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MIRA INFORM REPORT
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Report No. : |
504327 |
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Report Date : |
16.04.2018 |
IDENTIFICATION DETAILS
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Name : |
STRIDES SHASUN LIMITED |
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Formerly Known
As : |
STRIDES ARCOLAB LIMITED |
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Registered
Office : |
201, Devavrata, Sector 17, Vashi, Navi Mumbai – 400703, Maharashtra |
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Tel. No.: |
91-22-27893199 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
28.06.1990 |
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Com. Reg. No.: |
11-057062 |
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Capital
Investment / Paid-up Capital : |
INR 894.930 Million |
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CIN No.: [Company Identification
No.] |
L24230MH1990PLC057062 |
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IEC No.: [Import-Export Code No.] |
0390012441 |
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TIN No.: |
34580022648 27640002312 |
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GSTIN : [Goods & Service Tax Registration No.] |
27AADCS8104P1ZX |
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PAN No.: [Permanent Account No.] |
AADCS8104P |
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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 into the development and manufacture of
pharmaceutical products (Registered Activity) |
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No. of Employees
: |
4690 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 92350000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject was incorporated in the year 1990 and it develops and manufactures a wide range of IP-led niche pharmaceutical products. For the financial year 2017, the company has reported dip in its revenue as compared to the previous year but has managed to maintain an average profit margin of 5.14% Rating takes into consideration on company’s sound financial profile characterized by good profit margins, healthy net worth base, comfortable liquidity position and strong debt coverage indicators. Rating further derives strength from company’s experienced management team and long operational track record in pharma business, its diversified product portfolio along with financial, technical and operational synergies with its national and international subsidiaries. However, rating strength is partially offset by large working capital intensive nature of operations, susceptibility of operating margin to volatility in raw material prices, and relatively high competition in the pharmaceutical industry. Payments seems to be regular and as per commitments. In view of the 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.
ECGC Country Risk Classification List
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
Long Term Borrowing: A+ |
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Rating Explanation |
Adequate degree of safety and low credit risk. |
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Date |
12.03.2018 |
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Rating Agency Name |
ICRA |
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Rating |
Short Term Borrowing : A1+ |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
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Date |
12.03.2018 |
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
31-03-2018.
.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 16.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED BY
MANAGEMENT NON-COOPERATIVE (Tel No.:91-22-27893199)
LOCATIONS
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Registered Office : |
201, Devavrata Society, Sector 17, Vashi, Navi Mumbai – 400703,
Maharashtra, India |
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Tel. No.: |
91-22-27893199/ 27895247/ 27892924 |
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Fax No.: |
91-22-27892942 |
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E-Mail : |
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Website : |
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Corporate Office : |
Strides House, Bilekahalli, Bannerghatta Road, Bangalore –
560076, Karnataka, India |
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Tel. No.: |
91- 80-67840000/ 738 |
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Fax No.: |
91- 80-67840700/800 |
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E-Mail : |
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Overseas Branch
Office: |
Dudley Lane, Dudley, Cramlington, Northumberland, England
NE 237QG |
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Tel. No.: |
44-191-2500471 |
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FORMULATION R&D |
R.S.No-32-34, PIMS Road, Near Pondicherry University, Landmark – Dr. Ambedkar Law College, Periyakalapet, Puducherry – 605014, Tamilnadu, India |
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R and D Centre : |
165/2, 1st Main Road, Krishna Raju Layout, J.P Nagar 7th Phase, Bangalore 560076, Karnataka, India |
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API R&D |
27, Vandaloor Kelambakkam Road, Keelakottaiyur Village, Melakottaiyur (PO), Chennai – 600127, Tamilnadu, India |
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Plant Locations: |
(i)
India Oral
Dosage Facility: KRS Gardens, Suragajakkanahalli, Kasaba Hobli, Anekal Taluk, Bengaluru – 562106, India Oral
Dosage Facility: 19/1,19/3, Chandapura, Sarjapura Hobli, Anekal taluk, Bengalore -560099, India Multi
Product Facility: No.A1/B, SIPCOT Industrial Complex Kudikadu, Cuddalore –
607005, Tamilnadu,
India API
Facility: Mathur Road, Periyakalapet Puducherry – 605014, Tamilnadu,
India Finished
Dosage Facility: PIMS Road, Periyakalapet Puducherry – 605 014, Tamilnadu, India (ii)
Europe Semi-Solids
Facility 20095 Cusano MIL Via Stelvio, 66, Italy (iii)
Africa Oral Dosage Facility: Gate No. 02, Ladipo Oluwole Street, Opposite Cocia Warehouse, Off Oba Akran Avenue, Ikeja Industrial Area, Lagos, Nigeria Oral Dosage Facility: No.3/11, Suba Industrial Area Khartoum, Sudan Oral Dosage Facility S/C B.P 2353 Douala AKWA Rue DUBOIS De Saligny Cameroon Packaging Facility No. 208, Gold Street, Unit 8, Prosperita Park, P. o. Box 3620 Namibia Packaging Facility Plot no. 1090, Selokwaneng Industrial Site, Gaborone, Botswana Semi-Solids Facility Club Road, Past Post Office, Plot No. 13777, P.O.Box 1748- 00902, Kikuyu Town, Kenya Oral Dosage Facility Bairro do Aeroporto, Avenida de Angola, No. 3016, C. P. No. 2991, Maputo, Mozambique |
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Global Offices : |
Located at : Singapore 3 Tuas South Avenue 4, Singapore – 637610 Australia Level 18, 530 Collins Street, Melbourne, Vic 3000 Cambodia No.43-A, Street No.420, Sangkat Boeung Trabek
Khan Chamkarmon, Phnom Penh, Cambodia Cameroon S/C B.P 2353 Douala AKWA Rue
DUBOIS De Saligny Cameroon Philippines Unit 1010, Antel Global Corporate
Centre, Julia Vargas Avenue, Ortigas Central Business District, Metro Manila
Pasig City 1605 SRI LANKA No.104, 1/3, Pagoda Road, Pitakotte - 10100,
Colombo, Sri Lanka Switzerland Rue Fritz-Cournvoisier 40 2300 La
Chaux-De-Fonds Suisse, Switzerland United Kingdom Unit 4, Metro Centre, Tolpits Lane, Watford,
Hertfordshire, WD18 9SS, UK United
States of America 2 Tower Center Blvd., Suite: 1102
East Brunswick, NJ 08816 197, Rt 18 South, Suite 102, East Brunswick, NJ 08816 |
DIRECTORS
AS ON 31.03.2018
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Name : |
Mr. Sridhar Srinivasan |
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Designation : |
Director |
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Address : |
D-905, Ashok Towers, Dr. S S. Road, Parel, Mumbai-400012, Maharashtra, India |
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Date of Birth/Age : |
09.05.1951 |
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Date of Appointment : |
27.02.2012 |
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DIN No : |
00004272 |
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Name : |
Mrs. Sangita Reddy |
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Designation : |
Director |
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Address : |
8-2-674/B212, Road No.13, Banjara Hills, Hyderabad - 500034, Telangana, India |
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Date of Birth/Age : |
08.07.1962 |
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Date of Appointment : |
18.05.2017 |
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DIN No : |
00006285 |
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Name : |
Mr. Arun Kumar Pillai |
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Designation : |
Director |
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Address : |
E- 102, Adarsh Gardens, Jayanagar, 8th Block, Bangalore - 560082, Karnataka, India |
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Date of Birth/Age : |
25.03.1961 |
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Qualification : |
B.Com., PGDBM |
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Date of Appointment : |
24.05.2004 |
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DIN No : |
00084845 |
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Name : |
Mr. Bharat Dhirajlal Shah |
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Designation : |
Director |
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Address : |
Flat No. 21, Hill Park Building No. 2, A G Bell Marg, Malabar Hill, Mumbai - 400006, Maharashtra, India |
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Date of Birth/Age : |
18.02.1947 |
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Date of Appointment : |
25.07.2014 |
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DIN No : |
00136969 |
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Name : |
Mr. Deepak Calian Vaidya |
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Designation : |
Director |
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Address : |
Suraj, 249 / 251, Walkeshwar Road, Mumbai - 400006, Maharashtra, India |
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Date of Birth/Age : |
09.01.1945 |
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Date of Appointment : |
16.01.1998 |
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DIN No : |
00337276 |
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Name : |
Mr. Homi Rustam Khusrokhan |
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Designation : |
Director |
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Address : |
302 Daisylea, Off Mt. Pleasant Road, Malabar Hill, Mumbai -400006 Maharashtra, India |
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Date of Birth/Age : |
15.12.1943 |
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Date of Appointment : |
18.05.2017 |
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DIN No : |
00005085 |
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Name : |
Mr. Shashank Sinha |
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Designation : |
Managing Director |
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Address : |
310, The Magnolias, DLF Golf Links, DLF Phase-V Gurgaon 122009 Haryana India |
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Date of Birth/Age : |
12.09.1964 |
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Date of Appointment : |
18.05.2017 |
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DIN No : |
02544431 |
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Name : |
Mr. Badree Komandur |
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Designation : |
Wholetime Director |
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Address : |
No. 235, 6b Cross, 3rd Main, Sundaramshetty Nagar Vijaya Bank Layout, Bilekahalli Bangalore 560076 Karnataka, India |
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Date of Appointment : |
18.05.2017 |
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DIN No : |
07803242 |
KEY EXECUTIVES
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Name : |
Mrs. Manjula Ramamurthy |
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Designation : |
Company Secretary |
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Address : |
No.18, 3rd Cross, Doddamma Layout Hulimavu, B G Road Bengaluru 560076 Karnataka, India |
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Date of Appointment : |
03.02.2017 |
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PAN No: |
AFGPR3164R |
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Name : |
Mr. Badree Komandur |
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Designation : |
Chief Executive Officer |
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Address : |
No. 235, 6 B Cross, 3rd Main, Sundaramshetty Nagar, Vijaya Bank Layout, Bilekahalli, Bangalore – 560076, Karnataka, India |
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Date of Appointment : |
03.02.2017 |
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PAN No: |
AFIPB5934R |
MAJOR SHAREHOLDERS
As on 31.03.2018
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares |
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(A) Promoter & Promoter Group |
28068384 |
31.36 |
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(B) Public |
61430276 |
68.64 |
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Grand Total |
89498660 |
100.00 |
STATEMENT SHOWING
SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP
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Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of |
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A1) Indian |
0.00 |
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Individuals/Hindu undivided Family |
6850146 |
7.65 |
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Aditya Arun Kumar |
200000 |
0.22 |
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Arun Kumar Pillai |
870797 |
0.97 |
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Chaitanya D |
331988 |
0.37 |
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Deepa Arun Kumar |
201000 |
0.22 |
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Deepak Abhaya Kumar |
312 |
0.00 |
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Devendra Kumar S |
141272 |
0.16 |
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Gayatri Nair |
33000 |
0.04 |
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Hemalatha Pillai |
48000 |
0.05 |
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Jatin V |
59283 |
0.07 |
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Jitesh D |
364125 |
0.41 |
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K R Lakshmi |
130365 |
0.15 |
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K R Ravishankar |
1255593 |
1.40 |
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Lakshmi Gopalakrishnan |
50000 |
0.06 |
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Leela V |
275358 |
0.31 |
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Monisha Nitin |
593750 |
0.66 |
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Nitin Kumar V |
96255 |
0.11 |
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Padmakumar Karunakaran Pillai |
171485 |
0.19 |
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Pooja Srisrimal |
93750 |
0.10 |
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Purushothaman Pillai G |
33013 |
0.04 |
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Rahul Nair |
20000 |
0.02 |
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Rajeswari Amma |
93760 |
0.10 |
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Rajitha Gopalakrishnan |
45000 |
0.05 |
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Rupali Jatin |
632812 |
0.71 |
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Sajitha Pillai |
80000 |
0.09 |
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Sajjan D |
229400 |
0.26 |
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Suchi Chaitanya Srisrimal |
93750 |
0.10 |
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Tarini Arun Kumar |
200000 |
0.22 |
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V. Jatin (Huf) |
408 |
0.00 |
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V. Nitin Kumar (Huf) |
500 |
0.00 |
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Vimal Kumar S - Huf |
115158 |
0.13 |
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Vimal Kumar S |
215012 |
0.24 |
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Vineetha Mohanakumar Pillai |
175000 |
0.20 |
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Any Other (Specify) |
21218238 |
23.71 |
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Abusha Investment & Manangement Services Llp |
1781221 |
1.99 |
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Agnus Capital Llp |
20000 |
0.02 |
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Agnus Holdings Private Limited |
120816 |
0.13 |
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Ambemata Securities |
481660 |
0.54 |
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Chayadeep Properties Private Limited |
411060 |
0.46 |
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Devendra Estates Llp |
700000 |
0.78 |
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Devendra Estates Private Limited |
701953 |
0.78 |
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Pronomz Ventures Llp |
12665000 |
14.15 |
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Sequent Scientific Limited |
3312500 |
3.70 |
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Shasun Leasing And Finance (P) Limited |
968091 |
1.08 |
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Triumph Venture Holdings Llp |
35937 |
0.04 |
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Karuna Ventures Private Limited |
20000 |
0.02 |
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Sub Total A1 |
28068384 |
31.36 |
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A2) Foreign |
0.00 |
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A=A1+A2 |
28068384 |
31.36 |
STATEMENT SHOWING
SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category & Name
of the Shareholders |
Total no. shares
held |
Shareholding %
calculated as per SCRR, 1957 As a % of |
|
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B1) Institutions |
0.00 |
||
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Mutual Funds/ |
16303521 |
18.22 |
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Dsp Blackrock Balanced Fund |
2480137 |
2.77 |
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Hdfc Trustee Company Ltd - A/C Hdfc Mid-Capopportunities Fund |
1488216 |
1.66 |
|
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Kotak Midcap |
1150357 |
1.29 |
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Sundaram Mutual Fund A/C Sundaram Smile Fund |
1153977 |
1.29 |
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Uti - Unit Scheme For Charitable And Religious Trusts And Registered Societies |
1127616 |
1.26 |
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Sbi Magnum Multiplier Fund |
6571140 |
7.34 |
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Alternate Investment Funds |
416578 |
0.47 |
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Foreign Venture Capital Investors |
564306 |
0.63 |
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Foreign Portfolio Investors |
28313896 |
31.64 |
|
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Karst Peak Asia Master Fund |
2583024 |
2.89 |
|
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Government Pension Fund Global |
1941434 |
2.17 |
|
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Route One Offshore Master Fund L.P. |
1912864 |
2.14 |
|
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Route One Fund I, L.P. |
1739030 |
1.94 |
|
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Db International (Asia) Ltd |
1729227 |
1.93 |
|
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Morgan Stanley Mauritius Company Limited |
1586975 |
1.77 |
|
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Karst Peak Vermilion Partners Master Fund |
1483500 |
1.66 |
|
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Apax Global Alpha Limited |
1314092 |
1.47 |
|
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Msd India Fund, Ltd |
900432 |
1.01 |
|
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Financial Institutions/ Banks |
377140 |
0.42 |
|
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Insurance Companies |
260422 |
0.29 |
|
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Any Other (specify) |
21000 |
0.02 |
|
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Sub Total B1 |
46256863 |
51.68 |
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B2) Central Government/ State Government(s)/ President of India |
0.00 |
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B3) Non-Institutions |
0.00 |
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Individual share capital upto INR 0.200 Million |
7701992 |
8.61 |
|
|
Individual share capital in excess of INR 0.200 Million |
1234678 |
1.38 |
|
|
NBFCs registered with RBI |
6134 |
0.01 |
|
|
Any Other (specify) |
6230609 |
6.96 |
|
|
SATPAL KHATTAR |
1560032 |
1.74 |
|
|
Sub Total B3 |
15173413 |
16.95 |
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B=B1+B2+B3 |
61430276 |
68.64 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged into the development and manufacture of
pharmaceutical products (Registered Activity) |
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Products / Services
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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 : |
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 : |
4690 (Approximately) |
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Bankers : |
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Facilities : |
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Financial Institutions: |
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Internal Auditors : |
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Name : |
Grant Thornton International Chartered Accountants |
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Address : |
Wings, 1st Floor, 16/1, Cambridge Road, Halasuru, Bangalore
- 560008, Karnataka, India |
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Statutory Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Deloitte Centre, Anchorage II, 100/2, Richmond Road, Bangalore
– 560025, Karnataka, India |
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Tel. No.: |
91-80-66276000 |
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Fax No.: |
91-80-66276011 |
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Incoming Auditor: |
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Name : |
BSR and Company LLP Chartered Accountants |
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Address : |
Maruti Info - Tech Centre 11-12/1 Inner Ring Road, Koramangla,
Bengaluru - 560 071 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates : |
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Subsidiaries : |
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Joint Ventures: |
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CAPITAL STRUCTURE
After 15.09.2017
Authorised Capital : INR
1767.500 Million
Issued, Subscribed & Paid-up Capital : INR 895.500 Million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
176750000 |
Equity Shares |
INR 10/- each |
INR 1767.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
89423006 |
Equity Shares |
INR 10/- each |
INR 894.230 Million |
|
|
|
|
|
- Reconciliation of the number of shares
and amount outstanding
|
PARTICULARS |
31.03.2017 |
|
|
|
No. of shares |
(INR In Million) |
|
Equity share of INR10/- each |
|
|
|
Balance at the begaining of the year |
89345978 |
893.460 |
|
-Issued pursuant to employee stock option plans |
77.028 |
0.77 |
|
-Issued pursuant to the scheme of amalgamation |
- |
- |
|
-Issued pursuant to the qualified institutional placement |
- |
- |
|
balance at
the end of the year |
89423006 |
894.230 |
- Detail of the rights, preferences and restrictions attaching to
each class of shares outstanding equity shares of INR 10/- each:
The Company has only one class of equity shares, having a par value of INR 10/-. The holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the board of directors is subject to approval by the shareholders at the ensuing annual general meeting. In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive any of the remaining assets of the Company, after distribution to all other parties concerned. The distribution will be in proportion to number of equity shares held by the shareholders.
iii.
Details of equity shares held by each shareholder
holding more than 5% of shares:
|
PARTICULARS |
31.03.2017 |
|
|
|
No. of shares |
% |
|
Pronomz Ventures LLP |
12665000 |
14.16 |
|
DB International (Asia) Limited |
-- |
-- |
|
SBI Magnum Multiplier Fund |
5818481 |
6.51 |
- Details of equity shares of INR 10/- each reserved for issuance:
|
PARTICULARS |
31.03.2017 |
|
|
No. of shares |
|
Towards Employee stock options under the various Strides stock options plans |
3193097 |
|
Total |
3193097 |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
894.230 |
893.460 |
596.160 |
|
(b) Reserves & Surplus |
31431.040 |
30682.800 |
14413.120 |
|
(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) |
32325.270 |
31576.260 |
15009.280 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7694.530 |
8614.000 |
1642.450 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
145.860 |
|
(c) Other long term
liabilities |
451.030 |
298.280 |
258.500 |
|
(d) long-term
provisions |
179.230 |
101.440 |
54.790 |
|
Total Non-current
Liabilities (3) |
8324.790 |
9013.720 |
2101.600 |
|
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
6474.420 |
5433.750 |
1626.600 |
|
(b) Trade
payables |
4705.640 |
4971.670 |
1886.250 |
|
(c) Other
current liabilities |
2833.090 |
1956.850 |
1033.870 |
|
(d) Short-term
provisions |
149.170 |
86.500 |
231.210 |
|
Total Current
Liabilities (4) |
14162.320 |
12448.770 |
4777.930 |
|
|
|
|
|
|
TOTAL |
54812.380 |
53038.750 |
21888.810 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
8378.660 |
7044.740 |
3303.020 |
|
(ii)
Intangible Assets |
2858.98 |
2791.050 |
641.990 |
|
(iii)
Capital work-in-progress |
996.250 |
1264.240 |
210.750 |
|
(iv)
Intangible assets under development |
581.220 |
536.640 |
180.240 |
|
(b) Non-current Investments |
13892.540 |
13079.440 |
4071.690 |
|
(c) Deferred tax assets (net) |
1235.480 |
1146.620 |
746.530 |
|
(d) Long-term Loan and Advances |
350.850 |
182.080 |
42.690 |
|
(e) Other
Non-current assets |
579.290 |
537.720 |
155.880 |
|
Total Non-Current
Assets |
28873.270 |
26582.530 |
9352.790 |
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|
|
|
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(2)
Current assets |
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|
|
|
(a)
Current investments |
12795.380 |
11390.990 |
5995.170 |
|
(b) Inventories |
4095.300 |
3792.340 |
1554.040 |
|
(c) Trade
receivables |
5406.850 |
6923.990 |
2560.140 |
|
(d) Cash
and cash equivalents |
949.190 |
943.440 |
742.950 |
|
(e)
Short-term loans and advances |
86.460 |
459.930 |
425.160 |
|
(f) Other current
assets |
2605.930 |
2945.530 |
1258.560 |
|
Total
Current Assets |
25939.110 |
26456.220 |
12536.020 |
|
|
|
|
|
|
TOTAL |
54812.380 |
53038.750 |
21888.810 |
PROFIT
& LOSS ACCOUNT [STANDALONE]
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
21097.980 |
22216.290 |
9294.180 |
|
|
Other Income |
1761.370 |
1088.850 |
1001.760 |
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|
TOTAL
|
22859.350 |
23305.140 |
10295.940 |
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|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
8556.760 |
11889.250 |
4732.840 |
|
|
Purchases of Stock-in-Trade |
1505.030 |
896.420 |
498.310 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(166.750) |
35.160 |
(68.800) |
|
|
Employees benefits expense |
3973.140 |
2741.620 |
1201.970 |
|
|
|
784.580 |
267.980 |
(5186.140) |
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Other expenses |
4411.560 |
3955.240 |
1590.660 |
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TOTAL |
19064.320 |
19785.670 |
2768.840 |
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|
|
|
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PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
3795.030 |
3519.470 |
7527.100 |
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|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1147.410 |
1026.220 |
344.230 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2647.620 |
2493.250 |
7182.870 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
1266.300 |
1026.860 |
492.540 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
1381.320 |
1466.390 |
6690.330 |
|
|
|
|
|
|
|
Less |
TAX |
295.950 |
164.390 |
1367.140 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
1085.370 |
1302.000 |
5323.190 |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3276.900 |
329.610 |
1085.820 |
|
|
|
|
|
|
|
|
Depreciation
on transition to Schedule II of the Companies Act, 2013 on tangible fixed
assets with nil remaining useful life (Net of deferred tax) |
0.000 |
1905.460 |
(28.790) |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Transfer to general reserve |
0.000 |
0.000 |
560.720 |
|
|
Interim Dividend |
0.000 |
67.220 |
6254.390 |
|
|
Proposed Dividend |
0.000 |
0.000 |
178.850 |
|
|
final Dividend |
357.450 |
178.880 |
0.000 |
|
|
Tax on Dividend |
74.800 |
14.070 |
460.440 |
|
|
Balance
Carried to the B/S |
3930.020 |
3276.900 |
329.610 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
15192.340 |
7204.290 |
|
|
TOTAL
EARNINGS |
NA |
15192.340 |
7204.290 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
4065.160 |
2460.830 |
|
|
Components and Stores parts |
NA |
379.630 |
269.380 |
|
|
Capital Goods |
NA |
119.820 |
78.290 |
|
|
TOTAL
IMPORTS |
NA |
4564.610 |
2808.500 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Basic |
13.740 |
15.980 |
89.360 |
|
|
Diluted |
13.710 |
15.880 |
89.990 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
1894.350 |
1383.500 |
782.510 |
|
Cash generated from operations |
4485.460 |
1324.400 |
2564.810 |
|
Net cash flows from (used in) operating activity |
4117.370 |
830.810 |
2073.870 |
QUARTERLY
RESULTS
|
PARTICULARS |
30.06.2017 1st
Quarter |
30.09.2017
2nd
Quarter |
31.12.2017 3rd
Quarter |
|
Unaudited |
|
|
|
|
Net Sales |
5370.900 |
5884.800 |
2978.600 |
|
Total Expenditure |
5215.200 |
5483.200 |
3003.000 |
|
PBIDT (Excl OI) |
155.700 |
401.600 |
(24.400) |
|
Other Income |
441.200 |
391.000 |
583.300 |
|
Operating Profit |
596.900 |
792.600 |
558.900 |
|
Interest |
369.100 |
358.400 |
222.000 |
|
Exceptional Items |
192.300 |
-57.200 |
79.700 |
|
PBDT |
420.100 |
377.000 |
416.600 |
|
Depreciation |
336.200 |
347.600 |
213.600 |
|
Profit Before Tax |
83.900 |
29.400 |
203.000 |
|
Tax |
(5.600) |
(96.200) |
(174.800) |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
89.500 |
125.600 |
377.800 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
89.500 |
125.600 |
1042.300 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
93.54 |
113.76 |
100.54 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
3.90 |
3.21 |
3.63 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
170.70 |
141.93 |
131.61 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.93 |
0.93 |
4.84 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.30 |
0.30 |
1.74 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.43 |
0.42 |
0.33 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.50 |
0.49 |
0.27 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities
/ Net Worth) |
0.44 |
0.39 |
0.32 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.40 |
0.37 |
0.29 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
3.31 |
3.43 |
21.87 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
5.14 |
5.86 |
57.27 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
1.98 |
2.45 |
24.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
3.36 |
4.12 |
35.47 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.83 |
2.13 |
2.62 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.54 |
1.82 |
2.30 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.59 |
0.60 |
0.69 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
17.96 |
17.27 |
6.80 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.83 |
2.13 |
2.62 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 643.30/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
596.160 |
893.460 |
894.230 |
|
Reserves & Surplus |
14413.120 |
30682.800 |
31431.040 |
|
Net
worth |
15009.280 |
31576.260 |
32325.270 |
|
|
|
|
|
|
long-term borrowings |
1642.450 |
8614.000 |
7694.530 |
|
Short term borrowings |
1626.600 |
5433.750 |
6474.420 |
|
Current maturities of
long-term debts |
782.510 |
1383.500 |
1894.350 |
|
Total
borrowings |
4051.560 |
15431.250 |
16063.300 |
|
Debt/Equity
ratio |
0.270 |
0.489 |
0.497 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
9294.180 |
22216.290 |
21097.980 |
|
|
|
139.034 |
(5.034) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
9294.180 |
22216.290 |
21097.980 |
|
Profit |
5323.190 |
1302.000 |
1085.370 |
|
|
57.27% |
5.86% |
5.14% |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
894.230 |
893.460 |
|
(b) Reserves & Surplus |
|
26210.220 |
25685.220 |
|
Non Controlling Interest |
|
1639.900 |
502.110 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
28744.350 |
27080.790 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
16377.090 |
26270.010 |
|
(b) Deferred tax liabilities
(Net) |
|
789.020 |
455.800 |
|
(c) Other long term
liabilities |
|
4608.470 |
1688.150 |
|
(d) long-term provisions |
|
246.840 |
144.530 |
|
Total
Non-current Liabilities (3) |
|
22021.420 |
28558.490 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
13939.560 |
7004.750 |
|
(b) Trade payables |
|
7456.610 |
7753.960 |
|
(c) Other current liabilities |
|
8822.320 |
4011.860 |
|
(d) Short-term provisions |
|
183.440 |
149.280 |
|
Total
Current Liabilities (4) |
|
30401.930 |
18919.850 |
|
|
|
|
|
|
TOTAL |
|
81167.700 |
74559.130 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
9783.000 |
9561.170 |
|
(ii) Intangible Assets |
|
19348.44 |
17225.580 |
|
(iii) Capital work-in-progress |
|
2045.000 |
2787.350 |
|
(iv) Intangible assets under
development |
|
5756.790 |
5361.400 |
|
(b) Non-current Investments |
|
3156.620 |
1271.930 |
|
(c) Deferred tax assets (net) |
|
1743.280 |
1857.150 |
|
(d) Long-term Loan and Advances |
|
350.850 |
115.470 |
|
(e) Other Non-current assets |
|
818.610 |
1230.140 |
|
Total
Non-Current Assets |
|
43002.590 |
39410.190 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
12795.390 |
12137.550 |
|
(b) Inventories |
|
7379.940 |
6131.370 |
|
(c) Trade receivables |
|
9970.520 |
10329.720 |
|
(d) Cash and cash equivalents |
|
3294.760 |
3115.880 |
|
(e) Short-term loans and
advances |
|
85.980 |
128.070 |
|
(f) Other current assets |
|
4638.520 |
3306.350 |
|
Total
Current Assets |
|
38165.110 |
35148.940 |
|
|
|
|
|
|
TOTAL |
|
81167.700 |
74559.130 |
ABRIDGED
PROFIT AND LOSS ACCOUNT [CONSOLIDATED]
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
34834.220 |
28621.870 |
|
|
Other Income |
|
1685.790 |
920.990 |
|
|
TOTAL
|
|
36520.010 |
29542.860 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
10311.440 |
13403.310 |
|
|
Purchases of Stock-in-Trade |
|
6601.090 |
2720.460 |
|
|
Changes in inventories of
finished goods, work-in-progress and
Stock-in-Trade |
|
(1550.410) |
(1100.900) |
|
|
Employees benefits expense |
|
5881.210 |
3576.950 |
|
|
Exceptional Item |
|
1002.080 |
460.520 |
|
|
Other expenses |
|
7162.830 |
5882.250 |
|
|
TOTAL |
|
29408.240 |
24942.590 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
7111.770 |
4600.270 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
2269.330 |
1681.730 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
4842.440 |
2918.540 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
1871.510 |
1312.540 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
2970.930 |
1606.000 |
|
|
|
|
|
|
|
Less |
TAX |
|
470.000 |
424.540 |
|
|
|
|
|
|
|
|
PROFIT
FOR THE YEAR FROM CONTINUING OPERATIONS |
|
2500.930 |
1181.460 |
|
|
DISCONTINUED
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) FROM DISCONTINUED OPERATIONS |
|
184.950 |
244.310 |
|
|
|
|
|
|
|
|
gain/
(loss) on disposal of assets / settlement of liabilities attributable |
|
2185.410 |
102.670 |
|
|
to
the discontinued operations (net) |
|
|
|
|
|
|
|
|
|
|
Less |
TAX
EXPENSE OF DISCONTINUED OPERATIONS |
|
41.920 |
89.850 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) AFTER TAX FROM DISCONTINUED OPERATIONS |
|
1958.540 |
(231.490) |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) FOR THE YEAR |
|
4459.470 |
949.970 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Basic |
|
44.73 |
13.14 |
|
|
Diluted |
|
46.64 |
13.06 |
LEGAL
CASE (1)
|
Case Details |
|
Bench:-Bombay |
||
|
Presentation
Date:- |
26/04/2015 |
||||||||
|
Lodging No.:- |
SSL/458/2016 |
Filing Date:- |
26/04/2016 |
Reg. No.:- |
COMS/22/2016 |
Reg. Date:- |
12/07/2016 |
||
|
Petitioner:- |
STEMADE BIOTECH PRIVATE LIMITED |
Respondent:- |
STRIDES SHASUN LIMITED (Formerly STRIDES ARCOLAB LIMITED) |
|
|
|
Petn.Adv.:- |
VERTICES PARTNERS (I16770) |
Resp.Adv.:- |
DSK LEGAL (I1590) |
|
|
District:- |
MUMBAI |
|
Bench:- |
SINGLE |
||||
|
Status:- |
Pre-Admission |
Category:- |
SUBSCRIPTION AND INVESTMENT AGREEMENTS
PERTAINING TO THE SERVICES INDUSTRY INCLUDING OUTSOURCING SER |
|
Act :- |
Code of Civil Procedure 1908 |
LEGAL
CASE (2)
|
Case Details |
|
Bench:-Bombay |
||
|
|
|
Presentation Date:- |
07/09/2016 |
||||||||
|
|
|||||||||
|
Lodging
No.:- |
SJL/74/2016 |
Filing
Date:- |
07/09/2016 |
Reg. No.:- |
SJ/74/2016 |
Reg.
Date:- |
07/09/2016 |
||
|
|
|
Main Matter |
|
Lodging
No.:- |
SSL/458/2016 |
Reg No.:- |
COMS/22/2016 |
|
Petitioner:- |
STEMADE BIOTECH PRIVATE LIMITED |
Respondent:- |
STRIDES SHASUN LIMITED (Formerly STRIDES ARCOLAB LIMITED) |
|
|
|
Petn.Adv.:- |
VERTICES PARTNERS (0) |
|
|
District:- |
MUMBAI |
|
Bench:- |
SINGLE |
||||
|
Status:- |
Pre-Admission |
Category:- |
SUMMONS FOR JUDGEMENT IN COMMERCIAL DIVISION MATTERS |
|
Act :- |
Code of Civil Procedure 1908 |
LEGAL
CASE (3)
|
CASE DETAILS |
|
BENCH:-BOMBAY |
||
|
Presentation
Date:- |
01/08/2016 |
|||||
|
Lodging No.:- |
ITXAL/901/2016 |
Filing Date:- |
01/08/2016 |
|||
|
|
Petitioner:- |
PR COMMISSIONER OF INCOME AX 15 |
Respondent:- |
STRIDES ARCOLAB LIMITED |
|
|
|
Petn.Adv.:- |
SURESH KUMAR (I2100) |
Resp.Adv.:- |
0 (0) |
|
|
District:- |
MUMBAI |
|
Bench:- |
DIVISION |
||||
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
|
Last Date:- |
08/08/2016 |
Stage:- |
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY and SR. MASTER |
|
Act :- |
Income Tax Act, 1961 |
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 |
Yes |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
No |
|
8] |
Designation of contact person |
No |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
Yes |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
Yes |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
GENERAL
INFORMATION
The company subsidiaries (together referred to as the ‘Group’) are into the development and manufacture of pharmaceutical products. The Group is headquartered in Bangalore, India and operates across many countries spreading across developed and Emerging markets. Strides is listed on the BSE Limited and the National Stock Exchange of India Limited. The consolidated financial statements were approved by the Board of Directors and authorised for issue on May 18, 2017.
BUSINESS OVERVIEW
During the year, The Company registered 23% growth in headline revenues on the back of a strong Performance in the regulated markets. EBITDA margin expanded +600 bps growing from 17% in Q1 to 23% in Q4, registering sequential growth quarter on quarter.
Performance in the regulated markets was especially gratifying in the face of headwinds being faced by the industry, especially in the US. The Company is largely unaffected by these factors and infact has increased market share of its key products. In Australia, good progress has been achieved in consolidating our market position as one of the top 3 players, with expanding distribution base and a fuller product portfolio.
The Company is executing its Strides 2.0 strategy, transforming itself into a focused B2C player with a diversified portfolio. Over the past couple of years, The Company has gained scale and size as an Integrated, diversified and customer facing Company with a wider international footprint.
During the year, important strategic decisions were taken to execute this strategy. The Company exited non-strategic business, viz., the CRAMS business and the Africa Generics business. It also stepped away from management control of the biotech business and announced a decision to spin off the commodity API business. This has helped The Company sharpen its focus on building a B2C model under pinned by the highest level of quality compliance, source security of vertical integration, a differentiated R&D pipeline and front end presence in all key markets.
PERFORMANCE OF THE
COMPANY DURING THE YEAR ACROSS VARIOUS MARKETS:
Regulated Markets - Driven by North America and Australia
- Revenues stood at INR 17762 Million, registering 56% growth over the last year.
- The business contributed to 51% of the Group revenue for the period ended March 31, 2017.
- North America delivered steady performance in FY'17 with sequential improvement in market Share for key products including Dutasteride, Ergocalciferol, Methoxsalen.
- Pharmaceutical Benefit Scheme (PBS) impact, slower compliance and delay in backward Integration impacted the performance during the year.
- 6 new product approvals received from US FDA in FY’17 which included tentative approval for Efavirenz Tablet, two FTF approval for Roflumilast tablets and Fingolimod Capsules, approvals for Metronidazole Tablet, Ranitidine tablet and Polyethylene Glycol 3350, Powder for Solution (OTC).
- Portfolio rationalisation and increased captive consumption for the formulations helped deliver superior margins for the API business during the year.
- Scaled up filings for high entry barrier markets like Japan and Korea.
PHARMA R&D
- The R&D set up gained momentum with 9 filings in FY’ 17.
- Significant scale up in R&D investments during FY’17 to build the future product pipeline.
- R&D spend for FY’ 17 at INR 1361.000 Million against INR 757.000 Million in FY’ 16, up 80 % YoY.
- 32 ANDA filings pending approval from USFDA.
MANUFACTURING
INFRASTRUCTURE
Four manufacturing facilities - the formulation facilities in Bengaluru and Puducherry, the API facility at Cuddalore and Puducherry, were inspected by the USFDA over the last twelve months and all the facilities were cleared without any observations.
Singapore formulation facility for regulated markets is expected to go on stream in H2 FY'18.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Loans repayable on demand from banks and others |
750.00 |
0.000 |
|
Total |
750.00 |
0.000 |
INDEX
OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF
MODIFICATION |
DATE OF
SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G58163015 |
100129445 |
IDFC BANK LIMITED |
27/09/2017 |
- |
- |
3100000000.0 |
KRM TOWER, 7TH FLOOR, NO. 1, HARRINGTON ROAD, CHETPET,CHENNAITA600031IN |
|
2 |
G28560845 |
100064133 |
AXIS BANK LIMITED |
16/11/2016 |
- |
- |
7850000.0 |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGEAHMEDABADGU380006IN |
|
3 |
G81162208 |
100049778 |
IDBI TRUSTEESHIP SERVICES LIMITED |
26/08/2016 |
23/03/2018 |
- |
3899000000.0 |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAIMA400001IN |
|
4 |
G75013649 |
100062848 |
AXIS TRUSTEE SERVICES LIMITED |
19/07/2016 |
10/01/2018 |
- |
13400000000.0 |
AXIS HOUSE, BOMBAY DYEING MILLSCOMPOUND, PANDHURANG BUDHKAR MARG, WORLIMUMBAIMA400025IN |
|
5 |
C77022374 |
10615874 |
HDFC BANK LIMITED |
03/12/2015 |
- |
- |
1896000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
6 |
Y10415041 |
90292114 |
M/S.INTEGRATED FINANCE COMP. LTD. |
30/05/1992 |
- |
- |
21500000.0 |
;VAIRAMS'; 112; THYAGARAYA ROADT. NAGARMADRASGJ600017IN |
|
7 |
G82517657 |
10600163 |
HDFC BANK LIMITED |
07/08/2015 |
- |
15/03/2018 |
14000000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARGLOWER PAREL (WEST)MUMBAIMH400013IN |
|
8 |
G82004326 |
10615870 |
AXIS TRUSTEE SERVICES LIMITED |
24/11/2015 |
30/11/2017 |
08/03/2018 |
3316000000.0 |
AXIS HOUSE, BOMBAY DYEING MILLSCOMPOUND, PANDHURANG BUDHKAR MARG, WORLIMUMBAIMA400025IN |
|
9 |
G77969350 |
10483838 |
AXIS BANK LIMITED |
17/03/2014 |
28/11/2017 |
17/02/2018 |
3100000000.0 |
AXIS HOUSE 2E, WADIA INTERNATIONAL CENTRE,PANDURANG BUDHKAR MARG, WORLIMUMBAIMH400025IN |
|
10 |
G71099493 |
100039141 |
CITI BANK N.A. |
11/07/2016 |
- |
13/12/2017 |
1020000000.0 |
UB CITY, 3RD FLOOR, CANBERRA BLOCK24, VITTAL MALLYABANGALOREKA560001IN |
CONTINGENT
LIABILITIES:
INR
in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
(The Company has given corporate guarantees to financial institutions and other parties, including on behalf of its subsidiaries in the ordinary course of business) |
52009.200 |
52205.970 |
|
|
|
|
Disputed tax liabilities arising from assessment proceedings relating to earlier years from the income tax authorities. The outflow, if any, on account of disputed taxes is dependent on completion of assessments/ disposal of appeals and adjustments for payment made under protest. |
1368.18 |
1368.18 |
|
Disputed excise, custom, service tax and sales tax liabilities arising from assessment proceedings relating to prior years. The outflow, if any, on account of disputed liabilities is dependent on completion of assessments/ disposal of appeals and adjustments for payment made under protest. |
577.86 |
129.04 |
UNAUDITAED
FINANCIAL RESULT FOR THE QUARTER ENDED AND NINE MONTHS ON DECEMBER 31, 2017
(INR
in Million)
|
PARTICULARS |
Quarter
ended |
Nine
Months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Income from
Operations |
|
|
|
|
Net Sales/income from
operations |
2978.600 |
3623.800 |
10263.800 |
|
Other Income |
583.300 |
382.900 |
1393.600 |
|
Total Income from operations (net) |
3561.900 |
4006.700 |
11657.400 |
|
Expenses |
|
|
|
|
Cost of materials consumed |
1503.200 |
1994.800 |
5669.500 |
|
Purchases of stock-in trade |
2.1000 |
229.500 |
341.500 |
|
Changes in inventories of finished goods. work-in-progress
and stock in trade |
238.500 |
(21.000) |
294.100 |
|
Employee benefits expense |
590.500 |
658.900 |
1835.900 |
|
Finance Costs |
222.000 |
227.800 |
705.300 |
|
Depreciation and Amortization Expenses |
213.600 |
199.200 |
604.400 |
|
Other Expenses |
668.700 |
672.600 |
2016.400 |
|
Total expenses |
3438.600 |
3961.800 |
11467.100 |
|
Profit/ (Loss) before exceptional Items and Tax |
123.300 |
44.900 |
190.300 |
|
Exceptional items |
79.700 |
(41.111) |
224.300 |
|
Profit/ (Loss) before tax |
203.000 |
3.800 |
414.600 |
|
Tax
expenses |
|
|
|
|
Current Tax |
206.800 |
(1.700) |
206.800 |
|
Deferred tax |
(381.600) |
(103.500) |
(449.400) |
|
Total
Tax expenses |
(174.800) |
(105.200) |
(242.600) |
|
Profit/ (Loss) after taxes from
continuing operations |
377.800 |
109.000 |
657.200 |
|
Discontinue Operation |
|
|
|
|
Profit/loss from discontinue
operation before tax |
(490.400) |
26.000 |
(588.600) |
|
Liabilities attributes |
1507.400 |
0.000 |
1507.400 |
|
Net Profit / (Loss) before taxes form discontinue
operation |
1017.000 |
26.000 |
918.800 |
|
Tax expenses of discontinue
operation |
352.500 |
9.100 |
318.600 |
|
Net Profit / (Loss) after taxes
form discontinue operation |
664.500 |
16.900 |
600.200 |
|
Profit for the period |
1042.300 |
125.900 |
1257.400 |
|
Other Comprehensive Income |
|
|
|
|
(i) Items that will not be
reclassified to profit and loss |
(13.100) |
- |
(13.100) |
|
(ii) Income tax relating to item
that will not be reclassified to profit or loss |
4.500 |
- |
4.500 |
|
(i) Items that will be
reclassified to profit and loss |
36.800 |
(198.800) |
(194.000) |
|
(ii) Income tax relating to item
that will be reclassified to profit or loss |
(12.800) |
68.800 |
67.100 |
|
Total Other Comprehensive Income |
15.400 |
(130.000) |
(135.500) |
|
Total Comprehensive Income for the period (Net of Tax) |
1057.700 |
(4.100) |
1121.900 |
|
|
|
|
|
|
Equity per share (Face Value of INR 10/- per share) |
|
|
|
|
(a) Basic |
4.22 |
1.22 |
7.35 |
|
(b) Diluted |
4.22 |
1.22 |
7.34 |
|
Equity per share (Face Value of INR 10/- per share) |
|
|
|
|
(a) Basic |
7.42 |
0.19 |
6.71 |
|
(b) Diluted |
7.42 |
0.19 |
6.71 |
|
Equity per share (Face Value of INR 10/- per share) |
|
|
|
|
(a) Basic |
11.65 |
1.41 |
14.05 |
|
(b) Diluted |
11.63 |
1.41 |
14.05 |
NOTES :
1. The above results were reviewed by the Audit Committee and
approved by the Board of Directors at their meeting held on February 9, 2018.
The statutory auditors have carried out limited review of the above results for
the quarter and nine months ended December 31, 2017 and have issued unmodified
opinion.
2. During the nine months ended December 31, 2017, Strides Lifesciences
Limited, Nigeria and Arrow Life Sciences (Malaysia) Sdn Bhd, Malaysia, were
incorporated as wholly owned subsidiaries of the Company's subsidiaries.
3. The Company had entered into definitive agreement with Perrigo Group for
acquisition of Perrigo API India Private Limited in the previous year. On April
6, 2017, the Company has completed the acquisition of 100% equity interest in
Perrigo API India Private Limited. Subsequently, Perrigo API (India) Private
Limited has been renamed to Strides Chemicals Private Limited.
4. Strides Pharma Global Pfe Limited, Singapore, a subsidiary of the Group,
entered into an agreement with Vivimed Labs Limited, India to invest in Vivimed
Global Generics Pte Limited, Singapore. Pursuant to the investment by Strides
Pharma Global Pte Limited, Singapore on May 18, 2017, Vivimed Global Generics
Pte Limited, Singapore became a subsidiary of the Group. Further, the Company
also entered into a joint venture agreement with Vivimed Labs Limited, India
pursuant to which the Company made investment in Vivimed Life Sciences Private
Limited, India on May 18, 2017.
5. Arrow pharmaceuticals Pty Limited, Australia, a subsidiary of the Group
entered into a definitive agreement effective on August 31, 2017 to acquire
Amneal Pharmaceutical Pty limited, Australia. The Company has completed the
acquisition of 100% stake in Amneal Pharmaceutical Pty limited, Australia.
Consequent to the same, Amneal Pharmaceuticals Pty Limited and Amneal Pharma
Australia Pty Limited became part of the Group.
6. During the current quarter, Strides Pharma Asia Pte Limited, a wholly owned
subsidiary of the Company, has entered into definitive agreements with Trinity
Pharma Proprietary Limited, South Africa ('Trinity') for acquisition of
controlling stake in Trinity. The transaction has been closed subsequent to
December 31,2017.
7. During the current quarter. Strides Shasun Limited entered into a Share
Purchase Agreement ('SPA') with Bafna Pharmaceuticals Limited ('Bafna') and
Bafna Promoters to acquire the remaining 26% equity interest in Strides
Healthcare Private Limited, India, thereby making it a wholly owned subsidiary
of the Company.
8. Discontinued operations:
(a) During the current quarter, the Company entered into a Business Transfer
Agreement (BTA') and Share Purchase Agreement ('SPA') with Eris Lifesciences
Limited ('Ens') for sale of India brands division and for sale of 100% equity
interest in Strides Healthcare Private Limited ('SHPL'), collectively referred
to as 'India branded generics business', for an aggregate consideration of INR
41,00.000 Million and INR 9,00.000 Million respectively, exclusive of working
capital adjustment. The resulting gain on disposal of the above business and
the results of the business of India branded generics business are included in
the details of discontinued operations for the respective periods as set out in
Note 8 (c) below.
b) On March 20, 2017, the Board of Directors of the Company approved a Composite
Scheme of Arrangement to be entered into between the Company, Sequent
Scientific United (Sequent), and Solara Active Pharma Sciences Limited, India
(Solara) and their respective shareholders' and creditors (the Scheme) under
sections 230-232 of the Companies Act, 2013 for demerger of the Company's
Commodity API business and Human API Business of Sequent into Solara with
effect from the appointed date of October 1, 2017.
During the current quarter, the equity shareholders of the Company at the
National Company Law Tribunal (NCLT) convened meeting of the equity
shareholders held on December 27, 2017 approved the Scheme. The Company has
filed a petition with NCLT for their approval of the Scheme on January 19,
2018. The petion was admitted by NCLT on February 2, 2018 and has fixed March
9, 2018 as the date of hearing of the petition.
Post shareholders’ approval, the Company has classified the Commodity API
business as discontinued operations. Accordingly, the results of the said
business are included in the discontinued operations for the respective period
as set out in Note 8(c) below.
(c) Results of discontinued operations:
|
PARTICULARS |
Quarter
ended 31.12.2017 |
Quarter
ended 30.09.2017 |
Quarter
ended 30.06.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Total Income from Operations |
2104.900 |
2646.800 |
6814.800 |
|
Total Expenses |
2598.900 |
2604.800 |
7397.500 |
|
Profit/ (Loss) before exceptional items and tax |
(494.000) |
42.000 |
(582.700) |
|
Exceptional item |
3.600 |
(16.000) |
(5.900) |
|
Profit before tax |
(490.400) |
26.000 |
(588.600) |
|
Gain/ loss on disposal |
1507.400 |
|
1507.400 |
|
Tax expenses |
352.500 |
9.100 |
318.600 |
|
Gain/ (loss) from discontinued operation |
664.500 |
16.900 |
600.200 |
9. On December 4, 2013, the Company and its wholly owned subsidiary, Strides
Pharma Asia Pte Limited ("the Singapore Subsidiary"), completed the
sale of investments in Agila Specialties Private Limited and Agila Specialties
Global Pte Limited (together, "Agila") to Mylan Laboratories Limited
and Mylan Institutional Inc. (together, "Mylan") pursuant to separate
agreements, each dated as of February 27, 2013 (the "SPAs"). Pursuant
to the SPAs, the Strides Group established escrow arrangements to fund certain potential
indemnification liabilities, including specified employee, tax and regulatory
remediation costs from such consideration. These escrow arrangements included a
US$ 100 million 'General Claims Escrow' account and a US$ 100 million
'Regulatory Escrow' account. Pursuant to the SPAs, the Company has also
provided a corporate guarantee to Mylan for US$ 200 million (valid up to
December 4, 2020) on behalf of Singapore Subsidiary which can be used for
discharging financial obligations, if any, of the Singapore Subsidiary to
Mylan.
Under the terms of the SPAs, claims against the Company / the Singapore
subsidiary (as the case may be) can only be made under specific provisions
contained in the SPAs which include the procedures and timelines for submission
of notifications of claims and actual claims and commencing arbitration
proceedings. The Company had received a consolidated notification of claims
from Mylan under the terms of the SPAs. These claims were related to third
party claims, tax claims, claims against the regulatory escrows and general
claims. In the previous years, a significant portion of these claims were
settled out of the Regulatory Escrow deposit. Further, the Company and Mylan
also agreed on full and final settlement of warranty and indemnity claims to be
adjusted against the 'General Claims Escrow'.
Considering the terms of the SPAs, the nature of the pending claims that are in
arbitration currently and the balance available in the General Claims Escrow
account, the Company believes that any further outflow of resources is not
probable.
10. During the nine months period ended December 31, 2017, 50,000 equity shares
under the Strides Arcolab ESOP 2011 Scheme, 20,000 equity shares under the
Strides Shasun ESOP 2016 Scheme and 5,654 equity shares under Strides Shasun
ESOP 2015 Scheme were allotted by the Company, on exercising equal number of
options.
11. Exceptional Item gain/ (loss) (net):
|
PARTICULARS |
Quarter
ended 31.12.2017 |
Quarter
ended 30.09.2017 |
Quarter
ended 30.06.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Exchange gain on restatement and
settlement of long term foreign currency loans and intra group loans |
65.400 |
(34.500) |
47.700 |
|
Business combination and
restricting expenses |
(15.700) |
(6.500) |
(34.400) |
|
Write down of inventory and asset |
- |
(9.600) |
(9.600) |
|
Impairment of investment |
- |
- |
- |
|
Dividend income from
subsidiaries |
- |
- |
203.800 |
|
Fair valuation of derivative
instruments |
30.000 |
9.500 |
16.800 |
|
Gain/ loss on sale of long term
investment |
- |
- |
- |
|
others |
- |
- |
- |
12. Previous period figures have been regrouped to conform with the
classification adopted in these financial results.
FIXED ASSETS
- Freehold Land
- Leasehold
Land
- Building
- Plant and
Equipment
- Furniture and
Fixture
- Vehicles
- 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 records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.22 |
|
|
1 |
INR 92.77 |
|
Euro |
1 |
INR 80.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVD |
|
|
|
|
Analysis Done by
: |
PYK |
|
|
|
|
Report Prepared
by : |
TRUP |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.