MIRA INFORM REPORT

 

 

Report No. :

340853

Report Date :

14.09.2015

 

IDENTIFICATION DETAILS

 

Name :

TORRENT PHARMACEUTICALS LIMITED

 

 

Registered Office :

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

Tel No.:

91-79-26583060 /26585090

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

15.07.1972

 

 

Com. Reg. No.:

04-002126

 

 

Capital Investment / Paid-up Capital :

Rs.846.200 Million

 

 

CIN No.:

[Company Identification No.]

L24230GJ1972PLC002126

 

 

IEC No.:

0888038241

 

 

TAN No.:

[Tax Deduction and Collection Account No.]

AHMT00474F

 

 

PAN No.:

[Permanent Account No.]

AAACT5456A

 

 

Legal Form :

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

 

 

Line of Business :

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

 

 

No. of Employees :

11047 (Approximately)

 

 

RATING and COMMENTS

 

MIRA’s Rating :                     

Aa (80)

 

RATING

STATUS

PROPOSED CREDIT LINE

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

Large

 

Maximum Credit Limit :

USD 77000000

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

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

 

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

 

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

 

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

 

In view of strong operational base backed by adequate financial profile, the company can be considered good for normal business dealings at usual trade terms and conditions.

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

Long term – Cash Credit = AA

Rating Explanation

High degree of safety and very low credit risk.

Date

May 2015

 

Rating Agency Name

ICRA

Rating

Commercial Papers = A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

May 2015

 

 

RBI DEFAULTERS’ LIST STATUS

 

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

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

 

                                                                  INFORMATION DENIED

 

MANAGEMENT NON COOPERATIVE (91-79-26583060)

 

 

                                                                           LOCATIONS

 

Registered Office/

Corporate office :

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

Tel. No.:

91-79-26583060 /26585090

Fax No.:

91-79-26582100

E-mail :

info@torrentpharma.com

maheshagarwal@torrentpharma.com

investorservices@torrentpharma.com

Website :

http://www.torrentpharma.com

 

 

Factory 1 :

Indrad Plant:

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

Tel. No.:

91-2764-233671-75, 233678-80

Fax No.:

91-2764-233676

E-Mail :

tplplant@icenet.net

 

 

Factory 2 :

Baddi Plant :

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

Tel. No.:

91-1795-246821

Fax No.:

91-1795-247159

 

 

Factory 3 :

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

 

 

Project Site:

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

 

 

Research and Development Facility :

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

Tel. No.:

91-79-23269124/23969100

Fax No.:

91-79-23269135/23969135/ 23969124-34

E-Mail :

trc@torrentpharma.com

 

 

Mumbai Office :

215, Atrium, 'B' 3rd Floor, Beside Courtyard Marriot Hotel, Andheri - Kurla Road, Andheri (East), Mumbai – 400093, Maharashtra, India

 

 

DIRECTORS

 

As on 31.03.2015

 

Name :

Mr. Sudhir Mehta

Designation :

Chairman

 

 

Name :

Mr. Markand Bhatt

Designation :

Director

 

 

Name :

Shri Samir Mehta

Designation :

Executive Chairman

 

 

Name :

Mr. Shailesh Haribhakti

Designation :

Director

 

 

Name :

Mr. Haigreve Khaitan

Designation :

Director

 

 

Name :

Shri Pradeep Bhargava

Designation :

Director

 

 

Name :

Dr. Chaitanya Dutt

Designation :

Director (Research and Development)

 

 

Name :

Prof. Ashish Nanda

Designation :

Director

 

 

                                                                      KEY EXECUTIVES

 

Name :

Mr. Mahesh Agarwal

Designation :

VP (Legal) and Company Secretary

Address :

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

Tel No :

91-79-26585090

Fax No :

91-79-26582100

E-Mail :

maheshagarwal@torrentpharma.com

inveestorservices@torrentpharma.com

 

 

Audit Committee :

Mr. Pradeep Bhargava

Mr. Shailesh Haribhakti – Chairman

Mr. Haigreve Khaitan

 

 

Securities Transfer and Investors Grievance Committee:

Mr. Sudhir Mehta, Chairman

Mr. Markand Bhatt

Mr. Samir Mehta

 

 

Nomination and

Remuneration Committee:

Mr. Pradeep Bhargava,

Mr. Markand Bhatt

Prof. Ashish Nanda - Chairman

 

 

Committee of Directors:

Mr. Markand Bhatt, Chairman

Mr. Samir Mehta

 

 

Name :

Shri Ashok Modi

Designation :

Executive Director and Chief Financial Officer

 

 

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

(1) Indian

 

 

Individuals / Hindu Undivided Family

3797480

2.24

Bodies Corporate

86115472

50.89

Any Others (Specify)

30651768

18.11

Others

30651768

18.11

Sub Total

120564720

71.25

(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

120564720

71.25

 

 

 

(B) Public Shareholding

(1) Institutions

 

 

Mutual Funds / UTI

11204958

6.62

Financial Institutions / Banks

162966

0.10

Foreign Institutional Investors

20939090

12.37

Sub Total

32307014

19.09

(2) Non-Institutions

 

 

Bodies Corporate

2876844

1.70

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs.0.100  Million

7099062

4.20

Individual shareholders holding nominal share capital in excess of Rs.0.100 Million

1239207

0.73

Any Others (Specify)

5135873

3.03

Non Resident Indians

314025

0.19

Trusts

1600

0.00

Clearing Members

54536

0.03

Hindu Undivided Families

280512

0.17

Others

4485200

2.65

Sub Total

16350986

9.66

Total Public shareholding (B)

48658000

28.75

Total (A)+(B)

169222720

100.00

 

 

 

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

 

 

(1) Promoter and Promoter Group

0

0.00

(2) Public

0

0.00

Sub Total

0

0.00

Total (A)+(B)+(C)

169222720

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

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

 

 

Products :

Item Code No.

Product Description

300431.01

Insulin

300490.81

Lamotrigine

300490.88

Citalopram

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

PRODUCTION STATUS

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No of Employees:

11047 (Approximately)

 

 

Bankers :

Banker Name

Bank of Baroda

Branch Address

Ahmedabad, Gujarat, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

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

 

 

Facilities :

Secured Loan

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long-term Borrowings

 

 

Term loans from banks

21716.000

7307.200

Short-term borrowings

 

 

Loans from banks

950.000

196.200

Total

22666.000

7503.400

Note:

 

a)     Loans are secured by:

 

  1. Term loans of Rs.6050.500 Million (previous year Rs.2952.700 Million) from banks are secured by and Term loans of Rs. NIL (previous year Rs.2704.500 Million) to be secured by first equitable mortgage of immovable fixed assets and hypothecation of movable fixed assets, present and future, located at formulation manufacturing facilities, village Indrad; research facilities, village Bhat; Corporate Office, Ahmedabad, all in Gujarat, and manufacturing facilities, village Bhud; in Himachal Pradesh, on pari passu basis.

 

Term loan of Rs.14000.000 Million (previous year Rs.1000.000 Million) from bank is secured by and Term Loan of Rs.2000.000 Million (previous year NIL) are to be secured by first equitable mortgage of immovable fixed assets and hypothecation of movable fixed assets, present and future, of formulation manufacturing facilities located at Dahej (SEZ) in Gujarat and Gangtok in Sikkim, on pari passu basis along with some of the identified brands of the Company in respect of which the Company is in the process of creating the charge

 

Term loan of Rs.2000.000 Million (previous year Rs.2000.000 Million) from bank is secured by first equitable mortgage of free hold land located at village Rakanpur and free hold land and buildings located at Delhi, on pari passu basis along with some of the identified brands of the Company. The Company is in the process of creating charge on assets located at village Rakanpur and Delhi.

 

  1. Working capital facilities are secured by hypothecation of inventories and book debts.

 

b)    The terms of repayment of loan obligations on principal amount repayable in yearly installments, for the secured and unsecured long-term loans are as under:

 

Financial year

Secured

Unsecured

2015-16

2334.500

26.100

2016-17

5301.900

39.000

2017-18

3180.600

37.800

2018-19

3481.000

26.700

2019-20

3576.600

19.800

2020-21

3225.900

12.900

2021-22

2450.000

0.000

2022-23

500.000

0.000

Total

24050.500

162.300

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

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

Tel No.:

91-79-27582542/27582543/66073100

Fax No.:

91-79-27582551

 

 

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

 

 

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

 

 

Holding Company / Enterprises controlled by the holding Company :
  • Torrent Private Limited
  • Torrent Financiers
  • Torrent Power Limited
  • Torrent Cables Limited
  • Torrent Power Services Private Limited
  • Torrent Pipavav Generation Limited
  • Torrent Energy Limited, Torrent Power Grid Limited
  • Torrent Solargen Limited
  • AEC Cements and Constructions Limited

 

 

Joint Venture/Associate :

Tornascent Care Institute

 

 

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

 

 

CAPITAL STRUCTURE

 

As on 31.03.2015

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

200000000

Equity Shares

Rs.5/- each

Rs. 1000.000 Million

2500000

Preference Shares

Rs.100/- each

Rs. 250.000 Million

 

TOTAL

 

Rs. 1250.000 Million

 

Issued & Subscribed Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

169236720

Equity Shares

Rs.5/- each

Rs. 846.200 Million

 

Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

169222720

Equity Shares

Rs.5/- each

Rs.846.113 Million

 

Add : Forfeited shares

 

Rs.0.035 Million

 

Total

 

Rs.846.200 Million

 

NOTE:

 

Reconciliation of equity shares outstanding at the beginning and at the end of the reporting year

 

Particulars

As on 31.03.2015

Numbers

Rs In Million

As at beginning of the year

169222720

846.200

Issued during the year

 

 

Outstanding at the end of the year

169222720

846.200

 

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

 

The Company allotted 84611360 Equity Shares as fully paid up bonus shares of Rs.5 each on 25-Jul-2013, pursuant to the shareholders’ resolution passed on 12-Jul-2013.

 

Torrent Private Limited, the holding Company, holds 86115472 (previous year 86115472) equity shares of Rs.5 each, equivalent to 50.89% (previous year 50.89%) of the total number of equity shares, which is the only shareholder holding more than 5 % of total equity shares.

 

The Company has one class of equity shares having par value of Rs.5 each. Each shareholder is eligible for one vote per share held. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amount, in proportion to shareholding.

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2015

31.03.2014

31.03.2013

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

846.200

846.200

423.100

(b) Reserves & Surplus

26209.700

22051.900

16087.800

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

27055.900

22898.100

16510.900

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

21852.200

7444.600

4545.400

(b) Deferred tax liabilities (Net)

1888.400

474.600

568.900

(c) Other long term liabilities

69.400

96.100

97.600

(d) long-term provisions

971.200

744.000

710.100

Total Non-current Liabilities (3)

24781.200

8759.300

5922.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1000.000

2103.400

1246.200

(b) Trade payables

6302.300

4796.900

4507.400

(c) Other current liabilities

4263.900

3377.200

3298.700

(d) Short-term provisions

1692.600

1391.900

2078.400

Total Current Liabilities (4)

13258.800

11669.400

11130.700

 

 

 

 

TOTAL

65095.900

43326.800

33563.600

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

9053.100

8313.900

7849.900

(ii) Intangible Assets

18581.900

47.700

63.900

(iii) Capital work-in-progress

6277.800

5075.800

2763.100

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

1503.500

1493.800

1475.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

1860.500

1064.900

533.600

(e) Other Non-current assets

502.800

607.400

239.000

Total Non-Current Assets

37779.600

16603.500

12924.500

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

2834.800

1724.800

427.600

(b) Inventories

7811.500

6945.100

6970.900

(c) Trade receivables

11940.000

13174.300

8312.700

(d) Cash and cash equivalents

696.800

2184.900

2777.600

(e) Short-term loans and advances

1034.100

808.800

693.700

(f) Other current assets

2999.100

1885.400

1456.600

Total Current Assets

27316.300

26723.300

20639.100

 

 

 

 

TOTAL

65095.900

43326.800

33563.600

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

34754.900

33648.700

27662.300

 

Other Income

3056.700

355.400

1316.700

 

TOTAL

37811.600

34004.100

28979.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

9682.000

8760.800

7974.300

 

Purchases of Stock-in-Trade

2007.800

933.800

2925.200

 

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

(855.700)

306.100

(1104.300)

 

Employees benefits expense

5074.100

4189.000

3663.400

 

Exceptional items

0.000

0.000

374.900

 

Other expenses

10413.200

8852.100

7412.200

 

TOTAL

26321.400

23041.800

21245.700

 

 

 

 

 

Less

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

11490.200

10962.300

7733.300

 

 

 

 

 

Less

FINANCIAL EXPENSES

1727.200

584.400

365.100

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

9763.000

10377.900

7368.200

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

1802.200

794.700

715.000

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

7960.800

9583.200

6653.200

 

 

 

 

 

Less

TAX

1729.000

1959.800

1189.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

6231.800

7623.400

5464.200

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

10260.000

5380.000

2740.000

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

630.000

760.000

550.000

 

Interim Dividend

850.000

850.000

510.000

 

Proposed Final Dividend

1060.000

850.000

1440.000

 

Tax on Distributed Profits for Interim Dividend

170.000

140.000

80.000

 

Tax on Distributed Profits for Final Dividend

210.000

140.000

250.000

 

Balance Carried to the B/S

13571.800

10260.000

5380.000

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

14135.900

15664.800

12114.300

 

Interest

8.700

2.700

2.900

 

Other income [Product registration dossiers and others]

514.800

1194.900

1111.000

 

TOTAL EARNINGS

14659.400

16862.400

13228.200

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials and Packing Material

2259.500

2529.200

2141.800

 

Components and Spares Parts

146.200

139.900

71.200

 

Capital Goods

394.900

746.800

220.200

 

TOTAL IMPORTS

2800.600

3415.900

2433.200

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

36.82

45.04

32.28

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

2,360.600

1,768.700

1138.100

Cash generated from operations

10998.800

5270.900

2859.800

Net Cash From Operating Activities

10661.000

3100.800

(686.900)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT/Sales)

(%)

17.93

22.66

19.75

 

 

 

 

 

Operating Profit Margin

(PBDIT / Sales)

(%)

33.06

32.58

27.96

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

13.89

26.07

22.69

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.29

0.42

0.40

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.93

0.49

0.42

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.06

2.29

1.85

 

 

STOCK PRICES

 

Face Value

Rs.5.00/-

Market Value

Rs.1434.10 /-

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

423.100

846.200

846.200

Reserves & Surplus

16087.800

22051.900

26209.700

Net worth

16510.900

22898.100

27055.900

 

 

 

 

long-term borrowings

4545.400

7444.600

21852.200

Short term borrowings

1246.200

2103.400

1000.000

Current Maturities of Long Term Debt

1138.100

1768.700

2360.600

Total borrowings

6929.700

11316.700

25212.800

Debt/Equity ratio

0.420

0.494

0.932

 

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

27662.300

33648.700

34754.900

 

 

21.641

3.287

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

27662.300

33648.700

34754.900

Profit

5464.200

7623.400

6231.800

 

19.75%

22.66%

17.93%

 

 

 

 

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

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)

No

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

-----------------

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

-----------------

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

-----------------

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

LITIGATION DETAILS

 

HIGH COURT OF GUJARAT

TAX APPEAL No. 2231 of 2009

Status : PENDING

(Converted from : ST/3964/2009)

CCIN No : 001092200902231

Next Listing Date:

29/09/2015

Coram

HONOURABLE MS.JUSTICE HARSHA DEVANI

HONOURABLE MR.JUSTICE A.G.URAIZEE

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER OF INCOME TAX-IV

MR NITIN K MEHTA for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

S.NO.

Name of the Respondent

Advocate On Record

1

TORRENT PHARMACEUTICALS LTD

RULE SERVED for :Opponent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

Presented On

: 09/11/2009

Registered On

: 09/11/2009

Bench Category

: DIVISION BENCH

District

: AHMEDABAD

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 8 times

Stage Name

: FOR FINAL HEARING

Classification

DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA

Act

INCOME-TAX ACT, 1961

Office Details

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

15/08/2009

VAKALATNAMA

MS PAURAMIB SHETH ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

MS PAURAMI B SHETH:1

2

15/08/2009

DOCUMENT

RULE SERVED 
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

RULE SERVED:1

3

16/05/2012

APPEARANCE NOTE

MS PAURAMIB SHETH ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

MS PAURAMI B SHETH:1

4

31/03/2014

APPEARANCE NOTE

MR NITIN K MEHTA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

MRNITINKMEHTA(3286) for P:1

Linked Matters

 

S. No.

Case Detail

Status Name

Disposal Date

Action/Coram

1

TAX APPEAL/2232/2009

PENDING

-

-

HONOURABLE MS.JUSTICE HARSHA DEVANI

HONOURABLE MR.JUSTICE A.G.URAIZEE

Court Proceedings

 

S. No.

Notified Date

Court Code

Board Sr. No.

Stage

Action

Coram

1

19/04/2011

5

-

BOARD NO. I-A

NEXT DATE

HONOURABLE MR.JUSTICE AKIL KURESHI

HONOURABLE MS JUSTICE SONIA GOKANI

2

19/12/2014

5

72

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE KS JHAVERI

HONOURABLE MR.JUSTICE K.J.THAKER

3

21/01/2015

3

60

FOR FINAL HEARING

NEXT DATE

HONOURABLE THE ACTING CHIEF JUSTICE MR. JAYANT PATEL

HONOURABLE MR.JUSTICE KS JHAVERI and HONOURABLE MR.JUSTICE S.H.VORA and HONOURABLE MR.JUSTICE K.J.THAKER

4

23/02/2015

3

52

FOR FINAL HEARING

NEXT DATE

HONOURABLE THE ACTING CHIEF JUSTICE MR. JAYANT PATEL

HONOURABLE MR.JUSTICE S.H.VORA

5

22/04/2015

4

53

FOR FINAL HEARING

NEXT DATE

HONOURABLE THE ACTING CHIEF JUSTICE MR. JAYANT PATEL

HONOURABLE MR.JUSTICE M.R. SHAH and HONOURABLE MR.JUSTICE S.H.VORA

6

15/06/2015

51

61

FOR FINAL HEARING

NEXT DATE

HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI

HONOURABLE MR.JUSTICE M.R. SHAH and HONOURABLE MR.JUSTICE A.J.DESAI and HONOURABLE MR.JUSTICE S.H.VORA and HONOURABLE MR.JUSTICE A.G.URAIZEE and HONOURABLE MR.JUSTICE R.P.DHOLARIA

7

07/07/2015

17

64

FOR FINAL HEARING

NEXT DATE

HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI

HONOURABLE MR.JUSTICE A.J.DESAI and HONOURABLE MR.JUSTICE A.G.URAIZEE and HONOURABLE MR.JUSTICE R.P.DHOLARIA

8

01/09/2015

7

64

FOR FINAL HEARING

NEXT DATE

HONOURABLE MS.JUSTICE HARSHA DEVANI

HONOURABLE MR.JUSTICE A.J.DESAI and HONOURABLE MR.JUSTICE A.G.URAIZEE

9

29/09/2015

7

-

FOR FINAL HEARING

HONOURABLE MS.JUSTICE HARSHA DEVANI

HONOURABLE MR.JUSTICE A.G.URAIZEE

Available Orders

 

S. No.

Applicant Name

Application Type

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

1

MRS MAUNA M BHATT

ORDINARY

20/04/2011

O/13415/2011

19/04/2011

01/12/2011

02/12/2011

Delivered

ORDER

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10569447

24/04/2015

2,000,000,000.00

BNP PARIBAS

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

C53606067

2

10525000

20/09/2014

1,500,000,000.00

AXIS BANK LIMITED

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

C28214203

3

10516826

22/08/2014 *

1,304,200,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

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

C21912167

4

10516822

22/08/2014 *

2,760,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

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

C29055787

5

10500496

07/06/2014

18,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

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

C05795729

6

10510777

05/06/2014

2,000,000,000.00

BNP PARIBAS

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

C11661931

7

10447179

13/08/2013

2,200,000,000.00

HSBC BANK (MAURITIUS) LIMITED

HSBC CENTRE, 18 CYBERCITY, EBENE, MAURITIUS, - 000, MAURITIUS

B84093871

8

10421600

05/04/2013

500,000,000.00

BNP PARIBAS

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

B73713752

9

10399912

23/03/2015 *

500,000,000.00

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

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

C50587385

10

10010037

04/07/2006

448,000,000.00

STANDARD CHARTERED BANK

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

A02291342

 

* Date of charge modification

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long-term Borrowings

 

 

Term loans from others

136.200

137.400

Short-term borrowings

 

 

Loans from banks

50.000

1907.200

Total

186.200

2044.600

 

 

CONTINGENT LIABILITIES:

 

(Rs. in Million)

PARTICULARS

Rs. in million  31.03.2015

Rs. in million  31.03.2014

(a) Claims against the Group not acknowledged as debts

 

 

Disputed Demand of Income Tax for which appeals have been preferred

70.100

52.500

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

82.400

73.000

Disputed Legal cases for supply of goods and services

0.000

1.900

Disputed Demand of Excise and Service tax

148.700

324.100

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

4.100

1.900

Disputed cases at Labour Court / Industrial Court

31.500

28.600

(b) Against the above, the Company has paid Rs.0.900 Million (previous year Rs.2.400 Million). The expected outflow will be determined at the time of final outcome in respect of the concerned matter. No amount is expected to be reimbursed.

 

 

(c) The Company has issued guarantee aggregating Rs.84.000 Million (previous year Rs.6.000 Million) for borrowing a demand loan at “Torrent Pharma Employee Welfare Trust”. The outstanding amount of liabilities by the said trust as on balance sheet date, is

5257.600

360.600

 

 

STANDALONE OPERATING RESULTS

 

The sales and operating income increased to Rs.34750.000 Million from Rs.33650.000 Million in the previous year yielding a growth of 3.27%. The operating profit for the year under review increased to Rs.11490.000 Million as against Rs.10960.000 Million in the previous year registering a growth of 4.83%. The profits after tax for the year decreased to Rs.6230.000 Million as against Rs.7620.000 Million in the previous year registering a degrowth of 18.24%.

 

 

AWARDS AND RECOGNINTION

 

CNBC TV18 recognized Torrent Pharmaceuticals Limited as the “Most Promising Company of the Year” at their 10th India Business Leader Awards 2014.

 

 

STATEMENT OF STANDALONE AUDITED RESULTS FOR THE QUARTER ENDED 30 JUNE 2015

(Rs. In Million)

Particulars

Quarter ended 30.06.2015

 

(Unaudited)

Income from operations

 

Net sales/ Income from operation (net of excise duty)

18100.000

Other operating income

570.000

Total income from Operations(net)

18670.000

Expenditure

 

Cost of material consumed

2640.000

Purchases of stock in trade

470.000

Changes in inventories of finished goods, work-in-progress and stock-in-trade

(120.000)

Employees benefit expenses

1400.000

Depreciation and amortization expenses

540.000

Other expenditure

2540.000

Total expenses

7470.000

Profit from operations before other income and financial costs

11200.000

Other income

750.000

Profit from ordinary activities before finance costs

11950.000

Finance costs

560.000

Profit from ordinary activities before tax Expense:

11390.000

Tax expenses

3090.000

Net Profit / (Loss) from ordinary activities after tax (9-10)

8300.000

Paid-up equity share capital (Nominal value Rs.5/- per share)

850.000

Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year

 

Earnings per share (not annualized):

 

Basic and diluted

49.07

A. Particulars of shareholding

 

1. Public Shareholding

 

- Number of shares

48658000

- Percentage of shareholding

28.75%

2. Promoters and Promoters group Shareholding-

 

a) Pledged /Encumbered

 

Number of shares

Nil

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

Nil

Percentage of shares (as a % of total share capital of the company)

Nil

 

 

b) Non  Encumbered

 

Number of shares

120564720

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)

71.25%

B. Investor Complaints

 

Pending at the beginning of the quarter

Nil

Receiving during the quarter

1

Disposed of during the quarter

Nil

Remaining unreserved at the end of the quarter

1

 

Note:

 

  1. The above results were reviewed by the Audit Committee and approved by the Board of Directors, in their respective meetings held on July 27, 2015. There is no qualification in the Auditor's Report on this statement of financial results.

 

  1. On July 17, 2015, the Company has completed acquisition of Zyg Pharma Private Limited pursuant to the Share Purchase Agreement signed on May 05, 2015 for acquiring 100% stake.

 

  1. The exceptional growth in the revenues and profits for the quarter is primarily on account of the launch of a new product in US market, which currently has limited competition. The continuation of this is dependent on market conditions in future, including additional competition.

 

  1. The figures for the comparative periods have been regrouped, wherever necessary, to make them comparable with the figures for the current periods.

 

  1. The Company has also prepared and published unaudited consolidated financial results for the quarter ended June 30, 2015, which were subjected to limited review by statutory auditors of the Company.

 

 

FIXED ASSETS

 

Intangible Assets

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

Intangible Assets

  • Computer Software
  • Products Licenses

 

 

CMT REPORT (Corruption, Money Laundering and Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration:

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration:

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime:

            Charges or conviction registered against subject:                                                                       None

 

5]         Records on Violation of Anti-Corruption Laws:

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards:

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government:

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package:

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report:

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.38

UK Pound

1

Rs.102.59

Euro

1

Rs.74.89

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

PNM

 

SCORE AND RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

9

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

9

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

9

--PROFITABILITY

1~10

9

--LIQUIDITY

1~10

9

--LEVERAGE

1~10

9

--RESERVES

1~10

9

--CREDIT LINES

1~10

9

--MARGINS

-5~5

---

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

80

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.