MIRA INFORM REPORT
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Report No. : |
357285 |
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Report Date : |
30.12.2015 |
IDENTIFICATION DETAILS
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Name : |
STRIDES SHASUN LIMITED (w.e.f. November, 2015) |
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Formerly Known
As : |
STRIDES ARCOLAB LIMITED |
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Registered
Office : |
201, Devavrata Sector 17,
Vashi, Navi Mumbai – 400703, Maharashtra |
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Tel. No.: |
91-22-27893199 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of Incorporation
: |
28.06.1990 |
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Com. Reg. No.: |
11-057062 |
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Capital
Investment / Paid-up Capital : |
Rs. 596.160 Million |
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CIN No.: [Company Identification
No.] |
L24230MH1990PLC057062 |
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IEC No.: |
0390012441 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS36534B |
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PAN No.: [Permanent Account No.] |
AADCS8104P |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is Pharmaceutical Company which Develops and Manufacturers. (Registered Activity) |
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No. of Employees
: |
1925 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behavior : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject company was Incorporated in 1990, and it is a medium sized pharmaceutical company engaged in the development, manufacture and export of a wide range of pharmaceutical products. Rating takes consideration on company’s satisfactory financial risk profile characterized by low leverage, comfortable debt coverage indicators along with comfortable liquidity position. Rating also takes into account; due to recent amalgamation with Shasun Pharmaceuticals Limited the company has enhanced its operating capacity as well as market share in Indian pharma industry. The company has been benefited by the experienced management team, with long operational track record in pharma business and financial, technical and operational synergies with its national and international subsidiaries. However, trade relations are fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for business dealings at usual trade terms and conditions. Note:- Shasun Pharmaceuticals Limited has merged with Strides Arcolab Limited w.e.f November 19, 2015, consequent to receipt of all statutory/ regulatory approvals for the Merger. Further, the Name of Strides Arcolab Limited has also changed to ‘STRIDES SHASUN LIMITED’. |
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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
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Rating Agency Name |
ICRA |
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Rating |
Fund Based (Rating on watch with Developing Implication) : A+ |
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Rating Explanation |
Adequate degree of safety and low credit risk. |
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Date |
May 2015 |
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Rating Agency Name |
ICRA |
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Rating |
Non-Fund Based (Rating on watch with Developing Implication) : A1+ |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
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Date |
May 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 91-22-27893199
LOCATIONS
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Registered Office : |
201, Devavrata Sector 17,
Vashi, Navi Mumbai – 400703, Maharashtra, India |
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Tel. No.: |
91-22-27893199 |
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Fax No.: |
91-22-27892942 |
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E-Mail : |
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Website : |
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R and D Centre |
Strides Technology and Research, Bilekahalli, Bannerghatta
Road, Bangalore 560076, Karnataka, India |
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Tel. No.: |
91-80-67840730/000 |
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Fax No.: |
91-80-67840700/800 |
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Corporate Office : |
Strides House, Bilekahalli, Bannerghatta Road, Bangalore –
560076, Karnataka, India |
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Tel. No.: |
91- 80-6784 0738/ 000 |
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Fax No.: |
91- 80-67840700/800 |
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E-Mail : |
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Global Offices : |
Located at : United States of America 201 S. Main Street, Ste. 3, Lambertville, NJ 08530
United Kingdom Unit
4, Metro Centre, Tolpits Lane,Watford, Hertfordshire, WD18 9SS, United
Kingdom Singapore 8 Cross Street, No. 17-00 Singapore 048424 |
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GLOBAL PLANTS |
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Factory 1 : |
Oral Dosage Form
Facility – II 'KRS Gardens', Suragajakanahalli, Anekal Taluk, Bangalore - 560106, Karnataka, India |
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Factory 2 : |
Oral Dosage Form
Facility – I 124, Sipcot Industrial Complex, Hosur - 635126, Tamilnadu, India |
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Factory 3 : |
Oral Dosage Form Facility
– III Plot No. 9-12, Dewan and Sons Industrial Area, Veroor, Palghar, District Thane - 401404, Maharashtra, India |
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Factory 4 : |
Oral Dosage Forms
Facility – I Strides Vital Nigeria Limited Plot 2, Ladipo Oluwole Street, Off. Oba Akran Avenue, Ikeja, Lagos, Nigeria |
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Factory 5 : |
Semi-solids
Facility – V BeltapharmSpA - 20095, Cusano MIL. (MI) – Via Stelvio, 66 Italy |
DIRECTORS
AS ON 31.03.2015
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Name : |
Mr. Arun Kumar Pillai |
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Designation : |
Managing director |
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Address : |
E- 102, Adarsh Gardens, Jayanagar, 8th Block, Bangalore - 560082, Karnataka, India |
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Qualification : |
B.Com., PGDBM |
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Date of Appointment : |
28.06.1990 |
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DIN
No.: |
00084845 |
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Name : |
Mr. M.R. Umarji |
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Designation : |
Director |
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Address : |
B-702, Pataliputra Co-Opeartive housing Soc.4 Bunglows, Near Kamdhenu Shop, Andheri (West), Mumbai-400053, Maharashtra, India |
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Date of Appointment : |
27.10.2005 |
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DIN
No.: |
00307435 |
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Name : |
Mr. Deepak Vaidya |
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Designation : |
Director |
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Address : |
Suraj, 249 / 251, Walkeshwar Road, Mumbai - 400006, Maharashtra, India |
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Date of Appointment : |
16.01.1998 |
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DIN
No.: |
00337276 |
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Name : |
Mr. Bharat D Shah |
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Designation : |
Director |
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Address : |
Flat No. 21, Hill Park Building No. 2, A G Bell Marg, Malabar Hill, Mumbai - 400006, Maharashtra, India |
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Date of Appointment : |
25.07.2014 |
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DIN
No.: |
00136969 |
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Name : |
Mrs. Sangita Reddy |
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Designation : |
Director |
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Address : |
8-2-674/B212, Road No.13, Banjara Hills, Hyderabad - 500034, Telangana, India |
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Date of Appointment : |
07.02.2014 |
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DIN
No.: |
00006285 |
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Name : |
Mr. Pallipuram Mathai Thampi |
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Designation : |
Director |
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Address : |
2B, Martha's Place, 58, Lavelle Road, 5th Cross, Bangalore - 560001, Karnataka, India |
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Experience : |
44 Years |
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Date of Appointment : |
21.12.2005 |
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DIN
No.: |
00114522 |
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Name : |
Mr. Sridhar Srinivasan |
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Designation : |
Director |
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Address : |
D-905, Ashok Towers, Dr. S S. Road, Parel, Mumbai-400012, Maharashtra, India |
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Date of Appointment : |
27.07.2012 |
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DIN
No.: |
00004272 |
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Name : |
Mr. Karunakaran Nair Appukuttan |
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Designation : |
Director |
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Address : |
20/468, Kalamassery, Kochi - 682033, Kerala, India |
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Date of Appointment : |
27.10.2005 |
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DIN
No.: |
00009148 |
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Name : |
Mr. Shankarlal Abhaya Kumar |
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Designation : |
Additional Director |
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Address : |
27, Mylai Ranganathan Street, T Nagar, Chennai-600017, Tamilnadu, India |
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Date of Appointment : |
19.11.2015 |
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DIN
No.: |
00729827 |
KEY EXECUTIVES
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Name : |
Mr. Arun Kumar |
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Designation : |
Founder and Group Chief Executive Officer |
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Name : |
Mr. Sebi Chako |
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Designation : |
Chief Human Resources Officer |
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Name : |
Mr. Badree Komandur |
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Designation : |
Chief Human Officer and Company Secretary |
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Name : |
Mr. Mohan Kumar |
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Designation : |
Chief Executive Officer - Pharma |
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Name : |
Mr. Subroto Banerjee |
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Designation : |
President, Agila (India Region) |
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Name : |
Mr. Sihue B Noronha |
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Designation : |
Chief Executive Officer – Africa |
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Name : |
Mr. Joe Thomas |
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Designation : |
Chief Corporate Development Officer |
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Name : |
Dr. Sunil Nadkarni |
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Designation : |
Chief Technical Services Officer Member of the Group Leadership Council |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.11.2015
|
Category of Shareholder |
Total No. of Shares held in
Dematerialized Form |
Total Shareholding as a % of Total No. of
Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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|
8459167 |
10.49 |
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|
19267017 |
23.89 |
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27726184 |
34.38 |
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Total shareholding of Promoter and Promoter Group (A) |
27726184 |
34.38 |
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(B) Public Shareholding |
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|
7604175 |
9.43 |
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|
158308 |
0.20 |
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|
711440 |
0.88 |
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|
21160767 |
26.24 |
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|
2055920 |
2.55 |
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|
31690610 |
39.30 |
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|
5081455 |
6.30 |
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|
7074508 |
8.77 |
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|
5930613 |
7.35 |
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|
3139580 |
3.89 |
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|
2042178 |
2.53 |
|
|
407576 |
0.51 |
|
|
169104 |
0.21 |
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|
9819 |
0.01 |
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|
21000 |
0.03 |
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|
349765 |
0.43 |
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|
140138 |
0.17 |
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|
21226156 |
26.32 |
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Total Public shareholding (B) |
52916766 |
65.62 |
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Total (A)+(B) |
80642950 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
80642950 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
S. No. |
Name Of The Shareholder |
Details Of
Shares Held |
|
|
No. Of Shares
Held |
As A % Of Grand
Total |
||
|
1 |
Pronomz Ventures LLP |
1,26,65,000 |
15.71 |
|
2 |
Shasun Leasing and Finance (P) Limited |
14,46,091 |
1.79 |
|
3 |
Sequent Scientific Limited |
33,12,500 |
4.11 |
|
4 |
Devendra Estates Private Limited |
9,23,953 |
1.15 |
|
5 |
Ambemata Securities |
4,81,660 |
0.60 |
|
6 |
Chayadeep Properties Private Limited |
2,61,060 |
0.32 |
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7 |
Agnus Capital Private Limited |
1,20,816 |
0.15 |
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8 |
Triumph Ventures Holdings LLP |
35,937 |
0.04 |
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9 |
Agnus Capital LLP |
20,000 |
0.02 |
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10 |
Arun Kumar |
6,70,797 |
0.83 |
|
11 |
K R Ravishankar |
12,55,593 |
1.56 |
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12 |
Vimal Kumar |
7,30,170 |
0.91 |
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13 |
Abhaya Kumar S |
4,19,843 |
0.52 |
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14 |
Abhaya Kumar - HUF |
34,140 |
0.04 |
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15 |
Leela V |
4,75,358 |
0.59 |
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16 |
Usha A |
4,19,845 |
0.52 |
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17 |
Deepak A |
4,10,812 |
0.51 |
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18 |
Mayur Abhaya |
4,03,143 |
0.50 |
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19 |
Jitesh D |
3,64,125 |
0.45 |
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20 |
Chaitanya D |
3,31,988 |
0.41 |
|
21 |
Nitin Kumar V |
2,96,255 |
0.37 |
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22 |
Jatin V |
2,59,283 |
0.32 |
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23 |
Sajjan D |
2,57,200 |
0.32 |
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24 |
Deepa Arun Kumar |
2,01,000 |
0.25 |
|
25 |
Aditya Arun Kumar |
2,00,000 |
0.25 |
|
26 |
Tarini Arun Kumar |
2,00,000 |
0.25 |
|
27 |
Vineetha Mohanakumar Pillai |
1,75,000 |
0.22 |
|
28 |
Padma Kumar |
1,71,485 |
0.21 |
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29 |
Devendra Kumar S |
1,41,272 |
0.18 |
|
30 |
Rupali Jatin |
1,32,812 |
0.16 |
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31 |
K R Lakshmidevi |
1,30,365 |
0.16 |
|
32 |
Rajeshwari Amma |
93,760 |
0.12 |
|
33 |
Monisha Nitin |
93,750 |
0.12 |
|
34 |
Pooja Jitesh |
93,750 |
0.12 |
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35 |
Suchi Chaitanya Srisrimal |
93,750 |
0.12 |
|
36 |
Taru Mayur |
93,750 |
0.12 |
|
37 |
Sujitha Pillao |
80,000 |
0.10 |
|
38 |
Lakshmi Gopalkrishnan |
50,000 |
0.06 |
|
39 |
Hemalatha Pillai |
48,000 |
0.06 |
|
40 |
Rajitha Gopalkrishnan |
45,000 |
0.06 |
|
41 |
Purushothaman Pillai |
33,013 |
0.04 |
|
42 |
Gayatri Nair |
33,000 |
0.04 |
|
43 |
Rahul Nair |
20,000 |
0.02 |
|
44 |
V Nitin Kumar (HUF) |
500 |
0.00 |
|
45 |
V Jatin (HUF) |
408 |
0.00 |
|
|
Total |
2,77,26,184 |
34.38 |
Shareholding
belonging to the category "Public" and holding more than 1% of the Total
No. of Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
DB International (Asia) Limited |
2852989 |
3.54 |
3.54 |
|
|
2 |
Morgan Stanley Asia (Singapore) Pte |
2702679 |
3.35 |
3.35 |
|
|
3 |
SBI Pharma Fund |
2117885 |
2.63 |
2.63 |
|
|
4 |
Orbimed Asia Mauritius Limited |
2055920 |
2.55 |
2.55 |
|
|
5 |
Shivanand Shankar Mankekar |
1855321 |
2.30 |
2.30 |
|
|
6 |
Satpal Khattar |
1560032 |
1.93 |
1.93 |
|
|
7 |
Tata Balanced Fund |
1403697 |
1.74 |
1.74 |
|
|
8 |
Laxmi Shivanand Mankekar |
1159178 |
1.44 |
1.44 |
|
|
9 |
Max Life Insurance Company Limited A/c ULIF0012 |
1131005 |
1.40 |
1.40 |
|
|
10 |
Goldman Suchs India Fund Limited |
1050149 |
1.30 |
1.30 |
|
|
11 |
Goldman Suchs Investments (Mauritius) Limited |
1030291 |
1.28 |
1.28 |
|
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12 |
HDFC Trustee Company Limited A/C HDFC MID Capoppor |
1022216 |
1.27 |
1.27 |
|
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13 |
Steadview Capital - mauritius Limited |
1013342 |
1.26 |
1.26 |
|
|
14 |
Sundaram Mutual Fund a/c Sunadaram Select Mid Cap |
944650 |
1.17 |
1.17 |
|
|
15 |
Credit Suisse (Singapore) Limited |
933193 |
1.16 |
1.16 |
|
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16 |
Kedar Shivanand Mankekar |
847692 |
1.05 |
1.05 |
|
|
17 |
Apax Global Aloha Limited |
805000 |
1.00 |
1.00 |
|
|
|
Total |
24485239 |
30.36 |
30.36 |
BUSINESS DETAILS
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Line of Business : |
Subject is Pharmaceutical Company which Develops and Manufacturers. (Registered Activity) |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1925 (Approximately) |
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Bankers : |
· Yes Bank Limited · Export-Import Bank of India · Axis Bank Limited, Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad- 380006, Gujarat, India · HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai- 400013, Maharashtra, India · RBL Bank, Shahupuri, Kolhapur, Kolhapur- 416001, Maharashtra, India · ICICI Bank Limited, 5th Floor, Sobha Pearl, #1, Commisariat Road, Bangalore- 560025, Karnataka, India |
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Facilities : |
LONG-TERM BORROWINGS Details of security
and terms of repayment for the long-term borrowings: (Rs.
In Million)
Aggregate of
long-term borrowings guaranteed by some of the directors of the Company: (Rs.
In Million)
SHORT TERM
BORROWING (i) Details of security for the secured loans repayable on demand: Security: Working capital loans from banks are secured by first pari passu charge over current assets of the Company and second pari passu charge on movable and immovable fixed assets of the Company. (other than land and building situated at Navi Mumbai, Palghar and Hosur) Short-term loans are secured by pledge over current investments in mutual funds to the extent of Rs.415.000 Million (previous year Rs. 400 Million). (Rs. In Million)
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Deloitte Centre, Anchorage II, 100/2, Richmond Road, Bangalore
– 560025, Karnataka, India |
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Tel. No.: |
91-80-66276000 |
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Fax No.: |
91-80-66276011 |
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Internal Auditors : |
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Name : |
Grant Thornton International Chartered Accountants |
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Address : |
Wings, 1st Floor, 16/1, Cambridge Road, Halasuru,
Bangalore-560008, Karnataka, India |
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Memberships : |
-- |
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Collaborators : |
-- |
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Wholly Owned Subsidiaries |
Direct Holding
Indirect Holding
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Other Subsidiaries: |
Direct Holding:
Indirect Holding:
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Joint venture: |
Akorn Strides LLC, United States of America |
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Associates: |
Strides Healthcare Private Limited, India (formerly Strides Actives Private Limited) (upto June 19, 2014) |
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Enterprises owned
or significantly influenced by KMP and relative of
KMP: |
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CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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89750000 |
Equity Shares |
Rs.10/- each |
Rs. 897.500 Million |
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620000 |
Cumulative Redeemable Preference Shares |
Rs.1000/- each |
Rs. 620.000 Million |
|
|
TOTAL |
|
Rs. 1517.500
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
59615621 |
Equity Shares |
Rs.10/- each |
Rs.596.160
Million |
|
|
|
|
|
Reconciliation of the number of shares and amount outstanding at the
beginning and at the end of the reporting period:
|
PARTICULARS |
31.03.2015 |
|
|
|
No. of shares |
(Rs. In Million) |
|
Equity share of Rs.10/- each |
|
|
|
Opening balance |
59,565,621 |
595.660 |
|
Issued pursuant to employee stock option
plan |
50,000 |
0.500 |
|
Closing balance |
59,615,621 |
596.160 |
Detail of
the rights, preferences and restrictions attaching to each class of shares outstanding
Equity shares of Rs. 10/- each:
The Company has only one
class of equity shares, having a par value of Rs.10/-. The holder of equity
shares is entitled to one vote per share. The Company declares and pays
dividends in Indian rupees. The dividend proposed by the Board of Directors is
subject to approval by the shareholders at the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of the equity shares
will be entitled to receive any of the remaining assets of the Company, after
distribution to all other parties concerned. The distribution will be in
proportion to number of equity shares held by the shareholders.
Details of equity shares held by each shareholder
holding more than 5% of shares:
|
PARTICULARS |
31.03.2015 |
|
|
|
No. of shares |
% |
|
Pronomz Ventures LLP |
12665000 |
21.24% |
|
DB International (Asia) Limited |
3963972 |
6.65% |
Details of aggregate number of equity shares allotted as fully paid-up pursuant
to contract without payment being received in cash for the period of five year
immediately preceding the balance sheet date:
Equity shares of Rs.10- issued pursuant to a scheme of amalgamation in 2009 - 13524 shares
Details of equity shares ofRs.10/- each reserved for issuance:
|
PARTICULARS |
31.03.2015 |
|
|
No. of shares |
|
Towards Employee stock options under the various Strides Stock option
plans |
1540450 |
ABRIDGED
BALANCE SHEET
FINANCIAL DATA
[all figures are in
Rupees Million]
|
SOURCES OF FUNDS |
31.03.2015 (12 Months) |
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
596.160 |
595.660 |
588.040 |
|
(b) Reserves & Surplus |
14148.070 |
15713.550 |
13126.100 |
|
(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) |
14744.230 |
16309.210 |
13714.140 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1642.450 |
2333.340 |
2846.610 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
43.900 |
0.000 |
|
(c) Other long term
liabilities |
125.900 |
100.010 |
79.940 |
|
(d) long-term
provisions |
168.630 |
94.310 |
504.290 |
|
Total Non-current
Liabilities (3) |
1936.980 |
2571.560 |
3430.840 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1626.600 |
1937.120 |
2935.810 |
|
(b) Trade
payables |
1886.240 |
2170.790 |
1429.370 |
|
(c) Other
current liabilities |
1033.870 |
756.440 |
1104.260 |
|
(d) Short-term
provisions |
410.060 |
657.160 |
373.390 |
|
Total Current
Liabilities (4) |
4956.770 |
5521.510 |
5842.830 |
|
|
|
|
|
|
TOTAL |
21637.980 |
24402.280 |
22987.810 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3303.030 |
3088.640 |
2285.870 |
|
(ii)
Intangible Assets |
641.990 |
719.780 |
776.740 |
|
(iii)
Capital work-in-progress |
210.740 |
114.230 |
81.200 |
|
(iv)
Intangible assets under development |
180.240 |
257.170 |
214.470 |
|
(b) Non-current Investments |
4071.690 |
6594.360 |
12953.230 |
|
(c) Deferred tax assets (net) |
17.640 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1046.270 |
1494.330 |
922.580 |
|
(e) Other
Non-current assets |
12.650 |
3.100 |
0.000 |
|
Total Non-Current
Assets |
9484.250 |
12271.610 |
17234.090 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
5612.890 |
3871.060 |
0.380 |
|
(b)
Inventories |
1554.040 |
1368.010 |
1043.540 |
|
(c) Trade
receivables |
2560.140 |
2732.860 |
1930.960 |
|
(d) Cash and
cash equivalents |
742.950 |
1749.630 |
293.300 |
|
(e)
Short-term loans and advances |
1021.230 |
2278.460 |
2343.170 |
|
(f) Other
current assets |
662.480 |
130.650 |
142.370 |
|
Total
Current Assets |
12153.730 |
12130.670 |
5753.720 |
|
|
|
|
|
|
TOTAL |
21637.980 |
24402.280 |
22987.810 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 (12 Months) |
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9294.180 |
10638.460 |
7120.070 |
|
|
|
Other Income |
1001.760 |
1209.350 |
1189.080 |
|
|
|
TOTAL (A) |
10295.940 |
11847.810 |
8309.150 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4732.840 |
5118.300 |
2815.420 |
|
|
|
Purchases of Stock-in-Trade |
498.310 |
1182.080 |
1003.070 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(68.800) |
(82.180) |
66.760 |
|
|
|
Employees benefits expense |
1201.970 |
1113.740 |
709.190 |
|
|
|
Other expenses |
1590.660 |
1822.030 |
1568.570 |
|
|
|
Exceptional Item |
(5186.140) |
(44948.420) |
644.090 |
|
|
|
TOTAL (B) |
2768.840 |
(35794.450) |
6807.100 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
7527.100 |
47642.260 |
1502.050 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
344.230 |
1050.310 |
712.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
7182.870 |
46591.950 |
789.850 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
492.540 |
472.490 |
190.990 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
6690.330 |
46119.460 |
598.860 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1367.140 |
10990.210 |
39.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
5323.190 |
35129.250 |
559.860 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1085.820 |
2363.700 |
1983.970 |
|
|
|
|
|
|
|
|
|
Add |
Depreciation on
transition to Schedule II of the Companies Act, 2013 on tangible fixed assets
with nil remaining useful life (Net of deferred tax) |
(28.790) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transferred from General reserve |
(560.720) |
0.000 |
0.000 |
|
|
|
Transferred to General reserve |
0.000 |
3512.920 |
43.000 |
|
|
|
Tax on proposed dividend |
0.000 |
50.620 |
19.140 |
|
|
|
Tax on special dividend |
460.440 |
2762.460 |
0.000 |
|
|
|
Proposed dividend on equity shares (Rs.3 per share, Previous year Rs. 5 per share) |
178.850 |
297.830 |
117.990 |
|
|
|
Special dividend on equity shares (Rs.105 per share, Previous year Rs. 500 per share |
6254.390 |
29783.300 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
47.260 |
1085.820 |
2363.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
7204.290 |
7959.230 |
5098.960 |
|
|
TOTAL EARNINGS |
7204.290 |
7959.230 |
5098.960 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2460.830 |
2546.100 |
1379.15 |
|
|
|
Stores & Spares |
269.380 |
118.760 |
69.29 |
|
|
|
Capital Goods |
78.290 |
86.710 |
66.07 |
|
|
TOTAL IMPORTS |
2808.500 |
2751.570 |
1514.510 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
89.36 |
593.65 |
9.55 |
|
|
|
Diluted |
88.99 |
591.14 |
5.84 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 (12 Months) |
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
|
Current Maturities of Long term debt |
782.510 |
454.840 |
560.36 |
|
Cash generated from operations |
2564.810 |
626.080 |
454.480 |
|
Net cash from Operating Activities |
2073.870 |
(33.450) |
111.370 |
QUARTERLY RESULTS
|
Particulars |
|
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
|
|
1st Quarter |
2nd
Quarter |
|
Net Sales |
|
2193.120 |
2592.780 |
|
Total Expenditure |
|
1943.400 |
2393.040 |
|
PBIDT (Excl OI) |
|
249.720 |
199.740 |
|
Other Income |
|
684.600 |
258.470 |
|
Operating Profit |
|
934.320 |
458.210 |
|
Interest |
|
78.430 |
87.970 |
|
Exceptional Items |
|
(40.320) |
(62.110) |
|
PBDT |
|
815.570 |
308.120 |
|
Depreciation |
|
137.360 |
142.910 |
|
Profit Before Tax |
|
678.210 |
165.210 |
|
Tax |
|
197.950 |
72.020 |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit After Tax |
|
480.260 |
93.190 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
480.260 |
93.190 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 (12 Months) |
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
|
Net Profit Margin (PAT / Sales) |
(%) |
57.27 |
330.21 |
7.86 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
80.99 |
447.83 |
21.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
38.99 |
264.50 |
6.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.45 |
2.83 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.27 |
0.29 |
0.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.45 |
2.20 |
0.98 |
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
Market Value |
Rs. 1296.55/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2012 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
588.040 |
595.660 |
596.160 |
|
Reserves & Surplus |
13126.100 |
15713.550 |
14148.070 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
13714.140 |
16309.210 |
14744.230 |
|
|
|
|
|
|
long-term borrowings |
2846.610 |
2333.340 |
1642.450 |
|
Short term borrowings |
2935.810 |
1937.120 |
1626.600 |
|
Current maturities of
long-term debts |
560.360 |
454.840 |
782.510 |
|
Total borrowings |
6342.780 |
4725.300 |
4051.560 |
|
Debt/Equity ratio |
0.462 |
0.290 |
0.275 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
7120.070 |
10638.460 |
9294.180 |
|
|
|
49.415 |
(12.636) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2012 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
7120.070 |
10638.460 |
9294.180 |
|
Profit |
559.860 |
35129.250 |
5323.190 |
|
|
7.86% |
330.21% |
57.27% |
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 |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
No |
|
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 financial
years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three financial
years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
LITIGATION DETAILS |
|||||||||
|
Bench:- Bombay |
|||||||||
|
Presentation Date : 21/09/2015 |
|||||||||
|
Stamp No:- |
ITXAL/1363/2015 |
|
Failing Date:- |
21/09/2015 |
|
||||
|
Petitioner:- |
PR. COMMISSIONER OF INCOME TAX -15 |
Respondent:- |
M/S. STRIDES ARCOLAB LIMITED |
||||||
|
Petn. Adv:- |
SURESH KUMAR (I2100) |
Resp. Adv. :- |
0(0) |
||||||
|
District:- |
Mumbai |
||||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||||
|
Status:- |
Pre - Admission |
Stage:- |
- |
||||||
|
Last Date:- |
28/09/2015 |
||||||||
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER |
||||||||
|
Act:- |
Income Tax Act, 1961 |
Under Section : |
260 |
||||||
CORPORATE INFORMATION
Strides Arcolab Limited (the `Company’ or `Strides’) and its subsidiaries (together referred to as the `Group’) are into the development and manufacture of Pharmaceutical products. The Group is headquartered in Bengaluru, India and operates across many countries spreading across developed and emerging markets. Strides is listed on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited.
AMALGAMATION
The Board of Directors at its meeting held on September 29,
2014, have approved the Scheme of Amalgamation between the Company and M/s.
Strides Arcolab Limited, subject to various approvals under Section 391 to 394
of the Companies Act, 1956. The appointed date of the proposed scheme is April
1, 2015. As per terms of the Scheme, shareholders of the Company will receive 5
equity shares of Rs. 10 each of Strides Arcolab Limited for 16 equity shares of
Rs. 2 each of the Company. The swap ratio has been arrived at based on the
joint valuation report issued by M/s. Price Waterhouse and Company and M/s.
S.R. Batliboi and Company LLP. The Scheme is subject to regulatory and other
necessary approvals. Pursuant to an Order of the Honourable High Court of
Judicature at Madras, shareholders of the Company at their meeting held on
March 12, 2015, duly approved the scheme. Company had filed the petition before
the said court for sanction of the scheme.
CORPORATE ACTIONS
During the year, the Board of Directors and the Shareholders of the Company and Shasun Pharmaceuticals Limited (‘Shasun’) approved a Scheme of Amalgamation between the two companies. The combination will create a vertically integrated pharma company of scale with strong presence in Front-ended Regulated Markets Finished Dosages, Emerging Markets Branded Generics, Institutional Business, Active Pharmaceutical Ingredients and Contract Research and Manufacturing Services.
In May 2015, the Company announced that Strides Pharma Global Pte. Ltd, Singapore and Strides (Australia) Pharma Pty Ltd, Australia, both wholly owned subsidiaries of the Company signed definitive agreements with certain wholly owned subsidiaries of Aspen Pharmacare Holdings Limited, a company listed on the Johannesburg Stock Exchange (Aspen), to acquire a generic pharmaceutical business in Australia together with certain branded pharmaceutical assets.
The business and assets being acquired from Aspen have a current prescription market share that will rank Strides and its group entities as one of the top 3 generic pharmaceutical suppliers in Australia and among the top 10 pharmaceutical companies in the Australian pharma market.
The company entered into an arrangement with GMS Holdings, a privately owned investment company, based in Jordan, for an investment of USD 21.90 Million for a 25.1% stake in Stelis Biopharma to fund its Greenfield Project subject to obtaining requisite regulatory approvals.
MANAGEMENT DISCUSSION AND ANALYSIS
GLOBAL ECONOMY
Global economic
growth continued to remain uneven in FY 2014-15 and showed disparate rates of
advancement for developing and emerging economies. The US economic recovery
gained strength driven by improved labour market conditions and rise in
consumer sentiment. The UK economy performed better than expected, as services
remained the biggest driver of growth, followed by manufacturing. Construction
also picked up, which augured well for the economy. Eurozone, on the other
hand, continued to grapple with uncertainties for most of the year, although
the economic growth of the region was aided by drop in oil prices, growing exports
on the back of a weak Euro and an accommodative monetary policy.
In the emerging
world, China’s economic growth rates fumbled owing to the spiraling credit
burden on the economy, slowdown in housing sector and weakness in factory
output. China’s population is greying and the investment scenario is also
showing signs of stress. These factors can impact the country’s economic
performance, going forward. Emerging markets across Latin America also
witnessed sluggish growth owing to low commodity prices. Despite challenges,
the overall growth prospects for Africa, continued to be robust. Africa’s gross
domestic product (GDP) growth is expected to touch 4.5% in 2015 and 5% in 2016
with acceleration in private investments and domestic consumption.
INDIAN ECONOMY
Against the
backdrop of a not-so-encouraging global economic performance, India stands out in the crowd. There are credible reasons for this optimism. First, the
GDP growth rate bounced back to 7.3%
in FY 2014-15 on the back of strong growth oriented policies adopted by the new government. Second, the menace of high inflation moderated
(prompting the RBI to cut repo
rates) and both fiscal and current account deficits narrowed during the year. Third, the investment scenario and consumer sentiments also improved
significantly. However, more
structural reforms are needed to deal with
the legacy challenges that continue to pose roadblocks for economic development. The government
has already initiated measures to
kick-start new infrastructure investments and restart stalled projects. It is also putting more emphasis on education, skill building, employment,
housing and social security for the
masses, which bodes well for the economy,
going forward. According to the Government of India’s latest Economic Survey, the share of stalled
government projects as a proportion
of GDP is declining. A uniform Goods and
Services Tax (GST) across India and more focus on federalism are expected to create even stronger
multipliers of growth across the
economy.
GLOBAL PHARMACEUTICAL INDUSTRY
The global
pharmaceutical industry experienced steady growth of over 6.4% to reach US$
1,057.1 Billion in 2014, driven by strong growth in key therapeutic segments
(oncologic, antidiabetics, pain, antihypertensive and antibacterial). Global
spending on medicines is expected to touch US$ 1.3 trillion by 2018. The
developed markets— led by the US will continue to be a key driver of growth,
going forward.
Pharmerging
countries’ share in global pharmaceutical industry will continue to rise. Growth
in these markets will be driven by rising incomes, increased healthcare access
and growing focus for branded generics. As more pharma companies foray into new
growth markets, they also face the challenge of an increasingly intricate,
demanding and fast changing regulatory environment.
BUSINESS OVERVIEW
Regulated Market
Business
· Contributed 35% of group revenue for the period ended March 31, 2015
· Revenues stood at Rs. 4,255.000 Million, grew by 7% over last year
· Completed first full year of front-end operations in North America, revenue grew by 28% to Rs. 1092.000 Million
· Successfully launched 5 new products in the US - Calcitriol, Buspirone, Tacrolimus, Imiquimod Cream and Methoxsalen
· Vancomycin maintained a consistent market share Strong R&D capabilities with consistent product pipeline.
Emerging Market
Business
· Contributed 33% of group revenue for the period ended March 31, 2015
· Revenues at Rs. 4070.000 Million, growth of 41% over last year, despite adverse currency volatilities
· The Renerve brand clocked global Revenues of Rs. 750.000 Million
Africa
· Registered strong performance in French Africa through significant investments in sales force and newly commissioned manufacturing facilities.
· Initiated E-detailing through iPads to doctors in Africa, one of the very few companies to do so in Africa
· Continued pipeline, registration and launches – Renerve achieved volume growth
· Entered into new countries -- Angola and Namibia
India
· Indian brand business crossed the Rs. 1 billion Revenue
· ReNerve maintained the market leader position in South India.
· Acquired the global rights of Raricap strengthening the women’s health portfolio
· Integrated the field force of Raricap business, leading to pan-India presence certain branded pharmaceutical assets.
The business and assets being acquired from Aspen have a current prescription market share that will rank Strides and its group entities as one of the top 3 generic pharmaceutical suppliers in Australia and among the top 10 pharmaceutical companies in the Australian pharma market.
The company entered into an arrangement with GMS Holdings, a privately owned investment company, based in Jordan, for an investment of USD 21.900 Million for a 25.1% stake in Stelis Biopharma to fund its Greenfield Project subject to obtaining requisite regulatory approvals.
Institutional
Business
· Contributed 32% of group revenue for the period ended March 31, 2015.
· Revenues stood at Rs. 3,865.000 Million, growth of 16%m over last year.
· Growth driven by first full year of Anti-Malarial business despite delay in orders due to change in procurement mechanism.
· Entered into an agreement with Gilead Sciences, Inc. to bring generic Sofosbuvir (Sovaldi®) and Harvoni to 91 developing countries and expanded to include Investigational Pan-Genotypic Agent.
· Entered into an Agreement with Gilead Sciences, Inc. to manufacture and distribute Tenofovir Alafenamide (TAF) based HIV treatments in 112 developing countries.
· Collaborated with Medicines for Malaria Venture (MMV) for the development of rectal artesunate for pre-referral treatment of children with severe malaria.
Bio Generics
Biotech business has been branded as ‘Stelis Biopharma’. They commenced R&D activities in its new center in Bengaluru with two products have reached the Animal Toxicity Study stage.
Corporate Actions
During the year the Board of Directors and the Shareholders of the Company and Shasun Pharmaceuticals Limited (‘Shasun’) approved a Scheme of Amalgamation between the two companies. The combination will create a vertically integrated pharma company of scale with strong presence in Front-ended Regulated Markets Finished Dosages, Emerging Markets Branded Generics, Institutional Business, Active Pharmaceutical Ingredients and Contract Research and Manufacturing Services.
In May 2015, the Company announced that Strides Pharma Global Pte. Limited, Singapore and Strides (Australia) Pharma Pty Limited, Australia, both wholly owned subsidiaries of the Company signed definitive agreements with certain wholly owned subsidiaries of Aspen Pharmacare Holdings Limited, a company listed on the Johannesburg Stock Exchange (Aspen), to acquire a generic pharmaceutical business in Australia together with sheet date.
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10603463 |
09/11/2015 |
1,500,000,000.00 |
RBL Bank Limited |
SHAHUPURI,KOLHAPUR, KOLHAPUR, Maharashtra - 416001, INDIA |
C70599139 |
|
2 |
10603458 |
09/11/2015 |
709,500,000.00 |
Axis Bank Limited |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE,
AHMEDABAD, Gujarat - 380006, INDIA |
C70597273 |
|
3 |
10608842 |
08/09/2015 |
2,081,500,000.00 |
ICICI BANK LIMITED |
5TH FLOOR, SOBHA PEARL, #1,COMMISARIAT ROAD, BANGALORE, Karnataka -
560025, INDIA |
C73716516 |
|
4 |
10600163 |
07/08/2015 |
14,000,000.00 |
HDFC BANK LIMITED |
HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai,
Maharashtra - 400013, INDIA |
C68943034 |
|
5 |
10534916 |
14/11/2014 |
20,490,950.00 |
YES BANK LIMITED |
1st Floor, Prestige Obelisk,, Municipal No. 3, Kasturba Road, Bangalore,
Karnataka - 560001, INDIA |
C35960251 |
|
6 |
10483838 |
02/09/2014 * |
3,100,000,000.00 |
Axis Bank Limited |
AXIS HOUSE, 2ND FLOOR. WADIA INTERNATIONAL
CENTRE, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, Maharashtra - 400025,
INDIA |
C29668126 |
|
7 |
10430980 |
17/12/2014 * |
4,100,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar
Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
C39817077 |
CONTINGENT LIABILITIES (As on 31.03.2015)
a) The Group has given corporate guarantees up to Rs.
37174.850 Million (As at March 31, 2014: Rs. 36466.060 Million) to financial
institutions and other parties.
b) As at March 31, 2015, the Group has disputed tax liabilities
arising from assessment proceedings relating to earlier years from the income
tax authorities amounting to Rs.1301.320 Million (Previous year Rs. 1276.500
Million). The outflow on account of disputed taxes is dependent on completion
of assessments.
c) The Company has preferred an appeal with the CESTAT
against the order of the Commissioner of Central Excise disallowing transfer of
CENVAT credit of Rs.5.65 Million. (Previous year Rs. 5.650 Million) as on the
date of conversion of one of the units of the Company into a 100% EOU in an
earlier year
d) Claims against the Company not acknowledged as debts Rs.
Nil (Previous year Rs. 2274.730 Million)
STATEMENT
OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER AND SIX MONTHS ENDED
30 SEPTEMBER 2015
(Rs. In Million)
|
Sr. No |
Particulars |
Three Month Ended |
Half year ended |
||
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|||
|
Unaudited |
|||||
|
1 |
Income From
Operations |
|
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
2372.132 |
2020.866 |
4392.998 |
|
|
|
b. Other Operating Income |
220.643 |
172.255 |
392.898 |
|
|
|
Total Income from
Operations (Net) |
2592.775 |
2193.121 |
4785.896 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
a. Cost of material Consumed |
1438.824 |
1032.099 |
2470.923 |
|
|
|
b. Purchase of Stock-in trade |
155.088 |
227.801 |
382.889 |
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
7.213 |
(58.208) |
(50.995) |
|
|
|
d. Employees Benefit Expenses |
363.581 |
334.471 |
698.052 |
|
|
|
e. Depreciation and Amortisation Expenses |
142.910 |
137.360 |
280.270 |
|
|
|
f. Other expenses |
428.335 |
407.240 |
835.575 |
|
|
|
Total Expenses |
2535.951 |
2080.763 |
4616.714 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
56.824 |
112.358 |
169.182 |
|
|
4 |
Other Income |
258.469 |
684.595 |
943.064 |
|
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
315.293 |
796.953 |
1112.246 |
|
|
6 |
Finance Costs |
87.966 |
78.425 |
166.391 |
|
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
227.327 |
718.528 |
945.855 |
|
|
8 |
Exceptional items |
(62.117) |
(40.322) |
(102.439) |
|
|
9 |
Profit from
ordinary activities before tax |
165.210 |
678.206 |
843.416 |
|
|
10 |
Tax Expense |
72.023 |
197.976 |
269.969 |
|
|
11 |
Net Profit from ordinary
activity after tax |
93.187 |
480.260 |
573.447 |
|
|
|
Extraordinary Items |
-- |
-- |
-- |
|
|
12 |
Net Profit After
Tax |
93.187 |
480.260 |
573.447 |
|
|
|
Paid-up equity share capital (face value of Rs.10 per share) |
596.256 |
5962.560 |
596.256 |
|
|
|
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
-- |
-- |
-- |
|
|
|
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
|
|
Basic EPS |
1.56 |
8.06 |
9.62 |
|
|
|
Diluted EPS |
1.55 |
8.03 |
9.58 |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
43141419 |
43141419 |
43141419 |
|
|
|
- Percentage of shareholding |
75.35% |
72.34% |
72.34% |
|
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- No. of shares |
- |
- |
- |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
0.00% |
0.00% |
0.00% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
0.00% |
0.00% |
0.00% |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
- No. of shares |
16484202 |
16484202 |
16484202 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
27.65% |
27.65% |
27.65% |
|
|
|
Particulars |
Three Month Ended 30.09.2015 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
113 |
|
|
Disposed of during the quarter |
113 |
|
|
Remaining unresolved at the end of the
quarter |
0 |
Notes:
1. The above unaudited results of the Company has been reviewed by the Audit Committee and taken on record by the Board of Directors at their meeting held on October 27, 2015.
2. The statutory auditors have carried out limited review of the above standalone
results.
3. The previous period's / year's figures have been regrouped/ reclassified
wherever necessary to conform to the classification of the current period.
4. During the period ended September 30, 2015, 10,000 equity shares were
allotted by the Company [ under Strides Arcolab ESOP 2011 Scheme] on exercising
equal number of options.
5. During the quarter, following entities have been incorporated within the
Strides Group:
a) Strides Pharma (UK) Limited incorporated on July 29,2015
b) Strides Remedies Pte Limited incorporated on August 11, 2015
c) Lex Pharma Private Limited incorporated on September 12, 2015
6. During the quarter, name of the following entities were changed:
a) Strides (Australia) Pharma Pty Limited has been renamed as Arrow
Pharmaceuticals Pty Limited wef September 1, 2015
b) Strides (Australia) IP Pty Limited has been renamed as Arrow Pharma Pty
Limited wef September 2, 2015
7. The Board of Directors of the Company in their meeting held on September 29,
2014 had approved a Scheme of Amalgamation between the Company and Shasun
Pharmaceuticals Limited (‘Shasun’). Pursuant to the Scheme of Amalgamation,
each equity shareholder of Shasun will be entitled to receive 5 (five) equity
shares of the Company in lieu of 16 (sixteen) equity shares held in Shasun.
The appointed date for the Scheme is April 1, 2015 and the Scheme is effective
after obtaining all the required approvals mentioned in the Scheme including
the approval from Foreign Investments Promotion Board (FIPB).
The approval for the Scheme of Amalgamation has been received from the stock
exchanges, the shareholders of both the Companies, the Competition Commission
of India and the Hon'ble High Courts of Judicature at Mumbai and Chennai.
However, pending receipt of the other approvals mentioned in the Scheme, the
effect of amalgamation has not been given in these results.
8. The Company had entered into an agreement with GMS Holdings,
("GMS"), whereby GMS will invest USD 21.90 Million for 25.1% stake in
Stelis Biopharma Private Limited ("Stelis"), the biotech arm of the
Strides Group, to fund its Greenfield project. FIPB vide its letter dated 14th
August 2015 has rejected the proposal due to the presence of a non-compete
clause in the Shareholders Agreement. The Parties have subsequently amended the
Shareholders Agreement to delete the non-compete clause and have filed an
amendment application to FIPB.
9. The Company has entered into a definitive agreement with Sun Pharmaceutical
Industries Limited to acquire erstwhile Ranbaxy’s ‘Solus’ and ‘Solus Care’
divisions operating in the Central Nervous System (CNS) segment in India. The
arrangement involves transfer of these two marketing divisions, along with
their employees to the Company for a consideration of Rs. 16,500 Lakhs. The
transaction is subject to approval from the Competition Commission of India and
other customary closing conditions.
10. The Board of Directors and Shareholders of the Company have approved the
proposal to raise long-term funds by way of issue of GDR’s/ ADR’s/ FCCBs / QIP
or such other equity linked instruments as may be permissible for an amount
upto Rs. 1,50,000 Lakhs including a green shoe option. The fund raising in
subject to statutory approvals as may be required.
11. On May 21, 2015, the Company’s wholly owned subsidiaries Strides Pharma
Global Pte. Ltd., Singapore and Strides (Australia) Pharma Pty Ltd., Australia,
had entered into definitive agreements with certain wholly owned subsidiaries
of Aspen Pharmacare Holdings Limited (Aspen) to acquire a generic
pharmaceutical business in Australia and related assets from Aspen.
During the current quarter, the Group has achieved closure on completion of
closing conditions and statutory / regulatory approvals. The acquired business has
been integrated and consolidated with the Group's result effective September
01, 2015.
12. The Group has entered into agreements to acquire seven brands from Johnson
& Johnson Group and majority stake in domestic branded business of
Medispan. The transactions are subject to statutory / regulatory approvals.
13. Exchange fluctuation gain/loss (net) included under Exceptional Items
comprises the exchange gain / loss arising on account of restatement and
settlement of long term foreign currency loans and intra-group loans &
advances given and gain/ loss on related derivative contracts
14. The Company’s operations fall within a single business segment viz.
“Pharmaceutical Products” and as such there is no reportable segment
information as per Accounting Standard 17 issued under the relevant provisions
of the Companies Act, 2013.
STATEMENT OF ASSETS AND
LIABILITIES AS ON 30.09.2015
(Rs. In Million)
|
SOURCES
OF FUNDS |
30.09.2015 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
596.256 |
|
(b) Reserves & Surplus |
14656.851 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
15253.107 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
1387.360 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
|
(c) Other long term
liabilities |
121.602 |
|
(d) long-term provisions |
225.059 |
|
Total
Non-current Liabilities (3) |
1734.021 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
2578.083 |
|
(b) Trade payables |
2369.334 |
|
(c) Other current liabilities |
995.027 |
|
(d) Short-term provisions |
254.950 |
|
Total
Current Liabilities (4) |
6197.394 |
|
|
|
|
TOTAL |
23184.522 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
4546.383 |
|
(b) Non-current Investments |
6006.314 |
|
(c) Deferred tax assets (net) |
4.630 |
|
(d) Long-term Loan and Advances |
1123.062 |
|
(e) Other Non-current assets |
15.972 |
|
Total
Non-Current Assets |
11696.361 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
4083.921 |
|
(b) Inventories |
2088.428 |
|
(c) Trade receivables |
2666.424 |
|
(d) Cash and cash equivalents |
527.046 |
|
(e) Short-term loans and
advances |
1769.956 |
|
(f) Other current assets |
352.386 |
|
Total
Current Assets |
11488.161 |
|
|
|
|
TOTAL |
23184.522 |
FIXED ASSETS
·
Freehold Land
·
Leased Hold Land
·
Buildings
·
Furniture and Fixtures
·
Office Equipment and Computers
·
Plant and Machinery
·
Motor Vehicles
·
Registration and Brands
·
Software Licenses
WEBSITE DETAILS
News /Press Release
August 28, 2015
Strides Arcolab, Shasun
Pharma gain on Bombay High Court nod for merger
Shasun
Pharmaceuticals rallied 7% to Rs 374, while Strides Arcolab gained 5% to Rs
1,220 on the BSE.
Shares of Strides Arcolab and Shasun Pharmaceuticals rallied up to 7% on the Bombay Stock Exchange (BSE) after the Bombay High Court approved the merger of these companies.
“The Hon’ble High Court of Bombay has on August 28, 2015 orally pronounced an
Order, approving the scheme of amalgamation involving merger of Shasun
Pharmaceuticals with the company, Strides Arcolab Limited,” Strides Arcolab
said in a BSE filing.
The certified true copy of the said Order is awaited, it added.
The scheme of amalgamation shall be effective post receipt of approval of
Foreign Investment Promotion Board (FIPB) and on filing of a copy of the Order
with Registrar of Companies, Bombay.
Shasun shareholders would receive 5 equity shares of Strides for every 16
shares held by them in Shasun.
Combined entity to be amongst the top 15 listed Indian pharmaceutical companies
by revenue with a turnover in excess of Rs 2,5000.000 Million.
Among the individual stocks, Shasun Pharmaceuticals rallied 7% to Rs 374, while
Strides Arcolab gained 5% to Rs 1,220 on the BSE.
September 29, 2014
Strides Arcolab and Shasun
Pharmaceuticals combine to accelerate strategy and growth
Creates vertically
integrated pharma company with multiple revenue streams
Shasun to amalgamate
with Strides in an all-stock transaction Shasun shareholders to receive 5
(five) equity shares of Strides for every 16 (sixteen) equity shares held by
them in Shasun
Combined entity to be
amongst the top 15 listed Indian Pharmaceutical Companies by revenue with a
turnover in excess of INR 25000.000 Million
September 29, 2014: Strides Arcolab Limited (‘Strides’) and Shasun Pharmaceuticals Limited (‘Shasun’) today announced that the Board of Directors of both the Companies have approved a Scheme of Amalgamation between the two companies. The combination creates a vertically integrated pharma company of scale with strong presence in Front-ended Regulated Markets Finished Dosages, Emerging Markets Branded Generics, Institutional Business, Active Pharmaceutical Ingredients and Contract Research and Manufacturing Services.
Strategic Rationale
of the Merger:
The combination significantly enhances Finished Dosages portfolio in niche and complex domains with a pipeline of over 100 products and accelerates product filings with a combined R&D strength of over 400 personnel
Significant de-risking of operations with the combined entity having 12 manufacturing facilities including 3 USFDA approved Finished Dosage manufacturing facilities, 2 USFDA approved API manufacturing facilities, 1 USFDA approved CRAMS facility and 6 manufacturing facilities catering to the emerging markets
Merged entity to leverage Shasun’s best in class API manufacturing capacities and shift focus towards niche API’s aligned with Finished Dosages portfolio and pipeline
Significant synergistic opportunities in operations and cost
savings through economies of scale
Creates a top 15 listed Indian pharma company by revenue with increased scale and visibility to drive future growth of the group
Commenting on the merger, Arun Kumar, Founder and Group CEO of Strides stated “Since the divestment of our injectables business, which resulted in significant value creation for our shareholders, Strides has refocused on its oral finished formulation business. Today’s proposed combination with Shasun accelerates our strategy and growth prospects by creating a larger scale, fully integrated, leading Indian pharma company with multiple growth drivers and synergies that will allow for enhanced profitability and more efficient use of our combined infrastructure and enhanced value creation opportunities for the combined shareholder group. I am excited to work more closely with the Shasun promoters and leadership in jointly building the combined entity to become one of the leading global players.”
Commenting on the merger Abhaya Kumar, CEO and Managing Director of Shasun stated “We are very excited about combining with Strides, which has a tremendous track record of creating shareholder value. Strides and Shasun bring complementary strengths and shared values of developing products and market opportunities across geographies and the combination accelerates both scale and scope. We are confident that the vertically integrated new combination will deliver further additional value in the near term for all stakeholders above and beyond the strong gains we have achieved to date on our own.”
The Scheme of
Amalgamation
The transaction is to be executed through a Scheme of Amalgamation under the framework of the Companies Act and the relevant SEBI regulations; wherein Shasun will be amalgamated with and into Strides. Pursuant to the Scheme of Amalgamation, each equity shareholder of Shasun will be entitled to receive 5 (five) equity shares of Strides in lieu of 16 (sixteen) equity shares held in Shasun. Based on the Exchange Ratio, Shasun shareholders will own 26% of the combined entity. The current promoters of Shasun will, post the approval of the Merger, be categorized as promoters of the combined entity, along with the existing promoters of Strides. The board of directors of the combined entity will comprise of independent directors in compliance with the provisions of the Listing Agreement, with promoters of Strides and the promoters of Shasun having the right to nominate non independent directors in proportion to their inter-se shareholding in the combined entity. The appointed date for the Scheme of Amalgamation is April 1, 2015.
The Scheme of Amalgamation is subject to approval of shareholders and creditors of the Companies, Stock Exchanges, SEBI, CCI, FIPB, RBI and the Hon’ble High Courts of Madras and Bombay. The transaction is expected to close by June 2015, subject to receipt of all approvals. Promoters of both companies have expressed their support in favour of the Scheme of Amalgamation.
S.R. Batliboi and Co. LLP and Price Waterhouse and Co. LLP, provided the joint valuation report
On the fair exchange ratio. Jefferies India Private Limited provided the fairness opinion to the board of Strides,; whilst IDFC Securities Limited provided the fairness opinion to the board of Shasun. Amarchand & Mangaldas & Suresh A Shroff & Co. and DSK Legal acted as the legal advisors for the transaction.
Strides and Shasun will be hosting an investor / analyst meet at 9.30 a.m. on September 30, 2014 at the Trident, Bandra Kurla, Mumbai, to discuss the transaction.
About Strides Arcolab
Limited
Strides Arcolab, listed on the Bombay Stock Exchange Limited (532531) and National Stock Exchange of India Limited (STAR), is a global pharmaceutical Company headquartered in Bangalore, India that develops and manufactures a wide range of IP-led niche pharmaceutical products. The Company has 8 manufacturing facilities presence in more than 75 countries in developed and emerging markets.
About Shasun
Pharmaceuticals Limited:
Shasun Pharmaceuticals Limited, listed on the Bombay Stock
Exchange Limited (stock code: 524552) and the National Stock Exchange of India
Limited (stock code: SHASUNPHAR) is an integrated pharmaceutical company head office
in Chennai India with locations in India, UK and USA.
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. 65.75 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.74.38 |
INFORMATION DETAILS
|
Information Gathered
by : |
GAY |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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
unfavorable 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.