MIRA INFORM REPORT
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Report No. : |
339170 |
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Report Date : |
04.09.2015 |
IDENTIFICATION DETAILS
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Name : |
PIRAMAL ENTERPRISES LIMITED (w.e.f. 31.07.2012) |
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Formerly Known
As : |
PIRAMAL HEALTHCARE LIMITED (w.e.f. 24.06.2008) NICHOLAS PIRAMAL
INDIA LIMITED |
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Registered
Office : |
Peninsula Corporate Park,
Nicholas Piramal Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013,
Maharashtra |
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Tel. No.: |
91-22-30956666 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
26.04.1947 |
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Com. Reg. No.: |
11-005719 |
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Capital
Investment / Paid-up Capital : |
Rs.345.100 Million |
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CIN No.: [Company Identification
No.] |
L24110MH1947PLC005719 |
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IEC No.: |
0391134108 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACN4538P |
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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 is engaged in the business of Pharmaceuticals including Research and Development. |
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No. of Employees
: |
3100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (78) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is part of the Ajay Piramal Group of companies. The group is a
diversified Indian business house with interests in healthcare, glass
manufacturing and real estate. Subject is a well-established company having
fine track record. For the financial year ended 2015, company has reported healthy
operational performance and it has achieved total revenue of Rs.27000.000
Million with profit of Rs.3277.400 Million as compared to previous revenue
(2014) of Rs.22799.400 Million along with a loss of Rs.(3700.000) Million. Company possesses healthy financial risk profile marked by adequate
networth base along with favorable debt protection metrics and liquidity
profile of the company. Rating also takes into consideration PEL’s strong and experienced
management team backed by proven track record of business operations. Trade relations are reported as fair. Business is active. Payment are
reported to be regular and as per commitment. In view of aforesaid, the company can be considered good for normal business
dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
Non-Convertible
Debentures (NCD) = AA |
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Rating Explanation |
High degree of
safety and very low credit risk. |
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Date |
July, 2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Mr. Devesh Choudhary |
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Designation : |
Chief Manager – Finance |
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Contact No.: |
91-22-30956606 |
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Date : |
02.09.2015 |
LOCATIONS
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Registered Office : |
Peninsula Corporate Park,
Nicholas Piramal Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013,
Maharashtra, India |
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Tel. No.: |
91-22-30956666 / 30956606 |
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Fax No.: |
Not Available |
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Email : |
secretarial.department@piramal.com |
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Website : |
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Head Office : |
100, Centrepoint, Dr. Ambedkar Road, Parel, Mumbai – 400012,
Maharashtra, India |
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Tel. No.: |
91-22-66636666/24134653/24102082 |
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Fax No.: |
91-22-24163787/24172861/24163787/24144687/24902363 |
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E-Mail : |
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Website : |
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Administrative Office : |
Morarjee Mills Compound, Administrative Building, Dr. Ambedkar Road,
Parel, Mumbai - 400012, Maharashtra, India |
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Tel. No.: |
91-22-66636666 |
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Fax No.: |
91-22-66636416 |
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E-Mail : |
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Website : |
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Plant 1: |
Plot No. 67-70, Sector II, Pithampur - 454775, Madhya Pradesh, India |
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Plant 2 : |
Plot No. K-I, Additional MIDC, Mahad, District Raigad, Maharashtra,
India |
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Plant 3: |
Ennore Express Highway, Chennai - 600057, Tamilnadu, India |
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Plant 4: |
N.H.9, Digwal Village, Kohir Mandal, Medak District - 502321, Andhra
Pradesh, India |
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Plant 5: |
C-301/1 T.T.C. Industrial Area, Pawne Mahape, Navi Mumbai - 400705,
Maharashtra, India |
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Plant 6: |
Plot No. 6505 /3, Sachin – 394230, Surat, Gujarat, India |
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Plant 7: |
Plot No.19 - PHARMEZ, Village Matoda, Sarkhej bawala, NH 8A, Taluka
Sanand, Ahmedabad - 382213, Gujarat, India |
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Plant 8: |
Shirish Research Campus, Plot No – 18, PHARMEZ, Special Economic Zone,
Taluka Sanand, Ahmedabad, Gujarat, India
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Overseas Plant Location |
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Plant 1: |
Piramal Healthcare UK Limited Morpeth, Northumberland, UK |
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Plant 2: |
Piramal Healthcare UK Limited Grangemouth, Stirlingshire, UK |
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Plant 3: |
Piramal Healthcare (Canada) Limited 110, Industrial Parkway North, Aurora, Ontario, L4G 3H4, Canada |
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Plant 4: |
Piramal Healthcare (Canada) Limited 475, Boul, Armand-Frappier, Laval, Quebec, H7V 4B3, Canada |
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Plant 5: |
Piramal Critical Care Inc. Bethlehem, PA 18017, 3950 Schelden Circle, Pennsylvania State, USA. |
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Plant 6: |
Piramal Critical Care Inc. 50 Cobham Dr, Orchard Park, New York - 14127 |
DIRECTORS
As on 31.03.2015
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Name : |
Mr. Ajay Piramal |
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Designation : |
Chairman |
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Qualification : |
B. Sc, M.M.S., A.M.P. |
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Name : |
Mr. Gautam Banerjee |
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Designation : |
Senior Managing Director And Co-Chairman |
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Name : |
Mr. Amit Chandra |
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Designation : |
Managing Director |
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Name : |
Keki Dadiseth |
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Designation : |
Former Chairman |
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Name : |
Dr. Raghunath A Mashelkar |
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Designation : |
Eminent Scientist Former Dg |
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Name : |
Prof Goverdhan Mehta |
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Designation : |
Eminent Scientist Former Director |
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Name : |
Mr. Siddharth (Bobby) Mehta |
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Designation : |
Former President And CEO |
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Name : |
Mr. S Ramadorai |
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Designation : |
Former Vice-Chairman, Tcs |
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Name : |
Mr. Deepak M Satwalekar |
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Designation : |
Former MD And CEO |
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Name : |
Mr. N Vaghul |
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Designation : |
Former Chairman |
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Name : |
Dr. Swati Piramal |
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Designation : |
Vice- Chairperson Eminent Scientist Awarded Padma Shri |
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Name : |
Nandini Piramal |
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Designation : |
Executive Director Leads OTC, HR |
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Qualification : |
MBA |
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Name : |
Mr. Vijay Shah |
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Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Devesh Choudhary |
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Designation : |
Chief Manager – Finance |
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 |
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|
426753 |
0.25 |
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|
84953944 |
49.23 |
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|
5787326 |
3.35 |
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|
5787326 |
3.35 |
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|
91168023 |
52.83 |
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Total
shareholding of Promoter and Promoter Group (A) |
91168023 |
52.83 |
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(B) Public
Shareholding |
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|
166202 |
0.10 |
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|
4134976 |
2.40 |
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|
213 |
0.00 |
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|
1559880 |
0.90 |
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|
41063234 |
23.80 |
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|
6345706 |
3.68 |
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|
6345706 |
3.68 |
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|
53270211 |
30.87 |
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|
2368490 |
1.37 |
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Individual shareholders holding nominal share capital up to Rs.0.1
Million |
18561218 |
10.76 |
|
Individual shareholders holding nominal share capital in excess of
Rs.0.100 Million |
2186673 |
1.27 |
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|
5008485 |
2.90 |
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|
599394 |
0.35 |
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|
82180 |
0.05 |
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|
5521 |
0.00 |
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|
3946 |
0.00 |
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|
4316911 |
2.50 |
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|
200 |
0.00 |
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|
333 |
0.00 |
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|
28124866 |
16.30 |
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Total Public
shareholding (B) |
81395077 |
47.17 |
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Total (A)+(B) |
172563100 |
100.00 |
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(C) Shares held
by Custodians and against which Depository Receipts have been issued |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total
(A)+(B)+(C) |
172563100 |
100.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
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|
No. of Shares held |
As a % of grand total |
||
|
1 |
Ajay G. Piramal |
1,044 |
0.00 |
|
2 |
Dr. Swati A. Piramal |
1,167 |
0.00 |
|
3 |
Anand Piramal |
95,653 |
0.06 |
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4 |
Nandini Piramal |
96,406 |
0.06 |
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5 |
Lalita G. Piramal |
604 |
0.00 |
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6 |
Peter De Young |
63,000 |
0.04 |
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7 |
Anya Piramal De Young |
33,000 |
0.02 |
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8 |
Master Dev Piramal De Young |
28,000 |
0.02 |
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9 |
Ajay G. Piramal (Karta of Ajay G Piramal HUF) |
5,221 |
0.00 |
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10 |
Ajay G. Piramal (Karta of Gopikishan Piramal HUF) |
1,02,658 |
0.06 |
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11 |
Piramal Managements Services Private Limited as Corporate Trustee of
the Sri Krishna Trust |
8,41,20,694 |
48.75 |
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12 |
Ajay G Piramal Foundation |
8,33,250 |
0.48 |
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13 |
Ajay G Piramal - Trustee Piramal Healtcare Limited Senior Employee
Stock Option Trust |
21,63,539 |
1.25 |
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14 |
Ajay G Piramal Trustee Piramal Life Sciences Limited - Senior Employee
Option Trust |
94,941 |
0.06 |
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15 |
Piramal Enterprises Limited Trustee of the Piramal Enterprises
Executive Trust |
35,28,846 |
2.04 |
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Total |
9,11,68,023 |
52.83 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
Aberdeen Global Indian Equity (Mauritius) Limited |
9967549 |
5.78 |
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2 |
Morgan Stanley Asia (Singapore) Pte |
6799602 |
3.94 |
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3 |
Indiahold Limited |
4176468 |
2.42 |
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4 |
Life Insurance Corporation Of India |
4168633 |
2.42 |
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Total |
25112252 |
14.55 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the
category “Public” and holding more than 5% of the total number of shares of the
company
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons
Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
|
|
1 |
Aberdeen Global Indian Equity Fund Mauritius Limited |
9967549 |
5.78 |
|
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|
Total |
9967549 |
5.78 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of Pharmaceuticals including Research and Development. |
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Products : |
Not Available |
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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 : |
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Products : |
Raw Material |
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Countries : |
Israel |
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Terms : |
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Selling : |
Cash and Credit (30/60/90 Days) |
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Purchasing : |
Cash and Credit (30/60/90 Days) |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
3100 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
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Auditors 1 : |
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Name : |
Price Waterhouse Chartered Accountant |
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Auditors 2 : |
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Name : |
G.R. Kulkarni and Associates Cost Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Controlling
Companies : |
Note: @There are no transactions during the year. |
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Subsidiary
Companies/ Step down subsidiaries / Jointly Controlled Entities/ Associates : |
LOCATED IN INDIA :
LOCATED OUTSIDE
INDIA :
Note: * Held through Piramal Holdings (Suisse) SA ** Held through Piramal Dutch Holdings N.V. # Held through Piramal Fund Management Private Limited $ Held through Piramal Systems & Technologies Private Limited ## Held through Decision Resources Inc ^ Held through Piramal Technologies SA @ There are no transactions during the year with the above Companies. |
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Other related
parties with whom Company has transactions : |
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CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs.2/- each |
Rs.500.000 Million |
|
3000000 |
Preference Shares |
Rs.100/- each |
Rs.300.000 Million |
|
24000000 |
Preference Shares |
Rs.10/- each |
Rs.240.000 Million |
|
105000000 |
Unclassified Shares |
Rs.2/- each |
Rs.210.000 Million |
|
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Total |
|
Rs.1250.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
172563100 |
Equity Shares |
Rs.2/- each |
Rs.345.100 Million |
Reconciliation of
number of shares
|
Particulars |
As at 31.03.2014 |
|
|
No. of shares |
Rs. In Million |
|
|
At the beginning of the year |
172563100 |
345.100 |
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Add: Issued during the year |
--- |
--- |
|
Less: Shares cancelled during the year |
--- |
--- |
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At the end of the
year |
172563100 |
345.100 |
Details of
shareholders holding more than 5% shares in the Company
|
Particulars |
As at 31.03.2014 |
|
|
No. of shares |
% Holding |
|
|
Piramal Management Services Private Limited (Corporate
Trustee of The Sri Krishna Trust) |
84120694 |
48.75 |
|
Aberdeen Global Indian Equity Fund (Mauritius) Limited |
10237882 |
5.93 |
Rights, preferences
and restrictions attached to shares
Equity Shares
The Company has one class of equity shares having a par value of Rs.2/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
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I.
EQUITY AND LIABILITIES |
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|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
345.100 |
345.100 |
345.100 |
|
(b) Reserves &
Surplus |
114123.300 |
90925.700 |
105214.000 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
114468.400 |
91270.800 |
105559.100 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
11950.100 |
6533.400 |
7333.300 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
7.100 |
234.200 |
763.100 |
|
(d) long-term provisions |
967.900 |
559.400 |
225.600 |
|
Total Non-current
Liabilities (3) |
12925.100 |
7327.000 |
8322.000 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
26083.000 |
51597.800 |
37292.600 |
|
(b) Trade payables |
2726.900 |
2467.200 |
3257.700 |
|
(c) Other current
liabilities |
3104.700 |
5780.600 |
5355.000 |
|
(d) Short-term provisions |
5017.700 |
10843.000 |
3637.600 |
|
Total Current Liabilities
(4) |
36932.300 |
70688.600 |
49542.900 |
|
|
|
|
|
|
TOTAL |
164325.800 |
169286.400 |
163424.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6620.400 |
6578.000 |
6541.700 |
|
(ii) Intangible Assets |
940.500 |
1224.600 |
1191.300 |
|
(iii) Capital
work-in-progress |
569.700 |
179.300 |
454.400 |
|
(iv) Intangible assets
under development |
44.400 |
1443.600 |
1204.900 |
|
(b) Non-current
Investments |
92947.500 |
114848.700 |
88212.800 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
10481.900 |
6739.900 |
4323.000 |
|
(e) Other Non-current
assets |
1770.100 |
1572.400 |
21737.100 |
|
Total Non-Current Assets |
113374.500 |
132586.500 |
123665.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
9279.300 |
1012.900 |
8018.200 |
|
(b) Inventories |
3210.800 |
3004.900 |
2617.100 |
|
(c) Trade receivables |
3275.900 |
2562.700 |
2430.300 |
|
(d) Cash and cash
equivalents |
403.900 |
318.500 |
242.400 |
|
(e) Short-term loans and
advances |
34279.900 |
21938.900 |
14106.700 |
|
(f) Other current assets |
501.500 |
7862.000 |
12344.100 |
|
Total Current Assets |
50951.300 |
36699.900 |
39758.800 |
|
|
|
|
|
|
TOTAL |
164325.800 |
169286.400 |
163424.000 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
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SALES |
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|
|
Income |
24014.100 |
19905.200 |
14013.200 |
|
|
Other Income |
2985.900 |
2894.200 |
3778.800 |
|
|
TOTAL |
27000.000 |
22799.400 |
17792.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
7978.000 |
7006.400 |
6333.300 |
|
|
Purchases of
Stock-in-Trade |
802.400 |
849.700 |
792.600 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(51.500) |
(377.100) |
(20.400) |
|
|
Employees benefits
expense |
2771.300 |
2135.000 |
1642.600 |
|
|
Exceptional Income /
(Expenses) |
(2988.800) |
(180.000) |
0.000 |
|
|
Other expenses |
8067.300 |
8177.400 |
6544.800 |
|
|
TOTAL |
16578.700 |
17611.400 |
15292.900 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
10421.300 |
5188.000 |
2499.100 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
3069.100 |
8125.800 |
4199.700 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
7352.200 |
(2937.800) |
(1700.600) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
888.400 |
762.200 |
778.200 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
6463.800 |
(3700.000) |
(2478.800) |
|
|
|
|
|
|
|
Less |
TAX |
2736.400 |
0.000 |
(163.200) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
3727.400 |
(3700.000) |
(2315.600) |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
31826.400 |
46125.700 |
51974.400 |
|
|
|
|
|
|
|
Add |
CREDITED ON MERGER |
272.300 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Less |
DEPRECIATION CHARGED TO
RESERVES |
76.500 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend on Equity
Shares |
3451.300 |
9059.600 |
3019.900 |
|
|
Distribution Tax Thereon |
702.600 |
1539.700 |
513.200 |
|
|
Transfer to Debenture
Redemption Reserve |
554.200 |
0.000 |
0.000 |
|
|
Total |
4708.100 |
10599.300 |
3533.100 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
31041.500 |
31826.400 |
46125.700 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Exports of Goods
calculated on FOB basis |
10008.500 |
9686.600 |
7987.100 |
|
|
Interest |
965.000 |
684.600 |
772.100 |
|
|
Service Income |
1036.400 |
145.400 |
131.500 |
|
|
TOTAL EARNINGS |
12009.900 |
10516.600 |
8890.700 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
3597.400 |
3326.100 |
3116.400 |
|
|
Capital Goods |
461.100 |
606.200 |
277.900 |
|
|
Traded Goods |
315.400 |
276.400 |
271.400 |
|
|
TOTAL IMPORTS |
4373.900 |
4208.700 |
3665.700 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
21.60 |
(21.44) |
(13.41) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
583.200 |
799.900 |
1833.300 |
|
Cash (Used in) Operations |
(30290.600) |
(17017.000) |
(16806.800) |
|
Net Cash (Used in) Operating Activities |
(33692.200) |
(17487.200) |
(17522.400) |
QUARTERLY RESULTS
(Rs.
In Million)
|
Particulars |
30.06.2015 1st Quarter (Unaudited) |
|
Net Sales |
7063.300 |
|
Total Expenditure |
5082.100 |
|
PBIDT (Excl OI) |
1981.200 |
|
Other Income |
1269.600 |
|
Operating Profit |
3250.800 |
|
Interest |
1313.200 |
|
Exceptional Items |
(26.000) |
|
PBDT |
1911.600 |
|
Depreciation |
180.200 |
|
Profit Before Tax |
1731.400 |
|
Tax |
0.000 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
1731.400 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
1731.400 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
15.52 |
(18.59) |
(16.52) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
43.40 |
26.06 |
17.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.13 |
(7.01) |
(3.37) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
(0.04) |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.34 |
0.65 |
0.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
0.52 |
0.80 |
STOCK
PRICES
|
Face Value |
Rs.2.00 /- each |
|
Market Value |
Rs.876.30 /- 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 |
345.100 |
345.100 |
345.100 |
|
Reserves & Surplus |
105214.000 |
90925.700 |
114123.300 |
|
Net worth |
105559.100 |
91270.800 |
114468.400 |
|
|
|
|
|
|
long-term borrowings |
7333.300 |
6533.400 |
11950.100 |
|
Short term borrowings |
37292.600 |
51597.800 |
26083.000 |
|
Current Maturities of
Long Term Debt |
1833.300 |
799.900 |
583.200 |
|
Total borrowings |
46459.200 |
58931.100 |
38616.300 |
|
Debt/Equity ratio |
0.440 |
0.646 |
0.337 |
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 |
14013.200 |
19905.200 |
24014.100 |
|
|
|
42.046 |
20.642 |
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 |
14013.200 |
19905.200 |
24014.100 |
|
Profit |
(2315.600) |
(3700.000) |
3727.400 |
|
|
(16.52%) |
(18.59%) |
15.52% |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---------------------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
---------------------- |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
3,500 (previous year : 3,500) 9.66% - Unsecured Redeemable Non-Convertible Debentures of Rs.1,000,000 each (Redeemable at par at the end of 5th year from the date of allotment -February 26, 2013) |
3500.000 |
3500.000 |
|
5,000 (Previous year NIL) 9.43% - Unsecured Redeemable Non-Convertible Debentures of ` 1,000,000 each (Series A – Rs.350 Crores - Redeemable at par at the end of 2nd year from the date of allotment - March 17, 2015, Series B – Rs.1000.000 Million - Redeemable at par at the end of 3rd year from the date of allotment - March 17, 2015, Series C – Rs.500.000 Million - Redeemable at par at the end of 3rd year from the date of allotment - March 17, 2015) |
5000.000 |
0.000 |
|
SHORT TERM
BORROWING |
|
|
|
Commercial Papers |
20750.000 |
46250.000 |
|
Loans from banks |
|
|
|
Repayable on demand |
4000.000 |
4130.000 |
|
Others |
83.800 |
172.100 |
|
Total |
33333.800 |
54052.100 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10555305 |
25/02/2015 |
1,000,000,000.00 |
The Hong Kong and Shanghai Banking Corporation Limited |
52/60 MAHATMA GANDHI ROAD, FORT, MUMBAI - 400001, Maharashtra, INDIA |
C46797692 |
|
2 |
10418435 |
11/12/2013 * |
3,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Building, Ground Floor, 17, R.K. Kamani Marg, Mumbai - 400001, Maharashtra, INDIA |
B93656551 |
|
3 |
90218157 |
27/06/2012 * |
5,000,000,000.00 |
Allahabad Bank |
Industrial Finance Branch,Allahabad Bank Building, Second Floor,37,Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, INDIA |
B44005106 |
|
4 |
90218094 |
06/06/1997 |
6,500,000.00 |
DRESDNER BANK AG |
HOECHST HOUSE; 1ST
FLOOR, NARIMAN POINT, MUMBAI - 400021, |
- |
|
5 |
90217538 |
22/09/1993 * |
30,000,000.00 |
UNIT TRUST OF INDIA |
13, SIR VITHALDAS THACKERSEY MARG, BOMBAY - 400020, Maharashtra, INDIA |
- |
|
6 |
90218748 |
07/12/1982 |
2,000,000.00 |
CANARA BANK |
CHEMBUR MAIN BRANCH,
BOMBAY - 400071, Maharashtra, |
- |
* Date of charge modification
GENERAL
INFORMATION
Subject is engaged in the business of Pharmaceuticals including Research and Development, Financial Services and Information Management through its subsidiaries. The Company has manufacturing plants in India and sells in Domestic as well as International markets through its overseas subsidiaries and other distribution channels. The Company is a public limited company and is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
OPERATIONS REVIEW
Total income from operations on a standalone basis for the year grew by 20.6% to Rs.24014.000 Million as compared with Rs.19905.000 Million in FY2014. Profit before interest, depreciation and tax (PBITDA) for FY2015 on a standalone basis grew by 48.4% to Rs.7433.000 Million as compared with Rs.5008.000 Million in FY2014. Growth in PBIDTA was driven by strong revenue performance across businesses. Net profit for the year was Rs.3727.000 Million as against a loss of Rs.3700.000 Million in FY2014. This is on account of steep reduction in finance cost primarily due to repayment of loans through amount received from monetization of our investments in Vodafone India. Also the finance cost for the previous year FY2014 included a one-time charge of Rs.1783.000 Million towards discounting of receivables from Abbott. Earnings per share were INR 21.6 for the year as against a loss of INR 21.4 per share during the previous year.
A detailed discussion of operations for the year ended March 31, 2015 is provided in the Management Discussion and Analysis Report, which is presented in a separate section forming part of this Annual Report
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED JUNE 30, 2015
(Rs. In Million)
|
Particulars |
3 Months ended 30.06.2014 |
|
|
(Unaudited) |
|
Income
from operations |
|
|
Net sales/ Income from operation (net of excise duty) |
6944.500 |
|
Other operating income |
118.800 |
|
Total
income from Operations(net) |
|
|
Expenditure |
|
|
Cost of material consumed |
2263.200 |
|
Purchases of stock in trade |
162.700 |
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(422.800) |
|
Employees benefit expenses |
1005.300 |
|
Depreciation and amortization expenses |
180.200 |
|
Research and Development Expenses |
172.800 |
|
Other expenditure |
1900.900 |
|
Total expenses |
5262.300 |
|
Profit
from operations before other income and financial costs |
1801.000 |
|
Other income |
1269.600 |
|
Profit from
ordinary activities before finance costs |
3070.600 |
|
Finance costs |
1313.200 |
|
Profit from ordinary activities after finance costs but before exceptional items |
1757.400 |
|
Exceptional items |
(26.000) |
|
Profit from ordinary
activities before tax Expense: |
1731.400 |
|
Tax expenses |
0.000 |
|
Net Profit / (Loss)
from ordinary activities after tax (9-10) |
1731.400 |
|
Paid-up equity share capital (Nominal value Rs.5/- per share) |
345.100 |
|
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
--- |
|
Earnings per share |
|
|
Basic and Diluted EPS before
Extraordinary items for the period |
10.03 |
|
Basic and Diluted EPS after Extraordinary
items for the period |
10.03 |
|
|
|
|
A.
Particulars of shareholding |
|
|
1.
Public Shareholding |
|
|
- Number of shares |
81395077 |
|
- Percentage of shareholding |
47.17% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
--- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
--- |
|
Percentage of shares (as a % of total share capital of the
company) |
--- |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
91168023 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
52.83% |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
1 |
|
Receiving during the quarter |
4 |
|
Disposed of during the quarter |
3 |
|
Remaining unreserved at the end of the quarter |
2 |
Note:
- The standalone financial results for the quarter ended June 30, 2015, have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on August 6, 2015.
- In accordance with Accounting Standard 17 'Segment Reporting', segment information has been given in the consolidated financial results of Piramal Enterprises Limited, and therefore, no separate disclosure on segment information is given in these standalone results.
- Other Income includes the effect of Foreign Exchange Gain/ (Loss), Net incurred during the respective periods.
- Exceptional Income/Expense, net includes:
i. GAIN on sale of Investment in Vodafone India Limited during the corresponding three months ended June 30, 2014 and year ended March 31, 2015, Rs.30360.800 Million;
ii.
gain on sale of the Lab Diagnostics and Point of Care business to Diasys
Diagnostics India Private Limited during the year ended March 31, 2015
Rs.26.000 Million;
iii.
costs and write downs / (writeback) on account of scaling down the Research and
development activities of the New Chemical Entity (NCE) division for the
preceding quarter and year ended March 31, 2015 (Rs.400.000 Million)and
Rs.2994.500 Million respectively;
iv. The Scheme of Amalgamation ("the Scheme") of Oxygen Bio Research Private Limited ("02H"), Piramal Pharmaceutical Development Services Private Limited ("PPDSPL") and PHL Capital Private Limited ("PHL Capital") (collectively referred to as "transferor companies") with Piramal Enterprises Limited ("the Company"), under Sections 391 to 394 of the Companies Act, 1956 was sanctioned by the Hon'ble High Courts of Gujarat and Bombay on November 11, 2014 and November 28, 2014 respectively. The Scheme became effective on December 12, 2014 and December 27, 2014 upon filing of the said orders with the Registrar of Companies, Gujarat and Maharashtra respectively.
Consequently, all the assets and liabilities of transferor companies were transferred to and vested in the Company with effect from April 01, 2014 ("the Appointed Date").
The amalgamation was accounted for under the "pooling of interest" method referred to in Accounting Standard 14 - Accounting for Amalgamation, as prescribed by the Scheme. Accordingly, all the assets, liabilities and other reserves of transferor companies as on April 01, 2014 were aggregated with those of the Company at their respective book values. As prescribed by the Scheme, no consideration was paid as the transferor Companies were wholly owned step down subsidiaries of the Company, hence the resultant difference amounting to Rs. 23391.400 Million was credited to capital reserve account. Consequent to the scheme of amalgamation, the company had sold its investment in the intervening holding company of the transferor companies, the difference between sales consideration and the cost of investment has been accordingly recognised and disclosed under Exceptional Expenses amounting to (Rs.25.000 Million) and Rs. 24232.800 Million during the preceding quarter and year ended March 31, 2015 respectively;
v. Costs associated with write-down of Tangible / Intangible Assets during the preceding quarter and year ended March 31, 2015, Rs.170.700 Million; and
vi.
Loss on sale of clinical research business known as 'Piramal Clinical Research
(PCR)' (formerly known as Wellquest) during the current quarter, Rs. 26.000
Million.
- During the quarter, the Company has invested Rs. 107 lakhs (including transaction costs) for a minority stake in Health SuperHiway Private Limited ("HealthHiway"), a healthcare analytics company. The company has committed to invest an additional amount of Rs. 442.000 Million subject to achievement of certain milestones by HealthHiway. Upon the second tranche of investment, the Company will control a majority stake in the business, on a fully diluted basis.
- Tax expense comprises of Current tax (including prior period tax in case of preceding quarter) and Deferred Tax and is net of MAT credit entitlement.
- Previous period/year's figures have been regrouped/reclassified wherever necessary to correspond with the current period's classification. The figures for the quarter ended June 30, 2015 are not comparable primarily on account of the merger as referred in note 4 (iv)
FIXED ASSETS
- Land Freehold
- Buildings
- Roads
- Plant & Equipment
- Furniture and fixtures
- Motor Vehicles
- Ships
- Helicopter
- Office equipment
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.66.22 |
|
|
1 |
Rs.101.22 |
|
Euro |
1 |
Rs.74.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
8 |
|
--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 |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--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 |
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TOTAL |
|
78 |
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.