MIRA INFORM REPORT
|
Report No. : |
339172 |
|
Report Date : |
01.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHASUN
PHARMACEUTICALS LIMITED (W.E.F. 11.08.2010) |
|
|
|
|
Formerly Known
As : |
SHASUN CHEMICALS AND DRUGS LIMITED |
|
|
|
|
Registered Office
: |
The Batra Centre, Old No.28, Sardar Patel Road, Guindy, Chennai –
600032, Tamilnadu |
|
Tel. No.: |
91-44-47406100 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
19.04.1976 |
|
|
|
|
Com. Reg. No.: |
18-007122 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.120.250 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24117TN1976PLC007122 |
|
|
|
|
IEC No.: |
0488011493 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
CHES03195D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS5031L |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
The Company is primarily engaged in manufacturing of active pharmaceutical ingredients (APIs), their intermediates and finished dosage. The company is also into product development, trading of branded formulations and provides contract research and manufacturing services. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 11000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having fine track record. Financial position of the company seems to be sound and healthy. The ratings also takes into consideration, an acceptable share price
of Rs.363.45 recorded by the company as against a face value of Rs.2.00 as on
August 28, 2015. The rating derives strength from good and long track of operations and
extensive experienced of promoters. In view of experienced promoters, the company can be considered for
business dealings at usual trade terms and conditions. Note: As per Director’s Report, the Board of Directors at its meeting
held on September 29, 2014, have approved the scheme of Amalgamation between
the company and M/s. Strides Arcolab Limited Later, shareholders of the
company at their meeting held on march 12, 2015, duly approved the scheme.
Company had filed the petition before the honorable High Court of Judicature
at Madras for sanction of the scheme. |
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 |
Fund based = BBB+ |
|
Rating Explanation |
Have moderate degree of safety and carry moderate risk. |
|
Date |
September 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non-Fund based limit = A2 |
|
Rating Explanation |
Have strong degree of safety and carry low credit risk. |
|
Date |
September 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION DENIED
Management non co-operative (91-44-47406100)
LOCATIONS
|
Registered / Corporate Office : |
The Batra Centre, Old No.28, Sardar Patel Road, Guindy, Chennai –
600032, Tamilnadu, India |
|
Tel. No.: |
91-44-47406100 / 43446700 |
|
Fax No.: |
91-44-22350278 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Factories : |
Active
Pharmaceutical Ingredient and Bio-tech
Finished Dosage
Facility
Research and
Development Centre
|
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Shankarlal Abhaya Kumar |
|
Designation : |
Managing Director |
|
Address : |
27, Mylai Ranganathan Street, T Nagar, Chennai - 600017, Tamilnadu, India |
|
Date of Appointment : |
19.04.1976 |
|
DIN No.: |
00729827 |
|
|
|
|
Name : |
Mr. Vimal Kumar Srisrimal |
|
Designation : |
Director |
|
Address : |
No.14 (Old No.30), Krishna Rao Street, T. Nagar, Chennai - 600017, Tamilnadu, India |
|
Date of Birth/Age : |
26.06.1956 |
|
Qualification : |
Chartered Accountant |
|
Specialized
Expertise : |
Finance |
|
Date of Appointment : |
26.06.1985 |
|
DIN No.: |
00050457 |
|
|
|
|
Name : |
Mr. Kannan Ramamirtham |
|
Designation : |
Director |
|
Address : |
Karachi Citizens CHS 205-B, New Link Road D.N. Nagar, Andheri (West), Mumbai - 400053, Maharashtra, India |
|
Date of Birth/Age : |
02.06.1949 |
|
Qualification : |
PG Maths, CAIIB, PG Mgmt Studies |
|
Specialized
Expertise : |
Merchant Banking and Investment Banking |
|
Date of Appointment : |
30.07.2010 |
|
DIN No.: |
00227980 |
|
|
|
|
Name : |
Mr. Rangaswamy Sundara Rajan |
|
Designation : |
Director |
|
Address : |
30/A, Davis Road, Cooke Town, Bangalore - 560084, Karnataka, India |
|
Date of Birth/Age : |
28.04.1948 |
|
Qualification : |
B.E. Mech., PGDM-IIMA, Chartered Engineer & Associate of Insurance
Institute of India |
|
Specialized
Expertise : |
Pharmaceutical Industry |
|
Date of Appointment : |
30.05.2011 |
|
DIN No.: |
00498404 |
|
|
|
|
Name : |
Mr. Shankarlal Srisrimal Devendrakumar |
|
Designation : |
Whole-Time Director |
|
Address : |
No.2, Jagadeswaran Street, T. Nagar, Chennai - 600017, Tamilnadu, India |
|
Date of Appointment : |
12.05.1978 |
|
DIN No.: |
00050440 |
|
|
|
|
Name : |
Mr. Sunny Sharma |
|
Designation : |
Director |
|
Address : |
10 West End Ave Apartment, 11 H, New York, Newyork, 10023, United States of America |
|
Date of Birth/Age : |
31.08.1974 |
|
Qualification : |
M.B.A., M.B.B.S |
|
Specialized
Expertise : |
Life Sciences, Venture Capital, Investment Banking and Clinical
Practice |
|
Date of Appointment : |
29.03.2012 |
|
DIN No.: |
02267273 |
|
|
|
|
Name : |
Mr. Narayanaswamy Subramanian |
|
Designation : |
Director |
|
Address : |
Flat 1c Ramcons Rajam No 90 Bazullah Road, T Nagar, Chennai - 600017, Tamilnadu, India |
|
Date of Birth/Age : |
17.03.1954 |
|
Qualification : |
B.Sc., F.C. A., A.C.S. |
|
Specialized
Expertise : |
Chartered Accountant |
|
Date of Appointment : |
19.08.2011 |
|
DIN No.: |
03602858 |
|
|
|
|
Name : |
Mr. Arun Chadra Karmakar |
|
Designation : |
Whole-Time Director |
|
Address : |
House No.: 190, Lawspet Main Road, Lawspet, Pondicherry - 605008, Union Territory of India |
|
Date of Appointment : |
06.08.2014 |
|
DIN No.: |
06938042 |
|
|
|
|
Name : |
Taru Rajesh Mardia |
|
Designation : |
Additional Director |
|
Address : |
27, Mylai Ranganathan Street, T. Nagar, Chennai - 600017, Tamilnadu, India |
|
Date of Appointment : |
30.04.2015 |
|
DIN No.: |
07191620 |
KEY EXECUTIVES
|
Name : |
Mr. Hariharan Subramanian |
|
Designation : |
Chief Financial Officer |
|
Address : |
F1 Block 1, Jains Ashriya Phase II, K.K. Gardens, Vembuli Amman Koil Street, West K.K. Nagar, Chennai - 600078, Tamilnadu, India |
|
Date of Appointment : |
01.04.2014 |
|
PAN No.: |
AAAPH4349B |
|
|
|
|
Name : |
S Murlikrishna |
|
Designation : |
Company Secretary |
|
Address : |
51/9 Teachers Colony, Fourth Layout, Kolathur, Chennai - 600099, Tamilnadu, India |
|
Date of Appointment : |
20.04.2011 |
|
PAN No.: |
AGYPM5056E |
SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
16158716 |
24.04 |
|
|
7584146 |
11.28 |
|
|
23742862 |
35.32 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
23742862 |
35.32 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
2620911 |
3.90 |
|
|
50943 |
0.08 |
|
|
350950 |
0.52 |
|
|
5192469 |
7.72 |
|
|
6578947 |
9.79 |
|
|
14794220 |
22.01 |
|
|
|
|
|
|
14881180 |
22.14 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs.0.100
Million |
8067283 |
12.00 |
|
Individual shareholders holding nominal share capital in excess of
Rs.0.100 Million |
4694603 |
6.98 |
|
|
1043704 |
1.55 |
|
|
232718 |
0.35 |
|
|
28571 |
0.04 |
|
|
44650 |
0.07 |
|
|
485854 |
0.72 |
|
|
16561 |
0.02 |
|
|
150 |
0.00 |
|
|
235200 |
0.35 |
|
|
28686770 |
42.67 |
|
Total Public
shareholding (B) |
43480990 |
64.68 |
|
Total (A)+(B) |
67223852 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
67223852 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is primarily engaged in manufacturing of
active pharmaceutical ingredients (APIs), their intermediates and finished dosage.
The company is also into product development, trading of branded formulations
and provides contract research and manufacturing services. |
|
|
|
|
Products : |
Active Pharmaceutical Ingredients |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
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|
|
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Exports : |
Not Divulged |
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|
|
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Imports : |
Not Divulged |
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|
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Terms : |
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Selling : |
Not Divulged |
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|
|
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Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
||||||||||||||||||||||||||||||||||||
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Auditors : |
|
|
Name : |
B S R and Company LLP Chartered Accountants |
|
Address : |
KPMG House, 10, Mahatma Gandhi Road, Nungambakkam, Chennai
– 600034, Tamilnadu, India |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Manivannan R. Rajan Cost Accountants |
|
Address : |
A-3, III Floor, 56, Seventh Avenue, Ashok Nagar, Chennai – 600083, Tamilnadu, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Wholly owned
subsidiaries : |
|
|
|
|
|
Wholly owned step
down subsidiaries : |
|
|
|
|
|
Joint venture : |
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|
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Associate : |
|
|
|
|
|
Entities where Directors
have control or significant influence : |
|
CAPITAL STRUCTURE
As on 06.08.2014
Authorised Capital: Rs.250.000 Million
Issued, Subscribed & Paid-up Capital: Rs.134.447
Million
As on 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.2/- each |
Rs.150.000 Million |
|
1000000 |
Preference Shares |
Rs.100/- each |
Rs.100.000 Million |
|
|
Total |
|
Rs.250.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60123852 |
Equity Shares |
Rs.10/- each |
Rs.120.250
Million |
Reconciliation of
equity shares outstanding at the beginning and at the end of the reporting
period
|
Particulars |
As At March 31,
2015 |
|
|
No. of Shares |
Amount |
|
|
At the beginning of the year |
56623852 |
113.250 |
|
Issued during the year |
3500000 |
7.000 |
|
Outstanding at the
end of the year |
60123852 |
120.250 |
Terms / rights
attached to equity shares
The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company’s residual assets. The equity shares are entitled to receive dividend was declared from time to time. The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the Company.
On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.
During the year ended March 31, 2015, the amount of proposed dividend recognized as distribution to equity shareholders was Nil (Previous year Re. 1/- per share).
Details of shareholders
holding more than 5% of equity shares of Rs. 2/- each fully paid in the Company
|
Particulars |
As At March 31,
2015 |
|
|
No. of Shares |
% held |
|
|
Caduceus Asia Mauritius Limited |
6578947 |
10.94 |
|
Shasun Leasing and Finance Private Limited |
4627494 |
7.70 |
|
Sequent Scientific Limited * |
3500000 |
5.82 |
|
Devendra Estates Private Limited |
2956652 |
4.92 |
* In addition, Sequent Scientific Limited has subscribed to certain convertible warrants.
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 |
120.250 |
113.250 |
113.250 |
|
(b) Reserves &
Surplus |
3827.760 |
3045.410 |
2759.400 |
|
(c) Money received
against share warrants |
195.250 |
0.000 |
0.000 |
|
(d) Foreign currency monetary item translation
difference account |
(4.220) |
(5.990) |
(20.560) |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
4139.040 |
3152.670 |
2852.090 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1638.220 |
1802.900 |
985.300 |
|
(b) Deferred tax
liabilities (Net) |
23.060 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.300 |
11.400 |
10.400 |
|
(d) long-term provisions |
63.700 |
40.210 |
59.680 |
|
Total Non-current
Liabilities (3) |
1725.280 |
1854.510 |
1055.380 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3571.430 |
3092.510 |
2720.040 |
|
(b) Trade payables |
2482.760 |
2325.950 |
1760.540 |
|
(c) Other current
liabilities |
1183.110 |
864.010 |
640.180 |
|
(d) Short-term provisions |
88.590 |
104.960 |
123.300 |
|
Total Current Liabilities
(4) |
7325.890 |
6387.430 |
5244.060 |
|
|
|
|
|
|
TOTAL |
13190.210 |
11394.610 |
9151.530 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4254.260 |
2754.110 |
2663.890 |
|
(ii) Intangible Assets |
6.990 |
12.110 |
9.960 |
|
(iii) Capital
work-in-progress |
512.380 |
935.280 |
773.360 |
|
(iv) Intangible assets
under development |
147.200 |
81.610 |
35.210 |
|
(b) Non-current
Investments |
624.390 |
574.190 |
509.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
14.410 |
11.410 |
|
(d) Long-term Loan and Advances |
626.700 |
1261.510 |
513.120 |
|
(e) Other Non-current
assets |
13.170 |
15.590 |
11.310 |
|
Total Non-Current Assets |
6185.090 |
5648.810 |
4527.260 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2115.040 |
1838.550 |
1453.330 |
|
(c) Trade receivables |
2963.410 |
2851.130 |
2206.760 |
|
(d) Cash and cash
equivalents |
22.810 |
105.620 |
38.750 |
|
(e) Short-term loans and
advances |
1832.910 |
892.480 |
868.040 |
|
(f) Other current assets |
70.950 |
58.020 |
57.390 |
|
Total Current Assets |
7005.120 |
5745.800 |
4624.270 |
|
|
|
|
|
|
TOTAL |
13190.210 |
11394.610 |
9151.530 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
10783.930 |
9347.180 |
7827.560 |
|
|
Other Income |
139.160 |
122.730 |
136.550 |
|
|
TOTAL |
10923.090 |
9469.910 |
7964.110 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
6194.460 |
5608.540 |
5009.680 |
|
|
Purchases of
Stock-in-Trade |
56.640 |
104.220 |
17.740 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
32.050 |
(293.400) |
(177.840) |
|
|
Employees benefits
expense |
1141.130 |
952.600 |
767.430 |
|
|
Exceptional Items |
(14.570) |
0.000 |
0.000 |
|
|
Other expenses |
2230.580 |
2080.760 |
1582.730 |
|
|
TOTAL |
9640.290 |
8452.720 |
7199.740 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1282.800 |
1017.190 |
764.370 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
456.090 |
356.240 |
211.410 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
826.710 |
660.950 |
552.960 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
368.470 |
381.450 |
316.620 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
458.240 |
279.500 |
236.340 |
|
|
|
|
|
|
|
Less |
TAX |
44.760 |
(72.750) |
(26.440) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
413.480 |
352.250 |
262.780 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Exports of goods calculated on
FOB basis |
6858.900 |
5621.520 |
5101.320 |
|
|
Product development fee |
232.140 |
144.940 |
68.920 |
|
|
Contract research fee |
0.000 |
52.110 |
48.940 |
|
|
Interest income |
9.030 |
9.000 |
18.720 |
|
|
Miscellaneous income |
9.340 |
15.040 |
20.470 |
|
|
TOTAL EARNINGS |
7109.410 |
5842.610 |
5258.370 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw and packing materials |
2143.850 |
1582.590 |
1304.290 |
|
|
Capital goods and spare parts |
262.830 |
145.060 |
179.910 |
|
|
TOTAL IMPORTS |
2406.680 |
1727.650 |
1484.200 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
6.87 |
5.85 |
4.37 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash from operating activities |
756.020 |
659.460 |
348.920 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
3.83 |
3.77 |
3.36 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
11.90 |
10.88 |
9.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.85 |
2.86 |
3.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.09 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.26 |
1.55 |
1.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96 |
0.90 |
0.88 |
STOCK
PRICES
|
Face Value |
Rs.2/- each |
|
Market Value |
Rs.363.45/- each |
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 |
113.250 |
113.250 |
120.250 |
|
Reserves & Surplus |
2759.400 |
3045.410 |
3827.760 |
|
Money received against share warrants |
0.000 |
0.000 |
195.250 |
|
Foreign
currency monetary item translation difference account |
(20.560) |
(5.990) |
(4.220) |
|
Net worth |
2872.650 |
3158.660 |
3948.010 |
|
|
|
|
|
|
long-term borrowings |
985.300 |
1802.900 |
1638.220 |
|
Short term borrowings |
2720.040 |
3092.510 |
3571.430 |
|
Total borrowings |
3705.340 |
4895.410 |
5209.650 |
|
Debt/Equity ratio |
1.290 |
1.550 |
1.320 |
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 |
7827.560 |
9347.180 |
10783.930 |
|
|
|
19.414 |
15.371 |
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 |
7827.560 |
9347.180 |
10783.930 |
|
Profit |
262.780 |
352.250 |
413.480 |
|
|
3.36% |
3.77% |
3.83% |
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---------------------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
---------------------- |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BUSINESS PERFORMANCE
During the financial year 2014-15, the Company has achieved Stand-alone gross revenue of Rs. 10923.090 Million as against Rs. 9469.910 Million in the year 2013-14, registering a growth of 15% on standalone basis. The profit after tax Rs. 413.480 Million as against Rs. 352.250 Million.
The Company achieved consolidated gross revenue of Rs.13288.580
Million as against Rs. 12356.220 Million in the year 2013-14, registering a
growth of 7.5% on consolidated basis. The profit after tax Rs. 237.550 Million
as against Rs. 302.110 Million.
COMPANY OVERVIEW
Subject was incorporated in 1976 having its registered
office in Chennai, India. The Company is primarily engaged in manufacturing of
Active Pharmaceutical Ingredients (APIs), their intermediates and finished
dosage. The Company is also into product development, trading of branded
formulations and provides contract research and manufacturing services.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Loan from others |
5.220 |
8.884 |
|
Less: disclosed
under “Other current liabilities” |
(652.410) |
(437.490) |
|
Total |
(647.190) |
(428.606) |
STATEMENT OF
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED
JUNE 30, 2015
(Rs. In Million)
|
Particulars |
Quarter ended 30.06.2014 |
|
|
(Unaudited) |
|
Income
from operations |
|
|
Net sales/ Income from operation (net of excise duty) |
2455.500 |
|
Other operating income |
120.300 |
|
Total
income from Operations(net) |
2575.800 |
|
Expenditure |
|
|
Cost of material consumed |
1490.600 |
|
Purchases of stock in trade |
16.400 |
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(8.600) |
|
Employees benefit expenses |
265.300 |
|
Depreciation and amortization expenses |
110.600 |
|
Foreign Exchange Loss, Net |
0.000 |
|
Other expenditure |
540.000 |
|
Total expenses |
2414.300 |
|
Profit
from operations before other income and financial costs |
161.500 |
|
Other income |
17.900 |
|
Profit from
ordinary activities before finance costs |
179.400 |
|
Finance costs |
102.200 |
|
Profit/(Loss) from
ordinary activities after finance costs but before exceptional items |
77.200 |
|
Exceptional Items |
0.000 |
|
Profit from
ordinary activities before tax Expense: |
77.200 |
|
Tax expenses |
(7.300) |
|
Net Profit / (Loss)
from ordinary activities after tax (9-10) |
69.900 |
|
Extraordinary Items |
0.000 |
|
Net Profit/(Loss)
for the period |
69.900 |
|
Paid-up equity share capital (Nominal value Rs.5/- per share) |
134.500 |
|
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
NA |
|
Earnings per share
(before extraordinary items) of Rs.2/- each) (not annualized): |
|
|
Basic |
1.13 |
|
Diluted |
1.10 |
|
Earnings per share (after extraordinary
items) |
|
|
Basic |
1.13 |
|
Diluted |
1.10 |
|
A.
Particulars of shareholding |
|
|
1.
Public Shareholding |
|
|
- Number of shares |
43480990 |
|
- Percentage of shareholding |
64.68% |
|
2.
Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
4372000 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
18.41% |
|
Percentage of shares (as a % of total share capital of the
company) |
6.50% |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
19370862 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
81.59% |
|
Percentage of shares (as a % of total share capital of the
company) |
28.82% |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
3 |
|
Disposed of during the quarter |
3 |
|
Remaining unreserved at the end of the quarter |
Nil |
FIXED ASSETS
- Freehold land
- Leasehold land
- Factory buildings
- Plant and machinery
- Electrical installations
- Office equipment’s
- Computers and accessories
- Furniture, fixtures and fittings
- Vehicles
WEBSITE DETAILS:
Press Release:
Update on Scheme of
Amalgamation of Shasun Pharmaceuticals Limited with Strides Arcolab Limited
("Scheme of Amalgamation")
June 17, 2015
"The Company had made an application to Foreign
Investment Promotion Board (FIPB) seeking approval for issuing equity shares to
non-resident shareholders of Shasun Pharmaceuticals Limited under the proposed
Scheme of Amalgamation and the application was considered by the FIPB at their
meeting held on May 28, 2015.
The Press Information Bureau, Government of India, has issued a press release
dated June 17, 2015 on the outcome of the FIPB meeting held on May 28, 2015
which stated that our application has been rejected. The Company is awaiting a
formal communication from FIPB in this regard."
Shasun Pharma gets
Madras HC nod for scheme of amalgamation with Strides Arcolab
July 22, 2015
Shasun Pharmaceuticals today said that the Madras High Court has sanctioned the Scheme of Amalgamation with Strides Arcolab Limited pursuant to its order dated June 16, 2013. The Scheme of Amalgamation will be effective on receipt of the approval from the High Court of Bombay, Foreign Investment Promotion Board and other approvals as may be required and filed a copy of the order of High courts with respective Registrar of Company, according to Shasun Pharmaceuticals announcement to BSE.
In March, the Competition Commission of India (CCI) has issued its approval for the proposed merger of drug manufacturers Shasun Pharmaceuticals Ltd and Strides Arcolab. The merger was announced last year. Post combination, Strides will be the surviving entity and in consideration of the proposed combination, the existing shareholders of Shasun will become the promoters of Strides.
The Strides is engaged in the formulations as the biotech business, however, the biotech business of Strides is in the development stage and at present, there are no revenues from this business. On the other hand, Shasun is engaged in formulations, Active Pharmaceutical Ingredients, which are the primary inputs in the manufacturing of drug formulations, Contract Research and Manufacturing Services (CRAMS) and the biotech business.
Shasun has transferred its domestic formulations business to Alchemist Limited in 2014, but retained 27 per cent ownership/financial interest in the formulation interest in the formulations business transferred to Alchemist Ltd. The CCI observed that Strides and Shasun Pharma has overlaps only in six formulations and the market share of these six formulations in the market is insignificant and is unlikely to raise any competition concerns.
Only three APIs of Shasun have potential usage for Stride's - ibuprofen, tenofivir and nizatindine and there are other suppliers for these APIs.
Pursuant to the scheme of arrangement, each equity shareholder of Shasun will be entitled to receive 5 equity shares of Strides for every 16 equity shares held by it in Shasun. Based on the Exchange Ratio, Shasun shareholders will own 26 per cent of the combined entity. The merger of the two companies would make the merged entity into top 15 list of Indian pharma companies with a turnover in excess of Rs 25000.000 Million.
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 records 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.66.26 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.74.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.