MIRA INFORM REPORT
|
Report No. : |
338994 |
|
Report Date : |
02.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
IPCA
LABORATORIES LIMITED |
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Registered
Office : |
48, Kandivali Industrial Estate, Kandivali (West), Mumbai - 400067,
Maharashtra |
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Tel. No.: |
91-22-66474444 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
19.10.1949 |
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Com. Reg. No.: |
11-007837 |
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Capital
Investment / Paid-up Capital : |
Rs.252.400 Million |
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|
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CIN No.: [Company Identification
No.] |
L24239MH1949PLC007837 |
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|
|
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IEC No.: |
0388026448 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACI1220M |
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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
: |
Manufactures and Supplies pharmaceutical
formulations and active pharmaceutical ingredients (APIs) for various therapeutic
segments. |
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|
|
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No. of Employees
: |
13013 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 63000000 |
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|
|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established company having fine track record. It
was established in the year 1949. It is the manufacturer and seller of
pharmaceutical products. In the view of FY-15, the company possesses strong operational
activity marked by decent sales turnover along with profitability margin of
8.2%. Further, the ratings continue to reflect the company’s well –
diversified business risk profile (spread across therapeutic segments and
geographies), established position in the formulations segment, in both the
domestic and international markets, and integrated operations. The ratings
also factor in the company’s sound financial risk profile, marked by a robust
capital structure and healthy debt protection metrics. Moreover, the company is listed good value on stock market as 784.20
with regards to it face value as 2.00. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. In view of long business track record and its vast experiences in
market, the company can be considered for business dealings at usual trade
terms and conditions. |
NOTES:
Any query related to this report can be made on
e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating
(March 14, 2011) = AA |
|
Rating Explanation |
High degree of
safety and very low credit risk. |
|
Date |
December 01, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating =
A1+ |
|
Rating Explanation |
Very strong degree
of safety and carry lowest credit risk. |
|
Date |
December 01, 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 (91-22-66474444)
LOCATIONS
|
Registered Office / International Marketing : |
48, Kandivali Industrial Estate, Kandivali (West), Mumbai - 400067,
Maharashtra, India |
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Tel. No.: |
91-22-66474444 |
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Fax No.: |
91-22-28686613 |
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E-Mail : |
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Website : |
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Corporate Office : |
142 AB, Kandivali Co-operative Industrial Estate Limited, Kandivali
(West), Mumbai – 400067, Maharashtra, India |
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Tel No.: |
91-22- 66474747 |
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Fax No.: |
91-22- 66474757/ 28686954 |
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India Marketing : |
63-E, Kandivali Industrial Estate, Kandivali (West), Mumbai - 400067, Maharashtra, India |
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Tel No.: |
91-22-6647 4444 |
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Fax No.: |
91-22-6647 4114 |
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Chemical Research
and Development Centre : |
123-AB, Kandivali Industrial Estate, Kandivali (West), Mumbai - 400067, Maharashtra, India |
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Corporate Quality
Assurance : |
47, Kandivali Industrial Estate, Kandivali (West), Mumbai - 400067, Maharashtra, India |
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Tel No.: |
91-22-6647 4444 |
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Fax No.: |
91-22-6647 4303 |
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Research and Development Center : |
47, 48, 58-DD, 123 AB, 125 and 126 (Amalgamated), Kandivali Industrial
Estate, Kandivali (West), Mumbai – 400067, Maharashtra, India |
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Tel No.: |
91-22-66474755 |
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Fax No.: |
91-22-66474757 |
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Factory : |
Madhya Pradesh
Tel. No.: 91-7412-278000 Fax No.: 91-7412-279083
Tel. No.:
91-731-2421172/2081 Fax No.: 91-731-2422082
Tel. No.: 91-7292-667777 Fax No.: 91-7292-667020 Gujarat
Tel. No.:
91-2836-252385/389 Fax No.: 91-2836-252313
Tel. No.: 91-2646-220594 Fax No.: 91-2246-250435
Tel. No.: 91-265-2840795 Fax No.: 91-265-2840868 Union Territory
of Dadra and Nagar Haveli
Tel. No.: 91-260-2640301 Fax No.: 91-260-2640303
Tel. No.: 91-260-2640850 Fax No.: 91-260-2640646 Maharashtra
Tel. No.: 91-240-2564993 Fax No.: 91-240-2564113
Tel No.: 91-2145-232058 Fax No.: 91-2145-232055 Uttarakhand
Tel. No.: 91-135-6542228 Fax No.: 91-135-2728766 SIKKIM
Tel. No.: 91-3595-276372 Fax No.: 91-3595-276372 |
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Depots : |
Located At:
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DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Premchand Godha |
|
Designation : |
Chairman and Managing Director |
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Date of Birth/Age : |
67 Years |
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Qualification : |
B. Com A.C.A. |
|
Experience : |
42 Years |
|
DIN No.: |
00012691 |
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Name : |
Mr. Ajit Kumar Jain |
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Designation : |
Joint Managing Director |
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Date of Birth/Age : |
59 Years |
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Qualification : |
B. Sc. A.C.A. |
|
Experience : |
34 Years |
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DIN No.: |
00012657 |
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|
Name : |
Mr. Pranay Godha |
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Designation : |
Executive Director |
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Date of Birth/Age : |
42 Years |
|
Qualification : |
B. Sc. MBA |
|
Experience : |
17 Years |
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DIN No.: |
00016525 |
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|
Name : |
Mr. Prashant Godha |
|
Designation : |
Executive Director |
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Date of Birth/Age : |
40 Years |
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Qualification : |
B. Com, PGDBM |
|
Experience : |
16 Years |
|
DIN No.: |
00012759 |
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|
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|
Name : |
Mr. Babulal Jain |
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Designation : |
Independent Director |
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DIN No.: |
00016573 |
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Name : |
Mr. Anand T. Kusre |
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Designation : |
Independent Director |
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DIN No.: |
00818477 |
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Name : |
Mr. Dev Parkash Yadava |
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Designation : |
Independent Director |
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DIN No.: |
00778976 |
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|
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|
Name : |
Dr. Ramakanta Panda |
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Designation : |
Independent Director |
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DIN No.: |
01161791 |
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|
|
Name : |
Dr. (Mrs.) Manisha Premnath |
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Designation : |
Independent Director |
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DIN No.: |
05280048 |
KEY EXECUTIVES
|
Name : |
Harish P. Kamath |
|
Designation : |
Company Secretary |
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CORPORATE
MANAGEMENT TEAM |
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|
|
|
|
Name : |
Mr. Premchand Godha |
|
Designation : |
Chairman and Managing Director |
|
|
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|
Name : |
Mr. Ajit Kumar Jain |
|
Designation : |
Joint Managing Director |
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|
|
|
Name : |
Mr. Pranay Godha |
|
Designation : |
Executive Director |
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|
|
|
Name : |
Mr. Prashant Godha |
|
Designation : |
Executive Director |
|
|
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|
Name : |
Mr. Jeevan L. Nagori |
|
Designation : |
President - Projects |
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|
Name : |
Dr. Ashok Kumar |
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Designation : |
President - R&D (Chemicals) |
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Name : |
N. Guhaprasad |
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Designation : |
President - International Marketing (Branded Formulations) |
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Name : |
Dr. Anil Pareek |
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Designation : |
President - Medical Affairs & Clinical Research |
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Name : |
Mr. Sunil Ghai |
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Designation : |
President - Domestic Marketing |
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Name : |
Mr. Harish P. Kamath |
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Designation : |
Corporate Counsel and Company Secretary |
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|
Name : |
Abha Pant |
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Designation : |
President - R&D (Formulations) |
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Name : |
E. J. Babu |
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Designation : |
President - API Exports |
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Name : |
A. P. Muralikrishnan Sarma |
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Designation : |
President - Generics |
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|
Name : |
Mr. Sanjay Sinha |
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Designation : |
President - Operations (Formulations) |
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Name : |
Pabitra Kumar Bhattacharya |
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Designation : |
President - Operations (API) |
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 |
||
|
|
|
|
|
|
10497946 |
8.32 |
|
|
47420209 |
37.58 |
|
|
57918155 |
45.89 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
57918155 |
45.89 |
|
|
|
|
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
17614922 |
13.96 |
|
|
45261 |
0.04 |
|
|
25159944 |
19.94 |
|
|
551510 |
0.44 |
|
|
551510 |
0.44 |
|
|
43371637 |
34.37 |
|
|
|
|
|
|
5486914 |
4.35 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs.0.100 Million |
14765988 |
11.70 |
|
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million |
1559302 |
1.24 |
|
|
3097113 |
2.45 |
|
|
146711 |
0.12 |
|
|
6805 |
0.01 |
|
|
170696 |
0.14 |
|
|
589264 |
0.47 |
|
|
2183637 |
1.73 |
|
|
24909317 |
19.74 |
|
Total Public
shareholding (B) |
68280954 |
54.11 |
|
Total (A)+(B) |
126199109 |
100.00 |
|
|
|
|
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
126199109 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures and Supplies pharmaceutical
formulations and active pharmaceutical ingredients (APIs) for various
therapeutic segments. |
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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 Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
13013 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Natvarlal Vepari and Company Chartered Accountants |
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|
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Cost auditors : |
|
|
Name : |
ABK and Associates Cost Accountants |
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Secretarial
auditors : |
|
|
Name : |
Parikh and Associates Company Secretaries |
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|
Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates : |
|
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Joint Venture : |
Avik Pharmaceutical Limited (From 18th November, 2013) |
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Entities where
control exists : |
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|
Shareholders of
IPCA Laboratories Limited : |
Kaygee Investments Private Limited |
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Subsidiaries : |
|
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Step-down
Subsidiaries : |
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Other Related Parties
(Entities in which Directors or their relatives have significant influence) : |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
285000000 |
Equity Shares |
Rs.2.00/- each |
Rs.570.000 Million |
Issued and Subscribed Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
127480204 |
Equity Shares |
Rs.2.00/-
each |
Rs.255.000
Million |
Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
126199109 |
Equity Shares |
Rs.2.00/-
each |
Rs.252.400
Million |
Reconciliation of
Shares
|
Particulars |
As at 31-Mar-2015 |
|
|
Numbers |
Rs. In Million |
|
|
Shares outstanding at the beginning of the year |
126199109 |
252.400 |
|
Shares Issued during the year |
--- |
--- |
|
Shares outstanding at
the end of the year |
126199109 |
252.400 |
Details of
Shareholding in excess of 5%
|
Name of Shareholders |
As at 31-Mar-2015 |
|
|
Number of shares held |
% |
|
|
Kaygee Investments Private Limited |
27018195 |
21.41% |
|
Exon Laboratories Private Limited |
8271000 |
6.55% |
|
Chandurkar Investments Private Limited |
6978005 |
5.53% |
Rights and
obligations of shareholders
The Company has only one class of share referred as equity
shares having a par value of
Rs. 2/- per share. Each holder of equity shares is entitled to one vote per
share. In the event of liquidation of the Company, the holders of equity shares
will be entitled to receive remaining assets of the Company, after payment of
external liabilities. The distribution will be in proportion to the number of
equity shares held by the shareholders.
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 |
252.400 |
252.400 |
252.400 |
|
(b) Reserves &
Surplus |
22080.900 |
19563.700 |
15446.100 |
|
(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) |
22333.300 |
19816.100 |
15698.500 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
5014.000 |
2921.200 |
3662.100 |
|
(b) Deferred tax
liabilities (Net) |
1742.300 |
1471.100 |
1303.900 |
|
(c) Other long term
liabilities |
32.100 |
24.900 |
4.000 |
|
(d) long-term provisions |
176.600 |
144.900 |
122.100 |
|
Total Non-current
Liabilities (3) |
6965.000 |
4562.100 |
5092.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3209.800 |
1379.600 |
1571.400 |
|
(b) Trade payables |
3025.600 |
3370.500 |
2654.600 |
|
(c) Other current
liabilities |
2349.300 |
2498.200 |
1651.800 |
|
(d) Short-term provisions |
354.400 |
547.200 |
419.100 |
|
Total Current Liabilities
(4) |
8939.100 |
7795.500 |
6296.900 |
|
|
|
|
|
|
TOTAL |
38237.400 |
32173.700 |
27087.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
17063.900 |
12851.000 |
10526.700 |
|
(ii) Intangible Assets |
465.700 |
210.100 |
226.600 |
|
(iii) Capital work-in-progress |
2362.900 |
1486.300 |
1209.900 |
|
(iv) Intangible assets
under development |
306.600 |
162.700 |
81.800 |
|
(b) Non-current
Investments |
818.600 |
287.500 |
217.900 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1188.700 |
1256.700 |
881.600 |
|
(e) Other Non-current
assets |
100.400 |
93.000 |
95.000 |
|
Total Non-Current Assets |
22306.800 |
16347.300 |
13239.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
1.500 |
1.500 |
|
(b) Inventories |
9169.800 |
8383.000 |
7333.400 |
|
(c) Trade receivables |
3535.500 |
4487.600 |
4159.300 |
|
(d) Cash and cash
equivalents |
1131.900 |
692.200 |
546.600 |
|
(e) Short-term loans and advances |
468.400 |
645.600 |
496.400 |
|
(f) Other current assets |
1625.000 |
1616.500 |
1310.800 |
|
Total Current Assets |
15930.600 |
15826.400 |
13848.000 |
|
|
|
|
|
|
TOTAL |
38237.400 |
32173.700 |
27087.500 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
30851.400 |
32348.200 |
27784.200 |
|
|
Other Income |
357.700 |
214.300 |
186.600 |
|
|
TOTAL |
31209.100 |
32562.500 |
27970.800 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
10878.000 |
10975.100 |
10447.500 |
|
|
Purchases of
Stock-in-Trade |
1231.200 |
904.900 |
1060.800 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(678.700) |
(606.300) |
(597.700) |
|
|
Employees benefits
expense |
5396.300 |
4778.600 |
3765.700 |
|
|
Other expenses |
8819.600 |
8243.600 |
6895.000 |
|
|
Foreign
Exchange (Gain)/Loss - Net |
(42.500) |
721.000 |
632.800 |
|
|
TOTAL |
25603.900 |
25016.900 |
22204.100 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
5605.200 |
7545.600 |
5766.700 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
256.200 |
245.800 |
313.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
5349.000 |
7299.800 |
5453.700 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1771.700 |
1008.900 |
840.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
3577.300 |
6290.900 |
4613.700 |
|
|
|
|
|
|
|
Less |
TAX |
1016.200 |
1517.200 |
1299.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
2561.100 |
4773.700 |
3313.900 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD |
6274.800 |
3739.300 |
2768.900 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer
to General Reserve |
425.000 |
1500.000 |
1755.000 |
|
|
Interim
dividend |
0.000 |
315.500 |
252.300 |
|
|
Tax
on Interim dividend |
0.000 |
53.600 |
40.900 |
|
|
Proposed
final dividend |
126.200 |
315.500 |
252.400 |
|
|
Tax
on Proposed Dividend |
25.700 |
53.600 |
42.900 |
|
|
Total |
576.900 |
2238.200 |
2343.500 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
8259.000 |
6274.800 |
3739.300 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
FOB value of exports |
16624.000 |
19836.200 |
16666.900 |
|
|
Deemed exports |
4.700 |
23.900 |
3.300 |
|
|
Interest |
0.000 |
0.000 |
0.100 |
|
|
Dossier Income |
116.900 |
182.200 |
74.500 |
|
|
Other Service charges |
2.900 |
5.900 |
21.200 |
|
|
TOTAL EARNINGS |
16748.500 |
20048.200 |
16766.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw materials |
3544.200 |
4166.100 |
3662.800 |
|
|
Packing Materials |
13.400 |
52.900 |
25.300 |
|
|
Traded goods |
39.600 |
4.600 |
63.000 |
|
|
Capital goods |
1569.700 |
986.700 |
410.400 |
|
|
Stores and machine components |
68.700 |
56.300 |
35.300 |
|
|
Others |
11.700 |
15.200 |
23.800 |
|
|
TOTAL IMPORTS |
5247.300 |
5281.800 |
4220.600 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
20.29412109 |
37.82673299 |
26.25929792 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
1064.300 |
1646.200 |
936.800 |
|
Cash generated from operations |
5168.700 |
6449.700 |
4785.800 |
|
Net cash flows from |
4424.100 |
5147.800 |
3868.500 |
QUARTERLY RESULTS
(Rs.
In Million)
|
Particulars |
|
|
30.06.2015 (Unaudited) |
|
|
|
|
1st Quarter |
|
Net Sales |
|
|
7579.700 |
|
Total Expenditure |
|
|
6874.200 |
|
PBIDT (Excl OI) |
|
|
705.500 |
|
Other Income |
|
|
41.300 |
|
Operating Profit |
|
|
746.800 |
|
Interest |
|
|
54.500 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
692.300 |
|
Depreciation |
|
|
421.000 |
|
Profit Before Tax |
|
|
271.300 |
|
Tax |
|
|
82.400 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
188.900 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
188.900 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
8.30 |
14.76 |
11.93 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
18.17 |
23.33 |
20.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.29 |
20.81 |
18.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.32 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.42 |
0.30 |
0.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.78 |
2.03 |
2.20 |
STOCK
PRICES
|
Face Value |
Rs.2.00/- each |
|
Market Value |
Rs.784.200/- 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 |
252.400 |
252.400 |
252.400 |
|
Reserves & Surplus |
15446.100 |
19563.700 |
22080.900 |
|
Net worth |
15698.500 |
19816.100 |
22333.300 |
|
|
|
|
|
|
long-term borrowings |
3662.100 |
2921.200 |
5014.000 |
|
Short term borrowings |
1571.400 |
1379.600 |
3209.800 |
|
Current Maturities of
Long Term Debt |
936.800 |
1646.200 |
1064.300 |
|
Total borrowings |
6170.300 |
5947.000 |
9288.100 |
|
Debt/Equity ratio |
0.393 |
0.300 |
0.416 |
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 |
27784.200 |
32348.200 |
30851.400 |
|
|
|
16.427 |
(4.627) |
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 |
27784.200 |
32348.200 |
30851.400 |
|
Profit |
3313.900 |
4773.700 |
2561.100 |
|
|
11.93% |
14.76% |
8.30% |
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 |
UNSECURED LOAN
|
Particulars |
31.03.2015 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
LONG-TERM
BORROWINGS |
|
|
|
Buyers Credit |
537.500 |
0.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
Short Term Loans from Banks |
1203.500 |
0.000 |
|
Total |
1741.000 |
0.000 |
INDEX OF CHARGES
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10530370 |
03/11/2014 |
1,240,000,000.00 |
HSBC BANK (MAURITIUS) LIMITED |
6TH FLOOR, HSBC CENTRE, 18, CYBER CITY, EBENE, MAURITIUS, - 00, MAURITIUS |
C33075524 |
|
2 |
10504127 |
05/06/2014 |
1,250,000,000.00 |
HSBC BANK (MAURITIUS) LIMITED |
6TH FLOOR, HSBC CENTRE, 18, CYBER CITY, EBENE, MAURITIUS, - 00, MAURITIUS |
C07219389 |
|
3 |
10448895 |
28/08/2013 |
640,000,000.00 |
DBS BANK LIMITED |
CAPITOL POINT, BABA KHARAK SINGH MARG, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA |
B84945625 |
|
4 |
10425025 |
03/05/2013 |
7,900,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17 R KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
B74905605 |
|
5 |
10410282 |
15/02/2013 |
1,103,840,000.00 |
HSBC BANK (MAURITIUS) LIMITED |
6TH FLOOR, HSBC CENTRE, 18, CYBER CITY, EBENE, MAURITIUS, - 00, MAURITIUS |
B70253190 |
|
6 |
10397485 |
22/01/2015 * |
150,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
C41270273 |
|
7 |
10323188 |
18/11/2011 |
900,000,000.00 |
HSBC BANK (MAURITIUS) LIMITED |
6TH FLOOR, HSBC CENTRE, 18, CYBER CITY, EBENE, MAURITIUS, - 00, MAURITIUS |
B27886316 |
|
8 |
10307531 |
09/04/2014 * |
7,200,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
IDBI TRUSTEESHIP SERVICES LIMITED, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
C02916062 |
|
9 |
10226713 |
24/06/2010 |
297,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
A88504907 |
|
10 |
10076503 |
10/10/2014 * |
612,850,000.00 |
BNP PARIBAS |
20, COLLYER QUAY,, #01-01, TUNG CENTRE, SINGAPORE, - 049319, SINGAPORE |
C30502389 |
* Date of charge modification
MANAGEMENT DISCUSSION
AND ANALYSIS
Industry Structure
and Development
The global pharmaceutical market is now estimated to be US $ 1 trillion and is growing at a rate of about 4 -5 % per annum. North America, Japan and Europe constitute about 70% of the global pharmaceutical market. Increased penetration of specialized drugs and continued rise of emerging markets are key trends that will shape the global pharmaceutical markets in the coming years.
Thanks to advances in science and technology, the research based pharmaceutical industry is entering an exciting new era in medicine development. The research methods are evolving and the innovative pharmaceutical industry aims to turn fundamental research into innovative treatments that are widely available and accessible to patients.
A move to value based outcomes in drug research, increased penetration of specialty drugs, greater patient access to medicines, the reduced impact from patent expiries and continued rise of emerging markets will be primary drivers behind increase in global medicine spending through 2018.
Outlook
Though in the world pharmaceutical market, India is ranked 3rd in volume, it has a negligible share by value and ranks 13th. Branded generics constitute 70% of Indian pharmaceutical market. Indian pharmaceutical market is considered to be a highly fragmented and consolidation has become an important feature of this industry.
Indian pharmaceuticals exports have increased from US$ 2 billion in 2006 to about US$ 10 billion in 2014. India has a huge pool of scientists and engineers who have potential to take this industry to a very high level of growth. Indian pharmaceutical industry is estimated to grow at nearly 20% over the next 5 years. Indian pharmaceuticals manufacturing facilities registered with US FDA at 500 plus was highest for any country outside USA. The Government of India has unveiled ‘Pharma Vision 2020’ aiming at making India a global leader in end-to-end drug manufacturing.
Indian companies are focusing on global generic and API business, R&D activities and contract research and manufacturing alliances. India is also fast emerging as a preferred pharmaceuticals manufacturing location.
Several large selling drugs going off patent over next few years and increasing use of pharmaceutical generics in developed markets to reduce healthcare cost will provide attractive growth opportunities to generics manufacturers and thus Indian pharmaceutical industry is poised for an accelerated growth in the coming years.
However, poor public healthcare funding and infrastructure, low per capita consumption of medicines in developing and under developed countries including India, currency fluctuations, regulatory issues, inflation and resultant all round increase in input costs are few causes of concern.
During the year, there was no change in the nature of Company’s business.
Financial Performance
and Operations Review
During the financial year, the Company registered a total income of Rs.31209.100 Million against Rs.32562.500 Million in the previous year, a degrowth of 4%.
The year has been a challenging year for the Company. During the year, the US FDA inspected the Company’s Active Pharmaceutical Ingredients (APIs) manufacturing facility situated at Ratlam (Madhya Pradesh) as well as formulations manufacturing units situated at SEZ Indore (Pithampur) and Piparia (Silvassa). All these manufacturing units received certain inspection observations in Form 483 from the US FDA which subsequently resulted into these manufacturing units receiving import alerts.
These regulatory issues adversely impacted the Company’s business. The Company’s branded formulations business in the emerging markets also suffered due to significant currency fluctuations.
The Company is implementing comprehensive remedial measures at all its manufacturing sites to ensure quality and regulatory compliances. These remedial measures included review of all processes and procedures, revamping of training system, recruitment of senior quality personnel as well as automation of quality control laboratories. The Company is committed in resolving these issues at the earliest. The Company is also committed to its philosophy of highest quality in manufacturing, operations, systems, integrity and cGMP culture. The management is confident that implementation of remedial measures will ensure that the Company will regain all its regulatory approvals.
During the financial year, the Earnings before interest, depreciation and foreign exchange transactions / translation (gain) / loss amounted to Rs.5562.700 Million as against Rs.8266.600 Million in the previous financial year. The operations have resulted in a net profit of Rs.2561.100 Million during the financial year as against Rs.4773.700 Million in the previous financial year, a de-growth of 46%. The reduction in the net profit is mainly on account of lower sales due to regulatory issues in North America, lower institutional business and also lower branded formulations business in the emerging markets due to significant currency fluctuations.
CONTINGENT LIABILITIES AND COMMITMENTS NOT PROVIDED FOR IN RESPECT OF:
|
Particulars |
31.03.2015 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
Bills discounted with banks |
2763.200 |
2564.000 |
|
Since Realized |
(978.100) |
(1037.700) |
|
Other moneys for
which the Company is contingently liable for tax, excise, customs and other
matters not accepted by the Company |
127.800 |
164.400 |
|
Amount deposited under protest |
(5.300) |
(40.800) |
|
Claims against the Company not acknowledged as debts |
114.500 |
29.500 |
|
Corporate Guarantee given to others |
66.600 |
82.800 |
|
Guarantees given
by banks in favour of Govt. & others/ Letter of Credit opened against which
goods are not received * |
474.900 |
847.100 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2015
(Rs. In Million)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2015 |
|
Income
from operations |
|
|
Net sales/ Income from operation (net of excise duty) |
7509.800 |
|
Other operating income |
69.900 |
|
Total
income from Operations(net) |
7579.700 |
|
Expenditure |
|
|
Cost of material consumed |
2563.500 |
|
Purchases of stock in trade |
353.400 |
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
55.800 |
|
Employees benefit expenses |
1580.100 |
|
Depreciation and amortization expenses |
421.000 |
|
Other expenditure |
2205.100 |
|
Total expenses |
7178.900 |
|
Profit
from operations before other income and financial costs |
400.800 |
|
Other income |
41.300 |
|
Profit
from ordinary activities before finance costs |
442.100 |
|
Foreign exchange transaction |
116.300 |
|
Finance costs |
54.500 |
|
Net profit/(loss) from ordinary
activities after finance costs but before exceptional items |
271.300 |
|
Exceptional item |
0.000 |
|
Profit from ordinary
activities before tax Expense: |
271.300 |
|
Tax expenses |
82.400 |
|
Net Profit / (Loss) from ordinary activities after
tax |
188.900 |
|
Extraordinary Items (net of tax expense) |
0.000 |
|
Net Profit / (Loss) for the
period |
188.900 |
|
Paid-up equity share capital (Nominal value Rs.10/- per share) |
252.400 |
|
Reserve excluding Revaluation
Reserves as per balance sheet of previous accounting year |
0.000 |
|
Earnings per share (before
extraordinary items) of Rs.10/- each) (not annualized): |
|
|
Basic and diluted |
1.50 |
|
Earnings per share (after
extraordinary items) |
|
|
Basic and diluted |
1.50 |
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2015 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
68280954 |
|
- Percentage of shareholding |
54.11% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
640350 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
1.11% |
|
Percentage of shares (as a % of total share capital of the
company) |
0.51% |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
57277805 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
98.89% |
|
Percentage of shares (as a % of total share capital of the
company) |
45.38% |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
--- |
|
Receiving during the quarter |
2 |
|
Disposed of during the quarter |
2 |
|
Remaining unreserved at the end of the quarter |
--- |
Note:
- The above unaudited financial results, as reviewed by the Audit Committee, were approved and taken on record by the Board of Directors in their meeting held on July 30, 2015.
- The depreciation effect on assets that have completed their useful life as on April 1, 2014 in accordance with Schedule II to the Companies Act, 2013 of Rs.132.600 Million was charged to the Statement of Profit and Loss in fourth quarter of the previous year as against the treatment of charging the same to the reserves given in the first quarter ended June 30, 2014.
- The figures of the previous quarters ended June 30, 2014 and March 31, 2015 herein above are restated to give effect to the same in the relevant quarters. On account of this, depreciation for the quarter ended June 30, 2014 reflected in the above statement is higherthan that reported in the results for the quarter ended June 30, 2014 by the amount of Rs.132.600 Million and the profit before tax is lower by an equivalent amount. Similarly, depreciation for the quarter ended March 31, 2015 reflected in the above statement is lower than that reported in the results for the quarter ended March 31, 2015 by the amount of Rs.132.600 Million and profit before tax is higher by an equivalent amount. The deferred tax effect thereon of Rs.45.100 Million is also considered in the relevant quarters and accordingly profit after tax is restated.
- Figures of quarter ended March 31, 2015 are the balancing figures between audited figures in respect of the full financial year ended March 31, 2015 and figures up to the third quarter ended December 31, 2014 which was subjected to Limited Review by the Statutory Auditors except for the effect described in Note No. 2 above.
- The Company has completed the process of liquidating its wholly owned subsidiary IPCA Pharmaceuticals (Shanghai) Limited, China during the quarter.
- The Company has only one reportable primary business segment i.e. Pharmaceuticals.
- Previous year figures have been regrouped and rearranged wherever necessary.
FIXED ASSETS
- Freehold Land
- Leasehold Land
- Buildings
- Plant and Machinery
- Office and Other Equipments
- Effluent Treatment Plant
- Furniture and Fixtures
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration:
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration:
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime:
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws:
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards:
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government:
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package:
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report:
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.26 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.74.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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.