MIRA INFORM REPORT
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Report No. : |
333115 |
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Report Date : |
24.07.2015 |
IDENTIFICATION DETAILS
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Name : |
STRIDES ARCOLAB LIMITED |
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Registered
Office : |
201, Devavrata, Sector 17, Vashi,
Navi Mumbai – 400705, 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 Develops and manufactures a wide range of IP – led niche pharmaceutical
product. |
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No. of Employees
: |
1925 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (53) |
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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 : |
Exits |
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Comments : |
Subject is an established company having a fine track record. Financial position of the company is sound and healthy. Rating takes
into consideration, strong liquidity position and good profitability of the
company. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
Long term rating = 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 |
Short term rating = 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
31-03-2013.
INFORMATION DENIED BY
Management non co-operative 91-22-27893199/ 80-67840738
LOCATIONS
|
Registered Office : |
201, Devavrata, Sector 17,
Vashi, Navi Mumbai – 400705, 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 : USA
United Kingdom Unit
4, Metro Centre, Tolpits Lane,Watford, Hertfordshire, WD18 9SS, UK 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
|
Name : |
Mr. M.R. Umarji |
|
Designation : |
Director |
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Address : |
B-702, Pataliputra Co-Op. housing Soc.4 Bunglows, Near Kamdhenu Shop, Andheri (W), Mumbai, 400053, Maharashtra, India |
|
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, Andhra Pradesh, India |
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DIN
No.: |
00006285 |
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Date of Appointment : |
07.02.2014 |
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|
|
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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 |
|
Date of Appointment : |
27.07.2012 |
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DIN
No.: |
00004272 |
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|
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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. 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 |
|
Date of Appointment : |
28.06.1990 |
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DIN
No.: |
00084845 |
KEY EXECUTIVES
|
Name : |
Mr. Arun Kumar |
|
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 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
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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|
|
|
|
|
3387326 |
5.68 |
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|
13096876 |
21.97 |
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|
16484202 |
27.65 |
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|
|
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Total shareholding
of Promoter and Promoter Group (A) |
16484202 |
27.65 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
7846863 |
13.16 |
|
|
65340 |
0.11 |
|
|
215320 |
0.36 |
|
|
19265371 |
32.31 |
|
|
27392894 |
45.94 |
|
|
|
|
|
|
3107809 |
5.22 |
|
|
|
|
|
|
5099649 |
8.78 |
|
|
4596302 |
7.71 |
|
|
2760776 |
4.70 |
|
|
1899546 |
3.26 |
|
|
238365 |
0.40 |
|
|
198380 |
0.33 |
|
|
2535 |
0.00 |
|
|
320750 |
0.54 |
|
|
80200 |
0.13 |
|
|
21000 |
0.04 |
|
|
15564536 |
26.41 |
|
Total Public
shareholding (B) |
42957430 |
72.35 |
|
Total (A)+(B) |
59441632 |
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) |
59441632 |
100.00 |
SHAREHOLDING OF
SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS
BELONGING TO THE CATEGORY PROMOTER AND PROMOTER GROUP
|
Category of Shareholder |
Total No. of Shares held in
Dematerialized Form |
Total Shareholding as a % of Total No. of
Shares |
|
Pronomz Ventures Llp |
1,26,65,000 |
21.24 |
|
K R Ravishankar |
12,35,906 |
2.07 |
|
Arun Kumar |
6,70,797 |
1.13 |
|
Chayadeep Properties Private Limited |
2,61,060 |
0.44 |
|
Deepa Arun Kumar |
2,01,000 |
0.34 |
|
Tarini Arun Kumar |
2,00,000 |
0.34 |
|
Aditya Arun Kumar |
2,00,000 |
0.34 |
|
Vineetha Mohanakumar Pillai |
1,75,000 |
0.29 |
|
Padma Kumar Kurunakaran Pillai |
1,71,485 |
0.29 |
|
K R Lakshmidevi |
1,30,365 |
0.22 |
|
Agnus Holdings Private Limited |
1,20,816 |
0.20 |
|
Rajeswari Amma |
93,760 |
0.16 |
|
Sajitha Pillai |
80,000 |
0.13 |
|
Lakshmi Gopalakrishnan |
50,000 |
0.08 |
|
Hemalatha Pillai |
48,000 |
0.08 |
|
Rajitha Gopalakrishnan |
45,000 |
0.08 |
|
G Purushothaman Pillai |
33,013 |
0.06 |
|
Gayatri Nair |
33,000 |
0.06 |
|
Triumph Venture Holdings Llp |
30,000 |
0.05 |
|
Rahul Nair |
20,000 |
0.03 |
|
Agnus Capital Llp |
20,000 |
0.03 |
|
Total |
1,64,84,202 |
27.65 |
SHAREHOLDING OF SECURITIES
(INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO
THE CATEGORY PUBLIC AND HOLDING MORE THAN 1% OF THE TOTAL NUMBER OF SHARES
|
Category of Shareholder |
Total No. of Shares held in
Dematerialized Form |
Total Shareholding as a % of Total No. of
Shares |
|
DB International (Asia) Limited |
3942461 |
6.61 |
|
Morgan Stanley Asia (Singapore) Pte |
2007957 |
3.37 |
|
Satpal Khattar |
1560032 |
2.62 |
|
SBI Magnum Midcap Funds |
1539721 |
2.58 |
|
Goldman Sachs Investments (Mauritius) I Limited |
1326065 |
2.22 |
|
Laxmi Shivanand Manekekar |
1306678 |
2.19 |
|
Tata Balanced Fund |
1292002 |
2.17 |
|
Max Life Insurance Company Limited A/c ULif0012 |
1156918 |
1.94 |
|
HDFC Trustee Company Limited A/C HDFC MID Capoppor |
1022216 |
1.71 |
|
Goldman Suchs India Fund Limited |
997639 |
1.67 |
|
Credit Suisse (Singapore) Limited |
966928 |
1.62 |
|
Shivanand Shankar Mankekar |
885278 |
1.48 |
|
Apax Partners Europe Managers Limited A/c PCV Luxsca |
805000 |
1.35 |
|
Macquaire Bank Limited |
750000 |
1.26 |
|
Kedar Shivanand Mankekar |
745692 |
1.25 |
|
Fidelity Funds Global Health Care Pool |
736987 |
1.24 |
|
DSP Blackrock 3 Years Close Ended Equity Fund |
706387 |
1.18 |
|
Route One Fund I L.P. |
691478 |
1.16 |
|
Route One Offshore Master Fund L.P. |
678722 |
1.14 |
|
Kotak Equity Arbitrage Fund |
640776 |
1.07 |
|
Birla Sun Life Trustee Company Private Limited A/C |
622567 |
1.04 |
|
Macquaire Fund Solutions A/c Macquaire Fund Solutions - Maquarie Asia New Stars Fund |
600372 |
1.01 |
|
Total |
24981876 |
41.90 |
SHAREHOLDING OF SECURITIES
(INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS (TOGETHER WITH
PAC) BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN 5% OF THE TOTAL
NUMBER OF SHARES OF THE COMPANY
|
Category of Shareholder |
Total No. of Shares held in
Dematerialized Form |
Total Shareholding as a % of Total No. of
Shares |
|
DB International (Asia) Limited |
3942461 |
6.61 |
|
Total |
3942461 |
6.61 |
BUSINESS DETAILS
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Line of Business : |
Subject Is Develops and manufactures a wide range of IP – led niche
pharmaceutical product. |
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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 : |
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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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Collaborators : |
Not Available |
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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, USA |
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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 :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
89750000 |
Equity Shares |
Rs.10/- each |
Rs. 897.500 Million |
|
620000 |
Cumulative Redeemable Preference Shares |
Rs.1000/- each |
Rs. 620.000 Million |
|
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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 |
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|
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% |
|
Morgan Stanley Asia (Singapore) Private Limited |
0.000 |
0.000 |
|
DVI Fund Mauritius Limited |
0.000 |
0.000 |
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 |
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 |
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
14744.230 |
16309.210 |
13714.140 |
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(3)
Non-Current Liabilities |
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|
|
|
(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 |
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 |
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 |
2768.840 |
(35794.450) |
6807.100 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
7527.100 |
47642.260 |
1502.050 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
344.230 |
1050.310 |
712.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
7182.870 |
46591.950 |
789.850 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
492.540 |
472.490 |
190.990 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
6690.330 |
46119.460 |
598.860 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1367.140 |
10990.210 |
39.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
5323.190 |
35129.250 |
559.860 |
|
|
|
|
|
|
|
|
|
|
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 Per
Share (Rs.) |
89.29 |
589.26 |
9.39 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
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 |
1393.730 |
(1458.100) |
454.480 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
|
PAT / Total Income |
(%) |
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. 1269.50/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
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 |
31.03.2012 |
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 |
|
|
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 years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
Yes |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
LITIGATION DETAILS |
||||||||
|
Bench:- Bombay |
||||||||
|
Presentation Date : 17/02/2015 |
||||||||
|
Stamp No:- |
ITXAL/204/2015 |
Failing Date:- |
17/02/2015 |
|||||
|
Main Matter |
||||||||
|
Petitioner:- |
PRICIPAL COMMISSIONER OF INCOME TAX |
Respondent:- |
M/S. STRIDES ARCOLAB LIMITED |
|||||
|
Petn.Adv:- |
PADAM DIVAKAR |
|||||||
|
District:- |
Mumbai |
|||||||
|
Bench:- |
Single |
Category:- |
TAX APPEALS |
|||||
|
Status:- |
Pre - Admitted |
Stage:- |
FOR REJECTION [ORIGINAL SIDE MATTERS] |
|||||
|
Last Date:- |
09/07/2015 |
|||||||
|
Last Coram:- |
REGISTRAR (OS)/ PROTHONOTARY AND SR. MASTER |
|||||||
|
Act:- |
Income Tax Act, 1961 |
Under Section : |
260 A |
|||||
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
· 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. 4,070.000 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 ` 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. 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 sheet date.
CORPORATE GOVERNANCE:
The Company has complied with all the mandatory requirements of Corporate Governance specified by the Securities and Exchange Board of India through clause 49 of the Listing Agreement. As required by the said clause, a separate “Report on Corporate Governance” forms part of the Annual Report of the Company.
A certificate from the Statutory Auditors of the Company regarding compliance with the conditions of Corporate Governance also forms part of this Report.
CORPORATE INFORMATION
Strides Arcolab Limited (the ‘Company’ or ‘Strides’) is a pharmaceutical company headquartered in Bengaluru, India. Strides develops and manufactures a wide range of IP-led niche pharmaceutical products. The Company is listed on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited.
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10534916 |
14/11/2014 |
20490950 |
YES BANK LIMITED |
1st Floor, Prestige Obelisk, Municipal No. 3, Kasturba Road, Bangalore- 560001, Karnataka, INDIA |
C35960251 |
|
2 |
10514528 |
07/08/2014 |
500000000 |
THE RATNAKAR BANK LIMITED |
SHAHUPURI,KOLHAPUR, KOLHAPUR, MUMBAI- 416001 Maharashtra, INDIA |
C16174088 |
|
3 |
10484636 |
19/03/2014 |
1530000000 |
Axis Bank Limited |
CORPORATE BANKING
BRANCH, EXPRESS BUILDING, SECON |
C00419887 |
|
4 |
10483838 |
02/09/2014 * |
3100000000 |
Axis Bank Limited |
AXIS HOUSE, 2ND FLOOR.
WADIA INTERNATIONAL CENTRE, |
C29668126 |
|
5 |
10430980 |
17/12/2014 * |
4100000000 |
Axis Trustee Services Limited |
Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai -400025, Maharashtra, INDIA |
C39817077 |
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
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. 63.71 |
|
|
1 |
Rs.99.57 |
|
Euro |
1 |
Rs.69.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
DDD |
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 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
53 |
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.