date : |
23.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
ALEMBIC PHARMACEUTICALS LIMITED |
|
|
|
|
Registered
Office : |
Alembic Road, Vadodara – 390002, Gujarat |
|
Tel. No.: |
91-265-2280880 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
16.06.2010 |
|
|
|
|
Com. Reg. No.: |
04-061123 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.377.032
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230GJ2010PLC061123 |
|
|
|
|
IEC No.: |
3410006061 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDA03515B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAICA5591M |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Pharmaceutical Products. (Registered
Activity) |
|
|
|
|
No. of Employees
: |
7210 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (76) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was established in the year 2010 and it is engaged in manufacturing pharmaceuticals. Its services include active pharmaceuticals ingredients, bulk pharma chemicals, formulations, herbal nutraceuticals, and veterinary and collaborated research services. For the financial year ended 2015, company has reported 9.34% revenue growth as compared to previous year revenue and it has maintain decent profitability margins at 14.19% during the year under review. Rating reflect company's strong position in the domestic formulations market, increasing presence in the international generics market, and healthy financial risk profile, marked by low gearing and healthy net cash accruals. Rating strengths is partially offset by the company's dependence on acute therapeutic segments in the domestic formulations. Trade relations are reported as fair. Payments are reported to be regular and as per commitments. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: AA |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
16.12.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term debt: A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest
credit risk. |
|
Date |
16.12.2015 |
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
31-03-2015.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
(TEL NO.: 91-265-2280880)
LOCATIONS
|
Registered/ Corporate Office/ Factory 1 : |
Alembic Road, Vadodara-390002, Gujarat, India |
|
Tel. No.: |
91-265-2280550/ 880 |
|
Fax No.: |
91-265-2281508/ 4728 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Marketing Office: |
2nd Floor , Prime Corporate Park, Behind ITC
Grand Maratha Sheraton, Sahar Road, Andheri (East), Mumbai - 400099,
Maharashtra, India |
|
Tel. No.: |
91-22-30611698 |
|
Fax No.: |
91-22-30611682 |
|
|
|
|
Factory 2 : |
Plot No.21/22, EPIP-Phase-I, Jhamajri, Baddi, Tehsil – Nalagarh, Solan
– 173205, Himachal Pradesh, India |
|
|
|
|
Factory 3 : |
Village Karakhadi, Taluka Padra, District Vadodara, Gujarat, India |
|
|
|
|
Factory 4 : |
Panelav, Tal. Halol, District Panchmahal-389350, Gujarat, India |
|
|
|
|
Factory 5 : |
Samardung Busty, Namthang, South Sikkim, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Chirayu Amin |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
04.12.1946 |
|
|
|
|
Name : |
Mr. K. G. Ramanathan |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
15.05.1939 |
|
|
|
|
Name : |
Mr. Pranav Parikh |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
18.02.1943 |
|
|
|
|
Name : |
Mr. Paresh Saraiya |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Pranav Amin |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Mr. Milin Mehta |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Shaunak Amin |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Dr. Archana Hingorani |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Ajay Desai |
|
Designation : |
Vice President-Finance and Company Secretary |
|
|
|
|
Name : |
Mr. Raj Kumar Baheti |
|
Designation : |
Chief Finance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
13402430 |
7.11 |
|
|
126336190 |
67.02 |
|
|
139738620 |
74.13 |
|
|
|
|
|
Total Shareholding of Promoter and Promoter Group (A) |
139738620 |
74.13 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3178142 |
1.69 |
|
|
626854 |
0.33 |
|
|
14556961 |
7.72 |
|
|
5382663 |
2.86 |
|
|
3600 |
0.00 |
|
|
750 |
0.00 |
|
|
2850 |
0.00 |
|
|
23748220 |
12.60 |
|
|
|
|
|
|
2175776 |
1.15 |
|
|
|
|
|
|
18728355 |
9.93 |
|
|
3489760 |
1.85 |
|
|
635183 |
0.34 |
|
|
163098 |
0.09 |
|
|
17398 |
0.01 |
|
|
454687 |
0.24 |
|
|
25029074 |
13.28 |
|
Total Public Shareholding (B) |
48777294 |
25.87 |
|
Total (A)+(B) |
188515914 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
188515914 |
100.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Name of the
Shareholder |
No. of Shares |
As a % |
|
Alembic Limited |
5,50,00,000 |
29.18 |
|
Shreno Limited |
1,83,68,780 |
9.74 |
|
Whitefield Chemtech Private Limited |
1,82,85,230 |
9.70 |
|
Sierra Investments Limited |
1,67,92,070 |
8.91 |
|
Nirayu Private Limited |
1,62,13,755 |
8.60 |
|
Chirayu R Amin |
32,43,015 |
1.72 |
|
Malika C Amin |
29,12,310 |
1.54 |
|
Yera Ramanbhai Amin |
10,80,915 |
0.57 |
|
Chirayu R Amin |
10,73,250 |
0.57 |
|
Pranav C Amin |
10,09,800 |
0.54 |
|
Udit C Amin |
10,06,980 |
0.53 |
|
Vidyanidhi Trust |
8,09,550 |
0.43 |
|
Ninochaka A Kothari |
6,32,900 |
0.34 |
|
Shaunak C Amin |
6,14,940 |
0.33 |
|
Shaunak C Amin |
3,92,040 |
0.21 |
|
Sierra Investments Limited |
3,75,600 |
0.20 |
|
Shreya Rupendra Mukharjee |
3,39,860 |
0.18 |
|
Arogyavardhini Society |
2,80,950 |
0.15 |
|
Chirayu R Amin |
2,05,200 |
0.11 |
|
Anup N Kothari |
1,90,000 |
0.10 |
|
Jyoti S Patel |
1,63,800 |
0.09 |
|
Jyoti S Patel |
1,62,000 |
0.09 |
|
Jyoti S Patel |
1,62,000 |
0.09 |
|
Utkarsh Vidyakendra |
1,46,250 |
0.08 |
|
Malika C Amin |
80,820 |
0.04 |
|
Ujjwal Vidyalaya |
62,250 |
0.03 |
|
Naintara Shaunak Amin |
30,000 |
0.02 |
|
Samira Pranav Amin |
30,000 |
0.02 |
|
Ranvir P Amin |
30,000 |
0.02 |
|
Inaaya S Amin |
30,000 |
0.02 |
|
Malika C Amin |
12,600 |
0.01 |
|
Viramya Packlight Limited |
900 |
0.00 |
|
Paushak Limited |
855 |
0.00 |
|
Total |
13,97,38,620 |
74.13 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Public and holding more than 1% of the total number
of shares
|
Name of the
Shareholders |
No. of Shares |
As a % |
|
Lotus Global Investments Limited |
2355014 |
1.25 |
|
Elara India Opportunities Fund Limited |
4019514 |
2.13 |
|
ICICI Prudential Balanced Advanced Fund |
2021975 |
1.07 |
|
Cresta Fund Limited |
2185100 |
1.16 |
|
Matthews India Fund |
1942940 |
1.03 |
|
Total |
12524543 |
6.64 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pharmaceutical Products. (Registered
Activity) |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
7210 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
·
Axis Bank Limited ·
Bank of Baroda ·
HDFC Bank Limited ·
IDBI Bank Limited ·
Standard Chartered Bank · The Royal Bank of Scotland N.V |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
K. S. Aiyar and Company Chartered Accountants |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associate
Companies: |
·
Alembic Limited ·
Whitefield Chemtech Private Limited ·
Nirayu Private Limited ·
Quick Flight Limited ·
Shreno Limited ·
Paushak Limited ·
Sierra Investments Limited ·
Viramya Packlight Limited. ·
Incozen Therapeutics Private Limited ·
Rhizen Pharmaceuticals SA (Associate of
Alembic Global Holding SA) |
|
|
|
|
Subsidiary and
Fellow Subsidiary: |
·
Alembic Global Holding SA (Subsidiary of
Alembic Pharmaceuticals Limited) ·
Alembic Pharmaceuticals Australia Pty
Limited (Subsidiary of Alembic Global Holding SA) ·
Alembic Pharmaceuticals Europe Limited
(Subsidiary of Alembic Global Holding SA) ·
Alnova Pharmaceuticals SA (Subsidiary of
Alembic Global Holding SA) ·
Alembic Pharmaceuticals Inc. (Subsidiary of
Alembic Global Holding SA) ·
Alembic Pharmaceuticals Canada Limited
(Subsidiary of Alembic Global Holding SA) ·
AG Research Private Limited (Subsidiary of
Alembic Global Holding SA) ·
Genius LLC (Subsidiary of Alembic Global
Holding SA) |
|
|
|
|
Joint Venture: |
Alembic Mami SPA (Joint venture of Alembic Global Holding SA) |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,00,00,000 |
Equity Shares |
Rs. 2/- each |
Rs. 400.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18,85,15,914 |
Equity Shares |
Rs. 2/- each |
Rs. 377.032
Million |
|
|
|
|
|
Reconciliation of the
number of shares outstanding at the beginning and at the end of the reporting
period :
|
Particulars |
31.03.2015 |
|
|
|
Numbers |
|
|
At the beginning of the period |
18,85,15,914 |
377.032 |
|
Outstanding at the end of the period |
18,85,15,914 |
377.032 |
The rights, preferences and restrictions including restrictions on the distribution of dividends and the repayment of capital
The company is having only one class of shares i.e Equity carrying a nominal value of Rs. 2/- per share Every holder of the equity share of the Company is entitled to one vote per share held.
In the event of liquidation of the Company, the equity shareholders will be entitled to receive remaining assets of the Company after the distribution / repayment of all creditors. The distribution to the equity shareholders will be in proportion of the number of shares held by each shareholder.
The Company declares and pays dividend on the equity shares in Indian Rupees. Dividend proposed by the Board of Directors is subject to approval of the shareholders at the ensuing Annual General Meeting.
During the year ended 31st March, 2015 an amount of Rs. 3.50 of dividend per equity share was proposed for the equity shareholders (P.Y. Rs. 3.00 per equity share).
Shares in the company held by each
shareholder holding more than 5 percent shares specifying the number of shares
held
|
As at 31st March |
31.03.2015 |
|
|
|
Number |
% held |
|
Alembic Limited |
5,50,00,000 |
29.18% |
|
Shreno Limited |
1,83,68,780 |
9.74% |
|
Sierra Investments Limited |
1,71,67,670 |
9.11% |
|
Whitefield Chemtech Limited |
1,82,85,230 |
9.70% |
|
Nirayu Private Limited |
1,62,13,755 |
8.60% |
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 |
377.032 |
377.032 |
377.032 |
|
(b) Reserves & Surplus |
7958.620 |
5919.928 |
4220.606 |
|
(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) |
8335.652 |
6296.960 |
4597.638 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
188.000 |
522.200 |
705.347 |
|
(b) Deferred tax liabilities (Net) |
314.334 |
227.170 |
138.969 |
|
(c)
Other long term liabilities |
128.437 |
127.037 |
127.607 |
|
(d)
long-term provisions |
93.615 |
66.806 |
60.606 |
|
Total
Non-current Liabilities (3) |
724.386 |
943.213 |
1032.529 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1498.079 |
254.237 |
701.145 |
|
(b)
Trade payables |
3023.838 |
2818.996 |
2342.456 |
|
(c)
Other current liabilities |
583.609 |
606.211 |
692.529 |
|
(d)
Short-term provisions |
946.009 |
704.846 |
620.550 |
|
Total
Current Liabilities (4) |
6051.535 |
4384.290 |
4356.680 |
|
|
|
|
|
|
TOTAL |
15111.573 |
11624.463 |
9986.847 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4886.799 |
3969.606 |
3442.215 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
831.403 |
206.692 |
322.618 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
333.285 |
333.285 |
33.542 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
650.272 |
416.417 |
358.788 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
6701.759 |
4926.000 |
4157.163 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3824.829 |
3107.782 |
2668.333 |
|
(c)
Trade receivables |
3379.400 |
2605.587 |
2323.830 |
|
(d)
Cash and cash equivalents |
44.050 |
53.384 |
42.497 |
|
(e)
Short-term loans and advances |
1161.535 |
931.710 |
795.024 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
8409.814 |
6698.463 |
5829.684 |
|
|
|
|
|
|
TOTAL |
15111.573 |
11624.463 |
9986.847 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
20189.960 |
18437.871 |
14926.383 |
|
|
|
Other Income |
5.723 |
31.927 |
39.320 |
|
|
|
TOTAL (A) |
20195.683 |
18469.798 |
14965.703 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5404.940 |
5559.293 |
4702.977 |
|
|
|
Purchases of Stock-in-Trade |
2466.193 |
1980.675 |
1655.905 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(728.890) |
(406.484) |
213.401 |
|
|
|
Employees benefits expense |
2965.671 |
2444.594 |
1937.897 |
|
|
|
Research and development expenses |
1090.307 |
1050.963 |
736.328 |
|
|
|
Other expenses |
4913.597 |
4218.611 |
3242.227 |
|
|
|
TOTAL (B) |
16111.818 |
14847.652 |
12488.735 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4083.865 |
3622.146 |
2476.968 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
11.089 |
98.089 |
145.743 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4072.776 |
3524.057 |
2331.225 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
444.127 |
404.872 |
349.646 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
3628.649 |
3119.185 |
1981.579 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
762.500 |
736.321 |
407.143 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
2866.149 |
2382.864 |
1574.436 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export (FOB basis ) |
8084.547 |
7501.748 |
4650.158 |
|
|
|
Royalty |
199.739 |
217.909 |
152.168 |
|
|
TOTAL EARNINGS |
8284.286 |
7719.657 |
4802.326 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
15.20 |
12.64 |
8.35 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
250.000 |
317.537 |
461.424 |
|
|
|
|
|
|
Cash Generated from Operations |
2491.826 |
3308.385 |
3126.114 |
|
|
|
|
|
|
Net Cash inflow from Operating Activities |
1800.804 |
2631815 |
2743.158 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2015 |
30.09.2015 |
|
Type |
1st
Quarter |
2nd
Quarter |
|
Net Sales |
5748.600 |
9225.400 |
|
Total Expenditure |
4665.900 |
5826.100 |
|
PBIDT (Excl OI) |
1082.700 |
3399.300 |
|
Other Income |
0.300 |
0.500 |
|
Operating Profit |
1083.000 |
3399.800 |
|
Interest |
3.700 |
5.300 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
1079.300 |
3394.500 |
|
Depreciation |
128.800 |
132.500 |
|
Profit Before Tax |
950.500 |
3262.000 |
|
Tax |
187.500 |
735.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
763.000 |
2526.600 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
763.000 |
2526.600 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
14.20 |
12.92 |
10.55 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
20.23 |
19.65 |
16.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.55 |
27.62 |
19.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.44 |
0.50 |
0.43 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.23 |
0.17 |
0.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.39 |
1.53 |
1.34 |
STOCK
PRICES
|
Face Value |
Rs.2.00/- |
|
|
|
|
Market Value |
Rs.664.75/- |
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 |
377.032 |
377.032 |
377.032 |
|
Reserves & Surplus |
4220.606 |
5919.928 |
7958.620 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
4597.638 |
6296.960 |
8335.652 |
|
|
|
|
|
|
Long-term borrowings |
705.347 |
522.200 |
188.000 |
|
Short term borrowings |
701.145 |
254.237 |
1498.079 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
461.424 |
317.537 |
250.000 |
|
Total
borrowings |
1867.916 |
1093.974 |
1936.079 |
|
Debt/Equity
ratio |
0.406 |
0.174 |
0.232 |
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 |
14926.383 |
18437.871 |
20189.960 |
|
|
|
23.525 |
9.503 |
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 |
14926.383 |
18437.871 |
20189.960 |
|
Profit |
1574.436 |
2382.864 |
2866.149 |
|
|
10.55% |
12.92% |
14.20% |
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 |
No |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10534523 |
08/05/2014 |
13,630,734.00 |
BANK OF
BARODA |
CFS BRANCH,
BANK OF BARODA BUILDING, OPP. ALKAPURI PETROL PUMP, R. C. DUTT ROAD, VADODARA
- 390007, GUJARAT , INDIA |
C35754985 |
|
2 |
10323112 |
02/12/2011 |
780,000,000.00 |
DBS
BANK LIMITED |
UPPER GROUND
FLOR, BIRLA TOWER, 25 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
B27859248 |
|
3 |
10296745 |
10/12/2014
* |
3,150,000,000.00 |
BANK OF
BARODA AND OTHERS |
FIRST
FLOOR, BANK OF BARODA BUILDING, R. C. DUTT ROAD, VADODARA - 390007,
GUJARAT, INDIA |
C36556835 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Deposits from Shareholders |
0.000 |
9.980 |
|
Deposits from Public (Interest rate varying from 9% to 11% and maturity period is 12 / 24 / 36 months) |
0.000 |
92.750 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Others (Varying Coupon repayable within 180 days with an option of roll over) |
300.000 |
199.857 |
|
Total |
300.000 |
302.587 |
OPERATIONS AND
STATE OF AFFAIRS OF THE COMPANY
The Company’s Standalone revenues from operations were Rs. 20190.000 million for the year ended 31st March, 2015 as compared to Rs. 18437.900 million for the previous year.
The Company has made Net Profit of Rs. 2866.100 million on standalone basis for the year as compared to Rs. 2382.800 million for the previous year.
The Company has registered consolidated revenues from operations of Rs. 20561.200 million for the year as compared to Rs. 18632.200 million for the previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS
THE PHARMACEUTICAL
INDUSTRY
INDIA
India’s drugs and pharmaceuticals industry is likely to post total sales worth H2.91 trillion (US$47.88 billion) by 2018, with an average annual growth of at least 14%, aided by a rapidly growing domestic market and the newly emerging export opportunity as patents of about a dozen US blockbuster drugs expire across the next three years. By 2016, patented drugs worth ~US$92 billion are expected to go off-patent in the US (US$65 billion during
2010-12).
The domestic drugs industry, valued at H1.6 trillion presently, is also expected to grow in the local market with increasing awareness, aggressive rural penetration by drug marker, increasing affluence, higher incidence of lifestyle diseases, increased governmental spending in the realm of healthcare through schemes like the Central Government Health Scheme (CGHS), National Programme for Healthcare of the Elderly (NPHCE), Rashtriya Arogya Nidhi (RAN) and Janani Suraksha Yojana (JSY).
OVERVIEW
From the domestic market, Alembic extended to the US, the world’s largest pharmaceutical market. Consequently, the Company’s International Generics business hinges around formulation sales to the US.
INFORMATION
TECHNOLOGY
The pharmaceutical industry is becoming Increasing complex. Regulatory standards have become more stringent.
Compliances norms have toughened. Operations have globally widened. Given the scenario, IT competencies have emerged as mission-critical in facilitating business growth.
At
Alembic, IT integrates operations and processes across plants, corporate and marketing
offices, across India and the world. It seamlessly provides real-time data to
meet the exacting global regulatory standards and facilitating informed
decision-making.
2014-15 IN RETROSPECT
Developed and implemented the Document Management System, which allows document generation with multilayer authorisations and provides a complete audit trail – a mandatory regulatory requirement.
Developed the Artwork Management solution that authenticates the relevance of client artwork on the packaging. Any unwarranted changes in the same are automatically spotted the marketing and production teams informed to address the issue.
Initiated the server virtualization project; about 50% of the servers were moved to a cloud platform, which is expected to optimize server maintenance costs and improve uptime.
Going
forward, the company expects to strengthen its IT capability. The investment
plan includes completion of the server digitisation initiative, transferring
the Disaster Recovery server to a cloud platform. Moreover, the Company plans
to implement the sales force automation module where the life cycle of every
marketing representative will be integrated with the CRM module for
comprehensive data analysis and better relationship development.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2015
(RS. IN MILLION)
|
Particular |
Quarter Ended |
Period Ended |
|
|
|
30.09.2015 (Reviewed) |
30.06.2015 (Reviewed) |
30.09.2015 (Reviewed) |
|
Income from Operations |
|
|
|
|
Domestic |
3254.900 |
3033.600 |
6288.500 |
|
Exports |
6060.300 |
2784.900 |
8845.200 |
|
Total |
9315.200 |
5818.500 |
15133.600 |
|
Less: Excise Duty |
99.000 |
79.100 |
178.100 |
|
Net Sales/Income from Operations |
9216.200 |
5739.400 |
14955.500 |
|
Other Operating Income |
9.200 |
9.200 |
18.500 |
|
Total Income from
operations (net) |
9225.400 |
5748.600 |
14974.000 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Consumption of raw material and packing
materials |
1867.900 |
1523.500 |
3391.400 |
|
(b) Purchase of stock in trade |
783.200 |
658.400 |
1441.600 |
|
(c) Decrease/ (Increase) in stock in trade and work in progress |
(389.100) |
(49.8000 |
(438.900) |
|
(d) Employees cost |
1147.400 |
848.700 |
1996.100 |
|
(e) Research and Development Expenses |
573.400 |
402.300 |
975.700 |
|
(f) Other Expenses |
1843.300 |
1282.800 |
3126.000 |
|
Total Expenses |
5826.100 |
4665.900 |
10491.900 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
3399.400 |
1082.700 |
4482.100 |
|
Other Income |
0.500 |
0.300 |
0.800 |
|
Depreciation |
132.500 |
128.800 |
261.300 |
|
Finance costs |
5.300 |
3.700 |
8.900 |
|
Profit/ Loss from Ordinary Activities
before tax |
3262.100 |
950.500 |
4212.700 |
|
Tax Expenses |
|
|
|
|
- Provision
for Current Tax |
735.400 |
187.500 |
923.000 |
|
- MAT Credit
Entitlement |
48.800 |
57.200 |
106.000 |
|
- Provisions
for Deferred tax liability |
48.800 |
57.200 |
106.000 |
|
Net Profit for the period |
2526.700 |
763.000 |
3289.700 |
|
Paid- up
Equity Share Capital (Face value of
the share – Rs. 2) |
377.000 |
377.000 |
377.000 |
|
Reserves
excluding revaluation reserves |
-- |
-- |
-- |
|
Basic and
Diluted EPS (Not Annualized) |
13.40 |
4.05 |
17.45 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public shareholding |
|
|
|
|
Number of
Shares |
48777294 |
48777294 |
48777294 |
|
Percentage of Shareholding |
25.87 |
25.87 |
25.87 |
|
2. Promoters and promoter group
shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
Fully Non - encumbered |
|
|
|
|
- Number of Shares |
139738620 |
139738620 |
139738620 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
74.13 |
74.13 |
74.13 |
|
|
Particulars |
Quarter
Ended 30.09.2015 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
3 |
|
|
Disposed of during the quarter |
3 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
STATEMENT OF ASSETS AND LIABILITIES FOR THE QUARTER ENDED 30.09.2015
|
Particulars |
30.09.2015 |
|
|
A. EQUITY AND LIABILITIES |
Unaudited |
|
|
1.
Shareholders’ Funds |
|
|
|
a] Share Capital |
377.000 |
|
|
b] Reserves and Surplus |
11241.200 |
|
|
Sub-total –
Shareholders’ funds |
11618.200 |
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
a] Long term Borrowings |
66.200 |
|
|
b] Deferred Tax Liabilities |
427.500 |
|
|
c] Other current liabilities |
130.700 |
|
|
d] Long term provisions |
104.400 |
|
|
Sub-total -
Non-current Liabilities |
728.800 |
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Short term Borrowings |
48.200 |
|
|
b] Trade Payables |
4511.300 |
|
|
c] Other Current Liabilities |
713.00 |
|
|
d] Short Term Provision |
397.900 |
|
|
Sub-total - Current Liabilities |
5670.400 |
|
|
|
|
|
|
TOTAL - EQUITY
AND LIABILITIES |
18017.400 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
a] Fixed assets |
6465.500 |
|
|
b] Non-current investment |
0.000 |
|
|
c] long Term loans and Advances |
374.800 |
|
|
d] Other non-current assets |
505.900 |
|
|
Sub-total – Non- current assets |
7346.200 |
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
Current Investments |
600.100
|
|
|
Inventories |
4739.500
|
|
|
Trade Receivables |
2960.800
|
|
|
Cash & Bank Balances |
870.400
|
|
|
Short Term loans and advances |
1500.400
|
|
|
Other Current Assets |
0.000
|
|
Sub-total – Current Assets |
10671.200
|
|
|
|
|
|
|
TOTAL - ASSETS |
18017.400 |
|
NOTES:
1.
The above
results, have been duly reviewed by Statutory Auditors, recommended by the
Audit Committee and approved by the Board of Directors.
2.
The Company has
opted to publish consolidated financial results, pursuant to option made
available as per clause 41 of the listing Agreement. The Standalone Financial
Results are available on the company’s website.
The key information on the standalone financial
results are as under:
|
Particulars |
Quarter Ended |
Period Ended |
|
|
|
30.09.2015 (Reviewed) |
30.06.2015 (Reviewed) |
30.09.2015 (Reviewed) |
|
|
|
|
|
|
Net Sales / Income from Operations |
9225.400 |
5748.600 |
14974.000 |
|
|
|
|
|
|
Profit before Tax |
3262.100 |
950.500 |
4212.700 |
|
|
|
|
|
|
Profit after Tax |
2526.700 |
763.000 |
3289.700 |
3.
The Company is
engaged in Pharmaceuticals business only and therefore, there is only one reportable
segment in accordance with the Accounting Standard on Segment Reporting
(AS-17).
4.
The previous
quarter's / year's figures have been regrouped / rearranged wherever necessary
to make it comparable with the current quarter / year.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Letter of Credit, Guarantees and Counter Guarantees |
886.467 |
415.032 |
|
Liabilities Disputed in appeals |
|
|
|
Excise duty |
73.023 |
39.798 |
|
Sales Tax |
50.328 |
39.798 |
|
Income Tax |
0.778 |
1.232 |
|
Claims against the company not acknowledged as debt |
34.264 |
34.264 |
|
Non fulfilment of export obligation against advance licence |
0.000 |
3.592 |
|
Disputed liability in respect of Ministry of Industry, Department of Chemicals and Petrochemicals in respect of price of Rifampicin allowed in formulations and landed cost of import. |
3.493 |
3.493 |
FIXED ASSETS:
·
Free Hold Land
·
Lease Hold Land
·
Buildings
·
Employees Quarters
·
Plant and Equipment’s
·
R and D Equipment’s
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment’s
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.30 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.72.33 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
76 |
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.