MIRA INFORM REPORT
|
Report No. : |
357231 |
|
Report Date : |
28.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
CADILA PHARMACEUTICALS LIMITED |
|
|
|
|
Registered
Office : |
Cadila Corporate Campus, Sarkhej Dhokla Road, Ahmedabad – 380008,
Gujarat |
|
Tel. No.: |
91-2718-225001 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
28.02.1991 |
|
|
|
|
Com. Reg. No.: |
04- 015132 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.845.739 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24231GJ1991PLC015132 |
|
|
|
|
IEC No.: |
0895001390 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC6251E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of Pharmaceuticals Products. (From Indirect Sources) |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 9500000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company incorporated in the year 1991 having
good track. Available financial indicates sound financial risk profile marked by
sound net worth base with low borrowings recorded and favorable gap between
trade payables and trade receivables. The ratings further continue to drive strength from its experienced
management in the pharmaceutical industry with long-standing track record of
business operation. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. In view of long track record and sound financial base, the company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities : A |
|
Rating Explanation |
Adequate degree of safety and carry low credit risk. |
|
Date |
12.02.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities : A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
12.02.2015 |
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.
LOCATIONS
|
Registered/ Corporate Office
: |
Cadila Corporate Campus, Sarkhej Dhokla Road, Ahmedabad – 380008,
Gujarat, India |
|
Tel. No.: |
91-2718-225001 (15 Lines) |
|
Fax No.: |
91-2718-225039 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Factory 1 : |
Dholka – Manufacturing Plant Survey No. 1389, Trasad Road,
Dholka, Ahmedabad – 387810, Gujarat, India |
|
Tel. No: |
91-79-23421841 / 83 / 84 /
23422006 / 7 / 8 / 9 / 10 |
|
Fax No: |
91-79-23420315 |
|
|
|
|
Factory 2 : |
Chemical SBU 294, GIDC Estate, Ankleshwar, Gujarat, India |
|
Tel. No: |
91-2646-223846/ 252626/ 251519 |
|
Fax No: |
91-2646-250051 |
|
|
|
|
Factory 3 : |
CHPL – Factory / Karnavati
Engineering Limited Survey No. 342, Nani Kadi,
Taluka Kadi, District Mehsana, North
Gujarat, |
|
Tel. No: |
91-2764-262463/ 242037/ 242194/
241464-65 |
|
Fax No: |
91-2764-242223/ 242608 |
|
|
|
|
Factory 4 : |
Chemicals SBU Factory Plot No. 274, GIDC Industrial Estate, Ankleshwar, |
|
Tel. No: |
91-2646-223846/ 252626/ 251519 |
|
Fax No: |
91-2646-250051 |
|
|
|
|
Factory 5 : |
Tissu Culture Lab 756, Prakruti Farm, Hirapur Chowkdi,
Hirapur, Ahmedabad, Gujarat, India |
|
Tel. No: |
91-79-3855260/ 3855495/ 496 |
|
|
|
|
Factory 6 : |
Cadila Pharmaceuticals Limited, Jammu Industrial Growth Centre, Samba – 184121, District Jammu,
Jammu and Kashmir, India |
|
Tel. No: |
91-1923-241113/ 241114/ 241115 |
|
Fax No: |
91-1923-246744 |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Dr. Rajiv Indravadan Modi |
|
Designation : |
Managing director |
|
Address : |
13, Sanjiv Building, New Sharda
Mandir Road, Paldi, Ahmedabad –
380007, Gujarat, India |
|
Date of Birth/Age : |
09.05.1960 |
|
Qualification : |
Ph. D (Biological Science), M. Sc (Biochemical Engineering), B. Tech(Chemical Engineering) |
|
Date of Appointment : |
01.07.2010 |
|
PAN No.: |
AAPPM9265J |
|
DIN No.: |
01394558 |
|
|
|
|
Name : |
Mr. Ramesh Ratilal Choksi |
|
Designation : |
Whole-time director |
|
Address : |
B-9, Indira Niwas, 82 Linking Road, Santacruz Police ST,
Santacruz(West), Mumbai, 400054, Maharashtra, India |
|
Date of Birth/Age : |
|
|
Date of Appointment : |
07.02.2014 |
|
DIN No.: |
06636737 |
|
|
|
|
Name : |
Mr. Daya Nand Khurana |
|
Designation : |
Director |
|
Address : |
288, Vasant Enclave, Vasant Vihar, New Delhi - 110057, India |
|
Date of Birth/Age : |
15.05.1935 |
|
Qualification : |
B.E.(EC) |
|
Date of Appointment : |
04.07.2003 |
|
DIN No.: |
00020601 |
|
|
|
|
Name : |
Mr. Pradip Navin Khandwalla |
|
Designation : |
Director |
|
Address : |
B/101, |
|
Date of Birth/Age : |
18.02.1940 |
|
Qualification : |
B. Com. (Com), MBA (Wharton, Penn.), Ph.D. (Carnegie-Mellon), ACA |
|
Date of Appointment : |
14.09.2007 |
|
DIN No.: |
00064643 |
|
|
|
|
Name : |
Mrs. Monika Garware Modi |
|
Designation : |
Director |
|
Address : |
13, Sanjiv Building, New Sharda
Mandir Road, Paldi, Ahmedabad –
380007, Gujarat, India |
|
Date of Birth/Age : |
04.06.1963 |
|
Qualification : |
M.B.A. from Pace University, New York, USA |
|
Date of Appointment : |
15.12.1995 |
|
PAN No.: |
AEQPG3834C |
|
DIN No.: |
00143400 |
|
|
|
|
Name : |
Mr. Chinubhai Ramanlal Shah |
|
Designation : |
Director |
|
Address : |
402, Heritage Cresent, |
|
Date of Birth/Age : |
04.06.1937 |
|
Qualification : |
M.A., L.L.M. (Gold Medalist), DLP, DTP, FCS, Life Fellow AIMA |
|
Date of Appointment : |
31.03.2001 |
|
DIN No.: |
00558310 |
|
|
|
|
Name : |
Mrs. Shilaben Indravadan Modi |
|
Designation : |
Director |
|
Address : |
13, Sanjiv Baug, New Sharda
Mandir Road, Ahmedabad – 380007, Gujarat, India |
|
Date of Birth/Age : |
09.12.1931 |
|
Qualification : |
Matriculate |
|
Date of Appointment : |
16.12.1995 |
|
PAN No.: |
AEYPM8647R |
|
DIN No.: |
01976356 |
KEY EXECUTIVES
|
Name : |
Amitabha Banerjee |
|
Designation : |
Chief Finance Officer |
|
Address : |
A-902, Prestige Tower, Off. Judges Bunglow Road,, Vastrapur, Ahmedabad - 380015, Gujarat, India |
|
PAN No.: |
AADPB0669D |
|
Date of Appointment : |
08.07.2014 |
|
|
|
|
Name : |
Srinivas Kotra |
|
Designation : |
Secretary |
|
Address : |
M-101, Venus Parkland,, Vejalpur Road,, Ahmedabad - 380051, Gujarat, India |
|
PAN No.: |
AEVPK6767P |
|
Date of Appointment : |
23.03.2015 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Names of Shareholders [Equity Shares] |
|
No. of Shares |
|
Rajiv. I. Modi (Karta of I.A. Modi HUF) |
|
10 |
|
Rajiv. I. Modi (Trustee of IRM Trust) |
|
79999976 |
|
R. I. Modi (Trustee of Mansi Trust) |
|
10 |
|
IRM Limited, India |
|
1 |
|
Karnavati Engineering Limited, India |
|
1 |
|
Green Channel Logi Solutions Limited, India |
|
1 |
|
Monikaben Modi |
|
1 |
|
Total |
|
80000000 |
|
Names of Shareholders [Preference Shares] |
|
No. of Shares |
|
Rajiv I. Modi |
|
44346 |
|
Monikaben Modi (Trustee of IRM Trust) |
|
4465088 |
|
CPL Infrastructure Private Limited, India |
|
49462 |
|
IRM Limited, India |
|
5000 |
|
Karnavati Engineering Limited, India |
|
5000 |
|
Inverika Bioresearch Private Limited, India |
|
5000 |
|
|
|
|
|
Total |
|
4573896 |
As on 24.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Pharmaceuticals Products. (From Indirect Sources) |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Brand Names : |
Not Available |
||||||||
|
|
|
||||||||
|
Agencies Held : |
Not Available |
||||||||
|
|
|
||||||||
|
Exports : |
Not Available |
||||||||
|
|
|
||||||||
|
Imports : |
Not Available |
||||||||
|
|
|
||||||||
|
Terms : |
Not Available |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Not Available |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Heritage', 3rd Floor, Near Gujarat Vidypith, Off. Ashram Road,
Ahmedabad – 380014, Gujarat, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AABFD7919A |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key management personnel and their relatives: |
A. J. Modi HUF-1 A. J. Modi HUF-2 A. J. Modi HUF-3 A. J. Modi HUF-4 A. J. Modi HUF-4 A. J. Modi HUF-5 A. J. Modi HUF-6 A. J. Modi HUF-7
[U85110TN1997PLC039016]
|
|
|
|
|
Subsidiary company: |
|
|
|
|
|
Joint venture |
|
|
|
|
|
Associate: |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80,000,000 |
Equity Shares |
Rs.10/- each |
Rs.800.000 Million |
|
4,600,000 |
Preference Shares |
Rs.10/- each |
Rs.46.000 Million |
|
|
Total |
|
Rs.846.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80,000,000 |
Equity Shares |
Rs.10/- each |
Rs.800.000 Million |
|
4,573,896 |
Preference Shares |
Rs.10/- each |
Rs.45.739 Million |
|
|
Total |
|
Rs.845.739
Million |
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 |
845.739 |
845.739 |
800.000 |
|
(b) Reserves & Surplus |
2482.649 |
2412.115 |
2649.738 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
45.739 |
|
Total
Shareholders’ Funds (1) + (2) |
3328.388 |
3257.854 |
3495.477 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2675.324 |
3415.149 |
3355.522 |
|
(b) Deferred tax liabilities
(Net) |
411.830 |
529.632 |
533.130 |
|
(c) Other long term
liabilities |
333.901 |
260.128 |
238.196 |
|
(d) long-term provisions |
63.799 |
39.443 |
34.082 |
|
Total
Non-current Liabilities (3) |
3484.854 |
4244.352 |
4160.930 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1548.235 |
1600.558 |
1657.343 |
|
(b) Trade payables |
2542.245 |
1990.818 |
1898.366 |
|
(c) Other current liabilities |
1136.704 |
963.911 |
1569.046 |
|
(d) Short-term provisions |
377.745 |
253.511 |
161.642 |
|
Total
Current Liabilities (4) |
5604.929 |
4808.798 |
5286.397 |
|
|
|
|
|
|
TOTAL |
12418.171 |
12311.004 |
12942.804 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4946.568 |
5050.742 |
4936.297 |
|
(ii) Intangible Assets |
18.756 |
17.719 |
24.766 |
|
(iii) Capital work-in-progress |
517.921 |
698.521 |
653.876 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
79.850 |
|
(b) Non-current Investments |
966.673 |
659.726 |
1495.097 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
844.827 |
928.193 |
969.511 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
7294.745 |
7354.901 |
8159.397 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1779.343 |
1643.251 |
1563.096 |
|
(c) Trade receivables |
2542.643 |
2195.103 |
2176.671 |
|
(d) Cash and cash equivalents |
189.298 |
384.599 |
335.504 |
|
(e) Short-term loans and
advances |
578.954 |
701.839 |
644.456 |
|
(f) Other current assets |
33.188 |
31.311 |
63.680 |
|
Total
Current Assets |
5123.426 |
4956.103 |
4783.407 |
|
|
|
|
|
|
TOTAL |
12418.171 |
12311.004 |
12942.804 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
13720.891 |
12522.565 |
10847.912 |
|
|
Other Income |
217.386 |
256.378 |
120.054 |
|
|
TOTAL
(A) |
13938.277 |
12778.943 |
10967.966 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
4104.107 |
3591.936 |
3381.237 |
|
|
Purchases of Stock-in-Trade |
1434.059 |
1199.359 |
883.621 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(117.900) |
(53.160) |
27.206 |
|
|
Employees benefits expense |
2375.352 |
2201.805 |
1921.180 |
|
|
Other expenses |
4188.996 |
3956.108 |
3042.351 |
|
|
Exceptional Items |
0.000 |
0.000 |
452.480 |
|
|
CSR expenditure |
22.230 |
0.000 |
0.000 |
|
|
TOTAL
(B) |
12006.844 |
10896.048 |
9708.075 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
1931.433 |
1882.895 |
1259.891 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
504.130 |
598.070 |
643.567 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1427.303 |
1284.825 |
616.324 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
652.630 |
281.200 |
269.546 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
774.673 |
1003.625 |
346.778 |
|
|
|
|
|
|
|
Less |
TAX (H) |
121.821 |
24.203 |
46.324 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
652.852 |
979.422 |
300.454 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export Earnings |
4657.361 |
4665.156 |
3795.450 |
|
|
Other Earnings |
41.566 |
35.520 |
20.712 |
|
|
TOTAL
EARNINGS |
4698.927 |
4700.676 |
3816.162 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
544.083 |
543.377 |
454.231 |
|
|
Stores & Spares |
31.395 |
63.565 |
8.001 |
|
|
Capital Goods |
72.177 |
16.254 |
73.167 |
|
|
TOTAL
IMPORTS |
647.655 |
623.196 |
535.399 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
8.00 |
12.00 |
3.76 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
748.248 |
513.522 |
990.430 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
1994.169 |
1547.986 |
1526.415 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
4.76 |
7.82 |
2.77 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
14.08 |
15.04 |
11.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.09 |
9.16 |
3.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.31 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.49 |
1.70 |
1.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91 |
1.03 |
0.90 |
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 |
800.000 |
845.739 |
845.739 |
|
Reserves & Surplus |
2649.738 |
2412.115 |
2482.649 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
45.739 |
0.000 |
0.000 |
|
Net
worth |
3495.477 |
3257.854 |
3328.388 |
|
|
|
|
|
|
long-term borrowings |
3355.522 |
3415.149 |
2675.324 |
|
Short term borrowings |
1657.343 |
1600.558 |
1548.235 |
|
Current maturities of
long-term debts |
990.430 |
513.522 |
748.248 |
|
Total
borrowings |
6003.295 |
5529.229 |
4971.807 |
|
Debt/Equity
ratio |
1.717 |
1.697 |
1.494 |
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 |
10847.912 |
12522.565 |
13720.891 |
|
|
|
15.438 |
9.569 |
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 |
10847.912 |
12522.565 |
13720.891 |
|
Profit |
300.454 |
979.422 |
652.852 |
|
|
2.77% |
7.82% |
4.76% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
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 |
OPERATING RESULTS
During the year, the Company has achieved the sales of Rs. 13406.500 Million which show the growth of 9% over the previous year (Rs.12279.300 Million). The operating profit for the year was Rs. 1931.400 Million as against Rs. 1882.900 Million in the previous year registering a growth of 2.5%.
The profits after tax for the year decreased to 652.900 Million as against Rs. 979.400 Million in the previous year.
During the year, the export of API and Formulations by the Company registered de-growth by 3.39% to Rs. 4604.700 Million as against Rs. 4766.500 Million in the previous year. Total exports during the year contribute 33.40% of total sales of the Company.
The Company is committed to introduce new products / molecules with its R&D efforts in the coming years and achieve substantial growth in sales as well as profitability.
SCHEME OF
AMALGAMATION:
1.1 A Scheme of Amalgamation (the Scheme) under Section 391 to 394 of Companies Act,1956, for amalgamation of IRM Properties Private Limited ("IPPL" or "Transferor Company") into Cadila Pharmaceuticals Limited ("the Company"), was sanctioned by the Hon'ble High Court of Gujarat on 20th November,2013.The Scheme, which became operative from effective date i.e. 27th February, 2014 i.e. date of filling the certified copies of the Orders of the Hon'ble High Court of Gujarat, with the Registrar of Companies, Ahmedabad, Gujarat, was effective from the appointed date i.e. 25th March, 2013.
1.2 The Transferor Company was engaged in property business.
1.3 Pursuant to the Scheme, with effect from the Appointed date, the whole of the undertaking and assets, properties, debts, liabilities, duties and obligations of the Transferor Company have, under the provisions of Sections 391-394 and all applicable provisions, if any of the Act, without any further act or deed , stand transferred to and vested in and/or deemed to be transferred to and vested to Company, so as to become the business, assets and properties of Company as a part of and consequent upon the Scheme. The undertaking of Transferor have includes all the Transferor Company's Reserves, movable and immovable properties, assets, including lease-hold rights, tenancy rights, industrial and other licenses, registrations, permits, authorisations, quota rights, trade marks, patents and other industrial and intellectual properties, import quotas, electrical connections, telephones, telex, facsimile and other communication facilities and equipments, rights and benefits of all agreements, pending applications and all other interests, rights and powers of every kind, nature and description whatsoever, privileges, liberties, easements, advantages, benefits and approvals of the Transferor Company.
1.4 Pursuant to the Scheme, the authorised share capital of the Company consisting of Rs.800.000 Million comprising of 80.000 Million) equity shares of Rs.10/-each have automatically stand increased by the authorised share capital of Transferor Company amounting to Rs.46.000 Million.
1.5 In consideration for the amalgamation, the equity shareholders of IPPL, holding fully paid-up equity shares in IPPL on the effective date, 1 (one) fully paid up 0.01% Redeemable Non-Cumulative Preference Share of Rs.10/-each of the Company had been issued and allotted for every 10(Ten) equity share of Rs 1 held in IPPL.
1.6 All the employees of IPPL in service as on effective date have become employee of the Company without any break or interruption in their service on same terms and conditions on which they were engaged as on the effective date. Company further agrees that for the purpose of payment of any retirement benefit/compensation, such immediate uninterrupted past services with the Transferor Company, as the case may be, shall also be taken into account. The Company undertakes to continue to abide by the terms of agreement /settlement entered into by the Transferor company with employees' union/ employee or associations as the case may be.
1.7 The amalgamation had been accounted as per "Amalgamation in the nature of Purchase" as prescribed in Accounting Standard 14 - "Accounting for Amalgamation" . Accordingly, the Company had recorded all the assets and liabilities appearing in the books of account of IPPL and transferred to and vested in the Company at their respective fair values as determined by board of directors of the Company as on the effective date. The fair value of the land and building was as certified by the independent valuer and for other assets and liabilities was based on managements assessment of its recoverability and liability for payment. The difference between the excess of the Net Assets Value of IPPL transferred to and recorded by the Company and face value of Preference shares allotted, have been credited to Securities Premium account of the Company. "Net Assets Value" is the fair value of assets less fair value of liabilities of the Transferor Company transferred to the Company.
1.8 Pursuant to the Scheme, with effect from Appointed Date and for any of the financial years ending on or after the Appointed Date, if considered appropriate by the Board of Directors of the Company, any or all of the Extraordinary and Exceptional items may be adjusted against the General Reserves of the Company. “Extraordinary and / or Exceptional items” means : (a) Impairment, amortization and / or write off / diminution in value of investments and other assets, both tangible and intangible including goodwill, if any, (b) Costs/ expenses / charge / losses on account of write down or transfer of assets or contingent liabilities or deferred tax liabilities which may be suffered by or be required to be accounted by CPL, pursuant to this Scheme or otherwise in the course of its business or in carrying out such restructuring of the operations of CPL as the Board of Directors of CPL consider necessary or proper, (c) Any other costs/ expenses / charge / losses / liabilities which in the opinion of the Board of Directors are extraordinary and exceptional.1.9 In pursuant to Scheme, the Board of Directors of the Company has approved for write off of Rs 119.930 Million comprises of debtors Rs 58.600 Million, investment Rs 47.500 Million Stock Rs.13.830 Million (Previous year Rs.936.256 Million comprises of debtors Rs.75.902 Million, investment Rs 719.616 Million. loans and advances Rs 38.104 Million-, Intangible Assets Rs. 79.850 Million, Stock Rs.22.785 Million) in Board meeting dated 7th August 2015 (Previous year Board meeting dated 8th July 2014 ) and to transfer the similar amount from the balance of General Reserve of Company to Statement of Profit and Loss.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Bonds/debentures |
300.000 |
300.000 |
|
Deposits from others |
3.992 |
78.064 |
|
Public deposits |
0.000 |
0.013 |
|
Loans and advances from others |
9.109 |
0.000 |
|
Other loans and advances, others |
273.818 |
331.029 |
|
Total |
586.919 |
709.106 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10490013 |
25/03/2014 |
350,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
EXPORT-IMPORT BANK
OF INDIA, CENTRE ONE BUILDING, |
C03360146 |
|
2 |
10481788 |
10/02/2014 |
1,250,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL
SERVICES BRANCH, 1ST FLOOR,, |
B98178411 |
|
3 |
10466339 |
29/11/2013 |
500,000,000.00 |
UNION BANK OF INDIA |
IFB, C. U. SHAH
CHAMBERS,, ASHRAM ROAD,, AHMEDABA |
B92018449 |
|
4 |
10384789 |
17/10/2012 |
500,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL
SERVICES BRANCH, BANK OF BARO |
B61496022 |
|
5 |
10349308 |
09/04/2012 |
420,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING,
FLOOR 21, WORLD TRADE CENTRE |
B37458825 |
|
6 |
10329665 |
20/12/2011 |
650,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL
SERVICES BRANCH, BANK OF BARO |
B29858016 |
|
7 |
10284330 |
21/08/2013 * |
500,000,000.00 |
INDIAN OVERSEAS BANK |
401, 403 SIGMA
LEGACY, NR. POLYTECHNIC CROSS ROAD |
B84319458 |
|
8 |
10260601 |
21/12/2010 |
480,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL
SERVICES BRANCH,, BANK OF BAR |
B03237732 |
|
9 |
10157250 |
08/04/2009 |
2,550,000.00 |
DEPARTMENT OF BIOTECHNOLOGY |
BLOCK 2, CGO
COMPLEX, LODHI ROAD, NEW DELHI, DELH |
A61567855 |
|
10 |
10090235 |
31/01/2008 |
4,320,000.00 |
HDFC BANK LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
A33032723 |
* Date of charge modification
FIXED ASSETS
Tangible assets
- Land
- Furniture and fixtures
- Plant and equipment
- Vehicles
- Office equipment
Intangible assets
- 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, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.66.20 |
|
UK Pound |
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.41 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
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 |
|
63 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.