MIRA INFORM REPORT
|
Report No. : |
307707 |
|
Report Date : |
12.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
DIVI’S LABORATORIES LIMITED |
|
|
|
|
Registered
Office : |
7-1-77/E/1/303, Dharam Karan Road, Amarpret, Hyderabad-500016, Andhra
Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
12.10.1990 |
|
|
|
|
Com. Reg. No.: |
01-011854 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.265.469 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24110AP1990PLC011854 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDD00549D |
|
|
|
|
Legal Form : |
A Public Limited
Liability Company. The Company’s Shares
are Listed on the Stock Exchanges. |
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|
|
|
Line of Business
: |
The company is engaged in manufacturing and sale of active
pharma ingredients and intermediates. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Maximum Credit Limit : |
USD 86000000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
Subject is a well-established and a reputed company having fine track
record. Financial position of the company seems to be sound. Fundamentals are
strong and healthy. Directors are reported to be an experienced and respectable
businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = AA+ |
|
Rating Explanation |
High credit quality and low credit risk |
|
Date |
07.10.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk |
|
Date |
07.10.2014 |
Note: CARE site not working so couldn’t attached the external rating sheet.
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
31-03-2014.
LOCATIONS
|
Registered Office : |
7-1-77/E/1/303, Dharam Karan Road, Amarpret, Hyderabad – 500016,
Andhra Pradesh, India |
|
Tel. No.: |
91-40-23731318/ 23731760 / 61 / 23786300 |
|
Fax No.: |
91-40-23733242 / 23786460 |
|
E-Mail : |
marketing@divislaboratories.com chemicals@divislaboratories.com |
|
Website : |
|
|
|
|
|
Factory 1 : |
Choutuppal Unit Lingojigudem Village, Choutuppal Mandal, Nalgonda – 508252, Andhra
Pradesh, India |
|
Tel. No.: |
91-8694-272092, 272260 |
|
Fax No.: |
91-8694-272685 |
|
|
|
|
Factory 2 : |
100% Export
Oriented Unit – Chippada / Divi’s Pharma SEZ / DSN SEZ Unit Chippada Village, Bheemunipatnam Mandal, Visakhapatnam-531162, Andhra
Pradesh, India |
|
Tel. No.: |
91-8922-245166 |
|
Fax No.: |
91-8922-245165 |
|
|
|
|
R
and D Centers: |
Located At:
|
DIRECTORS
As on 31.03.2014
|
Name : |
Dr. Murali K Divi |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth / Age : |
62 Years |
|
Qualification : |
M. Pharm. Ph.D. |
|
|
|
|
Name : |
Mr. N V Ramana |
|
Designation : |
Executive Director |
|
Date of Birth / Age : |
55 Years |
|
Qualification : |
B.Sc. (Chem) |
|
|
|
|
Name : |
Mr. Madhusudana Rao Divi |
|
Designation : |
Director (Projects) |
|
Date of Birth / Age : |
14.01.1944 |
|
Qualification : |
Post-graduate degree in Structural Engineering from Mysore
University, Karnataka |
|
Date of Appointment : |
14.10.1994 |
|
|
|
|
Name : |
Mr. Kiran S. Divi |
|
Designation : |
President Director |
|
Date of Birth / Age : |
37 Years |
|
Qualification : |
B. Pharm. |
|
|
|
|
Name : |
Dr. K. Satyanarayana* |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. Vasudev* |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. G. Suresh Kumar |
|
Designation : |
Director |
|
Date of Birth / Age : |
22.01.1951 |
|
Qualification : |
|
|
Date of Appointment : |
10.03.2001 |
|
|
|
|
Name : |
Mr. R. Ranga Rao** |
|
Designation : |
Director |
|
Date of Birth / Age : |
10.07.1951 |
|
Qualification : |
Post-graduate degree in Pharmacy from College of Pharmacy,
Manipal, Karnataka. |
|
Date of Appointment : |
03.11.2012 |
*Resigned w.e.f. 23.06.2014
Note : Sri. K.V.K. Seshavataram and Smt. S. Sridevi have been appointed as additional directors w.e.f. 23.06.2014.
KEY EXECUTIVES
|
Name : |
Mr. P.V. Lakshmi Rajani |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. L. Kishore Babu |
|
Designation : |
Chief Financial Officer |
SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
||
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
65080616 |
49.03 |
|
|
4000000 |
3.01 |
|
|
69080616 |
52.04 |
|
|
|
|
|
|
50000 |
0.04 |
|
|
50000 |
0.04 |
|
Total shareholding of
Promoter and Promoter Group (A) |
69130616 |
52.08 |
|
|
|
|
|
(B) Public Shareholding |
||
|
|
|
|
|
|
17008171 |
12.81 |
|
|
772469 |
0.58 |
|
|
26057546 |
19.63 |
|
|
43838186 |
33.03 |
|
|
|
|
|
|
9484899 |
7.15 |
|
|
|
|
|
|
7938513 |
5.98 |
|
|
868222 |
0.65 |
|
|
1473854 |
1.11 |
|
|
812172 |
0.61 |
|
|
471539 |
0.36 |
|
|
138376 |
0.10 |
|
|
51767 |
0.04 |
|
|
19765488 |
14.89 |
|
Total Public shareholding
(B) |
63603674 |
47.92 |
|
|
|
|
|
Total (A)+(B) |
132734290 |
100.00 |
|
|
|
|
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
132734290 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in manufacturing and sale of active
pharma ingredients and intermediates. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
Not Available |
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Bankers : |
·
Bank of Nova Scotia |
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Facilities : |
SECURED LOANS
Short Term
Borrowings Working Capital Loans from banks (Secured) : 1.
Nature of Security : Secured by hypothecation of
stocks, book debts and receivables and further secured by second charge on
fixed assets of the company) 2.
There are no defaults in repayment of loans and
interest 3.
The above loans carry interest @ 10% to 12.50%
p.a. Overdraft against Fixed Deposits from banks
(Secured) : 1.
Nature of Security : Secured by hypothecation of
Fixed Deposits of the company 2.
There are no defaults in repayment of loans and
interest 3.
The above loans carry interest @ 9.00% to 9.75% p.a. |
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Banking
Relations : |
--- |
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|
|
|
Auditors : |
|
|
Name : |
P.V.R.K. Nageswara Rao and Company Chartered Accountants |
|
Address : |
109, Metro Residency, 6-3-1247, Rajbhavan Road, Hyderabad – 500 082,
Andhra Pradesh, India |
|
|
|
|
Cost Auditors : |
|
|
Name : |
EVS and
Associates Cost Accountants |
|
Address : |
206, Raghava
Ratna Towers, Chirag Ali Lane, Hyderabad – 500 001, Andhra Pradesh, India |
|
|
|
|
Memberships : |
Not Available |
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|
|
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Collaborators : |
Not Available |
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|
Wholly Owned
Subsidiary : |
|
|
|
|
|
Company In Which
Key Management Personnel have Significant Influence : |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.2/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
132734290 |
Equity Shares |
Rs.2/- each |
Rs.265.469 Millions |
|
|
|
|
|
Reconciliation of the number of shares
|
Equity Shares |
Number
of Shares |
|
Shares outstanding at the beginning of the year |
132734290 |
|
Shares issued during the year |
- |
|
Shares
outstanding at the end of the year |
132734290 |
Details of equity shares held by
shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Promoters Group : |
|
|
|
Dr.Murali
Krishna Prasad Divi |
7783500 |
5.86% |
|
Satchandra Kiran
Divi |
23000000 |
17.33% |
|
Swarnalatha Divi |
7000000 |
2.27% |
|
Nilima Motaparti |
27000000 |
20.34% |
|
Other Than Promoters Group : |
|
|
|
Reliance Capital
Trustee Company Limited |
10073608 |
7.59% |
Aggregate number of bonus shares issued during the period
of five years immediately preceding the reporting date
On 2nd August
2009, the company issued 64847975 equity shares of Rs.2/- each as fully paid
bonus shares by capitalization of general reserve and other free reserves.
Terms/rights attached to equity shares:
The company has
only one class of equity shares having a par value of Rs.2/- per share. Each
holder of equity shares is entitled to one vote per share. The company declares
and pays dividend in Indian rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting.
During the year
ended 31st March 2014, the amount of per share dividend recognized as
distribution to equity shareholders was Rs.20/- (31st March 2013 : Rs.
15/-)
In the event of
liquidation of the company, the holders of equity shares will be entitled to
receive remaining assets of the company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
LISTING DETAILS:
|
|
BSE : 532488 NSE : DIVISLAB |
|
Stock Exchange Place : |
The Stock Exchange, Mumbai, National Stock Exchange of India Limited |
|
Listed Date : |
08.02.1995 |
|
·
|
INE361B01024 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
265.469 |
265.469 |
265.469 |
|
(b) Reserves & Surplus |
30078.693 |
25267.312 |
21482.487 |
|
(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) |
30344.162 |
25532.781 |
21747.956 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
15.506 |
21.004 |
25.569 |
|
(b) Deferred tax liabilities (Net) |
1216.717 |
865.521 |
672.872 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
62.549 |
|
(d) long-term
provisions |
31.821 |
23.909 |
16.462 |
|
Total Non-current
Liabilities (3) |
1264.044 |
910.434 |
777.452 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
163.237 |
305.145 |
502.037 |
|
(b) Trade
payables |
1486.929 |
1583.073 |
1573.114 |
|
(c) Other
current liabilities |
1465.485 |
1293.535 |
1346.951 |
|
(d) Short-term
provisions |
3115.776 |
2334.164 |
2082.140 |
|
Total Current Liabilities
(4) |
6231.427 |
5515.917 |
5504.242 |
|
|
|
|
|
|
TOTAL |
37839.633 |
31959.132 |
28029.650 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
12216.015 |
9084.990 |
7381.949 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
1444.846 |
3034.144 |
1815.778 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b)
Expenditure during construction period pending capitalization |
0.000 |
0.000 |
4.106 |
|
(c) Non-current Investments |
28.161 |
28.161 |
28.161 |
|
(d) Deferred tax assets (net) |
0.000 |
1072.705 |
0.000 |
|
(e) Long-term Loan and Advances |
1190.239 |
0.000 |
1246.908 |
|
(f) Other
Non-current assets |
0.000 |
0.000 |
39.276 |
|
Total Non-Current
Assets |
14879.261 |
13220.000 |
10516.178 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
5018.762 |
4078.136 |
4770.390 |
|
(b) Inventories |
8932.705 |
8059.484 |
6509.685 |
|
(c) Trade
receivables |
7916.359 |
5589.006 |
5339.672 |
|
(d) Cash
and cash equivalents |
357.676 |
346.828 |
218.224 |
|
(e)
Short-term loans and advances |
673.751 |
598.911 |
640.303 |
|
(f) Other current
assets |
61.119 |
66.767 |
35.198 |
|
Total
Current Assets |
22960.372 |
18739.132 |
17513.472 |
|
|
|
|
|
|
TOTAL |
37839.633 |
31959.132 |
28029.650 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
25139.654 |
21288.899 |
18449.281 |
|
|
|
Other Income |
839.026 |
485.125 |
657.607 |
|
|
|
TOTAL (A) |
25978.680 |
21774.024 |
19106.888 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw
materials consumed |
10318.944 |
8978.981 |
7686.799 |
|
|
|
Purchases of
Stock-in-trade |
0.000 |
0.943 |
1.006 |
|
|
|
Changes in
inventories of finished goods, work-in progress and Stock-in-trade |
(1137.505) |
(1003.310) |
(106.566) |
|
|
|
Employee
benefits expense |
2254.266 |
1912.018 |
1451.562 |
|
|
|
Research and
development expenses |
253.913 |
239.987 |
188.593 |
|
|
|
Other expenses |
3261.485 |
2942.835 |
2279.200 |
|
|
|
TOTAL (B) |
14951.103 |
13071.454 |
11500.594 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
11027.577 |
8702.570 |
7606.294 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
20.552 |
17.765 |
37.432 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
11007.025 |
8684.805 |
7568.862 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
920.618 |
768.956 |
620.311 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
10086.407 |
7915.849 |
6948.551 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2169.176 |
1801.637 |
1488.858 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
7917.231 |
6114.212 |
5459.693 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
18699.820 |
16414.995 |
14211.413 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
2654.686 |
1991.014 |
1725.546 |
|
|
|
Provision for Corporate Dividend Tax |
451.164 |
338.373 |
279.927 |
|
|
|
Dividend of earlier year |
0.000 |
0.000 |
0.549 |
|
|
|
Corporate Dividend Tax of earlier year |
0.000 |
0.000 |
0.089 |
|
|
|
Amount transferred to General Reserve |
1500.000 |
1500.000 |
1250.000 |
|
|
BALANCE CARRIED TO
THE B/S |
22011.202 |
18699.820 |
16414.995 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
22576.430 |
18601.633 |
16068.838 |
|
|
|
Export of Service |
42.100 |
187.743 |
58.958 |
|
|
TOTAL EARNINGS |
22618.530 |
18789.376 |
16150.889 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4842.587 |
4479.898 |
3486.414 |
|
|
|
Packing Material |
17.445 |
11.166 |
17.218 |
|
|
|
Lab Chemicals |
5.215 |
20.301 |
11.819 |
|
|
|
Components and Spare parts |
9.747 |
7.575 |
7.450 |
|
|
|
Capital goods |
194.365 |
162.425 |
115.536 |
|
|
TOTAL IMPORTS |
5069.359 |
4681.365 |
3638.437 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) [Basic] |
59.65 |
46.06 |
41.15 |
|
|
|
Earnings Per
Share (Rs.) [Diluted] |
59.65 |
46.06 |
41.15 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
31.49 |
28.72 |
29.59 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
43.87 |
40.88 |
41.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
27.74 |
28.45 |
26.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33 |
0.31 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.01 |
0.01 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.68 |
3.40 |
3.18 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
265.469 |
265.469 |
265.469 |
|
Reserves & Surplus |
21482.487 |
25267.312 |
30078.693 |
|
Net
worth |
21747.956 |
25532.781 |
30344.162 |
|
|
|
|
|
|
long-term borrowings |
25.569 |
21.004 |
15.506 |
|
Short term borrowings |
502.037 |
305.145 |
163.237 |
|
Total
borrowings |
527.606 |
326.149 |
178.743 |
|
Debt/Equity
ratio |
0.024 |
0.013 |
0.006 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
18449.281 |
21288.899 |
25139.654 |
|
|
|
15.391 |
18.088 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
18449.281 |
21288.899 |
25139.654 |
|
Profit |
5459.693 |
6114.212 |
7917.231 |
|
|
29.59% |
28.72% |
31.49% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs. In Millions |
31.03.2013 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Deferred Payment
Liabilities |
|
|
|
Deferred Sales Tax Credit |
21.004 |
25.569 |
|
Less: Current maturities of long-term debt |
(5.498) |
(4.565) |
|
Total |
15.506 |
21.004 |
Notes:
Term of Repayment:
Period: 14 Years
Number of Installments due: 4
Rate of Interest: Interest free
The above liability due thereon has been paid upto date and there are no
continuing defaults.
CORPORATE INFORMATION
Divi’s Laboratories Limited (the Company or Divi’s) is a manufacturer of Active Pharmaceutical Ingredients and Intermediates having headquarters at Hyderabad, India. The major portion of its turnover is on account of export of its products to European and American countries. The Company’s main manufacturing and research and development facilities are located in the State of Andhra Pradesh, India. The Equity Shares of the Company are listed in The Bombay Stock Exchange Limited, Mumbai and The National Stock Exchange, Mumbai.
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMY
In the emerging
markets and developing economies, growth is due to stronger external demand
from advanced economies which are seeing green shoots after several years of
economic slowdown. The economic outlook in Emerging Asia remains robust over
the medium term, anchored by the steady rise in domestic demand. India's
economic growth, however, has been weighed down by various factors, such as
high inflation, a weak currency, a drop in foreign investment and slowdown in
manufacturing sector.
INDUSTRY OUTLOOK
Global spending on
medicines is expected to meet the $1 trillion threshold in 2014 and reach $1.17
trillion by 2017, according to a report by Pharmaceutical market research firm,
IMS Healthcare Informatics. Spending during this period will likely be marked
by greater cost pressures and a higher bar for product innovation that reflects
an increased demand for value from both regulators and payers. The next 5 years
also sees a continuing growth split between developed and pharmerging markets.
IMS forecasts that
the developed markets of North America, Europe and Japan will see modest
single-digit spending during the next five years due to a combination of
economic and healthcare austerity measures and savings realized from the
growing availability of lower cost generic versions of brands following patent
expiry, and also on account of greatest impact from implementation of the
Affordable Care Act in the USA.
The high-potential
“pharmerging” markets offer tremendous opportunities for pharmaceutical
manufacturers that face mounting pressures in the mature markets. As more
pharma companies target these new growth markets, they also face the challenge
of an increasingly complex, demanding and fastchanging logistics and regulatory
environment. Traditional approaches to manufacturing and distribution are being
challenged by shorter market
cycles, outsourced
production, and increasing government regulation.
Globalisation
continues to have a profound impact on the pharma supply chain. As a growing
amount of R&D and manufacturing migrates to Asia, the industry has to
manage resources that are much more widely dispersed and to cope with greater
potential for pandemics. Innovation, the ultimate engine of growth for the
global provision of medicines, will see revival of activity through 2017, with
increases in the number of global innovative launches since 2010.
The company
continues to support its customers in the generic as well as the custom synthesis
segments in the changing dynamics of pharmaceutical business.
PERFORMANCE AND OPERATIONS REVIEW
The company has
achieved a sales growth of 18% for the year, on the back of a growth of 15%
achieved during
the last year.
PBDIT increased by 27% at Rs. 11027.600 Millions.
Provision has been
made for Rs. 1818.000 Millions towards Income-tax for the current year (net of
MAT credit entitlement of Rs.236.800 Millions). Provision for last year
amounted to Rs.1609.000 Millions (including MAT credit utilization of Rs.79.000
Millions). An amount of Rs. 351.200 Millions has been provided towards Deferred
Tax Liability during the year as against Rs. 192.600 Millions during the
previous year.
PAT for the year
amounted to Rs.7917.200 Millions, reflecting a growth of 29%. Earnings Per
Share of Rs.2/- each works out to Rs. 5.965 Millions for the year as against
Rs. 4.606 Millions last year.
The company
continues to work towards optimizing the capacities created at its
multi-purpose manufacturing facilities and also adding additional capacities
aimed at the business opportunities available to it in its domain of capability
in line with its strategy to work with innovators playing a complementary role
and non-compete model with its generic customers.
CONTINGENT LIABILITIES
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2013 Rs.
In Millions |
|
(i) On account of Letter of Credit and Guarantees issued by the
bankers |
543.530 |
387.806 |
|
(ii) Demands being disputed / contested by the Company |
264.498 |
268.139 |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTH ENDED 31.12.2014
(Rs. In Millions)
|
Sr. No. |
Particular |
Quarter Ended |
Quarter Ended |
Nine month ended |
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
|
unaudited |
unaudited |
unaudited |
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
7880.800 |
8297.700 |
22576.100 |
|
|
Other Operating
Income |
30.400 |
33.700 |
93.100 |
|
|
Total Income From Operations (Net) |
7911.200 |
8331.400 |
22669.200 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
3467.200 |
4109.700 |
10544.100 |
|
|
Purchase
of stock in trade |
0.000 |
0.000 |
0.000 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(280.800) |
(604.000) |
(1362.600) |
|
|
Employee
benefits expenses |
745.900 |
694.800 |
2042.500 |
|
|
Depreciation
and amortization expenses |
287.900 |
292.600 |
913.100 |
|
|
Other
expenses |
110.800 |
10.629 |
3154.600 |
|
|
Total Expenses |
5328.200 |
5556.000 |
15291.700 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
2583.000 |
2775.400 |
7377.500 |
|
|
|
|
|
|
|
4. |
Other
Income |
199.400 |
155.400 |
481.700 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
2782.400 |
2930.800 |
7859.200 |
|
|
|
|
|
|
|
6. |
Finance
Cost |
4.800 |
4.300 |
12.700 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
2777.600 |
2926.500 |
7846.500 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
2777.600 |
2926.500 |
7846.500 |
|
|
|
|
|
|
|
10. |
Tax Expense |
571.800 |
630.100 |
1665.000 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
2205.800 |
2296.400 |
6181.500 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
2205.800 |
2296.400 |
6181.500 |
|
|
|
|
|
|
|
14. |
Share
of profit/(loss) of Associates |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
15. |
Minority
interest |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
16. |
Net
Profit / (Loss) After tax |
2205.800 |
2296.400 |
6181.500 |
|
|
|
|
|
|
|
|
Paid-up
Equity Share Capital |
265.500 |
265.500 |
265.500 |
|
|
|
|
|
|
|
|
Reserve
Excluding revaluation reserves |
|
|
|
|
|
|
|
|
|
|
17. |
Basic and Diluted Earning Per Share
(EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
16.62 |
17.30 |
46.57 |
|
|
b)
Basic and diluted EPS after extraordinary items |
16.62 |
17.30 |
46.57 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
63603674 |
63603674 |
63603674 |
|
|
-
Percentage of Shareholding |
47.92% |
47.92% |
47.92% |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
- Number
of Shares |
|
|
|
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
69130616 |
69130616 |
69130616 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100% |
100% |
100% |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
52.08% |
52.08% |
52.08% |
|
Investor
complaints |
Quarter Ended 31.12.2014 |
|
pending at the beginning of the quarter |
Nil |
|
received during the quarter |
13 |
|
disposed of during the quarter |
13 |
|
unresolved at the end of the quarter |
Nil |
NOTE :
- The above results for the quarter ended 31 st December 2014, as reviewed by the Audit Committee, were considered and approved by the Board of Directors at its meeting held on 31st January, 2015 and were subjected to ‘limited review’ by the Auditors.
- The Company is primarily engaged in the manufacture of Active Pharmaceutical Ingredients and intermediates. Accordingly there are no reportable segments as per Accounting Standard 17 notified under the Companies Act, 1956.
- As per Clause 41 of the listing agreement, the company has opted to publish quarterly unaudited standalone results and to publish consolidated results at the year end.
- As per the requirements
of the Companies Act, 2013 (“the Act”), the company has computed
depreciation on the basis of the estimated economic lives or useful lives
of fixed assets in the manner prescribed in Schedule II of the Act.
Consequently, depreciation for the quarter ended 31 st December, 2014 is
higher by 6.0 millions and 76.5 millions for the 9 months ended 31 st
December, 2014. Depreciation of 105.1 millions (net of deferred tax) on
account of assets whose useful life is already exhausted as on 1st April
2014 has been adjusted to Retained Earnings.
- Figures for the previous
year/period have been regrouped or reclassified, wherever necessary.
INDEX OF CHARGE:
|
SR. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10024113 |
28/10/2006 |
209,000,000.00 |
THE
BANK OF NOVA SCOTIA |
6-3-346/1,
ROAD # 1, BANJARA HILLS, HYDERABAD, ANDHRA PRADESH - 500034, INDIA |
A06138333 |
|
2 |
90138352 |
17/06/2002 |
150,000,000.00 |
UTI
BANK LIMITED |
6-3-346/1,
ROAD # 1, BANJARA HILLS, HYDERABAD, ANDHRA PRADESH - 500034, INDIA |
- |
|
3 |
90138306 |
12/07/2002
* |
100,000,000.00 |
UTI
BANK LIMITED |
6-3-346/1,
ROAD # 1, BANJARA HILLS, HYDERABAD, ANDHRA PRADESH - 500034, INDIA |
- |
|
4 |
90138250 |
24/05/2001
* |
50,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA (IDBI) |
IDBI
TOWER; WTC COMPLEX, CUFFE PURADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
5 |
90138195 |
06/12/2000
* |
50,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
IDBI
TOWER; WTC COMPLEX, CUFFE PURADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
6 |
90138180 |
06/02/2000 |
50,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
IDBI
TOWER; WTC COMPLEX, CUFFE PURADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
7 |
90138171 |
16/12/2000
* |
40,000,000.00 |
IDBI
BANK LIMITED |
MAHAVIR
HOUSE, BASHEER BAGH SQUARE, HYDERABAD, ANDHRA PRADESH - 500029, INDIA |
- |
|
8 |
90138083 |
06/10/1999
* |
630,000,000.00 |
STATE
BANK OF HYDERABAD |
IFB;
PANJAGUTTA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA |
- |
|
9 |
90137956 |
08/12/1998
* |
672,200,000.00 |
STATE
BANK OF HYDERABAD |
IFB;
PANJAGUTTA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA |
- |
|
10 |
90136781 |
17/10/1996
* |
552,400,000.00 |
STATE
BANK OF HYDERABAD |
IFB;
PANJAGUTTA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA |
- |
|
11 |
90137918 |
19/11/2003
* |
552,400,000.00 |
STATE
BANK OF HYDERABAD |
IFB;
PANJAGUTTA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA |
- |
|
12 |
90137910 |
03/10/1996
* |
102,600,000.00 |
THE
LAKSHMI VILAS BANK LIMITED |
KUKATPALLY
BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
13 |
90137909 |
01/10/1996
* |
341,800,000.00 |
STATE
BANK OF HYDERABAD |
INDUSTRIAL
FINANCE BRANCH, PANJAGUTTA, HYDERABAD, |
- |
|
14 |
90137905 |
17/10/1996
* |
70,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
IDBI
TOWER, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
15 |
90137843 |
24/03/1997
* |
425,000,000.00 |
STATE
BANK OF HYDERABAD |
IFB;
PANJAGUTTA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA |
- |
|
16 |
90137810 |
20/04/2006
* |
37,500,000.00 |
THE
LAKSHMI VILAS BANK LIMITED |
KUKATPALLY,
HYDERABAD, ANDHRA PRADESH - 500872, INDIA |
- |
|
17 |
90137808 |
13/11/2006
* |
886,000,000.00 |
STATE
BANK OF INDIA |
OVERSEAS
BRANCH, 5-9-300, ABIDS, HYDERABAD, ANDHRA PRADESH - 500001, INDIA |
- |
|
18 |
90137793 |
05/01/1996
* |
50,000,000.00 |
INDUSTRIAL
RECONSTRUCTION BANK OF INDIA |
19;
NETAJI SUBHAS ROAD, CULCUTTA, WEST BENGAL - 700001, INDIA |
- |
|
19 |
90137772 |
20/08/2001
* |
220,000,000.00 |
STATE
BANK OF HYDERABAD |
IFB
PANJAGUTTA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA |
- |
|
20 |
90137762 |
24/11/2006
* |
1,095,000,000.00 |
STATE
BANK OF HYDERABAD |
INDUSTRIAL
FINANCE BRANCH, "TOPAZ" BUILDING, AMRU THA HILLS, PUNJAGUTTA,
HYDERABAD, ANDHRA PRADESH- 500082, INDIA |
- |
|
21 |
90137748 |
20/04/2006
* |
132,000,000.00 |
STATE
BANK OF HYDERABAD |
INDUSTRIAL
FINANCE BRANCH, "TOPAZ" BUILDING, AMRU THA HILLS, PUNJAGUTTA,
HYDERABAD, ANDHRA PRADESH- 500082, INDIA |
- |
|
22 |
90137718 |
14/11/1995
* |
219,500,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
IDBI
TOWER, CUFFE PURADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
23 |
90137702 |
31/03/2005
* |
37,500,000.00 |
THE
LAKSHMI VILAS BANK LIMITED |
KUTAPALLY,
HYDERABAD, ANDHRA PRADESH - 500872, INDIA |
- |
FIXED ASSETS:
·
Land and Development
·
Buildings
·
Plant and Machinery
·
Laboratory Equipment
·
Furniture and Fixtures
·
Data Processing Equipment
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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. 62.15 |
|
|
1 |
Rs. 94.72 |
|
Euro |
1 |
Rs. 70.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
72 |
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.