MIRA INFORM REPORT
|
Report No. : |
356748 |
|
Report Date : |
23.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
INTAS PHARMACEUTICALS LIMITED (w.e.f. 29.03.1995) |
|
|
|
|
Formerly Known
As : |
INTAS LABORATORIES LIMITED (w.e.f. 10.03.1995) INTAS LABORATORIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor, Chinubhai Center, Ashram Road, Ahmedabad – 380009, Gujarat |
|
Tel No.: |
91-79-26576655 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 [Partial] |
|
|
|
|
Date of
Incorporation : |
31.05.1985 |
|
|
|
|
Com. Reg. No.: |
04-007866 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1144.363 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24231GJ1985PLC007866 |
|
|
|
|
IEC No.: |
0896004341 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMI00350A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI5120L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject engaged in the development,
manufacture, and marketing of pharmaceutical formulations. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (74) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Maximum Credit Limit : |
USD 97000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1985 and promoted by Chugdar
family. The rating takes into consideration robust sales growth achieved by
the company over the years coupled with strong net worth base and good
profitability margin. Rating further takes into account takes into consideration the vast
experience of its promoters in the pharmaceuticals industry, established
marketing and distribution networks. Trade relations are fair. Business is active. Payment terms are
regular and as per commitments. The company can be considered good for normal business dealings 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 |
CARE |
|
Rating |
Long term bank facilities: AA+ |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
06.04.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Debt: A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
06.04.2015 |
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 DENIED
Management non-co-operative (91-79-26576655)
LOCATIONS
|
Registered Office/
Corporate Office : |
2nd Floor, Chinubhai Center, Ashram Road, Ahmedabad – 380009, Gujarat,
India |
|
Tel. No.: |
91-79-26576655/26579052/26578269/26623100 |
|
Fax No.: |
91-79-26588862/26578862 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Plot No. 457/458 ,
Sarkhej - Bavla Highway, Village: Matoda, Taluka: Sanand, Ahmedabad – 382210,
Gujarat, India |
|
Tel. No.: |
91-2717-551111/
551298 |
|
Fax No.: |
91-2717-551106 |
|
|
|
|
Factory 2 : |
7/3, GIDC Estate,
Behind Dena Bank, Vatva, Ahmedabad – 382445,
Gujarat, India |
|
Tel No : |
91-79-25831279 |
|
Fax No : |
91-79-25830207 |
|
|
|
|
Factory 3 : |
85/87 Kailash
Industrial Estate, Post Jyawa Taluka, Sanand, Ahmedabad, Gujarat, India |
|
Tel. No.: |
91-2717-284188 |
|
|
|
|
Factory 4 : |
Valia, Near Bharuch, Ankaleshwar, Gujarat, India |
|
|
|
|
Factory 5 : |
Taluka: Sanand, District: Ahmedabad, Gujarat, India |
|
|
|
|
Factory 6 : |
Village Moraiya, Taluka: Sanand, Ahmedabad, Gujarat, India |
|
|
|
|
Factory 7 : |
Village: Matoda, Taluka: Sanand, Ahmedabad - 382 210,
Gujarat, India |
|
|
|
|
Factory 8 : |
Plot No. 5, 6, 7, Pharmez, Sarkhej-Bavla Highway, Matoda Village, Sanand Taluka, Ahmedabad - 382 210, Gujarat, India |
|
Tel No : |
91-2717-619100 |
|
Fax No : |
91-2717-619999 |
|
|
|
|
Factory 9 : |
Near IOC Depo, N.H. No. 31A, Bhagey Khola, Majhitar, Rangpo – 737132, East Sikkim, India |
|
|
|
|
Factory 10 : |
Camp Road, Selaqui, Dehradun – 248001, Uttrakhand, India |
DIRECTORS
As on: 31.03.2015
|
Name : |
Mr. Nimish Hasmukh Bhai Chudgar |
|
Designation : |
Managing Director |
|
Address : |
13-14, Sanidhya Bunglows, Near Someshwar Complex,, Shyamal Cross Road, Satellite,, Ahmedabad - 380053, Gujarat, India |
|
Date of Birth/Age : |
19.08.1960 |
|
Qualification : |
B Sc |
|
Date of Appointment : |
01.04.2011 |
|
DIN No.: |
00212400 |
|
PAN No.: |
ABDPC6875B |
|
|
|
|
Name : |
Mr. Urmish Hasmukh Chudgar |
|
Designation : |
Managing Director |
|
Address : |
16, Nishant Bungalows, Satellite, Ahmedabad-380015, Gujarat, India |
|
Date of Birth/Age : |
16.02.1959 |
|
Qualification : |
MD in Oncology and Haemetoly |
|
Date of Appointment : |
01.09.2011 |
|
DIN No.: |
00096080 |
|
PAN No.: |
ABHPC1733G |
|
|
|
|
Name : |
Mr. Binish Hasmukh Chudgar |
|
Designation : |
Managing Director |
|
Address : |
11, Akashneem Bunglows, Vastrapur,, Ahmedabad - 380001, Gujarat, India |
|
Date of Birth/Age : |
01.12.1963 |
|
Qualification : |
B Com MBA |
|
Date of Appointment : |
01.04.2011 |
|
DIN No.: |
00119503 |
|
PAN No.: |
ABDPC6876C |
|
|
|
|
Name : |
Mr. Hasmukh Chudgar |
|
Designation : |
Managing Director |
|
Address : |
13-14, Sanidhya Bunglows, Near Someshwar Complex, Shyarnal Cross Road, Satellite, Ahmedabad-380015, Gujarat, India. |
|
Date of Birth/Age : |
16.05.1933 |
|
Qualification : |
B Pharm |
|
Date of Appointment : |
01.07.2009 |
|
DIN No.: |
00172265 |
|
PAN No.: |
AARPC4022H |
|
|
|
|
Name : |
Mr. Nitin Ram Potdar |
|
Designation : |
Additional director |
|
Address : |
42A/402, Sumer Trinity Tower, Behind Marathe Udyog Bhuvan, New Prabhadevi, Mumbai -400 025, Maharashtra, India |
|
Date of Birth/Age : |
21.02.1963 |
|
Date of Appointment : |
12.08.2011 |
|
DIN No.: |
00452644 |
|
|
|
|
Name : |
Mr. Hemant D. Sheth |
|
Designation : |
Director |
|
Address : |
201, Aangan, Plot No 40, T.V.Chidambaram Marg, Sion (East) Mumbai- 400022, Maharashtra, India |
|
Date of Birth/Age : |
29.11.1961 |
|
Date of Appointment : |
12.08.2011 |
|
Din No: |
01261486 |
|
|
|
|
Name : |
Mr. Surender Tuteja |
|
Designation : |
Director |
|
Address : |
S- 307, IInd Floor, Panchsheel Park, New Delhi- 110017, India |
|
Date of Birth/Age : |
15.06.1945 |
|
Date of Appointment : |
12.08.2011 |
|
Din No: |
00594076 |
|
|
|
|
Name : |
Mr. Tilokchand Punamchand Ostwal |
|
Designation : |
Director |
|
Address : |
103 Falcon's Crest, G.D.Ambekar Marg, Parel, Mumbai - 400012, Maharashtra, India |
|
Date of Birth/Age : |
20.10.1979 |
|
Date of Appointment : |
12.08.2011 |
|
Din No: |
00821268 |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Narayanan Nair |
|
Designation : |
Company Secretary |
|
Address : |
Plot No. 648/1, Sector-4 C, Gandhinagar – 382006, Gujarat, India |
|
Date of Birth/Age : |
20.10.1979 |
|
Date of Appointment : |
08.06.2007 |
|
PAN No.: |
AEBPN7909Q |
|
Name : |
Mr. Jayesh Shantilal Shah |
|
Designation : |
Chief Finance Officer |
|
Address : |
15, Nirgun Bungalows, Near Ambrakadamb Super Society,
Ramdevnagar Char Rasta, Ahmedabad - 380015, Gujarat, India |
|
Date of Appointment : |
12.03.2015 |
|
PAN No.: |
ACSPS6242G |
|
Name : |
Mr. Jignesh Shah |
|
Designation : |
A G M Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
LIST OF ALLOTTEES:
AS ON 28.10.2015
|
Names of Shareholders |
|
No. of Shares |
|
Nimish H Chudgar |
|
38462 |
|
Binish H Chudgar |
|
38462 |
|
Umish H Chudgar |
|
38462 |
|
Kusumben H Chudgar |
|
38462 |
|
Bindiben B Chudgar |
|
38462 |
|
Parulben U Chudgar |
|
38462 |
|
Binaben N Chudgar |
|
38462 |
|
Hasmukh K Chudgar |
|
38462 |
|
Total |
|
307696 |
AS ON 24.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Nimish H Chudgar |
|
6438707 |
|
Binish H Chudgar |
|
6209147 |
|
Umish H Chudgar |
|
113533 |
|
Kusumben H Chudgar |
|
2367503 |
|
Bindiben B Chudgar |
|
6906389 |
|
Parulben U Chudgar |
|
6994369 |
|
Binaben N Chudgar |
|
5444829 |
|
Hasmukh K Chudgar |
|
3597487 |
|
Equatorial Private Limited, India
|
|
47432000 |
|
Mozart Limited, Mauritius |
|
11621100 |
|
Intas Enterprise Private Limited, India |
|
4106667 |
|
Chudgar U. Shall |
|
4796967 |
|
Caravaggio, Mauritius |
|
6898447 |
|
Cytas Research Limited, India |
|
1509131 |
|
Total |
|
114436276 |
Equity Share Break up (Percentage of Total Equity)
AS ON 24.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
16.18 |
|
Bodies corporate |
46.36 |
|
Directors or relatives of Directors |
37.46 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject engaged in the development,
manufacture, and marketing of pharmaceutical formulations. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Brand Names : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Agencies Held : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Exports : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Imports : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Financial Institution : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Apaji Amin and Company Chartered Accountants |
|
Address : |
304, Akansha Building, Opposite Vadilal House, Navrangpura. Ahmedabad -380 009, Gujarat, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAFFA6140C |
|
Email: |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary company
(31.03.2014) : |
|
|
|
|
|
Enterprises which
are owned, or have
significant influence of or are
partners with Key management personnel and their relatives:
(31.03.2014) |
[U24236GJ1998PLC034883]
[U74300GJ2001PLC046472]
[U85195GJ2009PLC057059]
[U19129GJ1997NPL032264]
|
CAPITAL STRUCTURE
After as On:
10.08.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
168916752 |
Equity Shares |
Rs.10/- each |
Rs.1689.168 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
114743972 |
Equity Shares |
Rs.10/- each |
Rs.1147.440
Million |
|
|
|
|
|
AS ON 31.03.2015
[PARTIAL DETAILS]
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs. 1144.363 Million
As on: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
168916752 |
Equity Shares |
Rs.10/- each |
Rs.1689.168 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
114436276 |
Equity Shares |
Rs.10/- each |
Rs.1144.363
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
VALUE ADDITION AND DISTRIBUTION
OF EARINGS
|
Particulars |
31.03.2015 (Partial Details) |
|
Share capital |
1144.363 |
|
Reserves and surplus |
32772.562 |
|
Long-term borrowings |
4774.341 |
|
Gross fixed assets |
19892.092 |
|
Net fixed assets |
8521.488 |
|
Current assets |
24348.670 |
|
Current liabilities |
10470.275 |
|
Net current assets |
13878.395 |
|
Capital employed |
21397.593 |
|
Net worth |
33916.925 |
|
Value added of company |
20889.176 |
|
Net revenue from operations of company |
44017.275 |
|
Profit before tax |
7618.475 |
|
Particulars |
31.03.2015 (Partial Details) |
|
Gross revenue from operations of company |
44017.275 |
|
Excise and other duties of company |
0.000 |
|
Net revenue from operations of company for value addition |
44017.275 |
|
Export incentives of company |
0.000 |
|
Adjustments in work-in-progress and finished stocks of company |
0.000 |
|
Cost of materials consumed of company |
21478.911 |
|
Cost of process materials or chemicals of company |
0.000 |
|
Cost of stores and spares consumed of company |
486.851 |
|
Cost of utilities of company |
536.037 |
|
Cost of other bought out inputs of company |
626.300 |
|
Total cost of bought out inputs of company |
23128.099 |
|
Value added of company |
20889.176 |
|
Other incomes of company |
2319.046 |
|
Extraordinary income |
0.000 |
|
Earnings available for distribution |
23208.222 |
|
To employees as salaries, wages, retirement benefits and others |
4210.277 |
|
To shareholders as dividend |
286.091 |
|
Funds retained by company |
7242.969 |
|
To government as taxes |
1562.983 |
|
Extraordinary expenses |
0.000 |
|
Other distribution of earnings |
9905.902 |
|
Total distribution
of earnings |
23208.222 |
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1144.363 |
1144.363 |
1034.767 |
|
(b) Reserves & Surplus |
26890.147 |
21152.338 |
12077.184 |
|
(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) |
28034.510 |
22296.701 |
13111.951 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1023.875 |
1166.829 |
3075.547 |
|
(b) Deferred tax liabilities
(Net) |
730.497 |
632.367 |
228.847 |
|
(c) Other long term
liabilities |
198.453 |
197.795 |
170.179 |
|
(d) long-term provisions |
410.386 |
355.928 |
293.111 |
|
Total
Non-current Liabilities (3) |
2363.211 |
2352.919 |
3767.684 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4631.483 |
5539.665 |
5504.697 |
|
(b) Trade payables |
6071.607 |
7311.506 |
4512.412 |
|
(c) Other current liabilities |
761.476 |
1317.970 |
1942.307 |
|
(d) Short-term provisions |
334.711 |
267.770 |
240.526 |
|
Total
Current Liabilities (4) |
11799.277 |
14436.911 |
12199.942 |
|
|
|
|
|
|
TOTAL |
42196.998 |
39086.531 |
29079.577 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
7908.565 |
6645.833 |
2680.851 |
|
(ii) Intangible Assets |
1541.443 |
1680.020 |
154.546 |
|
(iii) Capital work-in-progress |
456.499 |
385.797 |
420.812 |
|
(iv) Intangible assets under
development |
2820.599 |
3535.083 |
525.029 |
|
(b) Non-current Investments |
5677.156 |
5256.685 |
8682.568 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2493.294 |
3391.504 |
3256.436 |
|
(e) Other Non-current assets |
6.308 |
59.893 |
51.337 |
|
Total
Non-Current Assets |
20903.864 |
20954.815 |
15771.579 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
44.111 |
0.000 |
|
(b) Inventories |
6270.865 |
6161.054 |
4646.117 |
|
(c) Trade receivables |
12896.168 |
9875.314 |
6934.153 |
|
(d) Cash and cash equivalents |
287.400 |
243.381 |
189.309 |
|
(e) Short-term loans and advances |
1838.701 |
1807.856 |
1538.419 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
21293.134 |
18131.716 |
13307.998 |
|
|
|
|
|
|
TOTAL |
42196.998 |
39086.531 |
29079.577 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
40957.989 |
33976.677 |
26222.167 |
|
|
Other Income |
589.725 |
141.292 |
292.114 |
|
|
TOTAL
(A) |
41547.714 |
34117.969 |
26514.281 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
10248.214 |
760.982 |
5856.996 |
|
|
Purchases of Stock-in-Trade |
9466.730 |
8200.514 |
7500.920 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
136.045 |
99.837 |
(905.566) |
|
|
Employees benefits expense |
3421.821 |
2979.093 |
1902.377 |
|
|
Other expenses |
9720.877 |
7430.318 |
6103.221 |
|
|
TOTAL
(B) |
32993.687 |
19470.744 |
20457.948 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
8554.027 |
14647.225 |
6056.333 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
340.019 |
588.992 |
774.974 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8214.008 |
14058.233 |
5281.359 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
973.075 |
754.570 |
302.275 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
7240.933 |
13303.663 |
4979.084 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
1168.410 |
833.708 |
550.118 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
6072.523 |
12469.955 |
4428.966 |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10897.646 |
5630.035 |
2791.595 |
|
|
|
|
|
|
|
|
ARISE
ON SCHEME OF MERGER |
0.000 |
665.429 |
0.000 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Proposed Equity Dividend |
286.091 |
228.873 |
206.953 |
|
|
Corporate Dividend Tax |
48.621 |
38.897 |
33.573 |
|
|
General Reserve |
700.000 |
600.000 |
1000.000 |
|
|
Transfer to Debenture
Redemption Reserve |
0.000 |
0.000 |
350.000 |
|
|
Balance
Carried to the B/S |
15552.399 |
10897.646 |
5630.035 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export Earnings |
18569.039 |
13599.709 |
9808.451 |
|
|
TOTAL
EARNINGS |
18569.039 |
13599.709 |
9808.451 |
|
|
|
|
|
|
|
|
VALUE OF IMPORTS ON
CIF BASIS |
3702.634 |
2919.751 |
NA |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
55.02 |
48.41 |
42.80 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
536.726 |
1054.099 |
1644.281 |
|
Cash generated from operations |
5157.419 |
7259.895 |
3705.347 |
|
Net cash flows from (used in) operations |
4006.942 |
6399.703 |
2979.302 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
14.83 |
36.70 |
16.89 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
20.88 |
43.11 |
23.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.78 |
44.48 |
25.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.60 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.22 |
0.35 |
0.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.80 |
1.26 |
1.09 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
1034.767 |
1144.363 |
1144.363 |
|
Reserves & Surplus |
12077.184 |
21152.338 |
26890.147 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
13111.951 |
22296.701 |
28034.510 |
|
|
|
|
|
|
long-term borrowings |
3075.547 |
1166.829 |
1023.875 |
|
Short term borrowings |
5504.697 |
5539.665 |
4631.483 |
|
Current maturities of
long-term debts |
1644.281 |
1054.099 |
536.726 |
|
Total
borrowings |
10224.525 |
7760.593 |
6192.084 |
|
Debt/Equity
ratio |
0.780 |
0.348 |
0.221 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
26222.167 |
33976.677 |
40957.989 |
|
|
|
29.572 |
20.547 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
26222.167 |
33976.677 |
40957.989 |
|
Profit |
4428.966 |
12469.955 |
6072.523 |
|
|
16.89% |
36.70% |
14.83% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
No |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
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 |
Yes |
|
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 |
REVIEW OF OPERATIONS (31.03.2014)
During the year, the company has achieved sales of Rs. 41101.521 Million as compared to Rs. 34132.813 Million in the previous year representing a growth of 20%.
The EBIDTA was Rs. 8554.028 Million increased from Rs. 7647.221 Million in the previous year representing a growth of 12%. The PBT was Rs. 7240.934 Million increased from Rs. 6303.659 Million in the previous year representing a growth of 15%. The Net profit was Rs. 6072.523 Million increased from Rs. 5469.952 Million in the previous year representing a growth of 11% The Earning Per Share was Rs. 55.02 as compared to Rs.48.41.
DOMESTIC BUSINESS
(31.03.2014)
The Company retained its leading positions in the domestic market and has maintained its current ranking of the 12th largest pharmaceutical company in India in terms of market share, based on domestic sales of formulations (Source: IMS March 2014) and has presence in various major therapy areas with a strong focus on growth oriented therapy areas relating to neurology, psychiatry, cardiology diabetology, urology, nephrology and pain management. The company enjoys a dominant position in chronic therapy segments which contributes around 60% of their domestic sales and has scaled up its strategy in oncology, biosimilar and critical care segments.The Company is focussed on growing organically in areas where they are currently present and intend to introduce new therapies to complement their existing product basket.
In this fragmented domestic pharmaceutical market, the company has achieved a turnover of Rs. 19781.558 Million as compared to Rs. 16886.137 Million in the previous year representing a growth of 17%.
Recently the company has launched Nanosomal Docetaxel Lipid Suspension (NDLS), DoceAqualip, created using the Nano Aqualip Technology and designed to reduce significantly the hypersensitivity of the drug among the patients. This has received very good response from medical fraternity.
The company has developed several product brands under each of the therapy areas. Their leading top brands are ZORYL M, LEVERA, LIPICURE, LOOZ, VALPROL CR, ZORYL, HIFENAC-P, GABAPIN NT, CEFTAS, VELTAM PLUS. The Company believes that the growth of their business depends on launching new products in the domestic market and making them successful. The company has maintained a consistent record of new product launches for the last several years. During the year, the company has initiated several new launches.
The fastest growing top brands of the company are ESPIN, ESPIN AT, MECOFOL PLUS-NF, ANTIPREG-KIT, I-KUL PLUS, HALD, URIBID, LUKOTAS 3D, TERIFRAC, KULFDRYL, ZORYL-M FORTE, LOOZ, GABAPIN NT, TAH, LOPEZ. The company has a well diversified portfolio of products featuring in first 3 ranks in the industry. These products portfolio contribute to about 46 % of the total domestic sales.
CORPORATE INFORMATION
(31.03.2014)
The Company is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is a leading vertically integrated Indian pharmaceutical company with global operations, engaged in the development, manufacture and marketing of pharmaceutical formulations. The Company has manufacturing locations situated at Gujarat, i.e. Matoda, Vatva, Sanand Valia, Moraiya, Intas SEZ - Matoda and CBL Plant
.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from related parties |
0.000 |
456.000 |
|
Other loans and advances |
75.875 |
73.700 |
|
Short-term borrowings |
|
|
|
Foreign currency term loans from banks |
2320.957 |
2192.078 |
|
Rupee term loans from banks |
216.868 |
315.961 |
|
Total |
2613.700 |
3037.739 |
INDEX OF CAHREGS:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10443209 |
14/06/2013 |
900,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI - 400001, Maharashtra, INDIA |
B80823800 |
|
2 |
10373035 |
14/02/2014 * |
181,120,000.00 |
BIOTECHNOLOGY INDUSTRY RESEARCH ASSISTANCE COUNCIL |
A-254, 3RD FLOOR, VEERA TOWER, BHISHAM PITAMAH MARG, DEFENCE COLONY, Delhi - 110024, INDIA |
B97953426 |
|
3 |
90103163 |
21/08/2014 * |
5,500,000,000.00 |
State Bank of India |
COMMERCIAL BRANCH, PARAMSIDDHI COMPLEX, ELLISBRIDGE, Ahmedabad - 380006, Gujarat, INDIA |
C18867440 |
|
4 |
90107682 |
01/05/1998 |
45,000,000.00 |
DENA BANK |
ASHRAM ROAD BRANCH, ASHRAM ROAD, AHMEDABAD - 393009, Gujarat, INDIA |
- |
* Date
of charge modification
FIXED ASSETS (31.03.2014)
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
Intangible assets
- Patents
- Licenses and franchise
- Know-how
- Commercial contractual rights
- Computer software
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 : |
GYT |
|
|
|
|
Analysis Done by
: |
AMT |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
74 |
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.