MIRA INFORM REPORT
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Report No. : |
347923 |
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Report Date : |
03.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
WOCKHARDT LIMITED |
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Registered
Office : |
Wockhardt Research Centre, D-4, MIDC, Chikalthana, Aurangabad –
431006, Maharashtra |
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Tel. No.: |
91-240-6632222 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
08.07.1999 |
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Com. Reg. No.: |
11-120720 |
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Capital
Investment / Paid-up Capital : |
Rs. 3535.900 Million |
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CIN No.: [Company Identification
No.] |
L24230MH1999PLC120720 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKW00152F |
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PAN No.: [Permanent Account No.] |
AAACW2472M |
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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
: |
Subject engaged in the business of Manufacture and
Marketing of Pharmaceutical Products and Bio-pharmaceutical formulations,
active pharmaceutical ingredients (APIS), and vaccines. |
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No. of Employees
: |
6834 (Approximately) |
RATING
& COMMENTS
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MIRA’s Rating : |
Aa (81) |
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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 |
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Maximum Credit Limit : |
USD 39145000 |
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Status : |
Excellent |
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Payment Behavior : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject was incorporated on 8th July, 1999. It was founded
by Dr. Habil F. Khorakiwala is an origin pharmaceutical multinational and
Biotechnology company. It has a significant presence in USA, European Union
and India. It is a well-established company having excellent track record. Overall financial position of the company is sound and healthy. The ratings takes into consideration, an acceptable share price of Rs.
1456.000/- recorded by the company as against a face value of Rs. 5.00 as on
October 30, 2015. The ratings continue to drive strength from company’s long track
record and rich experience of the promoters, its well-established presence in
the global pharmaceutical industry and having a diversified product
portfolio. Tarde relations are fair. Business is active. Payment are reported to
be regular and as per commitments. The company can be considered good for business dealings at usual
trade terms and conditions. Note: Subject
has been found under RBI Defaulter’s list the name of Credit Grantors is
Royal Bank of Scotland and the amount charged is Rs. 260.737 Million dated
30.06.2011. |
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 |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = AA |
|
Rating Explanation |
Have high degree of safety and carry very low credit risk |
|
Date |
April 20, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk |
|
Date |
April 20, 2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under:
Suit-filed accounts of Rs. 10.000 Million and above as on 28-Sep-2015
Borrowers details
|
Borrower Name |
Wockhardt Limited |
|
Address |
Wockhardt Towers, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra |
Name of Directors Reported by Credit Grantors Filing the Suit:
|
Sr.No. |
Directors Reported By Credit Grantors |
|
ROYAL BANK OF
SCOTLAND |
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|
1 |
Abid Hussain |
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2 |
Aman Mehta |
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3 |
Bharat Patel |
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4 |
Habil Khorakiwala |
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5 |
Huzaifa Khorakiwala |
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6 |
Murtaza Khorakiwala |
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7 |
R A Shah |
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8 |
Shekhar Datta |
List of Credit Grantors to which Wockhardt Limited is a defaulter:
|
Name of Credit Grantors |
Branch |
Amount (Rs. in Million) |
|
ROYAL BANK OF SCOTLAND |
Mumbai |
260.737 |
|
|
total |
260.737 |
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
31-03-2015.
LOCATIONS
|
Registered Office/ Research Centre
: |
Wockhardt Research Centre, D-4, MIDC, Chikalthana, Aurangabad –
431006, Maharashtra, India |
|
Tel. No.: |
91-240-6632222 |
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Fax No.: |
91-240-2489219 |
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E-Mail : |
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Website : |
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Corporate Office /Global Headquarters : |
Wockhardt Towers, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
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Tel. No.: |
91-22-26534444 |
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Fax No.: |
91-22-26523905 |
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MANUFACTURING
PLANTS – INDIAN |
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Factory 1 : |
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Tel. No.: |
91-240-6626444 |
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Fax No.: |
91 240 6626333 |
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Factory 2 : |
L1, M.I.D.C., Chikalthana, |
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Tel. No.: |
91-240-6637444 |
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Fax No.: |
91-240-6637333 |
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Factory 3 : |
87A, Silver Industrial Estate, Bhimpore, Nani Daman - 396210, Union
Territory, India |
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Tel. No.: |
91-260-6610300 / 6610333 |
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Fax No.: |
91-260-2220940 |
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Factory 4 : |
106/4,5,7 Kadaiya, Nani Daman 396210, Union Territory India |
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Tel. No.: |
91260-6531306 |
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Fax No.: |
91-260-2220214 |
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Factory 5 : |
138 G.I.D.C. Estate, Ankleshwar 393002, District Bharuch, |
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Tel. No.: |
91-2646-661444 |
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Fax No.: |
91-2646-661555 |
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Factory 6 : |
P O Barotiwala, District Solan, Himachal Pradesh 174103, India |
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Tel. No.: |
91-1795-664444 |
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Fax No.: |
91-1795-664242 |
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Factory 7 : |
B-15/2, MIDC Waluj-431136, Maharashtra, India |
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Tel. No.: |
91-240-6636400 |
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Fax No.: |
91-240-6636444 |
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Factory 8 : |
E-1/1, M.I.D.C, Shendra Aurangabad - 431201, Maharashtra, India |
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Tel. No.: |
91-240-6617444 |
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Fax No.: |
91-240-6617333 |
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OVERSEAS OFFICE |
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Factory 1 : |
Ash Raod North, Wexham Industrial Estate, |
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Tel. No.: |
+44-1978-661261 |
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Fax No.: |
+44-1978-660130 |
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Factory 2 : |
Ballymacarbry Clonmel Co., |
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Tel. No.: |
+353-52-6186000 |
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Fax No.: |
+353-52-6136311 |
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Factory 3 : |
6451, |
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Tel. No.: |
+1-847+9675600 |
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Fax No.: |
+1-847-9672211 |
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International Office : |
Located at:
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Research Center : |
Also Located at:
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DIRECTORS
AS ON 31.03.2015
|
Name : |
Dr. Murtaza Habil Khorakiwala |
|
Designation : |
Managing Director |
|
Address : |
Casa Khorakiwala, 31E, Vakil Lane, Dr. Gopal Rao Deshmukh Marg, Mumbai - 400026, Maharashtra, India |
|
Date of Appointment : |
31.03.2014 |
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DIN No.: |
00102650 |
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Name : |
Dr. Habil Fakhruddin Khorakiwala |
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Designation : |
Whole-Time Director |
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Address : |
Casa Khorakiwala, 31E,Vakil Lane, Dr. Gopal Rao Deshmukh Marg, Mumbai - 400026, Maharashtra, India |
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Date of Appointment : |
01.03.2015 |
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DIN No.: |
00045608 |
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Name : |
Dr. Huzaifa Habil Khorakiwala |
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Designation : |
Whole-Time Director |
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Address : |
Casa Khorakiwala, 31-E, Vakil Lane, Off Peddar Road, Mumbai - 400026, Maharashtra, India |
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Date of Appointment : |
31.03.2014 |
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DIN No.: |
02191870 |
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Name : |
Mr. Aman Mehta |
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Designation : |
Director |
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Address : |
115A, Jor Bagh, New Delhi - 110003, India |
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Date of Appointment : |
12.02.2004 |
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DIN No.: |
00009364 |
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Name : |
Mr. Shekhar Surendra Kumar Datta |
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Designation : |
Director |
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Address : |
68-B, Ballygunge Circular Road, Flat - 8A, Kolkata - 700019, West Bengal, India |
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Date of Appointment : |
25.02.2000 |
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DIN No.: |
00045591 |
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Name : |
Mr. Davinder Singh Brar |
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Designation : |
Director |
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Address : |
Greenfields Farm, Gadaipur-Jaunapur Road, Village-Gadaipur, Tehsil Mehrauli, New Delhi - 110030, India |
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Date of Appointment : |
13.09.2012 |
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DIN No.: |
00068502 |
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Name : |
Mr. Baldev Raj Arora |
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Designation : |
Director |
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Address : |
6B Saker Apartments, Pochkhanawalla Road, Worli, Mumbai - 400030, Maharashtra, India |
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Date of Appointment : |
12.09.2015 |
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DIN No.: |
00194168 |
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Name : |
Mrs. Tasneem Vikram Singh Mehta |
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Designation : |
Director |
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Address : |
114, NCPA Apartement, Apsara Co. Operative Housing Society Nariman Point, Mumbai - 400021, Maharashtra, India |
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Date of Appointment : |
12.09.2015 |
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DIN No.: |
05009664 |
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Name : |
Dr. Sanjaya Baru |
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Designation : |
Director |
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Address : |
D-44, IIIrd Floor, Panchsheel Enclave, New Delhi - 110017, India |
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Date of Appointment : |
13.09.2012 |
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DIN No.: |
05344208 |
KEY EXECUTIVES
|
Name : |
Mr. Manas Datta |
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Designation : |
Chief Finance Officer |
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Address : |
Flat No. 804, Breezy Heights, Rizvi Complex, Off Carter Road, Bandra (West), Mumbai - 400050, Maharashtra, India |
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PAN No: |
AADPD4184B |
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Date of Appointment : |
10.09.2014 |
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Name : |
Mr. Narendra Singh |
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Designation : |
Company Secretary |
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Address : |
A-401, Bhumi Paradise, Plot No. 2 and 3, Sector - 11, Sanpada, Navi Mumbai., Mumbai - 400705, Maharashtra, India |
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PAN No: |
AOLPS3188L |
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Date of Appointment : |
28.05.2015 |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
Total No. of Shares |
% of Total No. of
Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
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|
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|
887625 |
0.80 |
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|
81097757 |
73.49 |
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|
81985382 |
74.30 |
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Total shareholding of
Promoter and Promoter Group (A) |
81985382 |
74.30 |
|
(B) Public Shareholding |
||
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|
1792528 |
1.62 |
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|
1497421 |
1.36 |
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|
1400 |
0.00 |
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|
7869394 |
7.13 |
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|
1690448 |
1.53 |
|
|
1690448 |
1.53 |
|
|
12851191 |
11.65 |
|
|
|
|
|
|
1732597 |
1.57 |
|
|
|
|
|
|
9758472 |
8.84 |
|
|
2156673 |
1.95 |
|
|
1865728 |
1.69 |
|
|
478956 |
0.43 |
|
|
952738 |
0.86 |
|
|
209 |
0.00 |
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|
57100 |
0.05 |
|
|
100 |
0.00 |
|
|
376625 |
0.34 |
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|
15513470 |
14.06 |
|
Total Public shareholding
(B) |
28364661 |
25.70 |
|
Total (A)+(B) |
110350043 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
144360 |
0.00 |
|
|
144360 |
0.00 |
|
Total (A)+(B)+(C) |
110494403 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject engaged in the business of Manufacture
and Marketing of Pharmaceutical Products and Bio-pharmaceutical formulations,
active pharmaceutical ingredients (APIS), and vaccines. |
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Products : |
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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 : |
Not Available |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
6834 (Approximately) |
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Bankers : |
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Facilities : |
Note: LONG-TERM
BORROWINGS: The term loan of USD 90 million is secured by first charge on pari passu basis on fixed assets, present and future, located at all locations other than Units at Baddi in Himachal Pradesh and Kadaiya in Daman. This term loan carrying interest rate of 6 months USD LIBOR plus 325 BPS p.a. is repayable in 20 equal quarterly installments commencing from April 01, 2017. The term loan from others is secured by first charge on pari passu basis by hypothecation of movable properties of the company (except book debts) at all locations. This term loan from others with interest rate of 2% p.a. is repayable in 10 equal half yearly installments having commenced from September 2013. Except as mentioned above, the Company has repaid all its
term loans and the release of securities is in process. SHORT-TERM
BORROWING : (1) Working capital facilities from Banks are secured by way of : (i) First charge on pari passu basis on present and future stock of raw materials, consumables, spares, semi-finished goods, finished goods, book debts and other current assets. (ii) Second charge on pari passu basis by way of mortgage of immovable properties and hypothecation of movable assets, both present and future, at Plot No. L-1, D - 4, Chikhalthana in Aurangabad, Plot No. 138, Ankleshwar in Gujarat, Plot No. 87A, Bhimpore in Daman and Biotech Park H-14/2, B-15/2, both at MIDC Waluj, and E- 1/1 at MIDC, Shendra, in Aurangabad, and Jagraon in Punjab. (2) Buyers’ credit availed from State Bank of India (SBI)
are secured by way of first charge on the specific assets and by way of
second charge on the entire current assets and second subservient charges on
all fixed assets, present and future, located at all locations other than
Units at Baddi in Himachal Pradesh and Kadaiya in Daman. Buyers’ credit
availed from Yes Bank and ICICI Bank are secured by way of first pari passu
charge on the entire current assets and second pari passu charge on all fixed
assets located at all locations other than Units at Baddi in Himachal Pradesh
and Kadaiya in Daman. The security on the above facilities is yet to be
created. |
|
Financial Institutions: |
Sbicap
Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai
- 400005, Maharashtra, India |
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Auditors : |
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Name : |
Haribhakti and Company Chartered Accountants |
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Memberships : |
----- |
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Collaborators : |
----- |
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Holding Company : |
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Other related party
relationships where transactions have taken place during the year Enterprises
over which Key Managerial Personnel exercise significant influence : |
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Fellow Subsidiary : |
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Associate Company : |
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Other Parties
Exercising Control : |
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CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs. 5/- each |
Rs. 1250.000 Million |
|
2000000000 |
Preference Shares |
Rs. 5/- each |
Rs. 10000.000 Million |
|
|
Total
|
|
Rs. 11250.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
109751153 |
Equity Shares |
Rs. 5/- each |
Rs. 548.800 Million |
|
321750 |
Add: shares issued during the year |
|
Rs. 1.600 Million |
|
121454927 |
Optionally Convertible Cumulative Redeemable Preference Shares |
Rs.5/- each |
Rs. 607.200 Million |
|
475659941 |
Non-Convertible Cumulative Redeemable Preference Shares |
Rs.5/- each |
Rs. 2378.300 Million |
|
|
Total
|
|
Rs. 3535.900 Million |
Notes:
(a) The Company has 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 held and is entitled to dividend, if declared at the Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the 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 shareholders. Subject to the approval of shareholders at the Annual General Meeting, Board has recommended dividend of 0.01% (at the rate of Rs. 0.0005 /- per share of Rs. 5/- each) on 475,659,941 Non-convertible Cumulative Redeemable Preference shares of Rs. 5/- each and 121,454,927 Optionally Convertible Cumulative Redeemable Preference shares of Rs. 5/- each. During the year, Board of Directors of the Company have declared and paid interim dividend of 400% i.e. Rs. 20 per share on equity shares of Rs. 5/- each, absorbing Rs. 2200.800 Million The Board recommends the said interim dividend of 400% as final dividend for the financial year 2014-15.
(b) Shares reserved for issue under options Equity shares of
1,243,500 of face value Rs. 5/- each have been reserved for issue under
Wockhardt Stock Option Scheme-2011.
(c) Issue of
Preference Shares as per Corporate Debt Restructuring (CDR) Scheme:
Pursuant to approved CDR package against various liabilities of the Company, the Company has issued preference shares of Rs. 5/- each to Banks/Financial Institutions on the following terms and conditions:
(i) 121,454,927, 0.01% Optionally Convertible Cumulative Redeemable Preference shares (OCCRPS Series 2) issued bilaterally to various Banks, on the following terms and conditions: The Preference Shareholders shall have the right to convert OCCRPS Series 2 along with accumulated dividend, into fully paid equity shares of the Company, in one or more tranches, commencing July 4, 2016 till December 31, 2018, at conversion price as per the then applicable SEBI formula on the date of conversion. The said shares, in case not converted, shall get redeemed along with accumulated dividend on December 31, 2018 without any redemption premium.
(ii) 32,265,110, 0.01% Non-Convertible Cumulative Redeemable Preference shares (NCRPS Series 2), redeemable at a premium of 20% of the face value along with cumulative dividend on December 31, 2018.
(iii) 283,394,831, 0.01% Non-Convertible Cumulative Redeemable Preference shares (NCRPS Series 3) issued bilaterally to various Banks, redeemable at a redemption premium calculated at 4% p.a. on simple basis along with cumulative dividend on December 31, 2018.
(iv) 160,000,000, 0.01% Non-Convertible Cumulative Redeemable Preference shares (NCRPS Series 5), redeemable at a premium of 20% of the face value along with cumulative dividend on March 31, 2019.
(d) Shares held by
holding Company:
Nil Equity Shares were held by Khorakiwala Holdings and Investments Private Limited – the holding company during previous year.
160,000,000 Non-Convertible Cumulative Redeemable Preference
shares – Series 5 are held by Khorakiwala Holdings and Investments Private
Limited – the holding company during previous year.
(e) Details of equity
shares held by each shareholders holding more than 5% of total equity shares:
|
Name of the
Shareholder |
As at March 31, 2015 |
|
|
|
No. of Shares held |
% of Holding |
|
|
|
|
|
Khorakiwala Holdings and Investments Private Limited |
--- |
---- |
|
Dartmour Holdings Private Limited |
--- |
--- |
|
Themisto Trustee Company Private Limited which holds these
shares in its capacity as the trustee of Habil Khorakhiwala Trust which
inturn holds these shares in its capacity as the partner of the partnership
firm Humuza Consultants. |
65897757 |
59.87 |
(f) Details of
Non-Convertible Cumulative Redeemable Preference Shares (NCCRPS) held by each
shareholders holding more than 5% of total NCCRPS:
|
Name of the
Shareholder |
As at March 31, 2015 |
|
|
|
No. of Shares held |
% of Holding |
|
Khorakiwala Holdings and Investments Private Limited |
160000000 |
33.64 |
|
Indian Overseas Bank |
104563437 |
21.98 |
|
Union Bank of India |
74397151 |
15.64 |
|
Corporation Bank |
50929498 |
10.71 |
|
HDFC Bank Limited |
43233260 |
9.09 |
|
Punjab National Bank |
29778521 |
6.26 |
(g) Details of
Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS) held by
each shareholders holding more than 5% of total OCCRPS:
|
Name of the
Shareholder |
As at March 31, 2015 |
|
|
|
No. of Shares held |
% of Holding |
|
Indian Overseas Bank |
39888348 |
32.84 |
|
Union Bank of India |
31884492 |
26.25 |
|
Corporation Bank |
21826928 |
17.97 |
|
HDFC Bank Limited |
18528540 |
15.26 |
|
Punjab National Bank |
9326619 |
7.68 |
LISTING DETAILS:
|
|
BSE : 532300 NSE : WOCKPHARMA |
|
Stock Exchange Place : |
Ø Bangalore Stock
Exchange Limited Ø National Stock
Exchange of India Limited |
|
Listed Date : |
-- |
|
|
|
|
Global Depository
Receipts (GDRs) : |
Luxembourg Stock Exchange |
|
|
|
|
ISIN : |
INE049B01025 |
FINANCIAL DATA
[All figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
EQUITY AND
LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
3535.900 |
3534.300 |
3533.400 |
|
(b) Reserves & Surplus |
10165.000 |
8821.300 |
7633.800 |
|
(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) |
13700.900 |
12355.600 |
11167.200 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
5677.300 |
70.000 |
95.200 |
|
(b) Deferred tax liabilities (Net) |
1316.000 |
1367.000 |
1205.500 |
|
(c) Other long term
liabilities |
0.000 |
6286.300 |
0.000 |
|
(d) long-term
provisions |
334.800 |
280.500 |
260.800 |
|
Total Non-current
Liabilities (3) |
7328.100 |
8003.800 |
1561.500 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
2701.700 |
1744.400 |
1631.700 |
|
(b) Trade payables |
3444.000 |
3306.900 |
4693.000 |
|
(c) Other current liabilities |
14048.100 |
8231.800 |
11746.500 |
|
(d) Short-term provisions |
266.500 |
271.100 |
873.300 |
|
Total Current
Liabilities (4) |
20460.300 |
13554.200 |
18944.500 |
|
|
|
|
|
|
TOTAL |
41489.300 |
33913.600 |
31673.200 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
9796.000 |
9943.600 |
8768.600 |
|
(ii) Intangible Assets |
258.900 |
385.200 |
597.600 |
|
(iii) Capital work-in-progress |
7921.600 |
5818.300 |
4817.900 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
2972.200 |
3079.500 |
3079.500 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3777.700 |
3723.200 |
3429.200 |
|
(e) Other
Non-current assets |
1037.100 |
1061.900 |
49.200 |
|
Total Non-Current
Assets |
25763.500 |
24011.700 |
20742.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
5244.300 |
4844.600 |
5275.900 |
|
(c) Trade receivables |
2097.000 |
2463.600 |
2066.300 |
|
(d) Cash and cash equivalents |
6784.900 |
857.900 |
1839.300 |
|
(e) Short-term loans and advances |
1599.600 |
1735.800 |
1749.700 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current
Assets |
15725.800 |
9901.900 |
10931.200 |
|
|
|
|
|
|
TOTAL |
41489.300 |
33913.600 |
31673.200 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from Operation
(Net) |
18865.500 |
18052.700 |
24711.800 |
|
|
Other Income |
4651.100 |
3193.800 |
455.000 |
|
|
TOTAL |
23516.600 |
21246.500 |
25166.800 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
4520.100 |
5133.100 |
8593.000 |
|
|
Purchases of
Stock-in-Trade |
4021.400 |
2809.600 |
2614.300 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(572.700) |
47.100 |
(829.500) |
|
|
Exchange Fluctuation Loss/(Gain) |
170.800 |
406.400 |
(198.400) |
|
|
Employees benefits
expense |
4096.200 |
3545.300 |
3010.700 |
|
|
Other expenses |
6555.400 |
5857.500 |
5609.700 |
|
|
Exception Items |
----- |
----- |
(2881.800) |
|
|
TOTAL |
18791.200 |
17799.000 |
15918.000 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
4725.400 |
3447.500 |
9248.800 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
191.800 |
336.700 |
1543.700 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
4533.600 |
3110.800 |
7705.100 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1029.300 |
963.200 |
807.700 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
3504.300 |
2147.600 |
6897.400 |
|
|
|
|
|
|
|
Less |
TAX |
186.100 |
161.500 |
670.400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
3318.200 |
1986.100 |
6227.000 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
4470.700 |
6180.000 |
11740.400 |
|
|
Management and Technical fees |
37.400 |
52.400 |
57.800 |
|
|
Out licensing fees |
1784.900 |
1653.000 |
2677.700 |
|
|
Royalty |
0.000 |
0.300 |
31.100 |
|
|
Interest |
5.600 |
29.100 |
34.800 |
|
|
Research and Development
Services |
48.100 |
83.500 |
40.600 |
|
|
dividend income |
4338.100 |
1957.100 |
0.000 |
|
|
guarantee commission income |
50.900 |
937.600 |
0.000 |
|
|
consultancy fees |
3.900 |
0.000 |
0.000 |
|
|
patent settlement fees |
0.000 |
132.600 |
0.000 |
|
|
TOTAL EARNINGS |
10739.600 |
11025.600 |
14582.400 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1099.600 |
1728.500 |
2538.200 |
|
|
Components and Stores
parts |
218.100 |
186.000 |
44.900 |
|
|
Capital Goods |
1455.700 |
1845.600 |
260.200 |
|
|
TOTAL IMPORTS |
2773.400 |
3760.100 |
2843.300 |
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
30.17 |
18.10 |
56.88 |
|
|
Diluted |
29.82 |
17.88 |
55.99 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
17.600 |
20.800 |
14.300 |
|
Cash generated from operations |
371.200 |
1662.500 |
16362.400 |
|
Net cash flow from (used in) operations |
(534.000) |
1312.200 |
14289.300 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
17.59 |
11.00 |
25.20 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
25.05 |
19.10 |
37.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.10 |
8.58 |
29.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.17 |
0.62 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.61 |
0.15 |
0.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.77 |
0.73 |
0.58 |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2015 |
|
Unaudited |
|
|
1st
Quarter |
|
Net Sales |
|
|
5147.000 |
|
Total Expenditure |
|
|
5143.900 |
|
PBIDT (Excl OI) |
|
|
3.100 |
|
Other Income |
|
|
99.500 |
|
Operating Profit |
|
|
102.600 |
|
Interest |
|
|
103.100 |
|
Exceptional Items |
|
|
NA |
|
PBDT |
|
|
(0.500) |
|
Depreciation |
|
|
250.700 |
|
Profit Before Tax |
|
|
(251.200) |
|
Tax |
|
|
(1.400) |
|
Provisions and contingencies |
|
|
NA |
|
Profit After Tax |
|
|
(249.800) |
STOCK
PRICES
|
Face Value |
Rs. 5.00/- |
|
Market Value |
Rs. 1456.00/- |
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 |
3533.400 |
3534.300 |
3535.900 |
|
Reserves & Surplus |
7633.800 |
8821.300 |
10165.000 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
11167.200 |
12355.600 |
13700.900 |
|
|
|
|
|
|
long-term borrowings |
95.200 |
70.000 |
5677.300 |
|
Short term borrowings |
1631.700 |
1744.400 |
2701.700 |
|
Current maturities of
long-term debts |
14.300 |
20.800 |
17.600 |
|
Total borrowings |
1741.200 |
1835.200 |
8396.600 |
|
Debt/Equity ratio |
0.156 |
0.149 |
0.613 |
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) |
|
Revenue from Operation
(Net) |
24711.800 |
18052.700 |
18865.500 |
|
|
|
(26.947) |
4.502 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from Operation
(Net) |
24711.800 |
18052.700 |
18865.500 |
|
Profit |
6227.000 |
1986.100 |
3318.200 |
|
|
25.20% |
11.00% |
17.59% |
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 |
No |
|
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:
|
Case Details Bench:-Bombay
Main Matter
District:- MUMBAI Bench:- DIVISION Status:- Pre-Admission Category:- NOTICE OF MOTION Last Date : 05/02/2014 Last Coram: ACCORDING TO SITTING LIST Act : Code of civil procedure 1908 |
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
LONG-TERM
BORROWINGS |
|
|
|
Sales tax deferral loan |
12.900 |
21.200 |
|
Loans from Others |
33.000 |
39.100 |
|
Total |
45.900 |
60.300 |
Note:
LONG TERM
BORROWING:
Interest free sales tax deferral loan is repayable in the month of May every year. This loan is repayable by May 2019.
Loans from others with interest rate of 3% p.a. is repayable in 10 equal annual installments. Loan amounting. Rs. 9.500 Million (Previous Year – Rs. 11.300 Million) is repayable by June 2019 and the balance Rs. 29.700 Million (Previous Year – Rs. 33.900 Million) by October 2021.
Contingent
liabilities and commitments (to the extent not provided for): (AS ON
31.03.2015)
a) Demands by Central Excise authorities in respect of Classification/ Valuation/Cenvat Credit related disputes; stay orders have been obtained by the Company in case of demands which have been confirmed Rs. 304.500 Million.
(b) Demand by Income tax authorities Rs. 700.000 Million disputed by the Company.
(c) Demand by Sales Tax authorities Rs. 126.000 Million disputed by the Company (including Rs. 13.300 Million on account of amalgamation).
(d) Claims against Company not acknowledged as debt in respect of local body tax ` Nil.
(e) Claims against Company not acknowledged as debt in respect of electricity expense Rs. 46.500 Million.
(f) Demand from National Pharmaceutical Pricing Authority (NPPA) in respect of overcharging of certain products disputed by the Company Rs. 73.000 Million.
(g) Corporate Guarantee given on behalf of a subsidiary in respect of credit facilities amounts to Rs. 4492.200 Million.
This comprises corporate guarantee given by the Company and Wockhardt UK Holdings Limited against loan of USD 71.88 million (USD 134.38 million) amounting to Rs. 4492.200 Million taken by Wockhardt Bio AG in earlier years. The said loan has been fully rescheduled and all lenders have acceded to the reschedulement. This loan availed by the subsidiary is secured by:
(i) first ranking pari passu charge on immovable properties of Wockhardt Limited situated at Kadaiya in Daman and Baddi in Himachal Pradesh.
(ii) Second ranking pari passu charge by way of hypothecation on all the current assets, movables, inventories and book debts of Wockhardt Limited. Further, out of loan of Rs. 4492.200 Million (Previous Year – Rs. 8056.400 Million), security has been created in respect of term loan of USD 29.04 Million (Previous Year – USD 54.30 million) amounting to Rs. 1814.800 Million (Previous Year – Rs. 3254.800 Million), in addition to aforesaid Security as follows:
(i) Subservient charge on movable properties of Wockhardt Limited situated at Bhimpore in Daman, Ankleshwar, L-1, D-4, Chikhalthana and Biotech Park, Waluj in Aurangabad (except book debts and current assets).
(ii) Subservient charge on movable properties of Wockhardt Infrastructure Development Limited situated at Shendra in Aurangabad (WIDL). Also, an application has been made to Reserve Bank of India for obtaining its approval to create a subservient charge on fixed assets of WIDL and of the Company situated at all locations except Baddi in Himachal Pradesh and Kadaiya in Daman.
(h) Comfort to extend financial support, subject to certain approvals, to one of its subsidiaries towards credit facilities availed by the subsidiary, the impact of which is currently not ascertainable.
(i) The Company is involved in other disputes, lawsuits, claims, inquires and proceedings, including commercial matters that arise from time to time in the ordinary course of business. The Company believes that there are no such pending matters that are expected to have any material adverse effect on its financial statements in any given accounting period.
(j) Bank guarantees issued against various liabilities/obligations Rs. 317.200 Million (Previous Year – Rs. 209.200 Million).
(k) Estimated amount of contracts remaining to be executed
on capital account and not provided for Rs. 1134.700 Million (Previous Year –
Rs. 1463.500 Million) after deducting advance on capital account of Rs. 173.700
Million (Previous Year – Rs. 209.400 Million).
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10577341 |
01/07/2015 |
2,500,000,000.00 |
SBICAP TRUSTEE COMPANY
LIMITED |
202, MAKER TOWER, 'E',
CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
C57661266 |
|
2 |
10573698 |
11/06/2015 |
2,500,000,000.00 |
SBICAP TRUSTEE COMPANY
LIMITED |
202, MAKER TOWER, 'E',
CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
C55851703 |
|
3 |
10558066 |
30/03/2015 |
6,250,000,000.00 |
SBICAP TRUSTEE COMPANY
LIMITED |
202, MAKER TOWER, 'E', CUFFE
PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
C48336721 |
|
4 |
10253301 |
07/12/2011 * |
26,152,000.00 |
DEPARTMENT OF
BIOTECHNOLOGY |
6-8TH FLOOR, BLOCK NO. 2,
CGO COMPLEX, LODHI ROAD, NEW DELHI -110003, INDIA |
B27629591 |
|
5 |
10240003 |
15/12/2014 * |
4,110,400,000.00 |
SBICAP TRUSTEE COMPANY
LIMITED |
202, MAKER TOWER, 'E',
CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
C37345048 |
|
6 |
10239938 |
15/12/2014 * |
4,110,400,000.00 |
SBICAP TRUSTEE COMPANY
LIMITED |
202, MAKER TOWER, 'E',
CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
C37345352 |
|
7 |
10240133 |
02/03/2015 * |
4,054,900,000.00 |
SBICAP TRUSTEE COMPANY
LIMITED |
202, MAKER TOWER, 'E', CUFFE
PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
C48199541 |
|
8 |
10238614 |
15/12/2014 * |
4,110,400,000.00 |
STATE BANK OF INDIA |
MUMBAI MAIN BRANCH,
MUMBAI SAMACHAR MARG, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA |
C51910495 |
|
9 |
10230450 |
02/03/2015 * |
4,054,900,000.00 |
SBICAP TRUSTEE COMPANY
LIMITED |
202, MAKER TOWER, 'E',
CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
C48202238 |
|
10 |
10225953 |
29/06/2010 |
4,667,210,000.00 |
SBICAP TRUSTEE COMPANY
LIMITED |
202, MAKER TOWER, 'E',
CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
A88114897 |
* Date of charge modification
STATEMENT OF
STANDALONE RESULTS FOR QUARTER ENDED JUNE 30, 2015
(Rs.
in Million)
|
Particulars |
3
Months Ended 30.06.2015 (Unaudited) |
|
Income from Operations |
|
|
(a) Net sates/income from operations (Net of excise duty) |
5147.000 |
|
(b) Other Operating Income |
0.000 |
|
Total income from
operations (net) |
5147.000 |
|
Expenses |
|
|
(a) Cost of materials consumed |
1126.900 |
|
(b) Purchases of stock-in trade |
1319.600 |
|
(c) Changes in inventories of finished goods. work-in-progress and
stock in trade |
(146.500) |
|
(d) Employee benefits expense |
1147.900 |
|
(e) Depreciation and Amortization Expenses |
250.700 |
|
(f) Other Expenses |
1679.200 |
|
(g) Power and Fuel |
0.000 |
|
(h) Value of Wind Power |
0.000 |
|
Total expenses |
5377.800 |
|
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
(230.800) |
|
Other Income |
99.500 |
|
exchange fluctuation gain/loss |
16.800 |
|
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
(148.100) |
|
Finance Costs |
103.100 |
|
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
(251.200) |
|
Exceptional items |
---- |
|
Profit/ (Loss) from ordinary activities before tax (7+8) |
(251.200) |
|
Tax expenses |
(1.400) |
|
Net Profit / (Loss) from ordinary activities after tax (9-10) |
(249.800) |
|
Extraordinary item (net of tax expense) |
---- |
|
Net Profit / (Loss) for the period (11-12) |
(249.800) |
|
Share of profit' (loss) of associates |
|
|
Minority Interest |
|
|
Net Profit/ (Loss) after taxes, minority interest and share of
profit/(loss) of associates (13+14+15) |
|
|
Paid up equity share capital (Face Value of Rs 10/-each) |
551.000 |
|
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 |
(2.27) |
|
(b) Diluted |
(2.27) |
|
PARTICULARS OF SHAREHOLDING |
|
|
A. Public Shareholding |
|
|
- Number of shares |
28075661 |
|
- Percentage of shareholding |
25.48 |
|
Promoters and Promoter group shareholding |
|
|
a) Pledged / Encumbered |
|
|
- Number of shares |
Nil |
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
0.00% |
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
0.00% |
|
b) Non Encumbered |
|
|
- Number of shares |
81985382 |
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
100.00% |
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
74.39 |
|
Investors
Complaints |
3
Months Ended 30.06.2015 |
|
Pending at the beginning
of the quarter |
Nil |
|
Received during the
quarter |
Nil |
|
Disposed of during the
quarter |
Nil |
|
Remaining unresolved at
the end of the quarter |
Nil |
Note:
1. The results were reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on August 10, 2015 and has been subject is limited review by the Auditors
2. During the year, the Company has issued and allotted 132,500 equity shares
of face value of Rs. 5 each pursuant to exercise of employee stock options.
3. Figures for the quarter ended March 31, 2015 are the balancing figures
between the audited figures In respect of the full financial year and the
unaudited reviewed figures up to the third quarter of the relevant financial
year.
4. Effective April 01, 2015 the company has exercised option given udder
paragraph 46A of Accounting standard for the Effects of Changes in foreign
Exchange rates (as 11)Prescribed under Section 133 of Companies ACT 2013
Whereby exchange difference arising on long term foreign currency monetary
items relating to depreciable assets and depreciated over the balance life of
such assets and in other cases are accommodates in forging currency monetary
item Translation difference Accounts (FCMTDA) to be amilisted over balance
period of long term asset/liability. The balance outstanding (debit) in FCMTDA
as on June 30, 2015 is Rs 825 Lacs
5. The Company is exclusively into Pharmaceutical business Segment
6. Pursuant to the amalgamation of Wockhard Biopharm Limited and Vinton
Healthcare Limited with the Company w t f. April 01, 2014 Which was accounted
for during the quarter ended March 31, 2015 the Figures of Current quarter are
sterolly not comparable with the figures for quarter ended March 31, 2015 and
June 30, 2014
7. Previous period figures have been recast/ re-grouped lo conform to the
current period’s presentation
FINANCIAL RESULTS AND
HIGHLIGHTS
On Standalone basis, the Company registered Total Revenue of
Rs. 23520.000 Million and growth of 11% as compared to the previous year. The
Profit before Depreciation, Finance Cost and Tax on Standalone basis increased
from Rs. 3850.000 Million to Rs. 4900.000 Million thereby registering growth of
27%. The Profit after Tax grew from Rs. 1990.000 Million to Rs. 3320.000
Million registering healthy growth of 67%.
REGISTERED OFFICE SHIFTED NOTE:
Pursuant to the approval of the shareholders by way of
special resolution through postal ballot, the registered office of the company
has been shifted from Mumbai to Aurangabad with effect from 24th march, 2015.
MANAGEMENT DISCUSSION
AND ANALYSIS
REVENUE FROM
OPERATIONS
On a quarterly basis, the revenue for Q3 and Q4 has grown as compared to its corresponding quarters in previous year due to significant growth in UK and India business. Q1 and Q2 revenues are lower compared to its corresponding previous year quarters due to decline in US business due to continued regulatory alerts.
The revenue split by US operations stood at 24% (compared to 44% as in FY 2014) while European Business including Contract Manufacturing Business contributed 41% (compared to 29% in FY 2014) and India and Rest of the World contributed 35% (compared to 27% in FY 2014).
GLOBAL OUTLOOK
The global pharma market grew by about $70 Billion in 2014 to become a trillion dollar industry and expected to attain $1.3 Trillion in global revenues by 2018. The last four years (2011-2014) seen increased patent expiry with over $129 Billion worth of branded drugs going off patent. The next 4 years (2015-2018) expected to be less hectic in terms of patent expiry but a sizeable $97 Billion worth of drugs are estimated to lose patent exclusivity and become generic.
The clarity over generic pathway in biotechnology for US
markets received major boost during 2014 and significant upsides are expected
for companies which have invested in biotechnology operations. Europe had
earlier clarified its stance on biogeneric launches and a slew of generic
filings in biotech space have already been done. Per capita spending is
expected to rise in most of the countries except for France and Spain.
COMPANY OUTLOOK
The Company’s long
term outlook continues to be promising given the following:
a. Overall growth in the global pharmaceutical industry.
b. Continued focus on R&D in regards to its complex generic, bio technology and NCE programs.
c. Company’s global reach in regulated market an
d. continued efforts to enhance its reach in emerging markets. d. Increasing pipeline of niche & complex technology generic products.
AMALGAMATION OF
WHOLLY OWNED SUBSIDIARY COMPANIES
Pursuant to the scheme of amalgamation (‘the scheme’) of Wockhardt Biopharm Limited and Vinton Healthcare Limited, unlisted wholly owned subsidiaries of the Company, with the Company under Sections 391 to 394 of the Companies Act, 1956 sanctioned by the Hon’ble High Court, Bombay vide its order dated March 20, 2015, all assets and liabilities (excluding share capital) of the aforesaid subsidiaries were transferred in the Company effective April 01, 2014 (‘the Appointed Date’). Accordingly the Scheme has been given effect to in these financial statements.
The main objects of Wockhardt Biopharm Limited include manufacturing, marketing, trading, packing of biotechnology products, pharmaceuticals and chemicals and, of Vinton Healthcare Limited include manufacturing, trading, packing, distribution of foods and other nutritional products. However, recently there were no operations in these companies.
The amalgamation has been accounted for under the ‘Pooling of Interest’ method as prescribed by the Accounting Standard 14, ‘Accounting for Amalgamations’. Accordingly the accounting treatment has been given as under:
(a) The assets and liabilities as at April 01, 2014 were incorporated in the financial statement of the Company at its book value
(b) The above Scheme being merger of wholly owned
subsidiaries with the parent company has no impact on consolidated financial
statements except that Capital Reserve has increased by Rs. 271.100 Million
FIXED ASSETS
Tangible Assets
- Freehold land
- Buildings
- Plant and machinery
- Furniture and fixtures
- Vehicles
- Office equipment
Intangible Assets
- Trademarks/technical know-how
- Computer software
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 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. 65.47 |
|
|
1 |
Rs. 101.06 |
|
Euro |
1 |
Rs. 72.22 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
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 |
YES |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
81 |
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
unfavorable 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.