MIRA INFORM REPORT
|
Report No. : |
334050 |
|
Report Date : |
29.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
CIPLA LIMITED |
|
|
|
|
Registered
Office : |
Cipla House, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra |
|
Tel. No.: |
91-22-23095521 / 24826701 / 24826300/24826000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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|
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Date of
Incorporation : |
17.08.1935 |
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|
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Com. Reg. No.: |
11-002380 |
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Capital
Investment / Paid-up Capital : |
Rs.1605.900 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24239MH1935PLC002380 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC00352C |
|
|
|
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
Manufacturer and Distributor of Drugs and Healthcare Products. |
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|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aaa (86) |
|
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 |
|
Status : |
Excellent |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Exist |
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Comments : |
Subject was incorporated 1935 and it has a diverse range of more than
1,000 products and 180 global partners across 120 countries. Cipla has a
presence in Africa, Middle East, Latin America, Asia Pacific and China. Subject is old and well-established company having excellent track
record. For the financial year ended 2015, company has registered a sales
turnover growth of 7.13% on sales turnover of Rs.101317.800 Million with
profit of Rs.11810.900 Million as compared to previous turnover (2014) of
Rs.94569.000 Million along with a profit of Rs.13883.400 Million. Company possesses strong operational risk profile along with strong
financial base backed by its adequate debt protection metrics and gearing
ratio. Rating also takes into consideration Cipla’s reputed brand having
global presence supported by experienced promoters, and dominant market
position in domestic pharmaceutical industry. Trade relations are reported as fair. Payments are reported to be
regular and as per commitment. In view of aforesaid, the company can be considered good 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 |
CARE |
|
Rating |
Long-term fund based bank =AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest
credit risk. |
|
Date |
06.01.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short-term non-fund based=A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
06.01.2015 |
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
|
Name : |
Mr. Mital Arvind Sanghvi |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-22-24826000 |
|
Date : |
27.07.2015 |
LOCATIONS
|
Registered Office : |
Cipla House, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-23095521 / 24826701 / 24826300/24826000 |
|
Fax No.: |
91-22-24826893/24826120 |
|
E-Mail : |
|
|
Website : |
http://www.cipla.com |
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|
|
|
Corporate Office/ Head Office : |
289, Opposite Sahil Hotel, Near Citi Center Mall, Bellasis
Road, Mumbai Central, Mumbai – 400008, Maharashtra, India |
|
Tel. No.: |
91-22-23095521/ 23082891/ 23023272/ 23025272 |
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Fax No.: |
91-22-23070013/ 23070393/ 85/ 23008101 |
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|
|
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Branch Office: |
C/4, Raj Plaza, LBS Marg, Vikhroli (W), Mumbai-400083, Maharashtra, India |
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Tel No: |
91-22– 25716000 |
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|
|
|
Factory 1: |
Virgonagar, Old Madras Road, Bangalore – 560049, Karnataka, India |
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Factory 2: |
Bommasandra-Jigani Link Road, Industrial Area, KIADB 4th Phase, Bangalore - 560099, Karnataka, India |
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Factory 3: |
MIDC, Patalganga, District Raigad – 410220, Maharashtra, India |
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Factory 4: |
MIDC Industrial Area, Kurkumbh, Daund District Pune - 413802, Maharashtra, India |
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Factory 5: |
Verna Industrial Estate, Verna, Salcette, Panaji – 403722, Goa, India |
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Factory 6: |
Village Malpur Upper, P.O. Bhud, Nalagarh, Baddi, District Solan - 173205, Himachal Pradesh, India |
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Factory 7: |
Village Kumrek, P.O. Rangpoo-737132, East District Sikkim |
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Factory 8: |
Indore SEZ, Phase ll, Sector III, Pharma Zone, P.O. Pithampur, District Dhar -454774, Madhya Pradesh, India |
DIRECTORS
As on 31.03.2015
|
Name : |
Dr. K.A Hamied |
|
Designation : |
Founder |
|
|
|
|
Name : |
Mr. Subhanu Saxena |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. S. Radhakrishnan |
|
Designation : |
Whole Time Director |
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|
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|
Name : |
Ms. Samina Vaziralli |
|
Designation : |
Executive Director |
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|
|
|
Name : |
Mr. Ashok Sinha |
|
Designation : |
Independent Directors |
|
|
|
|
Name : |
Dr. Peter Mugyenyi |
|
Designation : |
Independent Directors |
|
|
|
|
Name : |
Mr. Adil Zainulbhai |
|
Designation : |
Independent Directors |
|
|
|
|
Name : |
Ms. Punita Lal |
|
Designation : |
Independent Directors |
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|
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|
Name : |
Dr. Nachiket Mor |
|
Designation : |
Independent Directors |
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|
|
|
Name : |
Mr. Rajesh Garg |
|
Designation : |
Executive Directors |
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|
|
|
Name : |
Mr. Pankaj Patel |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Dr. H. R. Manchnda |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. V.C. Kotwal |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Mital Arvind Sanghvi |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Dr. Y.K Hamied |
|
Designation : |
Chairman |
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|
|
|
Name : |
Mr. M.K. Hamied |
|
Designation : |
Vice-Chairman |
|
|
|
|
Name : |
Mr. Subhanu Saxena |
|
Designation : |
Managing Director and Global Chief Executive Officer |
SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
|
||
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
111781000 |
13.92 |
|
|
6022791 |
0.75 |
|
|
117803791 |
14.67 |
|
|
|
|
|
|
177682187 |
22.12 |
|
|
177682187 |
22.12 |
|
Total shareholding
of Promoter and Promoter Group (A) |
295485978 |
36.79 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
34622335 |
4.31 |
|
|
2772062 |
0.35 |
|
|
44768689 |
5.57 |
|
|
146915024 |
18.29 |
|
|
46357450 |
5.77 |
|
|
46357450 |
5.77 |
|
|
275435560 |
34.30 |
|
|
|
|
|
|
36508823 |
4.55 |
|
|
|
|
|
|
53249465 |
6.63 |
|
|
93338233 |
11.62 |
|
|
30485762 |
3.80 |
|
|
1495013 |
0.19 |
|
|
28189845 |
3.51 |
|
|
661644 |
0.08 |
|
|
375 |
0.00 |
|
|
138885 |
0.02 |
|
|
213582283 |
26.60 |
|
Total Public
shareholding (B) |
489017843 |
60.89 |
|
Total (A)+(B) |
784503821 |
97.69 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
18587167 |
2.31 |
|
|
18587167 |
2.31 |
|
Total (A)+(B)+(C) |
803090988 |
100.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl.No. |
Name of the
Shareholder |
Details of Shares
held |
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
||
|
1 |
Dr. Yusuf K. Hamied |
11,69,29,500 |
14.56 |
|
2 |
Dr. Yusuf K. Hamied |
77,70,750 |
0.97 |
|
3 |
Dr. Yusuf K. Hamied |
1,27,500 |
0.02 |
|
4 |
Mustafa K. Hamied |
3,28,54,500 |
4.09 |
|
5 |
Mustafa K. Hamied |
68,35,500 |
0.85 |
|
6 |
Farida Hamied |
4,19,14,937 |
5.22 |
|
7 |
Sophie Ahmed |
1,54,71,000 |
1.93 |
|
8 |
Sophie Ahmed |
1,54,71,000 |
1.93 |
|
9 |
Sophie Ahmed |
1,13,22,250 |
1.41 |
|
10 |
Sophie Ahmed |
37,17,750 |
0.46 |
|
11 |
Shirin Hamied |
63,63,000 |
0.79 |
|
12 |
Kamil Hamied |
63,54,000 |
0.79 |
|
13 |
Kamil Hamied |
44,95,500 |
0.56 |
|
14 |
Kamil Hamied |
90,000 |
0.01 |
|
15 |
Samina Hamied |
54,81,000 |
0.68 |
|
16 |
Samina Hamied |
43,78,500 |
0.55 |
|
17 |
Rumana Hamied |
54,72,000 |
0.68 |
|
18 |
Rumana Hamied |
44,14,500 |
0.55 |
|
19 |
M. N. Rajkumar Garments LLP |
26,01,852 |
0.32 |
|
20 |
Shree Riddhi Chemicals LLP |
24,34,970 |
0.30 |
|
21 |
Alps Remedies Private Limited |
4,92,985 |
0.06 |
|
22 |
Hamsons Laboratories LLP |
4,92,602 |
0.06 |
|
23 |
Neo Research Labs Private Limited |
382 |
0.00 |
|
|
Total |
29,54,85,978 |
36.79 |
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
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
|
|
1 |
Life Insurance Corporation of India |
43332752 |
5.40 |
|
|
2 |
Oppenheimer Developing Markets Fund |
18613261 |
2.32 |
|
|
3 |
Virtus Emerging Markets Opportunities Fund |
13140487 |
1.64 |
|
|
4 |
Vontobel India Fund |
10374881 |
1.29 |
|
|
|
Total |
85461381 |
10.64 |
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
|
Sl. No. |
Name(s) of the shareholder(s)
and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
|
|
1 |
Life Insurance Corporation of India |
43332752 |
5.40 |
|
|
|
Total |
43332752 |
5.40 |
Details of Depository Receipts (DRs)
|
Sl. No. |
Type of Outstanding
DR (ADRs, GDRs, SDRs, etc.) |
No. of Outstanding DRs |
Shares Underlying Outstanding DRs as % of
Total No. of Shares |
|
1 |
GDR |
1,85,87,167 |
2.31 |
|
|
Total |
1,85,87,167 |
2.31 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distributor of Drugs and Healthcare Products. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
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|
|
|
Exports : |
Not Available |
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|
|
|
Imports : |
Not Available |
|
|
|
|
Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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||||||||||||||||||||||
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Facilities : |
|
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|
|
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Auditors : |
|
|
Name 1: |
V. Sankar Aiyar and Company Chartered Accountants |
|
|
|
|
Name 2: |
R. G. N. Price and Company Chartered Accountants |
|
|
|
|
Cost Auditor: |
|
|
Name : |
Mr. D. H. Zaveri Chartered Accountant |
|
|
|
|
Secretarial
Auditor: |
|
|
Name : |
BNP and Associates |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries (held
directly): |
|
|
|
|
|
Subsidiaries
(held indirectly) : |
|
|
|
|
|
Associates : |
|
|
|
|
|
Joint Venture :
|
|
*With effect from 24th July 2014
# With effect from 26th February 2015
@ Upto 30th March 2015
** Upto 16th July 2014
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
875000000 |
Equity Shares |
Rs.2/- each |
Rs.1750.000 Million |
|
|
|
|
|
Issued Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
803963835 |
Equity Shares |
Rs.2/- each |
Rs.1607.900
Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
802960440 |
Equity Shares |
Rs.2/- each |
Rs.1605.900 Million |
|
|
|
|
|
Reconciliation of the number
of shares and amount outstanding at the beginning and at the end
of the reporting period
|
Particulars |
2015 |
|
Equity Shares at the beginning of the year |
80,29,21,357 |
|
Add: Equity Shares issued on exercise of employee stock options |
39,083 |
|
Equity Shares at the end of the year |
80,29,60,440 |
Details of Shareholders holding more than 5
percent shares in the Company
|
|
2015 |
|
|
Number of shares |
% Holding |
|
|
Dr. Y. K. Hamied |
12,48,27,750 |
15.55 |
|
Mrs. Farida Hamied |
4,19,14,937 |
5.22 |
|
Mrs. Sophie Ahmed |
4,59,82,000 |
5.73 |
|
Mrs. Sophie Ahmed |
4,42,13,904 |
5.51 |
Terms and 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 share 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 the approval of the shareholders in the ensuing Annual General Meeting.
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 shareholder.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1605.900 |
1605.800 |
1605.800 |
|
(b) Reserves & Surplus |
109295.600 |
99310.600 |
87089.400 |
|
(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) |
110901.500 |
100916.400 |
88695.200 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4.100 |
4.300 |
5.500 |
|
(b) Deferred tax liabilities
(Net) |
3305.900 |
3112.000 |
2812.000 |
|
(c) Other long term
liabilities |
400.000 |
300.000 |
300.000 |
|
(d) long-term provisions |
1519.300 |
739.900 |
473.400 |
|
Total
Non-current Liabilities (3) |
5229.300 |
4156.200 |
3590.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
13802.000 |
8769.100 |
9652.600 |
|
(b) Trade payables |
14966.000 |
9625.600 |
8270.900 |
|
(c) Other current liabilities |
3524.200 |
3332.000 |
2426.200 |
|
(d) Short-term provisions |
3495.200 |
2440.700 |
2296.300 |
|
Total
Current Liabilities (4) |
35787.400 |
24167.400 |
22646.000 |
|
|
|
|
|
|
TOTAL |
151918.200 |
129240.000 |
114932.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
34683.300 |
35195.900 |
34182.900 |
|
(ii) Intangible Assets |
1252.900 |
46.000 |
0.000 |
|
(iii) Capital work-in-progress |
3390.000 |
3196.400 |
3399.900 |
|
(iv) Intangible assets under
development |
217.100 |
570.500 |
103.500 |
|
(b) Non-current Investments |
40369.900 |
33282.800 |
5143.600 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5767.100 |
5353.000 |
3737.200 |
|
(e) Other Non-current assets |
651.300 |
615.700 |
615.700 |
|
Total
Non-Current Assets |
86331.600 |
78260.300 |
47182.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
3841.100 |
2588.500 |
20874.600 |
|
(b) Inventories |
32892.000 |
25111.600 |
23433.700 |
|
(c) Trade receivables |
20589.100 |
17281.000 |
16452.200 |
|
(d) Cash and cash equivalents |
827.600 |
460.400 |
1050.700 |
|
(e) Short-term loans and
advances |
5899.600 |
5155.600 |
5915.300 |
|
(f) Other current assets |
1537.200 |
382.600 |
22.800 |
|
Total
Current Assets |
65586.600 |
50979.700 |
67749.300 |
|
|
|
|
|
|
TOTAL |
151918.200 |
129240.000 |
114932.100 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
101317.800 |
94569.000 |
82024.200 |
|
|
Other Income |
1479.100 |
2802.800 |
2291.300 |
|
|
TOTAL
|
102796.900 |
97371.800 |
84315.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
34267.400 |
31453.400 |
26468.300 |
|
|
Purchases of Stock-in-Trade |
9034.100 |
7734.000 |
7068.900 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(3490.500) |
(1581.200) |
(2907.500) |
|
|
Employees benefits expense |
15055.800 |
12847.500 |
9692.800 |
|
|
Other expenses |
26837.900 |
24220.000 |
20510.300 |
|
|
TOTAL
|
81704.700 |
74673.700 |
60832.800 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
21092.200 |
22698.100 |
23482.700 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1360.500 |
1278.600 |
333.800 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
19731.700 |
21419.500 |
23148.900 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
4332.000 |
3236.100 |
3030.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
15399.700 |
18183.400 |
20118.600 |
|
|
|
|
|
|
|
Less |
TAX |
3588.800 |
4300.000 |
5047.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
11810.900 |
13883.400 |
15071.100 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
53306.700 |
42701.300 |
31108.900 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.000 |
1400.000 |
1600.000 |
|
|
Proposed Dividend |
326.900 |
1605.800 |
1605.800 |
|
|
Tax on Dividend |
1605.900 |
272.900 |
272.900 |
|
|
Total |
1932.800 |
3278.700 |
3478.700 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
63184.800 |
53306.000 |
42701.300 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
47363.300 |
49479.600 |
44261.600 |
|
|
Technical Know-how/Fees |
1568.200 |
1873.900 |
604.300 |
|
|
Others |
172.500 |
145.300 |
81.300 |
|
|
TOTAL
EARNINGS |
49104.000 |
51498.800 |
44947.200 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
15154.300 |
13306.400 |
12067.800 |
|
|
Components and Stores parts |
237.300 |
307.000 |
262.300 |
|
|
Capital Goods |
1237.500 |
647.100 |
832.100 |
|
|
TOTAL
IMPORTS |
16629.100 |
14260.500 |
13162.200 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
14.66 |
17.27 |
18.77 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
0.100 |
0.600 |
1.400 |
|
Cash generated from operations |
13998.200 |
20977.900 |
18023.000 |
|
Net cash flow from operating activity |
10514.100 |
18124.800 |
13813.400 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
11.66 |
14.68 |
18.37 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
20.82 |
24.00 |
28.63 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.27 |
19.72 |
18.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.18 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.12 |
0.09 |
0.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.83 |
2.11 |
2.99 |
STOCK
PRICES
|
Face Value |
Rs.2.00 |
|
Market Value |
Rs.668.10 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
1605.800 |
1605.800 |
1605.900 |
|
Reserves & Surplus |
87089.400 |
99310.600 |
109295.600 |
|
Net
worth |
88695.200 |
100916.400 |
110901.500 |
|
long-term borrowings |
5.500 |
4.300 |
4.100 |
|
Short term borrowings |
9652.600 |
8769.100 |
13802.000 |
|
Current Maturities of
Long-Term Debts |
1.400 |
0.600 |
0.100 |
|
Total
borrowings |
9659.500 |
8774.000 |
13806.200 |
|
Debt/Equity
ratio |
0.109 |
0.087 |
0.124 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
82024.200 |
94569.000 |
101317.800 |
|
|
|
15.294 |
7.136 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
82024.200 |
94569.000 |
101317.800 |
|
Profit |
15071.100 |
13883.400 |
11810.900 |
|
|
18.37% |
14.68% |
11.66% |
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 |
Yes |
|
08 |
Designation of contact person |
Yes |
|
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
|
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
MANAGEMENT DISCUSSION AND ANALYSIS: 2014-15
Global Business Review:
With a footprint across five continents, Cipla is moving fast towards its goal of making affordable healthcare available to all.
The Company’s revenue from operations on a consolidated basis during the financial year 2013-14 amounted to Rs 10,2180.000 Million against Rs 8,3880.000 Million in the previous year, recording a growth of 21.8%. The income from operations for domestic business increased by 14.7%, from Rs 3,5690.000 Million in the previous financial year to Rs 4,0940.000 Million in the financial year. Total exports increased by 25.0% during the year to Rs 5,6590.000 Million.
During the year, operating margin reduced by 5.4%. This was primarily due to the change in product mix, higher investments in R & D and talent acquisition. As a result, profit for the year reduced by 10.1% to Rs 1,3890.000 Million from Rs 1,5450.000 Million in the previous financial year.
India Ratings and Research Private Limited, a Fitch Group Company, assigned a Long-Term Issuer Rating of ‘IND AAA’ with a stable outlook to the Company. The rating is the highest assigned in Fitch’s rating scale and indicates the highest degree of safety regarding timely servicing of financial obligations and lowest credit risk.
India:
As India’s second largest pharmaceutical company, Cipla is in a strong position to fulfil its commitment to provide modern medicine to everyone in the country. This year, despite the challenges, Cipla’s domestic branded generics business revenues grew 15.5% versus industry growth of 9%. The generics business also performed well.
Over the last six months the market share for Cipla’s branded generics grew 5.3% rising steadily from the previously recorded 4.7%. Cipla continues to maintain its leadership in respiratory, paediatric and urology therapies. Legacy brands continue to perform well. The progressive product portfolio grew 23%, while the share of new product launches increased from 1.5% in Q1, 2012-13 to 3.5% in Q4, 2013-14. India business contributed 39.4% to overall revenues.
Cipla successfully launched Etacept, the Company’s first biosimilar for the treatment of rheumatoid arthritis. As part of an in-licensing transaction, Cipla entered into a strategic alliance to market MSD’s HIV drug, raltegravir, in India. Raltegravir is an important part of the third-line salvage regimen for HIV patients. It should be available to patients from mid-2015.
In the coming years, the domestic business will continue to focus on these themes:
• Growth ahead of market growth
• Strengthen our leadership in therapy and geography by empowering our people
• Increase sales force productivity with the rollout of Customer Relationship Management (CRM) and Sales Force Automation (SFA) systems.
South Africa:
The Company completed the acquisition of 100% of the share capital of Cipla Medpro in South Africa at ZAR 10 per share amounting to a total investment of Rs 2,7570.000 Million. This investment is aimed at further strengthening the Company’s commitment to the African continent, and is aligned with the strategy of ascending the value chain by managing a front-end sales force in a market outside India. The acquisition enables Cipla to strengthen Medpro’s position in the South African pharmaceutical market, support the optimisation of Medpro’s manufacturing capability and drive Medpro’s expansion into other African markets.
As one of the largest pharmaceutical companies in South Africa, Cipla Medpro has a market share of more than 5%. South Africa now contributes 13.2% to overall Cipla revenues on a consolidated basis. The Company has grown at 12% in the private market over the last three years. The Cipla brand inspires trust and has become a household name among consumers, pharmacies, prescribers and key opinion leaders.
The Company’s revolutionary three-in-one antiretroviral treatment has helped Cipla entrench itself at the forefront of the fight against HIV/AIDS in South Africa. Its manufacturing facility at Durban provides the Company a competitive edge and is the first Pharmaceutical Inspection Convention (PIC) compliant facility in the country.
Capitalising on its defined future portfolio, key development and in-licensing projects, and streamlined global organisational structure, Cipla will leverage synergies from its international family. Plans are on track and the integration across manufacturing supply chain, finance and human resources is complete. The Company has leveraged its skill and scale to drive down costs in areas such as procurement.
Europe:
Cipla is making innovative, affordable medication accessible in over 30 countries across Europe. The European business contributed 5.7% to the overall revenues and recorded 40.9% growth for the year. As part of its European growth strategy, Cipla acquired Celeris, a pharmaceutical distribution company based in Croatia.
Cipla is focused on adding innovative elements to products, services and information through research and partnerships.
North America:
In 2013-14 the Company’s active pipeline has expanded from 36 to more than 50 products including several key respiratory products and other complex generics. Cipla has 16 filings in North America this year and received 13 approvals.
Cipla intends to bring its intellectual capacity and range of product technologies directly to the US market both under the Cipla label and those of its partner organisations. North America business contributed 6.8% to overall revenues and recorded 18.2% growth for the year, excluding a one-off impact in FY 2012-13.
LITIGATION DETAILS:
|
Case Details |
||||
|
Bench:-Bombay |
||||
|
Presentation Date 05.03.2015 |
||||
|
Lodging No.:- ITXAL/300/2015 Filing Date:-05.03.2015 Reg.No.:- ITXA/507/2015 Reg.Date:- 22.05.2015 |
||||
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX,
CE |
Respondent:- |
M/S. CIPLA LIMITED |
|
|
Petn. Adv.:- |
SURESH KUMAR (I2100) |
Resp. Adv.:- |
0 (0) |
|
|
District:- |
MUMBAI |
|||
|
Bench:- |
DIVISION |
|||
|
|
||||
|
Status:-
Pre-Admission Next Date:- 03.08.2015 |
Category:- TAX APPEALS Stage:- |
|||
|
Coram:- ACCORDING TO SITTING LIST
ACCORDING TO SITTING LIST |
||||
|
Act:- Income Tax Act, 1961
Under Section: - 260A |
||||
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Deferred Payment Liability – Sales Tax Deferral Loan |
04.100 |
04.300 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Packaging Credit From Banks |
11562.500 |
8769.100 |
|
Buyers, Credit From Banks |
2232.800 |
0.000 |
|
|
|
|
|
Total |
13799.400 |
8773.400 |
Note:
Sales tax deferral loan is interest free and repayable in 3 equal
instalments from the 10th year
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
80066651 |
17/03/1998 * |
685,000,000.00 |
The Hongkong and Shanghai Banking Corporation Limited (Lead Charge Holder) |
52/60, Mahatma Gandhi Road, Bombay, Bombay, Maharashtra - 400023, INDIA |
- |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Claims against the Company not acknowledge as debt |
158.500 |
48.200 |
|
Guarantees |
1269.500 |
1523.800 |
|
Letters of Credit |
493.000 |
93.200 |
|
Refund of Technical Know-how and Licensing Fees on account of non-compliance of certain obligations as per respective agreements |
-- |
29.500 |
|
Income Tax on account of disallowances/additions |
1084.200 |
1002.900 |
|
Excise Duty/Services Tax on account of valuation/cenvat credit |
1084.700 |
809.300 |
|
Sales Tax on account of credit/classification |
56.600 |
54.600 |
|
|
4146.500 |
3561.500 |
|
Commitments |
|
|
|
Estimated amount of contracts unexecuted on Capital Account |
3671.000 |
2008.800 |
|
Other Commitments |
9786.100 |
6443.300 |
|
|
13457.100 |
8452.100 |
|
TOTAL |
17603.600 |
12013.600 |
FIXED ASSETS
·
Land
·
Plant and Equipments
·
Office Equipments
·
Computer
·
Vehicles
·
Furniture and Fixture
·
Building and Flat
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.63.89 |
|
|
1 |
Rs.99.71 |
|
Euro |
1 |
Rs.70.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
10 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILITY |
1~10 |
10 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
10 |
|
--CREDIT LINES |
1~10 |
10 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
86 |
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.