MIRA INFORM REPORT
|
Report No. : |
322788 |
|
Report Date : |
20.05.2015 |
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 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
17.08.1935 |
|
|
|
|
Com. Reg. No.: |
11-002380 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1605.800 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24239MH1935PLC002380 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC00352C |
|
|
|
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PAN: |
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. |
|
|
|
|
No. of Employees
: |
Information
denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (80) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Exist |
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|
|
Comments : |
Subject is a well-established and reputed company having excellent
track record. The rating reflect Cipla’s reputed brand having global presence
supported by its well established and experienced promoters, dominant market
position in domestic pharmaceutical industry, robust operational performance
and strong financial risk profile. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
CARE |
|
Rating |
Long Term Bank Facilities: “AAA” |
|
Rating Explanation |
Highest degree of safety and lowest credit
risk. |
|
Date |
January 06, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: “A1+” |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
January 06, 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
31-03-2014.
INFORMATION DENIED
Management non co-operative (91-22-24826000)
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 |
|
|
|
|
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 |
|
Fax No.: |
91-22-23070013/ 23070393/ 85/ 23008101 |
|
|
|
|
Branch Office: |
C/4, Raj Plaza, LBS Marg, Vikhroli (W), Mumbai-400083, Maharashtra, India |
|
Tel No: |
91-22– 25716000 |
|
|
|
|
Factory 1: |
Virgonagar, Old Madras Road, Bangalore – 560049, Karnataka, India |
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|
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Factory 2: |
Bommasandra-Jigani Link Road, Industrial Area, KIADB 4th Phase, Bangalore - 560099, Karnataka, India |
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|
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Factory 3: |
MIDC, Patalganga, District Raigad – 410220, Maharashtra, India |
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|
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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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|
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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 31.03.2014
|
Name : |
Dr. Y.K. Hamied |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. M.K. Hamied |
|
Designation : |
Vice-Chairman |
|
|
|
|
Name : |
Mr. Subhanu Saxena |
|
Designation : |
Managing Director and Global Chief Executive Officer |
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|
|
|
Name : |
Mr. S. Radhakrishnan |
|
Designation : |
Whole-time
Director |
|
|
|
|
Name : |
Mr. Rajesh Garg |
|
Designation : |
Executive Director and Global Chief Financial Officer |
|
|
|
|
Name : |
Dr. H.R. Manchanda |
|
Designation : |
Non-Executive
Directors |
|
|
|
|
Name : |
Mr. V.C. Kotwal |
|
Designation : |
Non-Executive
Directors |
|
|
|
|
Name : |
Mr. Pankaj Patel |
|
Designation : |
Non-Executive
Directors |
|
|
|
|
Name : |
Mr. Ashok Sinha |
|
Designation : |
Non-Executive
Directors |
|
|
|
|
Name : |
Dr. Peter Mugyenyi |
|
Designation : |
Non-Executive
Directors |
|
|
|
|
Name : |
Mr. Adil Zainulbhai |
|
Designation : |
Non-Executive
Directors |
SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
111781000 |
14.23 |
|
|
6022791 |
0.77 |
|
|
117803791 |
15.00 |
|
|
|
|
|
|
177682187 |
22.62 |
|
|
177682187 |
22.62 |
|
Total shareholding of Promoter
and Promoter Group (A) |
295485978 |
37.62 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
30823665 |
3.92 |
|
|
1571507 |
0.20 |
|
|
45950769 |
5.85 |
|
|
161846469 |
20.61 |
|
|
42324517 |
5.39 |
|
|
42324517 |
5.39 |
|
|
282516927 |
35.97 |
|
|
|
|
|
|
31819249 |
4.05 |
|
|
|
|
|
|
51412157 |
6.55 |
|
|
93718038 |
11.93 |
|
|
30489646 |
3.88 |
|
|
1395071 |
0.18 |
|
|
157358 |
0.02 |
|
|
27837424 |
3.54 |
|
|
1099418 |
0.14 |
|
|
375 |
0.00 |
|
|
207439090 |
26.41 |
|
Total Public shareholding (B) |
489956017 |
62.38 |
|
Total (A)+(B) |
785441995 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
17518445 |
0.00 |
|
|
17518445 |
0.00 |
|
Total (A)+(B)+(C) |
802960440 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distributor of Drugs and Healthcare Products. |
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|
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|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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|
Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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|
Terms : |
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|
Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name 1 : |
V. Sankar Aiyar and Company Chartered Accountants |
|
|
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|
Name 2 : |
R.G.N. Price and Company Chartered Accountants |
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Subsidiaries (held directly): |
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Subsidiaries
(held indirectly) : |
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Associates : |
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Joint Venture :
|
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Entities over which
Key Management Personnel are able to exercise significant influence: |
|
@ With effect from 28/08/2013
* With effect from 30/09/2013
** With effect from 20/11/2013
*** With effect from 04/12/2013
# With effect from 15/07/2013
# # from 01/10/2010 upto 19/11/2013
CAPITAL STRUCTURE
After As on
03.09.2014
Authorised Capital: Rs. 1750.000 Million
Issued, Subscribed & Paid-up Capital: Rs. 1605.921
Million
As on 31.03.2014
Authorized 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 |
|
|
|
|
|
|
803924752 |
Equity Shares |
Rs.2/- each |
Rs.1607.800
Million |
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
802921357 |
Equity Shares |
Rs.2/- each |
Rs.1605.800
Million |
There is no change in the shares outstanding
at the beginning and at the end of the reporting date and immediately preceding
reporting date
- Details of Shareholders holding more
than 5 percent shares in the Company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Y.K. Hamied |
12,48,27,750 |
15.55 |
|
Farida Hamied |
4,19,14,937 |
5.22 |
|
Sophie Ahmed |
4,59,82,000 |
5.73 |
|
Life Insurance Corporation of India |
5,24,97,490 |
6.54 |
- 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 |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1605.800 |
1605.800 |
1605.800 |
|
(b) Reserves & Surplus |
99310.600 |
87089.400 |
73897.000 |
|
(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) |
100916.400 |
88695.200 |
75502.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4.300 |
5.500 |
22.000 |
|
(b) Deferred tax liabilities (Net) |
3112.000 |
2812.000 |
2324.500 |
|
(c) Other long term
liabilities |
300.000 |
300.000 |
300.000 |
|
(d) long-term
provisions |
739.900 |
473.400 |
291.200 |
|
Total Non-current
Liabilities (3) |
4156.200 |
3590.900 |
2937.700 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
8769.100 |
9652.600 |
100.000 |
|
(b) Trade
payables |
9625.600 |
8270.900 |
6858.500 |
|
(c) Other
current liabilities |
3332.000 |
2426.200 |
2327.900 |
|
(d) Short-term
provisions |
2440.700 |
2296.300 |
2206.400 |
|
Total Current
Liabilities (4) |
24167.400 |
22646.000 |
11492.800 |
|
|
|
|
|
|
TOTAL |
129240.000 |
114932.100 |
89933.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
35195.900 |
34182.900 |
30026.600 |
|
(ii)
Intangible Assets |
46.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
3196.400 |
3399.900 |
3434.500 |
|
(iv)
Intangible assets under development |
570.500 |
103.500 |
0.000 |
|
(b) Non-current Investments |
33282.800 |
5143.600 |
4618.300 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5353.000 |
3737.200 |
3935.000 |
|
(e) Other
Non-current assets |
615.700 |
3.100 |
2.400 |
|
Total Non-Current
Assets |
78260.300 |
46570.200 |
42016.800 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
2588.500 |
20874.600 |
5733.200 |
|
(b)
Inventories |
25111.600 |
23433.700 |
18245.000 |
|
(c) Trade
receivables |
17281.000 |
16452.200 |
15193.100 |
|
(d) Cash
and cash equivalents |
460.400 |
1050.700 |
550.600 |
|
(e) Short-term
loans and advances |
5155.600 |
6527.900 |
7654.800 |
|
(f) Other
current assets |
382.600 |
22.800 |
539.800 |
|
Total
Current Assets |
50979.700 |
68361.900 |
47916.500 |
|
|
|
|
|
|
TOTAL |
129240.000 |
114932.100 |
89933.300 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
93,802.900 |
82,024.200 |
69,775.000 |
|
|
|
Other Income |
2,802.800 |
2,291.300 |
1,483.000 |
|
|
|
TOTAL (A) |
96,605.700 |
84,315.500 |
71,258.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
31,453.400 |
26,468.300 |
23,008.500 |
|
|
|
Purchase of Traded Goods |
7,734.000 |
7,068.900 |
5,555.500 |
|
|
|
Changes in Inventories of Finished Goods,
Work-in-Process and Traded Goods |
(1,581.200) |
(2,907.500) |
112.400 |
|
|
|
Employee Benefits Expense |
12,847.500 |
9,692.800 |
7,282.100 |
|
|
|
Other Expenses |
23,453.900 |
20,510.300 |
17,997.900 |
|
|
|
TOTAL (B) |
73,907.600 |
60,832.800 |
53,956.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
22,698.100 |
23,482.700 |
17,301.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1,278.600 |
333.800 |
266.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
21,419.500 |
23,148.900 |
17,035.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3,236.100 |
3,030.300 |
2,820.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
18,183.400 |
20,118.600 |
14,214.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4,300.000 |
5,047.500 |
2,975.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
13,883.400 |
15,071.100 |
11,239.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
42,701.300 |
31,108.900 |
22,979.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
1,605.800 |
1,605.800 |
1,600.000 |
|
|
|
Tax on Dividend |
272.900 |
272.900 |
260.000 |
|
|
|
Transfer to General Reserve |
1,400.000 |
1,600.000 |
1,250.000 |
|
|
BALANCE CARRIED
TO THE B/S |
53,306.000 |
42,701.300 |
31,108.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
49479.600 |
44261.600 |
36920.300 |
|
|
|
Technical Know-how/ Fees |
1873.900 |
604.300 |
295.500 |
|
|
|
Others |
145.300 |
81.300 |
65.900 |
|
|
TOTAL EARNINGS |
51498.800 |
44947.200 |
37281.7 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials / Packing Materials |
13306.400 |
12067.800 |
9543.400 |
|
|
|
Components and Spare Parts |
307.000 |
262.300 |
324.200 |
|
|
|
Capital Goods |
647.100 |
832.100 |
1465.000 |
|
|
TOTAL IMPORTS |
14260.500 |
13162.200 |
11332.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.29 |
18.77 |
14.00 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
Unaudited 30.06.2014 |
Unaudited 30.09.2014 |
Unaudited 31.12.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Revenue |
24,744.600 |
24,896.300 |
24,662.300 |
|
Other Income |
372.800 |
232.400 |
466.400 |
|
Total Income |
25,117.400 |
25,128.700 |
25,128.700 |
|
Expenditure |
(19,419.300) |
(19,357.800) |
(19,845.100) |
|
Interest |
(251.500) |
(318.400) |
(433.600) |
|
PBDT |
5,446.600 |
5,452.500 |
4,850.000 |
|
Depreciation |
(1,142.400) |
(1,097.700) |
(977.100) |
|
PBT |
4,304.200 |
4,354.800 |
3,872.900 |
|
Tax |
(982.500) |
(994.100) |
(883.400) |
|
Net Profit |
3,321.700 |
3,360.700 |
2,989.500 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
0.600 |
1.400 |
7.200
|
|
Cash generated from operations |
20977.900 |
18023.000 |
19673.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
14.80 |
18.37 |
16.11 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
24.20 |
28.63 |
24.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.29 |
18.93 |
17.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.23 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.09 |
0.11 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.00 |
3.02 |
4.17 |
FINANCIAL ANALYSIS
[All figures are in
Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
1605.800 |
1605.800 |
1605.800 |
|
Reserves & Surplus |
73897.000 |
87089.400 |
99310.600 |
|
Net worth |
75502.800 |
88695.200 |
100916.400 |
|
|
|
|
|
|
long-term borrowings |
22.000 |
5.500 |
4.300 |
|
Short term borrowings |
100.000 |
9652.600 |
8769.100 |
|
Current Maturities of
Long Term Debt |
7.200 |
1.400 |
0.600 |
|
Total borrowings |
129.200 |
9659.500 |
8774.000 |
|
Debt/Equity ratio |
0.002 |
0.109 |
0.087 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
69,775.000 |
82,024.200 |
93,802.900 |
|
|
|
17.555 |
14.360 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
69,775.000 |
82,024.200 |
93,802.900 |
|
Profit |
11,239.600 |
15,071.100 |
13,883.400 |
|
|
16.11% |
18.37% |
14.80% |
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 |
No |
|
6 |
Contact numbers |
No |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
No |
|
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 |
-- |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
No |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
Note: The Registered Office
of the Company was shifted from above address to present address w.e.f.
01.04.2014.
LITIGATION
DETAILS:
|
Case Details |
|||||||
|
Bench:-Bombay |
|||||||
|
Presentation Date 05.03.2015 |
|||||||
|
Lodging No.:- |
ITXAL/300/2015 |
Filing Date:- |
05.03.2015 |
||||
|
Petitioner:- |
COMMISSIONER OF INCOME TAX, |
Respondent:- |
CIPLA LIMITED |
||||
|
Petn. Adv.:- |
Suresh Kumar (I2100) |
Resp. Adv.:- |
0 (0) |
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
SINGLE |
||||||
|
|
|||||||
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
||||
|
Act: |
Income Tax Act, 1961 Under Section: - 260A |
||||||
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred Payment Liability - Sales Tax Deferral Loan (Sales tax deferral loan is interest free and repayable in 3 equal instalments from the 10th year.) |
4.300 |
5.500 |
|
SHORT TERM
BORROWINGS |
|
|
|
Packing Credit from
Banks |
8769.100 |
9557.700 |
|
Total |
8773.400 |
9563.200 |
GLOBAL BUSINESS
REVIEW
With a footprint across five continents, subject 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.102180.000 Million against Rs.83880.000 Million in the previous year, recording a growth of 21.8%. The income from operations for domestic business increased by 14.7%, from Rs.35690.000 Million in the previous financial year to Rs.40940.000 Million in the financial year. Total exports increased by 25.0% during the year to Rs.56590.000 Million. During the year, operating margin reduced by 5.4%. This was primarily due to the change in product mix, higher investments in R and D and talent acquisition. As a result, profit for the year reduced by 10.1% to Rs.13890.000 Million from Rs.15450.000 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.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS
ON 31.12.2014
[RS.
IN MILLION]
|
PARTICULARS |
3 Months Ended |
9 Months Ended |
|
|
31.12.2014 [Unaudited] |
30.09.2014 [Unaudited] |
31.12.2014 [Unaudited] |
|
|
Income from Operations |
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
23251.700 |
23492.800 |
68999.100 |
|
(b) Other Operating Income |
1410.600 |
1403.500 |
3543.500 |
|
Total income from operations (net) |
24662.300 |
24896.300 |
72542.600 |
|
Expenses |
|
|
|
|
(a) Cost of materials consumed |
8420.000 |
8561.800 |
23828.400 |
|
(b) Purchases of stock-in trade |
2309.700 |
2568.600 |
5695.000 |
|
(c) Changes in inventories of finished goods.
work-in-progress and stock in trade |
-976.800 |
-1916.600 |
-1431.300 |
|
(d) Employee benefits expense |
3759.300 |
3592.800 |
11180.200 |
|
(e) Depreciation and Amortization Expenses |
977.100 |
1097.700 |
3217.200 |
|
(f) Other Expenses |
6332.900 |
6551.200 |
15896.300 |
|
(g)Foreign Exchange |
0.000 |
0.000 |
0.000 |
|
Total expenses |
20822.200 |
20455.500 |
58385.800 |
|
Profit/ (Loss) from operations before other Income, finance
costs and exceptional Items (1-2) |
3840.100 |
4440.800 |
14156.800 |
|
Other Income |
466.400 |
232.400 |
1071.600 |
|
Profit/ (Loss) from operations before other income,
finance costs and exceptional items (3+4) |
4306.500 |
4673.200 |
15228.400 |
|
Finance Costs |
433.600 |
318.400 |
1003.500 |
|
Profit/ (Loss) from ordinary activities after finance cost
but before exceptional items (5-6) |
3872.900 |
4354.800 |
14224.900 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit/ (Loss) from ordinary activities before tax (7+8) |
3872.900 |
4354.800 |
14224.900 |
|
Tax expenses |
883.400 |
994.100 |
2860.000 |
|
Net Profit / (Loss) from ordinary activities after tax
(9-10) |
2989.500 |
3360.700 |
11364.900 |
|
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) for the period (11-12) |
2989.500 |
3360.700 |
11364.900 |
|
Paid up equity share capital (Face Value of Rs 10/-each) |
1605.800 |
1605.800 |
1605.800 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet
of previous accounting year |
- |
- |
- |
|
Earnings per share (before extraordinary items) of Rs.10/-
each (not annualized): |
|
|
|
|
(a) Basic |
3.72 |
4.18 |
12.05 |
|
(b) Diluted |
3.71 |
4.17 |
12.01 |
|
|
|
|
|
|
A.
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1.
Public Shareholding |
|
|
|
|
- Number of shares |
493512871 |
498206108 |
493512871 |
|
- Percentage of shareholding |
61.47 |
62.05 |
61.47 |
|
2. Promoters
and Promoters group Shareholding |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
295485978 |
295485978 |
295485978 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
36.80 |
36.80 |
36.80 |
|
|
PARTICULARS |
3
Months Ended 31.12.2014 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the Quarter |
14 |
|
|
Disposed of during the quarter |
13 |
|
|
Remaining unresolved at the end of the quarter |
1 |
Note:
1. The Company is essentially in the pharmaceutical
business segment.
2. In 2003, the Company received notice of
demand from the National Pharmaceutical Pricing Authority, Government of India
on account of alleged overcharging in respect of certain drugs under the Drugs
(Price Control) Order, 1995. This was contested before the jurisdictional High
Courts in Mumbai, Karnataka and Allahabad wherein it was held in favour of the
Company. The orders of Hon'ble High Court of Allahabad and Bombay were
challenged before the Hon'ble Supreme Court of India by the Government.
Although in the challenge to the decision of the Hon'ble Bombay High Court, the
Hon'ble Supreme Court of India restored the matter to the Hon'ble Bombay High
Court in August 2003 for interpreting the Drug Policy on the basis of directions
and principles laid down by them and the same was pending, in the challenge to
the Hon'ble High Court of Allahabad's order, in February 2013, the Hon'ble
Supreme Court of India transferred the Bombay High Court petition also before
itself for a final hearing on both the matters. In an earlier order, the
Hon'ble Supreme Court has already restrained the Government from taking any
coercive action against the Company. The Company has been legally advised that
on the basis of these orders there is no probability of demand crystallizing.
Hence no provision is considered necessary in respect of notice of demand
received by the company up to date aggregating to Rs. 17685.100 Million.
3. During the quarter ended 31st December 2014,
in accordance with Employee Stock Option Scheme dated 31st October 2013 (“ESOS
2013 - A”), 9,22,230 stock options have been granted to employees of the
Company and its subsidiary companies at an exercise price equal to face value
of the equity share. These options would vest not earlier than 1 year and not
later than 2 years from the date of grant of options.
4. The figures of the previous year/period have
been regrouped/recast to render them comparable with the figures of the current
period.
5. The above standalone financial results have
been subjected to Limited Review by the Statutory Auditors, reviewed by the
Audit Committee and approved by the Board of Directors at its meeting held on
12th February 2015.
INDEX OF CHARGE:
|
Sr. 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 |
- |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
·
PRESS RELEASE:
CIPLA ANNOUNCES Q3 FY1415 UNAUDITED CONSOLIDATED FINANCIAL RESULTS
Mumbai, India, 12th Feb 2015: Cipla Limited (BSE: 500087, NSE: CIPLA) today announced its Unaudited Consolidated Financial Results for the quarter ended December 31, 2014 (Q3).
Key Financial & Performance Highlights Q3 FY1415 vis-a-vis Q3 FY1314: (Current year figures include the relevant results of Cipla’s subsidiaries from the date they became subsidiary of the company and therefore the corresponding figures for the previous period are not comparable).
- Income from operations grew by 6.5% to Rs. 27650.000 Million, up from Rs. 25960.000 Million
- EBITDA grew by 18.5% to Rs.5540.000 Million, up from Rs. 4670.000 Million
- Profit after tax grew by 15.3% to Rs. 3280.000 Million, up from Rs. 2840.000 Million
Profit & Loss
Highlights:
- Material cost is at 35.8% of income from operations in Q3 FY1415 as compared to 38.5% in Q3 FY1314
- EBIDTA margin as % of income from operations increased by 200 bps at 20% in Q3 FY1415 as compared to Q3 FY1314
- Profit after tax increased by 15.3% to Rs. 3280.000 Million during Q3 FY1415 as compared to Rs. 2840.000 Million during Q3 FY1314
Performance Review:
Domestic business:
- Domestic sales grew by 14.2% to Rs. 11990.000 Million during Q3 FY1415, up from Rs. 10500.000 Million during Q3 FY1314
- The growth in domestic sales was largely on account of growth in Respiratory, Anti-infective, Cardiac and Gastro Intestinal therapies
International business:
- Exports of formulations decreased by 6.2% to Rs. 12750.000 Million during Q3 FY1415, down from Rs. 13600.000 Million during Q3 FY1314.
- Exports of APIs declined to Rs. 1510.000 Million during Q3 FY1415, from Rs. 1580.000 Million during Q3 FY1314.
About Cipla: Cipla is a global pharmaceutical company which uses cutting edge technology and innovation to meet the everyday needs of all patients. For more than 70 years, Cipla has emerged as one of the most respected pharmaceutical names in India as well as across more than 150 countries. Cipla’s portfolio includes over 1500 products in various therapeutic categories with one quality standard globally. Cipla’s turnover in 2013/14 was 1.7 billion USD.
Whilst delivering a long-term sustainable business, Cipla recognizes its duty to provide affordable medicines. Cipla’s emphasis on access for patients was recognized globally for the pioneering role played in HIV/AIDS treatment as the first pharmaceutical company to provide a triple combination anti-retroviral (ARV) in Africa at less than one dollar a day and thereby treating many Million of patients since 2001.
Cipla’s research and development focuses on developing innovative products and drug delivery systems and has given India and the world many ‘firsts’ for instance Triomune. In a tightly regulated environment, the company’s manufacturing facilities have approvals from all the main regulators including US FDA, UKMHRA, WHO, MCC, ANVISA, and PMDA which means the company provides one universal standard both domestically and internationally.
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.63.69 |
|
UK Pound |
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.71.90 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPA |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
80 |
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.