MIRA INFORM REPORT
|
Report No. : |
315325 |
|
Report Date : |
30.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
AJANTA PHARMA LIMITED |
|
|
|
|
Registered
Office : |
Ajanta House, 98, Government Industrial, Area Charkop, Kandivli
(West), Mumbai – 400067, Maharashtra |
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Country : |
India |
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|
Financials (as
on) : |
31.03.2014 |
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|
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Date of
Incorporation : |
31.12.1979 |
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Com. Reg. No.: |
11-022059 |
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Capital
Investment / Paid-up Capital : |
Rs. 176.700 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230MH1979PLC022059 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA08396D/MUMA19462C |
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PAN No.: [Permanent Account No.] |
AAACA5579P |
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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
: |
Manufacturing and Marketing of Pharmaceutical and Related Activities, Including Research. |
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No. of Employees
: |
Information Decline by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
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 |
|
Maximum Credit Limit : |
USD 15000000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established and reputed company having fine track
record. Financial position of the company seems to be sound. Trade relations are reported as fair. Business is active. Payment terms
are reported to be regular and as per commitments. The company can be considered good for normal business dealing at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “AA-“ |
|
Rating Explanation |
High degree of safety and carry very low
credit risk. |
|
Date |
18.11.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A1+“ |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
18.11.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management non-cooperative. (Tel. No.: 91-22-66061000)
LOCATIONS
|
Registered Office / Factory – I : |
Ajanta House, 98, Government Industrial, Area Charkop,
Kandivli (West), Mumbai – 400067, Maharashtra, India |
|
Tel. No.: |
91-22-66061000 |
|
Fax No.: |
91-22-66061200/1300 |
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E-Mail : |
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|
Website : |
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Factory-2 : |
B-4, B-5, B-6 MIDC Industrial Area, Paithan, Aurangabad-431128, |
|
Tel. No.: |
91-2431-233092 |
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Fax No.: |
91-2431-232088 |
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Factory-3 : |
31-O, MIDC Industrial Area, Chikalthana, Aurangabad-431210, |
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Tel. No.: |
91-240-22485851 |
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Fax No.: |
91-240-22485850 |
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Factory-4 : |
Gut No. 11/12/14/15, Chitegaon, Paithan, Road, Aurangabad-431 105,
Maharashtra, India |
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Factory -5 : |
Gut No. 378, Plot No. 8, Waluj, Aurangabad, Maharashtra, India |
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Factory -6 : |
Plot No Z-103 /A, Dahej SEZ
- Part II, District Bharuch, Gujarat, India |
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Factory -7 : |
Plot No 109, GIDC, Post
Manjusar, Taluka - Savli, District Vadodra, Gujarat, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Mannalal B. Agrawal |
|
Designation : |
Chairman |
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|
Name : |
Mr. Purushottam B. Agrawal |
|
Designation : |
Vice Chairman |
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|
Name : |
Mr. Madhusudan B. Agrawal |
|
Designation : |
Vice Chairman |
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|
Name : |
Mr. Yogesh M. Agrawal |
|
Designation : |
Managing Director |
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|
Name : |
Dr. Anil Kumar |
|
Designation : |
Director |
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|
Name : |
Mr. Chandrakant M. Khetan |
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Designation : |
Director |
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Name : |
K. H. Viswanathan |
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Designation : |
Director |
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|
Name : |
P. R. Dalal |
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Designation : |
Director |
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|
Name : |
Mr. Anjana Grewal |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Gaurang Shah |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of
Shareholder |
No. of Shares |
% of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
22615000 |
64.29 |
|
|
3356905 |
9.54 |
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|
25971905 |
73.83 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
25971905 |
73.83 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
500020 |
1.42 |
|
|
10224 |
0.03 |
|
|
2570303 |
7.31 |
|
|
3080547 |
8.76 |
|
|
|
|
|
|
661438 |
1.88 |
|
|
|
|
|
|
3388842 |
9.63 |
|
|
1832249 |
5.21 |
|
|
242419 |
0.69 |
|
|
41371 |
0.12 |
|
|
1805 |
0.01 |
|
|
13176 |
0.04 |
|
|
156166 |
0.44 |
|
|
3049 |
0.01 |
|
|
26852 |
0.08 |
|
|
6124948 |
17.41 |
|
Total Public
shareholding (B) |
9205495 |
26.17 |
|
Total (A)+(B) |
35177400 |
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) |
35177400 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Pharmaceutical and Related
Activities, Including Research. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
Saraswat Co-Operative Bank Limited |
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Facilities : |
(Rs.
In Millions)
LONG TERM BORROWINGS
SHORT TERM BORROWINGS
|
|
Auditors : |
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|
Name : |
Kapoor and Parekh Associates Chartered Accountants |
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Cost Auditors : |
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Name : |
Sevekari Khare and Associates Chartered Accountants |
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Subsidiaries : |
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Associate Companies: |
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Related Party: |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.5/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35457300 |
Equity Shares |
Rs.5/- each |
Rs.177.300 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35150700 |
Equity Shares |
Rs.5/- each |
Rs.175.800 Millions |
|
306600 |
Add :- Share Forfeited - Amount originally paid up |
|
Rs.0.900 Million |
|
|
Total |
|
Rs.176.700 Millions |
Reconciliation of
number of equity shares outstanding at the beginning and at the end of the
year:
|
|
As on 31.03.2014 |
|
|
|
No. of Share |
Rs. In Millions |
|
Equity shares outstanding at the beginning of the year |
23417000 |
117.100 |
|
Add: Equity shares allotted during the year against option's exercised under ESOP |
16800 |
0.100 |
|
Add: Equity shares allotted during the year as Bonus |
11716900 |
58.600 |
|
Less: Equity shares bought back during the year |
-- |
-- |
|
Equity shares outstanding at the end of the year |
35150700 |
175.800 |
Terms/Rights attached
to equity shares
The Company has issued only one class of equity shares having a par value of Rs.5 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting.
During the year ended 31st March 2014 amount per share of dividend recognised as distributions to equity shareholders is Rs.10 (Pr.Yr. Rs.6.25).
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 numbers of equity shares held by shareholders.
Details of Equity
Shares held by each shareholders holding more than 5%
|
|
As on 31.03.2013 |
|
|
Equity Shares of
Rs.5 (Pr.Yr. Rs.10) each fully paid. |
No. of Share |
% holding |
|
Mannalal B. Agrawal |
21,62,688 |
6.15 |
|
Purushottam B. Agrawal |
21,55,770 |
6.13 |
|
Madhusudan B. Agrawal |
21,55,500 |
6.13 |
|
Vimal Agrawal and Mamta Agrawal |
20,55,000 |
5.85 |
|
Yogesh M. Agrawal |
25,28,424 |
7.19 |
|
Rajesh M. Agrawal |
25,39,441 |
7.22 |
|
Gabs Investments Private Limited |
33,56,905 |
9.55 |
LISTING DETAILS:
|
|
BSE : 532331 NSE : AJANTPHARM ISIN : INE031B01049 |
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Stock Exchange Place : |
|
|
Listed Date : |
Not Available |
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|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
176.700 |
118.000 |
118.000 |
|
(b) Reserves & Surplus |
5186.500 |
3444.800 |
2600.400 |
|
(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) |
5363.200 |
3562.800 |
2718.400 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
512.800 |
722.000 |
753.600 |
|
(b) Deferred tax liabilities (Net) |
229.800 |
236.500 |
170.900 |
|
(c) Other long term
liabilities |
25.000 |
25.000 |
25.000 |
|
(d) long-term
provisions |
28.300 |
29.800 |
49.100 |
|
Total Non-current
Liabilities (3) |
795.900 |
1013.300 |
998.600 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
605.400 |
512.600 |
868.700 |
|
(b) Trade
payables |
1109.000 |
1300.400 |
1059.200 |
|
(c) Other
current liabilities |
498.100 |
168.100 |
422.200 |
|
(d) Short-term provisions |
427.100 |
196.600 |
104.500 |
|
Total Current
Liabilities (4) |
2639.600 |
2177.700 |
2454.600 |
|
|
|
|
|
|
TOTAL |
8798.700 |
6753.800 |
6171.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2600.200 |
2530.900 |
2233.000 |
|
(ii)
Intangible Assets |
13.800 |
96.400 |
132.600 |
|
(iii)
Capital work-in-progress |
935.500 |
124.900 |
25.200 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
238.400 |
188.600 |
170.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
386.800 |
484.100 |
505.600 |
|
(e) Other
Non-current assets |
87.500 |
70.900 |
12.800 |
|
Total Non-Current
Assets |
4262.200 |
3495.800 |
3079.700 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
550.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1487.700 |
1435.100 |
1623.500 |
|
(c) Trade
receivables |
1770.900 |
1351.900 |
1254.200 |
|
(d) Cash
and cash equivalents |
290.800 |
251.100 |
50.800 |
|
(e)
Short-term loans and advances |
430.900 |
213.200 |
156.100 |
|
(f) Other
current assets |
6.200 |
6.700 |
7.300 |
|
Total
Current Assets |
4536.500 |
3258.000 |
3091.900 |
|
|
|
|
|
|
TOTAL |
8798.700 |
6753.800 |
6171.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
11099.200 |
8,92.000 |
6042.700 |
|
|
Other Income |
177.200 |
74.100 |
12.100 |
|
|
TOTAL
(A) |
11276.400 |
8466.100 |
6054.800 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2998.700 |
2840.900 |
2302.900 |
|
|
Purchases of Stock-in-Trade |
406.700 |
273.500 |
204.700 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
71.400 |
(114.100) |
(329.900) |
|
|
Employees benefits expense |
1472.500 |
1154.000 |
871.700 |
|
|
Other expenses |
2694.600 |
2164.900 |
1761.000 |
|
|
TOTAL
(B) |
7643.900 |
6319.200 |
4810.400 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
3632.500 |
2146.900 |
1244.400 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
82.200 |
184.800 |
140.100 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3550.300 |
1962.100 |
1104.300 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
419.700 |
327.000 |
306.800 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
3130.600 |
1635.100 |
797.500 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
922.000 |
623.900 |
132.600 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
2208.600 |
1011.200 |
664.900 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
6605.600 |
5066.700 |
3426.800 |
|
|
Freight and Insurance |
157.400 |
172.500 |
115.900 |
|
|
Technology transfer Fees |
62.500 |
5.000 |
5.100 |
|
|
Dividend from subsidiary |
45.600 |
54.200 |
0.000 |
|
|
TOTAL
EARNINGS |
6871.100 |
5298.400 |
3547.800 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
300.000 |
393.000 |
332.100 |
|
|
Capital Goods |
298.800 |
123.600 |
41.200 |
|
|
Other |
3.000 |
7.100 |
4.100 |
|
|
TOTAL
IMPORTS |
601.800 |
523.700 |
377.400 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
|
Basic |
42.83 |
28.78 |
28.39 |
|
|
Diluted |
62.72 |
28.71 |
28.33 |
QUARTERLY RESULTS
|
Particulars (Rs.Million) |
31.12.2014 |
30.09.2014 |
30.06.2014 |
|
Audited /
UnAudited |
Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
3625.700 |
3373.000 |
2874.900 |
|
Total Expenditure |
2311.600 |
2265.700 |
1977.900 |
|
PBIDT (Excl OI) |
1314.100 |
1107.300 |
897.000 |
|
Other Income |
62.700 |
159.000 |
86.900 |
|
Operating Profit |
1376.800 |
1266.300 |
983.900 |
|
Interest |
12.000 |
13.400 |
14.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
1364.800 |
1252.900 |
969.700 |
|
Depreciation |
125.900 |
122.000 |
120.400 |
|
Profit Before Tax |
1238.900 |
1130.900 |
849.300 |
|
Tax |
391.800 |
344.600 |
262.100 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
847.100 |
786.300 |
587.200 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
847.100 |
786.300 |
587.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
19.89
|
113.36 |
11.00 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
32.73
|
240.68 |
20.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
41.06 |
25.39 |
13.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.58 |
0.46 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debts/Networth) |
|
0.21 |
0.35 |
0.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.72 |
1.50 |
1.26 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
118.000 |
118.000 |
176.700 |
|
Reserves & Surplus |
2600.400 |
3444.800 |
5186.500 |
|
Net worth |
2718.400 |
3562.800 |
5363.200 |
|
|
|
|
|
|
long-term borrowings |
753.600 |
722.000 |
512.800 |
|
Short term borrowings |
868.700 |
512.600 |
605.400 |
|
Total borrowings |
1622.300 |
1234.600 |
1118.200 |
|
Debt/Equity ratio |
0.597 |
0.347 |
0.208 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
6042.700 |
8392.000 |
11099.200 |
|
|
|
38.878 |
32.259 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
6042.700 |
8392.000 |
11099.200 |
|
Profit |
664.900 |
1011.200 |
2208.600 |
|
|
11.00% |
12.05% |
19.90% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATION DETAILS:
HIGH
COURT OF BOMBAY
|
Bench:- Bombay |
|||||||
|
Presentation Date:- 30/12/2013 |
|||||||
|
Lodging No:- |
ITXAL/2228/2013 |
Filing Date:- |
30/12/2013 |
Reg. No.:- |
ITXA/723/2014 |
Reg. Date:- |
03/04/2014 |
|
Petitioner:- |
COMMISSIONER OF INCOME TAX CENTRAL |
Respondent:- |
AJANTA PHARMA LIMITED |
||||
|
Petn. Adv.: |
ARVIND PINTO (0) |
|
|
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
DIVISION |
||||||
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
||||
|
Last Date:- |
09/10/2014 |
Stage:- |
FOR REJECTION
[ORIGINAL SIDE MATTERS] |
||||
|
Last Coram:- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
||||||
|
Act:- |
Income Tax Act,
1961 |
Under Section:- |
260A |
||||
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWINGS |
|
|
|
Other Loans & Advances |
|
|
|
Deferred Sales Tax Loans |
107.700 |
157.600 |
|
Total |
107.700 |
157.600 |
|
|
|
|
GENERAL INFORMATION:
Subject is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956 (as amended by the Companies Act, 2013). Its shares are listed on two stock exchanges in India. The Company is engaged in the business of pharmaceutical and related activities, including research.
PERFORMANCE REVIEW:
The Company’s performance for the year ended 31st March, 2014 has been outstanding, scaling newer heights in terms of sales and profits. Consolidated sales grew by 30% over the previous year, where international markets accounted for 66% of sales. Profit before interest, depreciation and tax (EBITDA) increased by 64%, whereas Profit after tax was higher by 109% over the previous year.
CONTINGENT
LIABILITIES:
(Rs. In Millions)
|
Particulars |
31.03.2014 |
31.03.2013 |
|
i. Claims against the Company not acknowledged as debt |
7.000 |
3.400 |
|
ii. Income tax demands disputed by Company pending in appeal. Amount paid under protest Rs.18.200 Millions (Pr. Yr. Rs.18.200 Millions) |
Nil |
36.900 |
|
iii. Sales tax demands disputed by Company pending in appeal |
2.200 |
2.200 |
|
iv. Custom Duty on import under Advance License Scheme, pending fulfilment of Exports obligation. |
13.900 |
6.000 |
|
v. Disputed Octroi. Amount paid under protest Rs.5.200 Millions (Pr. Yr. Rs.5.200 Millions) |
5.200 |
5.200 |
|
vi. Excise duty disputed by the Company |
3.400 |
1.600 |
|
vii. Unpaid allotment money in respect of |
|
|
|
(a) Shares of Ajanta Pharma UK Ltd, wholly owned subsidiary, equivalent to UK Pound 10,000 (Pr.Yr. UK Pound 10,000). |
1.000 |
0.800 |
|
(b) Common Stock of Ajanta Pharma USA Inc., wholly owned subsidiary is Nil (Pr.Yr. USD 0.01 Crore). |
Nil |
5.400 |
Future cash outflows in respect of liability under clauses (i) to (iv) is dependent on terms agreed upon with the parties, in respect of clauses (v) to (x) is dependent on decisions by relevant authorities of respective disputes and in respect of clause (xi) it is dependent on call made by investee companies.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10418936 |
21/03/2013 |
551,600,000.00 |
STATE BANK OF MAURITIUS LIMITED |
101, RAHEJA CENTRE, 1ST FLOOR, FREE PRESS JOURNAL ROAD, MUMBAI, MAHARASHTRA - 400021, INDIA |
B72949712 |
|
2 |
10343311 |
20/03/2013 * |
550,000,000.00 |
ABU DHABI COMMERCIAL BANK LIMITED |
75, REHMAT MANZIL,, VEER NARIMAN ROAD, CHURCHGATE, MUMBAI, MAHARASHTRA - 400020, INDIA |
B71792477 |
|
3 |
10039644 |
27/03/2014 * |
480,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
C03692589 |
|
4 |
10042802 |
02/11/2010 * |
290,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A98834781 |
|
5 |
90241060 |
27/03/2014 * |
75,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE
BUILDING, WORLD TRADE CENTRE COMPLEX,, MAHARASHTRA - 400005, INDIA |
C03693637 |
|
6 |
90240349 |
21/08/2006 * |
435,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, SHIVSAGAR ESTATE,, WORLI - SOUTH, MUMBAI, MAHARASHTRA - 400018, INDIA |
- |
|
7 |
80026318 |
22/03/2007 * |
100,000,000.00 |
STATE BANK OF MAURITIUS |
101, RAHEJA CENTRE,, FREE PRESS JOURNAL ROAD,, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
* Date of charge modification
FIXED ASSETS
- Land & Site Development
- Buildings
- Plant and Machinery
- Furniture and Fixtures
- Office
- Equipments
- Vehicles
- Computers
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED 31ST DECEMBER 2014.
(Rs. In
Millions)
|
Sr No. |
Particulars |
31.12.2014 3 Months Enede |
30.09.2014 3 Months
Ended |
31.12.2014 9 Months Ended |
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
|
1 |
Income
from Operations : |
|
|
|
|
|
Domestic |
1353.900 |
1176.30 |
3747.000 |
|
|
Exports |
2240.800 |
2165.000 |
6023.100 |
|
|
Total |
3594.700 |
3341.300 |
9770.100 |
|
|
Less : Excise Duty |
|
|
|
|
|
Net Sales |
3562.800 |
3311.900 |
9682.600 |
|
|
(b) Other Operating Income |
62.900 |
61.100 |
191.000 |
|
|
Total Income from
Operations |
3625.700 |
3373.000 |
9873.600 |
|
|
|
|
|
|
|
2 |
Expenditure |
|
|
|
|
|
Cost of materials consumed |
866.600 |
1034.200 |
2478.400 |
|
|
Purchase of stock in trade |
118.500 |
128.900 |
347.500 |
|
|
Changes in inventories of finished goods, work in progress
and stock in trade |
18.700 |
(196.600) |
(53.100) |
|
|
Employee benefits expenses |
481.700 |
445.200 |
1355.300 |
|
|
Depreciation and amortization expenses |
125.900 |
122.000 |
368.300 |
|
|
Exchange rate difference (Net) |
-- |
-- |
-- |
|
|
Other expenses |
826.700 |
854.000 |
2427.100 |
|
|
Total Expenses |
2437.500 |
2387.700 |
6923.500 |
|
|
|
|
|
|
|
3 |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
1188.200 |
985.300 |
2950.100 |
|
4 |
Other Income |
36.200 |
147.200 |
269.200 |
|
|
Exchange rate difference (Net) |
26.500 |
11.800 |
39.400 |
|
5 |
Profit Before Interest and Exceptional Items (3+4) |
1250.900 |
1144.300 |
3258.700 |
|
6 |
Finance Cost |
12.000 |
13.400 |
39.600 |
|
7 |
Profit from Ordinary Activities before Tax (7+8) |
1238.900 |
1130.900 |
3219.100 |
|
8 |
Tax Expense |
391.800 |
344.600 |
998.500 |
|
9 |
Net Profit from Ordinary Activities after Tax (9-10) |
847.100 |
786.300 |
2220.600 |
|
10 |
Paid-up Equity Share Capital |
176.800 |
176.800 |
176.800 |
|
|
(Face Value of Re. 1/- Each) |
|
|
|
|
11 |
Reserves Excluding Revaluation Reserve |
|
|
|
|
12 |
Basic and Diluted Earning Per Share (EPS) (Rs.)-Not
Annualised |
|
|
|
|
|
a) Basic |
24.08 |
22.35 |
63.13 |
|
|
b) Diluted |
24.06 |
22.53 |
63.07 |
|
|
|
|
|
|
|
|
Public Shareholding |
|
|
|
|
|
-Number of Shares |
9205495 |
9205495 |
9205495 |
|
|
- Percentage of Shareholding |
26.17% |
26.17% |
26.17% |
|
18 |
Promoters and Promoter Group Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
1140500 |
1445500 |
1140500 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
4.39% |
5.57% |
4.39% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
3.24% |
4.11% |
3.24% |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of Shares |
24831405 |
24526405 |
24831405 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
95.61% |
94.43% |
95.61% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
70.59% |
69.72% |
70.59% |
|
INVESTOR
COMPLAINTS |
As on
31.12.2014 |
|
Pending at the beginning of the quarter and remaining unresolved at the end of the quarter |
Nil |
|
Received and disposed off during the quarter |
23 |
|
Pending at the end of the quarter |
Nil |
PRESS RELEASE
OPERATING REVENUE UP 21%, PAT UP 36%
Standalone – 3rd Quarter Results - FY 2014-15
Mumbai, 28th January 2015: Ajanta Pharma Limited,a specialty focused pharmaceutical formulation company reported today its performance for the third quarter and nine months ended 31st December 2014.
Highlights of Q3 FY ‘15 standalone financial performance are:
Revenue from
operations grew 21% at Rs. 3630.000 Million against Rs. 3010.000 Million
Highlights of Q3 FY ‘15 standalone financial performance are:
Revenue from
operations grew 21% at Rs. 3630.000 Million against Rs. 3010.000 Million
- EBITDA growth of 32% at Rs. 1310.000 Million against Rs. 990.000 Million EBITDA at 36% of revenue
- Profit before Tax at Rs. 1240.000 Million against Rs. 900.000 Million, a growth of 38%
- Profit after Tax grew 36% at Rs. 850.000 Million against Rs. 620.000 Million PAT at 23% of revenue
- Exports contributed 62% of the revenue for the quarter
Highlights of 9 months standalone financial performance are:
- Revenue from operations grew 24% at Rs. 9870.000 Million against Rs. 7990.000 Million
- EBITDA growth of 42% at Rs. 3320.000 Million against Rs. 2340.000
Million EBITDA at 34% of revenue
- Profit before Tax at Rs. 3220.000 Million against Rs. 2170.000
Million, a growth of 49%
- Profit after Tax grew 47% at Rs. 2220.000 Million against Rs.
1510.000 Millionq PAT at 22% of revenue
- Exports contributed 61% of the total operating income for the nine months
Commenting on
the results, Mr. Rajesh Agrawal, Jt. Managing Director said “We are pleased with the the
results of yet another sound quarter. All our growth drivers are
performing as per our plans and expectations. We continue to post above
industry growth in India and Emerging Markets in our branded generic business
segment. Our Dahej formulation facility (oral solids) implementation has
been completed and is undergoing qualification. We expect to take
regulatory filing batches from Q1 FY ‘16 onwards. Addition of this
facility will ensure that we have adequate capacities to cater to our growths
in coming years”.
India Business: Accelerated Growth
For the 3rd Quarter, overall India business was Rs. 1320.000 Million, up
35% over Q3 last year. Out of this, Indian Pharmaceutical Market
(IPM) business was Rs. 1090.000 Million posting healthy growth of 30% as
against the industry growth of 11%. Institution sales was Rs. 230.000
Million, posting growth of 69% over previous year quarter. During the
quarter 6 new products were launched, out-of-which 2 were first to market.
For the nine months, sales was Rs. 3660.000
Million, up by 26% over same period last year. Out of this, Indian
Pharmaceutical Market (IPM) business was Rs. 3210.000 Million posting healthy
growth of 33% as against the industry growth of 11%. Institution sales
was Rs. 450.000 Million, posting de-growth of 7% over previous year nine
months. In the three major therapeutic segments where we operate, we have
posted robust growth of 35% in Cardiology, 30% in Opthalmology and 16% in
Dermatology (IMS MAT Dec ‘14).
Emerging Markets: Gaining Grounds
Emerging markets grew 15% during the quarter,
with sale of Rs. 2230.000 Million Africa contributed Rs. 1100.000 Million
(growth of 4%), Asia Rs. 1090.000 Million (growth of 25%) and Latin America Rs.
40.000 Million (growth of 112%). During the quarter, company launched 8
new products in emerging markets. In the first nine months, emerging
markets grew 23% with sale of Rs. 5990.000 Million Africa contributed Rs.
3140.000 Million (growth of 20%), Asia Rs. 2750.000 Million (growth of 28%) and
Latin America Rs. 100.000 Million (de-growth of 2%).
Company continues to strengthen its brand
presence in various emerging markets it operates in. Company has a
pipeline of about 1,700 products under registration paving the way for
sustained growth in these markets.
Regulated Markets: Awaiting ANDA Approvals
Company continues to gain market share for its
product in the US market. Currently company has 23 ANDAs awaiting
approval from US FDA.
R&D: Consistent Futuristic Investments
R and D expenses for the quarter were Rs.
120.000 Million (Rs. 140.000 Million), while for the nine months it were Rs.
410.000 Million (Rs. 390.000 Million). Ajanta continues to invest in its
R&D infrastructure on continuous basis to meet the business requirements.
About Ajanta Pharma Limited
Ajanta Pharma - a speciality pharmaceutical
formulation company has a well-established branded generic business in India
and emerging markets. It has leading brands in therapeutic segments of
Ophthalmology, Dermatology, Cardiology and Pain management in India. In
emerging markets, Company has customised product basket with wider therapeutics
presence. Many of company’s products are first in the market place and
are leading in their sub therapeutic segments.
The company is now building a portfolio of ANDAs
for the regulated markets of USA and has recently entered this market with its
maiden product.
Company’s state of the art R&D centre for
formulation development is located at Mumbai, having a team of 350+ people.
Company has world class manufacturing facilities - 4 located in India and
1 at Mauritius. One of the manufacturing facilities in India is approved
by US FDA, UK MHRA, pre-qualification from WHO, apart from having approval from
FDAs of many other countries. Company is setting up two more
manufacturing facilities in India, one for regulated markets and another for
domestic/emerging markets.
For last 5 years, company has posted healthy
performance with its consolidated revenue showing a CAGR of 31% and net profit
of 62%.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.61 |
|
|
1 |
Rs. 92.95 |
|
Euro |
1 |
Rs. 68.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
67 |
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.