MIRA INFORM REPORT

 

 

Report No. :

329560

Report Date :

30.06.2015

           

IDENTIFICATION DETAILS

 

Name :

SUN PHARMACEUTICAL INDUSTRIES LIMITED

 

 

Registered Office :

Sparc Tandalja, Vadodara – 390020, Gujarat

Tel. No.:

91-22-43244324

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

01.03.1993

 

 

Com. Reg. No.:

04-019050

 

 

Capital Investment / Paid-up Capital :

Rs. 2406.423 Million

 

 

CIN No.:

[Company Identification No.]

L24230GJ1993PLC019050

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturing, Selling, Trading, Marketing and Exporting of Various Pharmaceutical Products.

 

 

No. of Employees :

 14000 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (65)

 

RATING

STATUS

PROPOSED CREDIT LINE

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed company incorporated during 1993 having a good track record.

 

The company is continuously incurred losses from its two years of operational activities. However, general financial of the company is sound. Fundamentals of the company are strong and healthy.

 

Share price are quoted high on stock exchange. (Face value Rs. 1 with Share price Rs. 849).

 

Directors are reported to be experienced and knowledgeable businessmen.

 

Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment.

 

In view of long track record and extensive experience of its promoters 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.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long-term rating = AAA

Rating Explanation

Highest degree of safety and carry lowest credit risk.

Date

April 08, 2014

 

 

Rating Agency Name

CRISIL

Rating

Short-term rating = A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

April 08, 2014

 

 

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 PARTED BY

 

Name :

Mr. Rajesh Bhat

Designation :

Finance Department

Contact No.:

91-22-43244324

Date :

29.06.2015

 

 

LOCATIONS

 

Registered Office :

Sparc Tandalja, Vadodara – 390020, Gujarat, India

Tel. No.:

91-265-6615500/ 600/ 700

Fax No.:

91-265-2354897

E-Mail :

ashok.bhuta@sunpharma.com

Website :

http://www.sunpharma.com

Area :

10000 sq. ft.

Location :

Owned

 

 

Corporate Office 1:

Acme Plaza, Andheri-Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India

Tel. No.:

91-22-66969696/ 42244156

Fax No.:

91-22-28212010

 

 

Corporate Office 2:

Sun House, CTS No. 201 B/1, Western Express Highway, Goregaon (East), Mumbai 400063, Maharashtra, India

Tel. No.:

91-22-43244324

Fax No.:

91-22-43244343

 

 

Research Centre 2 :

Sun Pharma Advanced Research Centre (SPARC), Akota Road, Akota, Vadodara – 390 020, Gujarat, Indias

 

 

Research Centre 2 :

F.P.27, Part Survey No. 27, C.S. No. 1050, TPS No. 24, Village Tandalja, District Vadodara - 390020, Gujarat, India

 

 

Research Centre 3 :

17-B, Mahal Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai - 400093, Maharashtra, India

 

 

Research Centre 4 :

Chemistry and Discovery Research Israel, 14 Hakitor Street, P.O. Box 10347 Haifa Bay 2624761, Israel

 

 

Plants :

·         Survey No. 214, Plot No. 20, Govt. Industrial Area, Phase II, Piparia. Silvassa - 396230, Union Territory of Dadra and Nagar Haveli, India

 

·         Halol-Baroda Highway, Near Anand Kendra, Halol, District Panchmahal - 389350, Gujarat, India

 

·         Plot No. 24/2 and 25, GIDC, Phase-IV, Panoli, Dist. Bharuch - 394116, Gujarat, India 

 

·         A-7 and A-8, MIDC Ind. Area, Ahmednagar - 414111, Maharashtra, India

 

·         Plot No. 4708, GIDC. Ankleshwar - 393002, Gujarat, India

 

·         Sathammai Village, Karunkuzhi Post, Maduranthakam TK, Kanchipuram District - 603303, Tamilnadu, India

 

·         Plot No. 817/A, Karkhadi, Taluka Padra, District Vadodara - 391450, Gujarat, India

 

·         Survey No. 259/15, Dadra - 396191, Union Territory of Dadra and Nagar Haveli, India

 

·         Sun Pharma Laboratories Limited, Plot No.754, Nandok Block, Setipool, P.O. Ranipool, Sikkim – 737135, India

 

·         Sun Pharma Laboratories Limited, Plot No. 107/108, Namli Block, Setipool, P.O. Ranipool, Sikkim – 737135, India

 

·         Sun Pharma Laboratories Limited, 6-9 Export Promotion Industrial Park (EPIP), Kartholi, Bari Brahmana, Jammu - 181133, Jammu Kashmir, India

 

·         Sun Pharma Laboratories Limited, I.G.C. Phase-I, Samba 184121, Jammu Kashmir, India

 

·         Sun Pharmaceutical Industries Inc., 705, E. Mulberry Street, Bryan, Ohio – 43506, USA

 

·         Sun Pharmaceutical Industries Inc., 270 Prospect Plains Road, Cranbury, New Jersey – 08512, USA

 

·         Sun Pharmaceutical (Bangladesh) Limited, Chandana, Joydevpur, Gazipur, Bangladesh

 

·         Alkaloida Chemical Company Zrt, H-4440 Tiszavasvari , Kabay, Janos u.29, Hungary

 

·         Caraco Pharmaceutical Laboratories Ltd.,** 1150 Elijah McCoy Drive, Detroit –48202, Michigan, USA.

 

·         TKS Farmaceutica, Rodovia GO-080, Km 02, Chacaras 01/02, Jardim Pompeia, Goiania/GO, Brazil CEP: 74690-170

 

·         Sun Pharma de Mexico S.A. de C.V, Av. Rio Churubusco No. 658, Col. El Sifon, Del. Iztapalapa, C.P 09400 Mexico, Distrito Federal

 

·         Chattem Chemicals, Inc., 3708, St. Elmo Avenue, Chattanooga, TN 37409, USA

 

·         Taro Pharmaceuticals Inc., 130 East Drive, Brampton, Ontario L6T 1C1, Canada

 

·         Taro Pharmaceutical Industries Limited, 14 Hakitor Street, P.O. Box 10347 Haifa Bay 2624761, Israel

 

·         Dusa Pharmaceuticals Inc., 25, Upton Drive, Wilmington, Massachusetts, 01887, USA

 

·         URL Pharmaceuticals Inc., 1100 Orthodox Street, Philadelphia, PA 19124, USA

 

·         URL Pharmaceuticals Inc., 2500 Molitor Road, Aurora, IL 60502, USA

 

 

DIRECTORS

 

AS ON 31.03.2014

 

Name :

Mr. Israel Makov

Designation :

Chairman

Date of Birth/Age :

75 Years

Qualification :

Mr. Israel Makov holds a B.Sc. in Agriculture and M. Sc in Economics from the Hebrew University, Jerusalem.

 

 

Name :

Mr. Dilip S. Shanghvi

Designation :

Managing Director

Date of Birth/Age :

58 Years

Qualification :

Graduate in commerce from the Kolkata University

Profile :

He had launched Sun Pharmaceutical Industries in 1982. He is the Managing Director of the Company and Chairman and Managing Director of Sun Pharma Advanced Research Company Limited. He has also been appointed as the Chairman and Director of Taro Pharmaceutical Industries Limited. He has extensive experience in the pharmaceutical industry. Under his leadership, Sun Pharmaceutical Industries Limited has recorded an all-round growth in business.

 

 

Name :

Mr. Sudhir V. Valia

Designation :

Whole-time Director

Date of Birth/Age :

58 Years

Qualification :

Chartered Accountant with more than three decades of experience in Finance and Taxation

Profile :

He is representing the Board since 31st January, 1994 and at present, he is Whole-time Director of the Company.

 

 

Name :

Mr. Sailesh T. Desai

Designation :

Whole-time Director

Date of Birth/Age :

60 Years

Qualification :

Science graduate from Kolkata University

Profile :

He is a successful entrepreneur with more than three decades of wide industrial experience including more than two decades in the pharmaceutical industry itself.

 

 

Name :

Mr. S. Mohanchand Dadha

Designation :

Director

Date of Birth/Age :

77 Years

 

 

Name :

Mr. Hasmukh S. Shah

Designation :

Director

Date of Birth/Age :

79 Years

Qualification :

Mr. Hasmukh Shah is a B.A. Economics (Hons) and M.A. with Sociology with first rank in the University.

 

 

Name :

Mr. Ashwin Dani

Designation :

Director

Date of Birth/Age :

71 Years

Qualification :

Mr. Ashwin Dani is a B.Sc. (Hons) from the Institute of Science, University of Mumbai and B.Sc. (Tech.) (Pigments and Varnishes) from U.D.C.T. University of Mumbai. He also holds a Master Degree in Polymer Science from University of Akron, Ohio, USA and Diploma in Colour Science from Rensellaer Polytechnic, Troy, New York.

 

 

Name :

Mr. Keki M. Mistry

Designation :

Director

Date of Birth/Age :

59 Years

 

 

Name :

Ms. Rekha Sethi

Designation :

Director

Date of Birth/Age :

50 Years

Date of Appointment :

13.02.2014

 

 

KEY EXECUTIVES

 

Name :

Mr. Rajesh Bhat

Designation :

Finance Department

 

 

Name :

Mr. Sunil R. Ajmera

Designation :

Company Secretary

 

 

Name :

Mr. Uday V. Baldota

Designation :

Chief Financial Officer

 

 

Name :

Mr. Dhrunal Trivedi

Designation :

Export Logistical Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 10.04.2015

 

Names of Shareholders

No. of Shares

 

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

302192200

12.56

http://www.bseindia.com/include/images/clear.gifBodies Corporate

1013024000

42.10

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

1280200

0.05

http://www.bseindia.com/include/images/clear.gifTrusts

1280200

0.05

http://www.bseindia.com/include/images/clear.gifSub Total

1316496400

54.71

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

1316496400

54.71

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

28274791

1.18

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

53667321

2.23

http://www.bseindia.com/include/images/clear.gifCentral Government / State Government(s)

1945763

0.08

http://www.bseindia.com/include/images/clear.gifInsurance Companies

40448219

1.68

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

452764676

18.82

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

32846

0.00

http://www.bseindia.com/include/images/clear.gifForeign Bank

32846

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

577133616

23.99

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

64546340

2.68

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

108364713

4.50

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

31011743

1.29

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

308567862

12.82

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

4198032

0.17

http://www.bseindia.com/include/images/clear.gifClearing Members

921846

0.04

http://www.bseindia.com/include/images/clear.gifTrusts

2524989

0.10

http://www.bseindia.com/include/images/clear.gifDirectors & their Relatives & Friends

3817386

0.16

http://www.bseindia.com/include/images/clear.gifForeign Port Folio Investor Corporate

79927985

3.32

http://www.bseindia.com/include/images/clear.gifOverseas Corporate Bodies

59440

0.00

http://www.bseindia.com/include/images/clear.gifForeign Nationals

13842

0.00

http://www.bseindia.com/include/images/clear.gifForeign Corporate Bodies

217104342

9.02

http://www.bseindia.com/include/images/clear.gifSub Total

512490658

21.30

Total Public shareholding (B)

1089624274

45.29

Total (A)+(B)

2406120674

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

2406120674

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing, Selling, Trading, Marketing and Exporting of various Pharmaceutical Products.

 

 

Brand Names :

·         Pantocid

·         Gemer

·         Susten

·         Levipil

·         Pantocid-D

·         Aztor

·         Glucored Group

·         Istamet

·         Rozavel

·         Montek-LC

 

 

Agencies Held :

--

 

 

Exports :

--

 

 

Imports :

--

 

 

Terms :

--

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

14000 (Approximately)

 

 

Bankers :

Bank Name:

Not Divulged

Branch:

Not Divulged

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         Bank of Nova Scotia

·         Citibank N.A.

·         ICICI Bank Limited

·         Kotak Mahindra Bank Limited

·         Standard Chartered Bank

·         State Bank of India

·         Bank of Baroda

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

LONG-TERM BORROWINGS

 

Term Loan from Department of Biotechnology

[Secured by hypothecation of assets and goods pertaining to the project]

[Repayable in 10(Previous Year 10) half-yearly installments of Rs. 4.600 Million each commencing from 31.03.2017, Last installment is due on 30.09.2021].

46.400

 

 

SHORT TERM BORROWINGS

 

Loans repayable on demand

Cash Credit facility from Banks

[Secured by hypothecation of Inventories and Trade receivables]

41.700

 

 

Total

88.100

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells LLP

Chartered Accountants

Address :

Mumbai, Maharashtra, India

 

 

Cost Auditors :

Kailash Sankhlecha and Associates

Cost Accountants

Address :

Vadodara, Gujarat, India

 

 

Subsidiaries :

(As On 31.03.2014)

 

·         3 Skyline LLC

·         Aditya Acquisition Company Limited

·         Aditya Pharma Private Limited

·         Alkaloida Chemical Company Zrt.

·         Alkaloida Sweden AB

·         AR Scientific Inc

·         Caraco Pharma Inc

·         Caraco Pharmaceutical Laboratories Limited

·         Caraco Pharmaceuticals Private Limited

·         Chattem Chemicals lnc

·         Dungan Mutual Associates, LLC

·         Dusa Pharmaceuticals lnc

·         Dusa Pharmaceuticals New York lnc

·         Faststone Mercantile Company Private Limited

·         Green Eco Development Centre Limited

·         Khyati Realty ME Limited

·         Morley and Company lnc

·         Mutual Pharmaceutical Company, lnc.

·         Neetnav Real Estate Private Limited

·         ** Nogad Holdings

·         One Commerce Drive LLC

·         OOO "Sun Pharmaceutical Industries" Limited

·         Orta Limited

·         Realstone Multitrade Private Limited

·         Sirius Laboratories lnc

·         Skisen Labs Private Limited

·         Softdeal Trading Company Private Limited

·         SPIL De Mexico S.A. DE C.V.

·         Sun Clobal Canada Pty. Limited

·         Sun Global Development FZE

·         Sun Laboratories FZE

·         Sun Pharma De Mexico 5.A. DE C.V.

·         Sun Pharma De Venezuela, CA.

·         Sun Pharma Global (FZE)

·         Sun Pharma Global lnc

·         Sun Pharma Healthcare FZE

·         * Sun Pharma Medication Private Limited (SPDPL)

·         * Sun Pharma Drugs Private Limited (SPMPL)

·         Sun Pharma Japan Limited

·         Sun Pharma Laboratories Limited

·         Sun Pharma MEAJLT

·         Sun Rharma Philippines Inc

·         ** Sun Pharma Switzerland

·         Sun Pharmaceutical Industries (Europe) B.V

·         Sun Pharmaceutical (Bangladesh) Limited

·         Sun Pharmaceutical Industries (Australia) Pty. Limited

·         Sun Pharmaceutical Peru S.A.C.

·         Sun Pharmaceutical Spain, S.L.U

·         Sun Pharmaceutical UK Limited

·         Sun Pharmaceuticals (SA) (Pty) Limited

·         Sun Pharmaceuticals France

·         Sun Pharmaceuticals Germany GmbH

·         Sun Pharmaceuticals Italia S.R.L.

·         ** Silverstreet Developers LLP

·         Sun Pharmaceuticals Korea Limited

·         Sun Universal Limited

·         Taro Development Corporation

·         Taro Hungary Intellectual Property Licensing LLC.

·         Taro International Limited

·         Taro Pharmaceutical India Private Limited

·         Taro Pharmaceutical Industries Limited

·         Taro Pharmaceutical Laboratories INC

·         Taro Pharmaceuticals Canada, Limited

·         Taro Pharmaceuticals Europe B.V.

·         Taro Pharmaceuticals lnc.

·         Taro Pharmaceuticals Ireland Limited

·         Taro Pharmaceuticals North America, lnc

·         Taro Pharmaceuticals U.S.A., lnc

·         Taro Pharmaceuticals UK Limited

·         Tarochem Limited

·         TKS Farmaceutica Limiteda

·         United Research Laboratories, Limited

·         Universal Enterprises Private Limited (w.e.f.31st August, 2012)

·         URL Pharma Inc

·         URL PharmPro, LLC

·         ZAO Sun Pharma Industries Limited [Liquidated during the year]

 

 

Controlled Entity :

(As On 31.03.2014)

 

·         * Sun Pharmaceutical Industries

·         * Sun Pharma Sikkim

·         Sun Pharma Drugs

·         Universal Enterprise Private Limited [upto 31.08.2012]

 

 

Enterprise under significant influence of Key Management Personnel or their relatives :

(As On 31.03.2014)

 

·         Sun Petrochemicals Private Limited

·         Navjivan Rasayan (Gujarat) Private Limited

·         Sun Pharma Advanced Research Company Limited

 

NOTE:

** Controlled entities converted into private limited companies under Part IX of the Companies Act, 1956 w.e.f. 31.08.2012, Amalgamated in to Sun Pharma Laboratories Limited w.e.f. 01.09.2012.

 

* Incorporated / Acquired during the year

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3,000,000,000

Equity Shares

Rs. 10/- each

Rs. 3000.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2,071,163,910

Equity Shares

Rs. 10/- each

Rs. 2071.200 Million

 

 

 

 

 

i Right, Preferences and Restrictions attached to Equity Shares

The Equity Shares of the company, having par value of Rs. 1 per share, rank pari passu in all respects including voting rights and entitlement to dividend.

 

 

ii Reconciliation of the number of shares and amount outstanding at the beginning and at the end of reporting period

 

Equity Shares of Rs. 1 each

As at 31.03.2014

 

 

No. of Shares

Rs. In Million

Opening Balance

1035581955

1035.600

Add: Bonus Shares issued during the year

1035581955

1035.600

Closing Balance

2071163910

2071.200

 

iii 1,035,581,955 (Previous Year Nil) equity Shares of Rs. 1 each have been allotted as fully paid up bonus shares during the period of the five years immediately preceding the date at which the Balance sheet is prepared

 

Name of Shareholders

As at 31.03.2014

 

 

No. of Shares

Percentage of Holding

Dilip Shantilal shaghvi

231,140,480

11.2

Viditi Investments Private Limited

201,385,320

9.7

Tejaskiran Pharmachem Industries private Limited

195,343,760

9.4

Family Investment Private Limited

182,927,440

8.8

Quality Investment Private Limited

182,868,640

8.8

 

 

 

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

2071.200

2071.200

1035.600

(b) Reserves & Surplus

68719.500

72007.600

76853.200

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

483.800

0.000

0.000

Total Shareholders’ Funds (1) + (2)

71274.500

74078.800

77888.800

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

11703.200

46.400

46.400

(b) Deferred tax liabilities (Net)

0.000

1928.400

1654.100

(c) Other long term liabilities

143.700

13.800

10.100

(d) long-term provisions

24225.100

25241.900

1314.900

Total Non-current Liabilities (3)

36072.000

27230.500

3025.500

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

42528.100

24043.700

384.900

(b) Trade payables

14849.700

3800.600

3625.100

(c) Other current liabilities

32475.500

2336.100

1451.500

(d) Short-term provisions

11977.700

6880.300

6089.100

Total Current Liabilities (4)

101831.000

37060.700

11550.600

 

 

 

 

TOTAL

209177.500

138370.000

92464.900

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

42758.600

12575.600

11347.600

(ii) Intangible Assets

0.000

96.100

10.300

(iii) Capital work-in-progress

0.000

4804.600

3480.400

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

93666.200

61557.300

33764.900

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

18952.300

7614.900

4910.900

(e) Other Non-current assets

419.500

1.100

78.300

Total Non-Current Assets

155796.600

86649.600

53592.400

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

939.300

8600.000

9410.500

(b) Inventories

21892.500

9183.800

8687.600

(c) Trade receivables

18028.200

4527.500

7375.300

(d) Cash and cash equivalents

3042.700

1414.800

4311.200

(e) Short-term loans and advances

6966.900

3093.200

8495.000

(f) Other current assets

2511.300

24901.100

592.900

Total Current Assets

53380.900

51720.400

38872.500

 

 

 

 

TOTAL

209177.500

138370.000

92464.900

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Income

77309.300

28287.900

24321.400

 

 

Other Income

3924.700

1593.800

2361.700

 

 

TOTAL                                     (A)

81234.000

29881.700

26683.100

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

22611.100

8946.200

7057.900

 

 

Purchases of Stock-in-Trade

9342.200

1850.400

2009.600

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

3181.000

(145.300)

(105.300)

 

 

Employees benefits expense

14866.900

2796.300

2348.700

 

 

Other expenses

34689.500

14669.600

7883.700

 

 

Exception Item

0.000

28756.000

0.000

 

 

TOTAL                                     (B)

84690.700

56873.200

19194.600

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

(3456.700)

(26991.500)

7488.500

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

5512.500

0.000

0.000

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

(8969.200)

(26991.500)

7488.500

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

6606.800

         1019.400

858.200

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX (E-F)                (G)

(15576.000)

(28010.9000

6630.300

 

 

 

 

 

Less

TAX                                                                  (H)

(848.400)

274.300

1464.800

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX (G-H)                  (I)

(14727.600)

(28285.200)

5165.500

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Exports (FOB basis)

NA

22713.300

19238.000

 

 

Interest

NA

0.000

4.100

 

 

Royalty

NA

50.300

3.300

 

 

Others

NA

404.400

369.800

 

TOTAL EARNINGS

NA

23168.000

19615.200

 

 

 

 

 

 

Earnings Per Share (Rs.)

6.12

(13.70)

2.50

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash generated from operations

NA

22562.900

2752.400

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

(19.05)

(99.99)

21.24

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

(4.47)

(95.42)

30.79

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(13.48)

(38.90)

12.01

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.22)

(0.38)

0.09

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.76

0.33

0.01

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.52

1.40

3.37

 

 

 

 

STOCK PRICES

 

Face Value

Rs.1.00

 

 

Market Value

Rs. 849.65

 

 

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

1035.600

2071.200

2071.200

Reserves & Surplus

76853.200

72007.600

68719.500

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

483.800

Net worth

77888.800

74078.800

71274.500

 

 

 

 

Long-term borrowings

46.400

46.400

11703.200

Short term borrowings

384.900

24043.700

42528.100

Total borrowings

431.300

24090.100

54231.300

Debt/Equity ratio

0.006

0.325

0.761

 

 

 

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

24321.400

28287.900

77309.300

 

 

16.309

173.295

 

 

 

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

24321.400

28287.900

77309.300

Profit

5165.500

(28285.200)

(14727.600)

 

21.24%

(99.99)%

(19.05)%

 

 

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

Yes

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10406999

18/02/2013

5,000,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI - 400025, MAHARASHTRA, INDIA

B68476811

2

10351563

31/03/2012

178,140,000.00

DEPARTMENT OF BIOTECHNOLOGY

6-8TH FLOOR, BLOCK NO.2, CGO COMPLEX, LODHI ROAD, NEW DELHI - 110003, INDIA

B38042354

3

80052154

30/12/2005

728,500,000.00

CITI BANK N.A.

JEEVAN VIHAR BUILDING PARLIAMENT STREET, NEW DELHI - 110001, INDIA

-

4

90172173

24/10/2003

3,000,000,000.00

STATE BANK OF INDIA

JEEVAN VYAPAR BHAVAN, 11 TH AND 12TH FLOOR 1 TOLSTOY MARG, NEW DELHI - 110001, INDIA

-

5

90169791

09/04/2003

364,000,000.00

CREDIT LYONNAIS

6TH FLOOR 15 KASTURBA MARG, NEW DELHI - 110001, INDIA

-

6

90169771

17/02/2003

301,700,000.00

DEUTCHE BANK

BRANCH OFFICE15-17 TOLSTOY, HOUSE TOLSTOY MARG, 
NEW DELHI - 110001, INDIA

-

7

90169680

03/07/2002

484,000,000.00

STANDARD CHARTERED BANK

PARLIAMENT STREET, NEW DELHI, INDIA

-

8

80052153

24/10/2001

484,000,000.00

THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD

ECE HOUSE K G MARG, NEW DELHI- 110001, INDIA

-

9

90169551

12/03/2003 *

728,500,000.00

ABN AMRO BNAK N V

DLF CENTRE, PARLIAMENT STREET, NEW DELHI - 110001, INDIA

-

10

90169517

30/03/2001

2,122,500,000.00

PUNJAB NATIONAL BAN K

7 BHIKAJI CAMA PLACE AFRICA, AVENUE, NEW DELHI - 110066, INDIA

-

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

SHORT TERM BORROWINGS

 

 

Term Loan from Bank

24002.000

0.000

 

 

 

Total

 

24002.000

0.000

 

 

NATURE OF INDUSTRY (AS ON 31.03.2014)

 

The Company is engaged into development, manufacture, sale, trading, marketing and export of various pharmaceutical products.

 

 

MERGER OF RANBAXY (AS ON 31.03.2014)

 

At Sun Pharma, They have taken a significant initiative to enhance shareholder value for the future. They are in the process of acquiring Ranbaxy Laboratories Limited, India’s leading Company in sales, in one of India’s largest M&A transactions. The deal, an all-stock transaction valued at US$ 4 billion, is expected to be completed by December 2014. Ranbaxy shareholders will receive 0.8 share of Sun Pharma for each Ranbaxy’s share. Further details on the

 

 

CONTINGENT LIABILITIES:

 

Particulars

31.03.2014

(Rs. In Million)

A Claims against the Company not acknowledged as debts

24.000

B Guarantees

Guarantees Given by the bankers on behalf of the Company

374.200

Corporate Guarantees

86.000

C Others

 

Letters of Credit for Imports

2103.200

Liabilities Disputed - Appeals filed with respect to :

 

Income Tax on account of Disallowances / Additions

4927.800

Sales Tax on account of Rebate / Classification

48.500

Excise Duty on account of Valuation / Cenvat Credit

93.600

ESIC Contribution on account of applicability

0.200

Drug Price Equalisation Account [DPEA] on account of demand towards unintended benefit, including interest thereon, enjoyed by the Company

14.000

Demand by JDGFT import duty with respect to import alleged to be in excess of entitlement as per the Advanced Licence Scheme

14.600


FIXED ASSETS:

 

TANGIBLE ASSETS

·         Freehold Land

·         Leasehold Land

·         Buildings

·         Plant and Equipment

·         Vehicles

·         Office Equipment

·         Furniture and Fixtures

 

INTANGIBLE ASSETS

·         Trademarks, Designs and Other Intangible Assets

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No 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.63.92

UK Pound

1

Rs.100.40

Euro

1

Rs.70.41

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ARC / IND

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--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

 

65

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.