MIRA INFORM REPORT

 

 

Report No. :

324027

Report Date :

25.05.2015

 

IDENTIFICATION DETAILS

 

Name :

TORRENT PHARMACEUTICALS LIMITED

 

 

Registered Office :

Torrent House, Off. Ashram Road, Navarangpura 9,  Ahmedabad – 380009, Gujarat

Tel No.:

91-79-26583060

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

15.07.1972

 

 

Com. Reg. No.:

04-002126

 

 

Capital Investment / Paid-up Capital :

Rs. 850.000 Million

 

 

CIN No.:

[Company Identification No.]

L24230GJ1972PLC002126

 

 

TAN No.:

[Tax Deduction and Collection Account No.]

AHMT00474F

 

 

PAN No.:

[Permanent Account No.]

AAACT5456A

 

 

Legal Form :

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

 

 

Line of Business :

Manufacturing and Marketing of Pharmaceutical formulations viz. Tablets, Capsules, Liquids, Injections, Vials, Ointments, Bulk Drugs and others and Medical Electronic Equipments.

 

 

No. of Employees :

8628 (Approximately)

 

 

RATING and 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

 

Maximum Credit Limit :

USD 77000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exists

 

 

Comments :

Subject is a strong player in the domestic markets with strong presence in the fast growing, life style related therapeutic segments. It is a well-established company having excellent track record.

 

Rating takes into account of TPL's established market position in the Indian Domestic Pharmaceutical market backed by rich experience of promoters in pharmaceutical segment.

 

Rating also takes into account of strong business risk profile supported by adequate financial base and healthy net worth base of the company.

 

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

 

In view of strong operational base backed by adequate financial profile, 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

ICRA

Rating

Long term – Cash Credit - AA

Rating Explanation

High degree of safety and very low credit risk.

Date

May 2015

 

Rating Agency Name

ICRA

Rating

Commercial Papers = A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

May 2015

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

 

 

INFORMATION DECLINED

 

MANAGEMENT NON COOPERATIVE (91-79-26583060)

 

 

LOCATIONS

 

Registered Office/

Corporate office :

Torrent House Off Ashram Road, Navarangpura 9, Ahmedabad – 380 009, Gujarat, India

Tel. No.:

91-79-26585090/26583060

Fax No.:

91-79-26582100

E-mail :

info@torrentpharma.com

maheshagarwal@torrentpharma.com

investorservices@torrentpharma.com

Website :

http://www.torrentpharma.com

 

 

Factory 1 :

Indrad Plant:

Village Indrad, Taluka Kadi, District Mehsana-382721, Gujarat, India

Tel. No.:

91-2764-233671-75, 233678-80

Fax No.:

91-2764-233676

E-Mail :

tplplant@icenet.net

 

 

Factory 2 :

Baddi Plant :

Village Bhud and Makhnu Majra, Baddi, Tehsil Nalagarh, District: Solan, Himachal Pradesh, India

Tel. No.:

91-1795-246821

Fax No.:

91-1795-247159

 

 

Factory 3 :

32 No. Middle Camp, NH-31A, East District, Gangtok (Sikkim)

 

 

Project Site:

Plot No. Z104-106, Dahej SEZ Phase II, Taluka Vagra, Dist. Bharuch, Gujarat, India

 

 

Research and Development Facility :

Torrent Research Centre, Near Kanoria Hospital, Village Bhat, District Gandhinagar - 382428, Gujarat, India     

Tel. No.:

91-79-23269124/23969100

Fax No.:

91-79-23269135/23969135/ 23969124-34

E-Mail :

trc@torrentpharma.com

 

 

DIRECTORS

 

As on 31.03.2014

 

Name :

Mr. Sudhir Mehta

Designation :

Chairman

 

 

Name :

Mr. Markand Bhatt

Designation :

Director

 

 

Name :

Mr. Pradeep Bhargava

Designation :

Director

 

 

Name :

Mr. Shailesh Haribhakti

Designation :

Director

 

 

Name :

Mr. Haigreve Khaitan

Designation :

Director

 

 

Name :

Mr. Samir Mehta

Designation :

Executive Vice Chirman

 

 

Name :

Dr. Chaitanya Dutt

Designation :

Director (Research and Development)

 

 

Name :

Mr. Ashok Modi

Designation :

Executive Director and Chief Financial Officer

 

 

KEY EXECUTIVES

 

Name :

Mr. Mahesh Agarwal

Designation :

VP (Legal) and Company Secretary

Address :

Torrent House Off Ashram Road, Ahmedabad – 380009, Gujarat, India

Tel No :

91-79-26585090

Fax No :

91-79-26582100

E-Mail :

maheshagarwal@torrentpharma.com

inveestorservices@torrentpharma.com

 

 

Audit Committee :

Mr. Pradeep Bhargava

Mr. Shailesh Haribhakti – Chairman

Mr. Haigreve Khaitan

 

 

Securities Transfer and Investors Grievance Committee:

Mr. Sudhir Mehta, Chairman

Mr. Markand Bhatt

Mr. Samir Mehta

 

 

Nomination and

Remuneration Committee:

Mr. Pradeep Bhargava,

Mr. Markand Bhatt

Mr. Shailesh Haribhakti - Chairman

 

 

Committee of Directors:

Mr. Markand Bhatt, Chairman

Mr. Samir Mehta

 

 

Name :

Mr. K R V Nair

Designation :

Export department

 

 

Name :

Mr. Rishi Shah

Designation :

General Manager Finance

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.03.2015

 

Category 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

3797480

2.24

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

86115472

50.89

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

30651768

18.11

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

30651768

18.11

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

120564720

71.25

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

 

 

Total shareholding of Promoter and Promoter Group (A)

120564720

71.25

(B) Public Shareholding

 

 

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

 

 

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

11380819

6.73

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

72588

0.04

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

20741211

12.26

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

32194618

19.02

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

 

 

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

2456866

1.45

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

7190792

4.25

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

1207794

0.71

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

5607930

3.31

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

323036

0.19

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

1600

0.00

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

515635

0.30

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

4485200

2.65

http://www.bseindia.com/include/images/clear.gifHindu Undivided Families

282459

0.17

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

16463382

9.73

Total Public shareholding (B)

48658000

28.75

Total (A)+(B)

169222720

100.00

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

0

0.00

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)

169222720

0.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Marketing of Pharmaceutical formulations viz. Tablets, Capsules, Liquids, Injections, Vials, Ointments, Bulk Drugs and others and Medical Electronic Equipments.

 

 

Products :

Item Code No.

Product Description

300431.01

Insulin

300490.81

Lamotrigine

300490.88

Citalopram

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS (As on 31.03.2013)

 

Particulars

Unit

Licensed Capacity

Installed Capacity

1) Formulation

 

 

 

Tablets

‘ 000 Nos.

Not Applicable

13900.000 Million

Capsules

‘ 000 Nos.

Not Applicable

1000.00 Million

Injection/Vials

Ltr.

Not Applicable

26.000 Million

Suspension / Liquid [Ltr]

Ltr.

Not Applicable

--

2) Bulk Drugs

Kg.

Not Applicable

45,000 Kg.

 

Production:

 

Particulars

Unit

Production*

1) Formulation

 

 

Tablets

‘ 000 Nos.

6533076

Capsules

‘ 000 Nos.

455016

Suspension / Liquid

Ltr.

337776

Injections

Ltr.

61534

Vials / Cartridges

Nos.

26375756

Ointment

Kg.

6109

2) Bulk Drugs

Kg.

33035

 

* Notes:

 

1) Includes production in factories of third parties on loan license.

2) Bulk Drug includes production for captive consumption.

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

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 :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No of Employees:

9150 (Approximately)

 

 

Bankers :
  • Bank of Baroda, Ahmedabad, Gujarat
  • Corporation Bank, Ahmedabad, Gujarat
  • Canara Bank, Ahmedabad, Gujarat
  • State Bank of India, Ahmedabad, Gujarat
  • Oriental Bank of Commerce, Ahmedabad, Gujarat
  • Punjab National Bank, Ahmedabad, Gujarat
  • Axis Bank Limited, Ahmedabad, Gujarat
  • HSBC Bank (Mauritius) Limited
  • BNP Paribas

 

 

 

Banking Relations :

 

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

Heritage, 3rd Floor, Near Gujarat Vidhyapith, Off Ashram Road, Ahmedabad - 380014, Gujarat, India

Tel No.:

91-79-27582542/27582543/66073100

Fax No.:

91-79-27582551

 

 

Subsidiaries and step down subsidiaries / (As on 31.03.2014):
  • Zao Torrent Pharma
  • Torrent Pharma GmbH
  • Torrent Do Brasil Ltda
  • Torrent Pharma Inc
  • Torrent Pharma Philippines Inc
  • Heumann Pharma GmbH and Company 
  • Generica KG
  • Torrent Australasia Pty Limited
  • Torrent Pharma S.R.L.
  • Laboratorios Torrent S.A. De C.V.
  • Heunet Pharma GmbH
  • Norispharm GmbH
  • Torrent Pharma Canada Inc.
  • Torrent Pharma (Thailand) Company Limited
  • Torrent Pharma (UK) Limited
  • Laboratories Torrent (Malaysia) SDN. BHD, Opening Pharma France S.A.S.

 

 

Enterprises controlled by the Company (As on 31.03.2014)::
  • TPL Employee Group Gratuity Trust
  • TPL Employee Superannuation Trust
  • Torrent Phramaceuticals (Sikkim)

 

 

Holding Company /

Enterprises controlled by the

holding Company(As on 31.03.2014)::
  • Torrent Private Limited
  • Torrent Financiers
  • Torrent Power Limited
  • Torrent Cables Limited
  • Torrent Power Services Private Limited
  • Torrent Pipavav Generation Limited
  • Torrent Energy Limited
  • Torrent Power Grid Limited
  • Torrent Power Bhiwandi Limited
  • AEC Cements and Constructions Limited

 

 

Enterprises controlled by key management personnel / relatives of key management personnel (As on 31.03.2014)::
  • U N Mehta Charitable Trust
  • D N Modi Charitable Trust
  • Shardaben Mehta Charitable Trust
  • Tsunami Tours and Travels Private Limited
  • Torrel Cosmetics Private Limited
  • Zeal Pharmachem India Private Limited
  • Diamond Infrastructure Private Limited
  • U. N. Mehta Institute of Cardiology & Research Centre
  • Dushyant Shah Charitable Trust Shri Vadgam Mahal Kelavani Mandal MemadpurKelavani Mandal

 

 

CAPITAL STRUCTURE

 

As on 31.03.2015

 

Authorised Capital : Not Available

 

Issued & Subscribed, Paid-up Capital : rs. 850.000 Million

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200000000

Equity Shares

Rs.5/- each

Rs. 1000.000 Million

2,500,000

Preference Shares

Rs.100/- each

Rs. 250.000 Million

 

TOTAL

 

Rs. 1250.000 Million

 

Issued & Subscribed Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

169236720

Equity Shares

Rs.5/- each

Rs. 846.200 Million

 

 

 

 

 

Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

169236720

Equity Shares

Rs.5/- each

Rs. 846.200 Million

 

NOTE:

 

(i) Reconciliation of equity shares outstanding at the beginning and at the end of the reporting year:

 

 

31.03.2014

 

Numbers

Rs In Million

As at beginning of the year

84,611,360

423.100

Issued during the year

84,611,360

423.100

Outstanding at the end of the year

169222720

846.200

 

Details of shares alloted for consideration other than cash, bonus shares and shares bought back in previous five financial years is as under:

 

The Company allotted 84,611,360 Equity Shares as fully paid up bonus shares of Rs.5 each on 25-Jul-2013, pursuant to the shareholders’ resolution passed on 12-Jul-2013.

 

(iii) Torrent Private Limited, the holding Company, holds 86,115,472 (previous year 43,057,736) equity shares of ` 5 each, equivalent to 50.89% (previous year 50.89%) of the total number of equity shares, which is the only shareholder holding more than 5 % of total equity shares.

 

(iv) The Company has one class of equity shares having par value of Rs.5 each. Each shareholder is eligible for one vote per share held. The final 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, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amount, in proportion to shareholding.

 

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

850.000

846.200

423.100

(b) Reserves & Surplus

26210.000

22051.900

16087.800

(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)

27060.000

22898.100

16510.900

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

21850.000

7444.600

4545.400

(b) Deferred tax liabilities (Net)

1890.000

474.600

568.900

(c) Other long term liabilities

70.000

96.100

97.600

(d) long-term provisions

970.000

744.000

710.100

Total Non-current Liabilities (3)

24780.000

8759.300

5922.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1000.000

2103.400

1246.200

(b) Trade payables

6290.000

4796.900

4507.400

(c) Other current liabilities

4260.000

3377.200

3298.700

(d) Short-term provisions

1690.000

1391.900

2078.400

Total Current Liabilities (4)

13240.000

11669.400

11130.700

 

 

 

 

TOTAL

65080.000

43326.800

33563.600

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

33910.000

8313.900

7849.900

(ii) Intangible Assets

0.000

47.700

63.900

(iii) Capital work-in-progress

0.000

5075.800

2763.100

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

1500.000

1493.800

1475.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

1860.000

1064.900

533.600

(e) Other Non-current assets

500.000

607.400

239.000

Total Non-Current Assets

37770.000

16603.500

12924.500

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

2830.000

1724.800

427.600

(b) Inventories

7810.000

6945.100

6970.900

(c) Trade receivables

11940.000

13174.300

8312.700

(d) Cash and cash equivalents

700.000

2184.900

2777.600

(e) Short-term loans and advances

1030.000

808.800

693.700

(f) Other current assets

3000.000

1885.400

1456.600

Total Current Assets

27310.000

26723.300

20639.100

 

 

 

 

TOTAL

65080.000

43326.800

33563.600

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

34760.000

33648.700

27662.300

 

Other Income

3050.000

355.400

1316.700

 

TOTAL (A)

37810.000

34004.100

28979.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

9680.000

8760.800

7974.300

 

Purchases of Stock-in-Trade

2010.000

933.800

2925.200

 

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

(860.000)

306.100

(1104.300)

 

Employees benefits expense

5070.000

4189.000

3663.400

 

Other expenses

10420.000

8852.100

7412.200

 

Exceptional items

0.000

0.000

374.900

 

TOTAL (B)

26320.000

23041.800

21245.700

 

 

 

 

 

Less

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

11490.000

10962.300

7733.300

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

1730.000

584.400

365.100

 

 

 

 

 

 

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

9760.000

10377.900

7368.200

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

1800.000

794.700

715.000

 

 

 

 

 

 

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

7960.000

9583.200

6653.200

 

 

 

 

 

Less

TAX (I)

1730.000

1959.800

1189.000

 

 

 

 

 

 

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

6230.000

7623.400

5464.200

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

NA

5380.000

2740.000

 

 

 

 

 

 

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

NA

760.000

550.000

 

Interim Dividend

NA

850.000

510.000

 

Proposed Final Dividend

NA

850.000

1440.000

 

Tax on Distributed Profits for Interim Dividend

NA

140.000

80.000

 

Tax on Distributed Profits for Final Dividend

NA

140.000

250.000

 

Balance Carried to the B/S

NA

102.600

5380.000

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

NA

15664.800

12114.300

 

Interest

NA

2.700

2.900

 

Other Income [Product registration dossiers and others]

NA

1194.900

1111.000

 

TOTAL EARNINGS

NA

16862.400

13228.200

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

NA

2529.200

2141.800

 

Components and Stores parts

NA

139.900

71.200

 

Capital Goods

NA

746.800

220.200

 

TOTAL IMPORTS

NA

3415.900

2433.200

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

36.83

450.50

32.29

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

1768.700

1138.100

Cash generated from operations

NA

8610.900

2859.800

 

 

KEY RATIOS

 

PARTICULARS

 

31.03.2015

31.03.2013

31.03.2012

 

 

 

 

Net Profit Margin

(PAT / Sales)

(%)

17.92

22.66

19.75

 

 

 

 

 

Operating Profit Margin
(PBIDT/Sales)

(%)

33.06

32.58

27.96

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

12.52

26.07

22.69

 

 

 

 

 

Return on Investment (ROI) (PBT/Networth)

 

0.29

0.42

0.40

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.84

0.84

0.49

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.06

2.29

1.85

 

 

STOCK PRICES

 

Face Value

Rs.5.00/-

Market Value

Rs.1238.85/-

 

 

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

423.100

846.200

850.000

Reserves & Surplus

16087.800

22051.900

26210.000

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

16510.900

22898.100

27060.000

 

 

 

 

long-term borrowings

4545.400

7444.600

21850.000

Short term borrowings

1246.200

2103.400

1000.000

Total borrowings

6929.700

11316.700

22850.000

Debt/Equity ratio

0.420

0.494

0.844

 

 

 

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

27662.300

33648.700

34760.000

 

 

21.641

3.303

 

 

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

27662.300

33648.700

34760.000

Profit

5464.200

7623.400

6230.000

 

19.75%

22.66%

17.92%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

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

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

LITIGATION DETAILS

 

HIGH COURT OF GUJARAT

SPECIAL CIVIL APPLICATION No. 8259 of 2013

 

Status : PENDING

( Converted from : ST/8261/2013 )

CCIN No : 001021201308259

 

Last Listing Date:

26/03/2014

Coram

·         HONOURABLE MR.JUSTICE PARESH UPADHYAY

S.NO.

Name of the Petitioner

Advocate On Record

1

GLOBE ALLIES SERVICES

MR HEMANG M SHAH for: Petitioner(s) 1

S.NO.

Name of the Respondant

Advocate On Record

 

1
2
3
4

TORRENT PHARMACEUTICALS LTD.
AKHIL GUJARAT GENERAL MAZDOOR SANGH
BHADRESH KANTILAL PATEL AND OHTER WORKMEN
INDUSTRIAL TRIBUNAL

MR PALAK H THAKKAR for :Respondent(s) 1
RULE SERVED BY DS for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1 , 4
MR AK CLERK for :Respondent(s) 2
MR PARITOSH CALLA for :Respondent(s) 4

 

 

 

Presented On

: 30/04/2013

Registered On

: 01/05/2013

 

Bench Category

: SINGLE BENCH

District

: AHMEDABAD

 

Case Originated From

: THROUGH ADVOCATE

Listed

: 12 times

 

StageName

: FOR FINAL HEARING

 

 

Classification
  • SJ - LABOUR - INDUSTRIAL DISPUTE ACT, 1947 - GENERAL MISC. LABOUR MATTERS.

Act
  • CONSTITUTION OF INDIA

 

Other Forums

 

S.No.

CASEDETAILS

TRIBUNAL REFERRENCE

ORDER PASSED BY

JUDGEMENT DATE

PLACE

1

REF (IT)210/2010

INDUSTRIAL TRIBUNAL AHMEDABAD

R B SONI

19/03/2013

AHMEDABAD

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

30/04/2013

CERTIFIED COPY

MR HEMANG M SHAH ADVOCATE
for PETITIONER(s) 1

5

MR HEMANG M SHAH:1

2

30/04/2013

VAKALATNAMA

MR HEMANG M SHAH ADVOCATE
for PETITIONER(s) 1

5

MR HEMANG M SHAH:1

3

30/04/2013

MEMO OF APPEAL/PETITION/SUIT

MR HEMANG M SHAH ADVOCATE
for PETITIONER(s) 1

100

MR HEMANG M SHAH:1

4

01/05/2013

VAKALATNAMA

(MR MUKUL SINHA) ADVOCATE
for RESPONDENT(s) 2

-

MR MUKUL SINHA:2

5

02/07/2013

VAKALATNAMA

MR PALAK H THAKKAR ADVOCATE
for RESPONDENT(s) 1

5

MR PALAK H THAKKAR(3455), for R:1

6

16/07/2013

APPEARANCE NOTE

MR PARITOSH CALLA ADVOCATE
for RESPONDENT(s) 4

0

MR PARITOSH CALLA(2972), for R:4

7

17/07/2013

AFFIDAVIT OF DS

MR HEMANG M SHAH ADVOCATE
for PETITIONER(s) 1

0

MR HEMANG M SHAH(5399) for P:1

Court Proceedings

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

03/05/2013

21

8

OFFICE OBJECTION REMOVED

NEXT DATE

·         HONOURABLE MR.JUSTICE PARESH UPADHYAY

2

08/05/2013

21

28

FOR REGULAR ADMISSION

NEXT DATE

·         HONOURABLE MR.JUSTICE PARESH UPADHYAY

3

10/06/2013

20

29

NOTICE & ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE PARESH UPADHYAY

4

14/06/2013

20

24

NOTICE & ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE PARESH UPADHYAY

5

18/06/2013

20

107

NOTICE & ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE PARESH UPADHYAY

6

20/06/2013

20

31

NOTICE & ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE PARESH UPADHYAY

7

21/06/2013

20

35

NOTICE & ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE PARESH UPADHYAY

8

25/06/2013

20

60

NOTICE & ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE PARESH UPADHYAY

9

26/06/2013

20

66

NOTICE & ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE PARESH UPADHYAY

10

18/07/2013

20

46

NOTICE & ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE PARESH UPADHYAY

11

01/08/2013

20

32

NOTICE & ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE PARESH UPADHYAY

12

22/08/2013

20

150

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE PARESH UPADHYAY

13

30/09/2013

20

116

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE PARESH UPADHYAY

14

06/12/2013

19

117

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE N.V.ANJARIA

·         HONOURABLE MR.JUSTICE PARESH UPADHYAY

15

27/12/2013

19

82

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE N.V.ANJARIA

16

05/02/2014

19

132

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE N.V.ANJARIA

17

06/03/2014

19

141

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE N.V.ANJARIA

18

26/03/2014

20

141

FOR FINAL HEARING

·         HONOURABLE MR.JUSTICE N.V.ANJARIA

·         HONOURABLE MR.JUSTICE PARESH UPADHYAY

Available Orders

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

1

SPECIAL CIVIL APPLICATION/8259/2013

·         HONOURABLE MR.JUSTICE PARESH UPADHYAY

03/05/2013

N

ORDER

-

Y

2

SPECIAL CIVIL APPLICATION/8259/2013

·         HONOURABLE MR.JUSTICE PARESH UPADHYAY

10/06/2013

N

ORDER

-

Y

3

SPECIAL CIVIL APPLICATION/8242/2013

·         HONOURABLE MR.JUSTICE PARESH UPADHYAY

26/06/2013

N

ORDER

-

Y

4

SPECIAL CIVIL APPLICATION/8242/2013

·         HONOURABLE MR.JUSTICE PARESH UPADHYAY

18/07/2013

N

ORDER

-

Y

5

SPECIAL CIVIL APPLICATION/8242/2013

·         HONOURABLE MR.JUSTICE PARESH UPADHYAY

01/08/2013

N

ORDER

-

Y

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10569447

24/04/2015

2,000,000,000.00

BNP PARIBAS

BNP PARIBAS HOUSE, 1 NORTH AVENUE, MAKER MAXITY,
BANDRA KURLA COMPLEX, BANDRA(EAST), MUMBAI, MAHARA
SHTRA - 400051, INDIA

C53606067

2

10525000

20/09/2014

1,500,000,000.00

AXIS BANK LIMITED

2ND FLOOR, 3RD EYE ONE, NEAR PANCHVATI CIRCLE,, C
. G. ROAD,, AHMEDABAD, GUJARAT - 380009, INDIA

C28214203

3

10516826

22/08/2014 *

1,304,200,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BUILDING, GROUND FLOOR, 17. R. KAMANI MARG,
BALLARD ESTATE, MUMBAI- 400 001, MUMBAI, MAHARASH
TRA - 400001, INDIA

C21912167

4

10516822

22/08/2014 *

2,760,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BUILDING, GROUND FLOOR,, 17, R. KAMANI MARG
, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, I
NDIA

C29055787

5

10500496

07/06/2014

18,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BUILDING, GROUND FLOOR, 17,, R. KAMANI MARG
, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, IN
DIA

C05795729

6

10510777

05/06/2014

2,000,000,000.00

BNP PARIBAS

UNIT NO.203, SAKAR II, NEAR TOWN HALL,, ELLIS BRI
DGE,, AHMEDABAD, GUJARAT - 380006, INDIA

C11661931

7

10447179

13/08/2013

2,200,000,000.00

HSBC BANK (MAURITIUS) LIMITED

HSBC CENTRE, 18 CYBERCITY, EBENE, MAURITIUS, - 0
00, MAURITIUS

B84093871

8

10421600

05/04/2013

500,000,000.00

BNP PARIBAS

203, SAKAR-II,, ELLISBRIDGE,, AHMEDABAD, GUJARAT
- 380006, INDIA

B73713752

9

10399912

23/03/2015 *

500,000,000.00

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI
TED

52/60, MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARAS
HTRA - 400001, INDIA

C50587385

10

10010037

04/07/2006

448,000,000.00

STANDARD CHARTERED BANK

ABHIJEET II, GROUND FLOOR, MITHAKHALI SIX ROADS, A
HMEDABAD, GUJARAT - 380006, INDIA

A02291342

 

* Date of charge modification

 

CONTINGENT LIABILITIES:

 

(Rs. in Million)

PARTICULARS

Rs. in million  31.03.2015

Rs. in million  31.03.2014

(a) Claims against the Group not acknowledged as debts

 

 

Disputed Demand of Income Tax for which appeals have been preferred

NA

52.500

Disputed Employee State Insurance Contribution Liability under E.S.I. Act, 1948

NA

73.000

Disputed Legal cases for supply of goods and services

NA

1.900

Disputed Demand of Excise and Service tax

NA

324.100

Disputed Demand of Local Sales Tax and C.S.T

NA

1.900

Disputed cases at Labour Court / Industrial Court

NA

28.600

(b) Against the above, the Company has paid Rs.2.800 Million (previous year Rs.81.600 Million). The expected outflow will be determined at the time of final outcome in respect of the concerned matter. No amount is expected to be reimbursed.

NA

 

(c) The Company has issued guarantee aggregating Rs.20.000 Million (previous year Rs.20.000 Million) for borrowing a demand loan at “Torrent Pharma Employee Welfare Trust”. The outstanding amount of liabilities by the said trust as on balance sheet date, is

NA

360.600

 

FIXED ASSETS

 

Intangible Assets

  • Land
  • Buildings
  • Plant and Equipment
  • Furniture and Fixtures
  • Vehicles
  • Office Equipment
  • Electrical Equipment

Intangible Assets

  • Computer Software
  • Products Licenses

 

 

CMT REPORT (Corruption, Money Laundering and 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.63.57

UK Pound

1

Rs.99.67

Euro

1

Rs.70.93

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

KVT

 

SCORE and 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

 

--

 

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.