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MIRA INFORM REPORT
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Report No. : |
484603 |
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Report Date : |
06.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
AJANTA PHARMA LIMITED |
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Registered
Office : |
Ajanta House, 98, Government Industrial Area, Charkop,
Kandivli (West), Mumbai – 400067, Maharashtra
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Tel. No.: |
91-22-28683625 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
31.12.1979 |
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Com. Reg. No.: |
11-022059 |
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Capital
Investment / Paid-up Capital : |
INR 176.900 Million |
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CIN No.: [Company Identification
No.] |
L24230MH1979PLC022059 |
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IEC No.: |
0390027456 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACA5579P |
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GSTIN/UIN : |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in development, manufacturing and marketing of speciality pharmaceutical finished dosages. (Registered Activity) |
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No. of Employees
: |
6316 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A++ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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Maximum Credit Limit : |
USD 43000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Ajanta Pharma Limited (APL) is involved in development, manufacturing and marketing of pharmaceutical formulations for both domestic as well as international markets. The company has a well-diversified product portfolio across therapeutic segments such as Anti- malarial, Cardiovascular Diseases (CVD), Dermatology and Ophthalmology.
The company was incorporated in the year 1979 and is based
in Mumbai, Maharashtra. It is an established company having excellent track
record. For the financial year ended 2017, the company has sound
operational activity marked by decent top line growth along with good
profitability margin of 27.42% (approximately).
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long Term Rating=AA |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
04.12.2017 |
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Rating Agency Name |
CARE |
|
Rating |
Short Term Rating=A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
04.12.2017 |
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
31-03-2016.
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 06.01.2018
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.
LOCATIONS
|
Registered Office/ Factory 1 : |
Ajanta House, 98, Government Industrial Area, Charkop,
Kandivli (West), Mumbai – 400067, Maharashtra, India |
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Tel. No.: |
91-22-28683625/ 6061000 |
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Fax No.: |
91-22 66061200/ 1300 |
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E-Mail : |
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Website : |
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Factory 2 : |
B-4, B-5, B-6 MIDC Industrial Area, Paithan, Aurangabad-431128, Maharashtra,
India |
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Tel. No.: |
91-2431-233092 |
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Fax No.: |
91-2431-232088 |
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Factory 3 : |
31-O, MIDC Industrial Area, Chikalthana, Aurangabad-431210, |
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Tel. No.: |
91-240-22485851 |
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Fax No.: |
91-240-22485850 |
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Factory 4 : |
Gut No. 11/12/14/15, Chitegaon, Paithan, Road, Aurangabad- 431105,
Maharashtra, India |
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Factory 5 : |
Gut No. 378, Plot No. 8, Waluj, Aurangabad, Maharashtra, India |
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Factory 6 : |
Plot No Z-103 /A, Dahej
SEZ - Part II, District Bharuch, Gujarat, India |
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Factory 7 : |
Plot No 109, GIDC, Post Manjusar, Taluka - Savli,
District Vadodara, Gujarat, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Yogesh Mannalal Agrawal |
|
Designation : |
Managing Director |
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Address : |
74, Gangotri Villa , 9th Road, Juhu Mumbai – 400049, Maharashtra, India |
|
Date of Appointment : |
01.04.2008 |
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DIN No.: |
00073673 |
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Name : |
Mr. Purushottam Bhagwandas Agrawal |
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Designation : |
Whole-time Director |
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Address : |
Plot No. 74, Gangotri Villa, 9th Road, Jvpd, Juhu Mumbai – 400049, Maharashtra, India |
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Date of Appointment : |
01.04.20085 |
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DIN No.: |
00073680 |
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Name : |
Mr. Madhusudan Bhagwandas Agrawal |
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Designation : |
Whole-time Director |
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Address : |
Plot No. 74, Nutan Laxmi Corporate Housing Society Limited, Gangotri Villa, 9th Road, Jvpd, Juhu, Mumbai – 400049, Maharashtra, India |
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Date of Appointment : |
31.12.1979 |
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DIN No.: |
00073872 |
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Name : |
Mr. Rajesh Mannalal Agrawal |
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Designation : |
Whole-time Director |
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Address : |
74, Gangotri Villa, Ns 9th Road, Juhu, Vile Parle West, Mumbai – 400056, Maharashtra, India |
|
Date of Appointment : |
30.04.2013 |
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DIN No.: |
00302467 |
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Name : |
Mr. Mannalal Bhagwandas Agrawal |
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Designation : |
Director |
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Address : |
74, Gangotri Villa, Nutan Laxmi Corporate Housing Society, 9th Road, Jvpd, Vile Parle (West), Mumbai – 400056, Maharashtra, India |
|
Date of Appointment : |
31.12.1979 |
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DIN No.: |
00073828 |
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Name : |
Dr. Anil Bhubneshwar Kumar |
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Designation : |
Director |
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Address : |
Flat No. 402, 4th Floor 3/D, Vaishali Nagar, Near Shirin, Mahala, Mumbai – 400011, Maharashtra, India |
|
Date of Appointment : |
28.06.2003 |
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DIN No.: |
00208833 |
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Name : |
Mr. Chandrakant Mohanlal Khetan |
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Designation : |
Director |
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Address : |
170, Raval Sea View, Dr. M.B. Raut Road, Shivaji Park, Dadar Mumbai – 400028, Maharashtra, India |
|
Date of Appointment : |
20.10.2008 |
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DIN No.: |
00234118 |
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Name : |
Mr. Prabhakar Ramchandra Dalal |
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Designation : |
Director |
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Address : |
1801, Bhoomi Arcade, Ashok Nagar Atmaram Sawant Marg, Kandivli East Mumbai – 400101, Maharashtra, India |
|
Date of Appointment : |
13.06.2014 |
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DIN No.: |
00544948 |
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Name : |
Mr. Viswanathan Hariharan Kalpati |
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Designation : |
Director |
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Address : |
Flat No-502, Building No-B3, Kalaptaru Corporate Housing Society, Sector-8b, Cbd Belapur Navi Mumbai – 400614, Maharashtra, India |
|
Date of Appointment : |
30.04.2013 |
|
DIN No.: |
06563472 |
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Name : |
Anjana Grewal |
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Designation : |
Director |
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Address : |
Flat No. 301, 3rd Floor, A Wing, Victory House, Pitamber Lane, Mahim (West), Mumbai – 400016, Maharashtra, India |
|
Date of Appointment : |
13.06.2014 |
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DIN No.: |
06896404 |
KEY EXECUTIVES
|
Name : |
Mr. Gaurang Chinubhai Shah |
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Designation : |
Company Secretary |
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Address : |
G/101 Panchsheel Garden CHS Limited, Mahavir Nagar, Kandivali (West), Mumbai – 400067, Maharashtra, India |
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Date of Appointment : |
08.01.2014 |
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PAN No.: |
AAZPS8918A |
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Name : |
Mr. Arvind Kanhaiyalal Agrawal |
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Designation : |
Chief Financial Officer |
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Address : |
B 509, Ashoka Tower, Kulupwadi Road, Borivali East Mumbai – 400066, Maharashtra, India |
|
Date of Appointment : |
30.10.2015 |
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PAN No.: |
AAMPA6995Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2017
|
Category of
shareholder |
No. of fully
paid up equity shares held |
Shareholding as
a % of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
(A) Promoter and Promoter
Group |
62229759 |
70.70 |
|
|
(B) Public |
25784741 |
29.30 |
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Grand
Total |
88014500 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of
shareholder |
No. of fully
paid up equity shares held |
Shareholding as a
% of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
51399997 |
58.40 |
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Yogesh M Agrawal, trustee
Yogesh Agrawal Trust |
12749999 |
14.49 |
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|
Yogesh M Agrawal |
100000 |
0.11 |
|
|
Rajesh M Agrawal, trustee
Rajesh Agrawal Trust |
12749999 |
14.49 |
|
|
Rajesh M Agrawal |
100000 |
0.11 |
|
|
Ravi P Agrawal, trustee
Ravi Agrawal Trust |
12659999 |
14.38 |
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|
Ravi P Agrawal |
190000 |
0.22 |
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Aayush M Agrawal, trustee
Aayush Agrawal Trust |
12660000 |
14.38 |
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Aayush M Agrawal |
190000 |
0.22 |
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Any Other (specify) |
10829762 |
12.30 |
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Ganga Exports being
represented by Yogesh Agrawal, Rajesh Agrawal, Ravi Agrawal and Aayush
Agrawal |
2437500 |
2.77 |
|
|
Gabs Investments Private
Limited |
8392262 |
9.54 |
|
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Sub Total A1 |
62229759 |
70.70 |
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A2) Foreign |
0.00 |
||
|
A=A1+A2 |
62229759 |
70.70 |
Statement showing
shareholding pattern of the Public shareholder
|
Category &
Name of the Shareholders |
No. of fully
paid up equity shares held |
Shareholding %
calculated as per SCRR, 1957 As a % of |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
4480258 |
5.09 |
|
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SBI Magnum Balanced Fund |
1357000 |
1.54 |
|
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Motilal Oswal Most Focused
Multicap 35 Fund |
1315355 |
1.49 |
|
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Alternate Investment
Funds |
110200 |
0.13 |
|
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Foreign Portfolio
Investors |
10731572 |
12.19 |
|
|
Matthews India Fund |
2928356 |
3.33 |
|
|
Kotak Mahindra
(International) Limited |
970573 |
1.10 |
|
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Financial Institutions/
Banks |
194810 |
0.22 |
|
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Sub Total B1 |
15516840 |
17.63 |
|
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B2) Central Government/
State Government(s)/ President of India |
0 |
0.00 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital
upto INR 0.200 Million |
7222179 |
8.21 |
|
|
Individual share capital
in excess of INR 0.200 Million |
1598121 |
1.82 |
|
|
Any Other (specify) |
1447601 |
1.64 |
|
|
Trusts |
62 |
0.00 |
|
|
Foreign Individuals |
13250 |
0.02 |
|
|
HUF |
188286 |
0.21 |
|
|
Non Resident Indians (Non
Repat) |
100542 |
0.11 |
|
|
Non Resident Indians
(Repat) |
154742 |
0.18 |
|
|
Clearing Members |
196144 |
0.22 |
|
|
Market Maker |
2473 |
0.00 |
|
|
Bodies Corporate |
792102 |
0.90 |
|
|
Sub Total B3 |
10267901 |
11.67 |
|
|
B=B1+B2+B3 |
25784741 |
29.30 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in development, manufacturing and marketing of speciality pharmaceutical finished dosages. (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 Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
6316 (Approximately) |
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Bankers : |
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Facilities : |
Notes: Long-term
Borrowings Term loans are secured by first charge on all fixed assets of Company and second charge on entire current assets of Company, present and future, on pari passu basis in addition to personal guarantee of some of the directors. Short-term
borrowings Working capital loans are secured by first charge on all current assets and second charge on all fixed assets of Company on pari passu basis in additions to personal guarantee of some of the directors. |
|
Auditors : |
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Name : |
Kapoor and Parekh Associates Chartered Accountants |
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Cost Auditors : |
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Name : |
Sevekari Khare and Associates Chartered Accountants |
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Internal Auditors : |
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Name : |
Mahajan and Aibara Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries: |
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Enterprise over which
persons covered under Category II above are able to exercise significant
control: |
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CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
INR 2/- each |
INR 300.000 Million |
|
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Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
88771500 |
Equity Shares |
INR 2/- each |
INR 177.500
Million |
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
88005000 |
Equity Shares |
INR 2/- each |
INR 176.000
Million |
|
766500 |
Add :- Share Forfeited – Amount originally paid up |
|
INR 0.900
Million |
|
|
Total |
|
INR 176.900 Million |
Reconciliation of
number of equity shares outstanding at the beginning and at the end of the year
:
|
PARTICULARS |
31 March 2017 |
|
|
No.
of Shares of FV INR 2/- |
INR In Million |
|
|
Equity shares outstanding at the beginning of the year |
88001250 |
176.000 |
|
Add: Equity shares allotted during the year against option's exercised under ESOP C.Y. INR 5000 |
2500 |
|
|
Add: Equity shares allotted during the year as Bonus on ESOP (Cr. Yr. INR 2500) |
1250 |
|
|
Less: Equity shares bought back during the year |
-- |
-- |
|
Equity Shares outstanding at the end of the year |
88005000 |
176.000 |
Terms/Rights attached to equity shares
Company has only one class of equity shares with voting rights having a par value of INR 2 per share. Company declares and pays dividends in Indian Rupees. Any interim dividend paid is recognised on the approval by Board of Directors.
During the year ended 31st March 2017, the amount of dividend per equity share recognised as distribution to equity shareholders is INR 13 (Pr. Yr. INR 14), which includes interim dividend of INR 13 (Pr. Yr. INR 8) per equity share.
In the event of liquidation of Company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the numbers of equity shares held by shareholders
Details of Equity
Shares held by each shareholders holding more than 5%
|
Name of
Shareholders |
31 March 2017 |
|
|
No. of Shares of FV INR 2/- |
% holding |
|
|
Yogesh M. Agrawal, Trustee Yogesh Agrawal Trust |
12749999 |
14.49 |
|
Rajesh M. Agrawal, Trustee Rajesh Agrawal Trust |
12749999 |
14.49 |
|
Ravi Purushottam Agrawal, trustee Ravi Agrawal Trust |
12659999 |
14.49 |
|
Aayush Madhusudan Agrawal, trustee Aayush Agrawal Trust |
12660000 |
14.49 |
|
Gabs Investments Private Limited |
8392262 |
9.54 |
|
Ganga Exports being represented by Yogesh M. Agrawal, Rajesh M. Agrawal, Ravi P. Agrawal and Mr. Aayush M. Agrawal |
5137500 |
5.84 |
|
Yogesh M. Agrawal |
N.A |
N.A |
|
Rajesh M. Agrawal |
N.A |
N.A |
|
Mannalal B. Agrawal |
-- |
-- |
|
Purushottam B. Agrawal |
-- |
-- |
|
Madhusudan B. Agrawal |
-- |
-- |
|
Manisha Y. Agrawal, Richa R. Agrawal and Aayush M. Agrawal |
-- |
-- |
|
Vimal Agrawal and Mamta Agrawal |
-- |
-- |
|
PARTICULARS |
31 March 2017 |
|
No. of Shares of FV INR 2/- |
|
|
Equity
Shares reserved for issuance under Employees Stock Options
Scheme 2011 of Company |
|
|
Equity Shares |
1158750 |
|
Aggregate
number of Equity shares issued during last five years pursuant
to Employees Stock Options |
|
|
Scheme
2011 |
|
|
Equity Shares |
170250 |
|
Equity
Shares allotted as fully paid up Bonus Shares during the period
of five years immediately preceding the Balance Sheet date |
|
|
Bonus Shares issued in F.Y. 2013-2014 |
29292250 |
|
Bonus Shares on allotment of ESOP in F.Y. 2014-15 |
22250 |
|
Bonus Shares on allotment of ESOP in F.Y. 2015-16 |
19250 |
|
Bonus Shares on allotment of ESOP in F.Y. 2016-17 |
1250 |
|
Company
is not a subsidiary company |
|
FINANCIAL DATA
[all figures are in
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 |
176.900 |
176.900 |
176.800 |
|
(b) Reserves & Surplus |
14862.500 |
11140.100 |
7686.500 |
|
(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) |
15039.400 |
11317.000 |
7863.300 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
138.200 |
322.700 |
|
(b) Deferred tax liabilities (Net) |
273.800 |
235.800 |
151.600 |
|
(c) Other long term
liabilities |
0.900 |
4.500 |
25.000 |
|
(d) Long-term
provisions |
31.500 |
25.900 |
47.600 |
|
Total Non-current
Liabilities (3) |
306.200 |
404.400 |
546.900 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
55.300 |
344.700 |
179.000 |
|
(b) Trade
payables |
1387.800 |
1450.400 |
1081.200 |
|
(c) Other
current liabilities |
331.900 |
506.800 |
545.100 |
|
(d) Short-term
provisions |
128.000 |
113.600 |
643.000 |
|
Total Current
Liabilities (4) |
1903.000 |
2415.500 |
2448.300 |
|
|
|
|
|
|
TOTAL |
17248.600 |
14136.900 |
10858.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
5669.700 |
4290.800 |
2681.600 |
|
(ii)
Intangible Assets |
59.600 |
37.500 |
31.600 |
|
(iii)
Capital work-in-progress |
3380.300 |
2384.200 |
1702.000 |
|
(iv)
Intangible assets under development |
12.300 |
13.800 |
0.000 |
|
(b) Non-current Investments |
172.600 |
172.500 |
571.600 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
0.000 |
0.000 |
88.700 |
|
(e) Other
Non-current assets |
230.200 |
253.900 |
52.700 |
|
Total Non-Current
Assets |
9524.700 |
7152.700 |
5128.200 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
1815.600 |
767.800 |
194.600 |
|
(b)
Inventories |
1792.800 |
1897.800 |
1530.500 |
|
(c) Trade
receivables |
3360.000 |
3504.800 |
2408.500 |
|
(d) Cash
and cash equivalents |
89.300 |
214.400 |
1056.900 |
|
(e) Short-term
loans and advances |
0.000 |
0.000 |
450.400 |
|
(f) Other
current assets |
666.200 |
599.400 |
89.400 |
|
Total
Current Assets |
7723.900 |
6984.200 |
5730.300 |
|
|
|
|
|
|
TOTAL |
17248.600 |
14136.900 |
10858.500 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
18227.100 |
15736.000 |
13562.000 |
|
|
Other Income |
669.500 |
868.700 |
337.000 |
|
|
TOTAL |
18896.600 |
16604.700 |
13899.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
3733.100 |
3972.100 |
3211.800 |
|
|
Purchases of
Stock-in-Trade |
592.300 |
578.100 |
502.100 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
72.900 |
(410.100) |
92.200 |
|
|
Employees benefits
expense |
2697.800 |
2350.300 |
1863.400 |
|
|
Other expenses |
4770.900 |
4020.000 |
3166.900 |
|
|
Exceptional
Item-Diminution in value of investments |
0.000 |
0.000 |
69.500 |
|
|
TOTAL |
11867.000 |
10510.400 |
8905.900 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
7029.600 |
6094.300 |
4993.100 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
28.300 |
41.900 |
50.100 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
7001.300 |
6052.400 |
4943.000 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
594.800 |
426.800 |
494.200 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
6406.500 |
5625.600 |
4448.800 |
|
|
|
|
|
|
|
Less |
TAX |
1408.400 |
1406.100 |
1385.100 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
4998.100 |
4219.500 |
3063.700 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
|
|
8062.000 |
|
|
Freight and Insurance |
|
|
233.200 |
|
|
Technology transfer Fees |
|
|
0.000 |
|
|
Dividend from subsidiary |
|
|
180.800 |
|
|
TOTAL EARNINGS |
11477.000 |
10421.800 |
8476.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw and Packing Materials |
|
|
496.500 |
|
|
Capital Goods |
|
|
149.600 |
|
|
Consumables, Stores and Spares |
|
|
6.700 |
|
|
TOTAL IMPORTS |
NA |
NA |
652.800 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Basic |
56.79 |
47.95 |
34.84 |
|
|
Diluted |
56.78 |
47.95 |
34.80 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
189.300 |
545.100 |
|
Cash generated from operations |
6596.400 |
4287.500 |
3983.100 |
|
Net cash flow from operating activity |
5290.600 |
2766.700 |
2629.200 |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
|
Unaudited |
1st Quarter |
2nd Quarter |
|
Net Sales |
3979.300 |
4691.400 |
|
Total Expenditure |
2878.600 |
3117.000 |
|
PBIDT (Excl OI) |
1100.700 |
1574.400 |
|
Other Income |
47.000 |
79.300 |
|
Operating Profit |
1147.700 |
1653.700 |
|
Interest |
0.400 |
0.500 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
1147.300 |
1653.200 |
|
Depreciation |
129.300 |
139.500 |
|
Profit Before Tax |
1018.000 |
1513.700 |
|
Tax |
250.700 |
436.700 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
767.300 |
1077.000 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
767.300 |
1077.000 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
67.28 |
81.29 |
64.82 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
5.42 |
4.49 |
5.63 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
117.11 |
116.35 |
106.26 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
3.92 |
3.21 |
3.26 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.77 |
0.91 |
1.13 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.11 |
0.19 |
0.31 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.06 |
0.13 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.13 |
0.21 |
0.31 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.61 |
0.59 |
0.56 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
248.40 |
145.45 |
99.66 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
27.42 |
26.81 |
22.59 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
28.98 |
29.85 |
28.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
33.23 |
37.28 |
38.96 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
4.06 |
2.89 |
2.34 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
3.12 |
2.11 |
1.72 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.87 |
0.80 |
0.72 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.31 |
3.80 |
5.92 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
4.06 |
2.89 |
2.34 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 2.00/- |
|
Market Value |
INR 1479.00/- |
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 |
176.800 |
176.900 |
176.900 |
|
Reserves & Surplus |
7686.500 |
11140.100 |
14862.500 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
7863.300 |
11317.000 |
15039.400 |
|
|
|
|
|
|
long-term borrowings |
322.700 |
138.200 |
0.000 |
|
Short term borrowings |
179.000 |
344.700 |
55.300 |
|
Current Maturities of
Long term debt |
545.100 |
189.300 |
0.000 |
|
Total borrowings |
1046.800 |
672.200 |
55.300 |
|
Debt/Equity ratio |
0.133 |
0.059 |
0.004 |
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 |
13562.000 |
15736.000 |
18227.100 |
|
|
|
16.030 |
15.831 |
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 |
13562.000 |
15736.000 |
18227.100 |
|
Profit/(Loss) |
3063.700 |
4219.500 |
4998.100 |
|
|
22.59% |
26.81% |
27.42% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
176.900 |
176.900 |
|
(b) Reserves &
Surplus |
|
15499.900 |
11731.700 |
|
(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) |
|
15676.800 |
11908.600 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
10.400 |
148.700 |
|
(b) Deferred tax
liabilities (Net) |
|
273.400 |
192.900 |
|
(c) Other long term
liabilities |
|
0.900 |
4.600 |
|
(d) long-term provisions |
|
31.500 |
25.900 |
|
Total Non-current
Liabilities (3) |
|
316.200 |
372.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
55.300 |
462.500 |
|
(b) Trade payables |
|
1395.700 |
1455.700 |
|
(c) Other current
liabilities |
|
655.100 |
567.200 |
|
(d) Short-term provisions |
|
128.000 |
113.500 |
|
Total Current Liabilities
(4) |
|
2234.100 |
2598.900 |
|
|
|
|
|
|
TOTAL |
|
18227.100 |
14879.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
5831.600 |
4469.800 |
|
(ii) Intangible Assets |
|
60.100 |
37.600 |
|
(iii) Capital
work-in-progress |
|
3380.300 |
2384.200 |
|
(iv) Intangible assets
under development |
|
12.300 |
13.800 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
244.500 |
85.800 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current
assets |
|
232.200 |
255.700 |
|
Total Non-Current Assets |
|
9761.000 |
7246.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
1815.600 |
767.800 |
|
(b) Inventories |
|
2110.200 |
2045.800 |
|
(c) Trade receivables |
|
3218.400 |
3723.500 |
|
(d) Cash and cash
equivalents |
|
560.400 |
433.700 |
|
(e) Short-term loans and
advances |
|
0.000 |
0.000 |
|
(f) Other current assets |
|
761.500 |
661.900 |
|
Total Current Assets |
|
8466.100 |
7632.700 |
|
|
|
|
|
|
TOTAL |
|
18227.100 |
14879.600 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
20016.400 |
17493.700 |
|
|
Other Income |
|
238.600 |
211.500 |
|
|
TOTAL |
|
20255.000 |
17705.200 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
3778.500 |
4000.900 |
|
|
Purchases of
Stock-in-Trade |
|
473.600 |
630.100 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(106.200) |
(492.700) |
|
|
Employees benefits
expense |
|
2954.200 |
2566.400 |
|
|
Other expenses |
|
6026.200 |
4918.400 |
|
|
TOTAL |
|
13126.300 |
11623.100 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
7128.700 |
6082.100 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
34.900 |
48.900 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
|
7093.800 |
6033.200 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
612.100 |
444.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
6481.700 |
5588.900 |
|
|
|
|
|
|
|
Less |
TAX |
|
1413.400 |
1432.800 |
|
|
|
|
|
|
|
|
PROFIT FOR THE YEAR |
|
5068.300 |
4156.100 |
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE INCOME |
|
|
|
|
|
Other
Comprehensive Income to be reclassified to profit or loss in subsequent years: |
|
|
|
|
|
Exchange differences on translation of foreign operations |
|
(24.200) |
55.800 |
|
|
Income tax effect on above |
|
-- |
-- |
|
|
Net other
Comprehensive Income to be reclassified to profit or loss in subsequent years |
|
(24.200) |
55.800 |
|
|
Other Comprehensive
Income not to be reclassified to profit or loss in subsequent years: |
|
|
|
|
|
Re-measurement gains (losses) on defined benefit plans |
|
(1.700) |
(3.500) |
|
|
Income tax effect on above |
|
0.600 |
1.200 |
|
|
Net other
Comprehensive Income not to be reclassified to profit or loss in subsequent years |
|
(1.100) |
(2.300) |
|
|
Other Comprehensive
Income for the year, net of tax |
|
(25.300) |
53.500 |
|
|
Total Comprehensive
Income for the year, net of tax |
|
5043.000 |
4209.600 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Basic |
|
57.59 |
47.23 |
|
|
Diluted |
|
57.58 |
47.23 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by info
agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the Annual
Report |
No |
CORPORATE
INFORMATION
The Company is a public limited company incorporated and domiciled in India. Its shares are listed on Bombay Stock Exchange and National Stock Exchange. The Registered office of Company is located at Ajanta House, Charkop, Kandivali (West), Mumbai.
Company is engaged in development, manufacturing and marketing of speciality pharmaceutical finished dosages.
The financial statements for Company for the year ended 31st March 2017 were authorised for issue by Company’s Board of Directors on 3rd May 2017.
PERFORMANCE
REVIEW
The Company posted remarkable performance during the year and continued to grow on different parameters. Domestic business contributed 32% whereas exports contributed 68% of the total revenue. Company continues to launch new products, first to market products and gain market share in the therapeutic segments and geographies it operates in.
Company continues to operate only in one segment i.e. pharmaceuticals and there is no change in the nature of business of the company.
There are no material changes and commitments affecting the financial position of the company, which have occurred between the end of the financial year and the date of this report.
No significant or material orders have been passed against the Company by the regulators, courts or tribunals, which impacts the going concern status and company’s operations in future.
MANAGEMENT DISCUSSION AND ANALYSIS
Economic
Overview and Outlook
The International Monetary Fund (IMF) expects global economy to grow by 3.4% in FY 2017 and by 3.6% in FY 2018 versus the 3.1% growth in FY 2016. The outlook for emerging market economies is expected to broadly improve, though volatility in capital flow will remain a challenge.
According to the Economic Survey 2016–17, India’s real GDP growth is projected at 7.1% for FY 2017, and could reach 6.75–7.5% in FY 2018. This projects India as one of the fastest growing countries in the landscape of an uncertain global economy.
Pharmaceutical
Sector Overview
Global
Pharmaceutical industry is one of the world’s fastest growing industries, and remains one of the biggest contributors to world economy. The unprecedented expansion in global healthcare access over the past few years has seen hundreds of millions of people in low and middle income groups, benefiting because of governmental programmes and rising incomes.
USA will continue as world’s largest pharmaceutical market and emerging markets will make up 9 of the top 20 markets. Developed market spending growth will be driven by original brands, while emerging markets will continue to be driven by non-original products that make up an average 91% of emerging market volume and 78% of spending.
In emerging markets, long-term economic growth, increasing expectations for healthcare provision and changing diets and lifestyles are increasing the demand for healthcare products across all life stages. This is primarily to treat chronic conditions, including respiratory and cardiovascular disease. This demand is expected to grow significantly faster in these markets over the coming years than in more mature economies. At the same time, downward pressure on pricing by government, focus on prevention than treatment and high cost of R&D pose major challenges to the industry globally.
India
India’s pharma industry is placed third in global rankings in terms of volume, but 14th in value. The industry has grown at a CAGR of 17.46% during FY 2005-16, which is expected to grow from $6 billion in FY 2005 to $36.7 billion in FY 2016
Indian pharma companies have a well-diversified business model with an optimal business mix across all primary
geographies – India, Emerging Markets and the USA.
The industry has been on a commendable growth path; and is now poised for a step-up in its trajectory with a combination of factors. Under-penetration, rising healthcare spends by households and greater prevalence of chronic diseases drive growth in domestic markets. At the same time, generic drugs in the developed markets and foray into growing emerging markets will drive performance internationally.
By FY 2020, India is likely to be among the top three pharmaceutical markets by incremental growth and sixth largest market globally in absolute size. The overall market size is expected to grow to $ 100 billion by FY 2025, primarily due to rising consumer spending, rapid urbanisation and increasing healthcare insurance awareness. The industry is poised to grow, driven by increasing affordability, shifting disease patterns and healthcare reforms. However, recent policy shift, increased government controls and other factors create uncertainty about market growth.
Emerging
Markets
There is a huge potential for growth in spending in emerging markets. Increase in per capita volume and monetary allocation towards medicines suggests that there is a conscious desire from governments and private insurance markets in emerging countries to increase the bandwidth of healthcare. The volume of medicines use is projected to increase by compound annual growth rate of 3% globally in the next five years against 6% during FY 2006-11 and 3% during FY 2011-16.
Pharmaceuticals market in Africa is expected to reach $45 billion in FY 2020. The tropical climate of Africa makes the continent largest reservoir of infectious diseases, particularly malaria, tuberculosis (TB), and acquired immune deficiency syndrome (AIDS). Non-communicable diseases such as cardiovascular and diabetes are projected to rise to 60% of illnesses in Africa by FY 2020. The key challenges in these markets are volatile local currencies, internal disturbances, transfer restriction, and so on, which will keep the players on their toes.
USA
Market
Medicine spending growth in USA market has been slowing steadily since FY 2001, but bounced back sharply in FY 2014 and FY 2015. Generic medicines will continue to have a larger share of the prescription medicine market in USA. Over the coming five years the market will grow from $462 billion to $645–675 billion in FY 2021 on an invoice price basis, but from $318 billion to $405–435 billion in FY 2021 on a net basis.
Global demand for generic drugs will continue to grow as consumers pursue avenues to reduce costs. In the USA, generic drugs comprise about 70% of the pharma market by volume. With around $100 billion worth patent expiries over the next five years, generic business has a significant growth potential. However, issues of compliance and fast erosion in prices, along with not very clear strategy of new administration will remain key challenges in this market.
Company
Overview
Ajanta Pharma is a speciality pharmaceutical company, engaged in the development, manufacture and marketing
of quality finished dosages in domestic and international markets. Its business includes Branded Generics in emerging markets of Asia and Africa, Generics in the developed markets of USA and Institution sales. It employs nearly 7,000 people worldwide and its products are sold in more than 30 countries.
Operational Highlights
Entered the elite club of Fortune 500 Indian companies
Turnover crossed INR 20000.000 Million.
Profit crossed INR 5000.000 Million.
Commissioned 1st phase at Guwahati manufacturing plant
US FDA completes inspection at Paithan and Dahej plant
without any major observation
Enhanced R&D spend to fuel the growth
PERFORMANCE
HIGHLIGHTS
India
India Branded generic business continued to perform well. As per IMS MAT March 2017, company grew at 16% as against Indian Pharmaceutical Market (IPM) growth of 9%. Even within the speciality segment where the company operates, growth was higher than industry, except in Dermatology. The Company continues to launch new products, many of them being 1st to market and have a pipeline for more such launches in coming years.
India institution business has de-grown by 40% over the previous year as the company decided to de-focus on this business due to low margins.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term Borrowings |
|
|
|
Other Loans |
|
|
|
Deferred Sales Tax Loans from Government of Maharashtra |
0.000 |
90.900 |
|
|
|
|
|
Total |
0.000 |
90.900 |
INDEX
OF CHARGES
|
Charges Registered |
||||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C03692589 |
10039644 |
EXPORT IMPORT BANK OF INDIA |
23/02/2007 |
27/03/2014 |
- |
480000000.0 |
Centre One Building, World Trade Centre Complex, Cuffe Parade Mumbai MAHARASHTRA 400005 INDIA |
|
2 |
A98834781 |
10042802 |
IDBI Bank Limited |
15/11/2006 |
02/11/2010 |
- |
290000000.0 |
IDBI TOWERWTC COMPLEXCUFFE PARADE MUMBAI MAHARASHTRA 400005 INDIA |
|
3 |
C03693637 |
90241060 |
EXPORT IMPORT BANK OF INDIA |
20/11/2003 |
27/03/2014 |
- |
75000000.0 |
Centre One Building, World Trade Centre Complex, Cuffe Parade Mumbai MAHARASHTRA 400005 INDIA |
|
4 |
Y10347986 |
90240349 |
STATE BANK OF INDIA |
08/07/1997 |
21/08/2006 |
- |
435000000.0 |
Industrial Finance Branch, Shivsagar Estate, Worli – South MUMBAI MAHARASHTRA 400018 INDIA |
|
5 |
Z00120062 |
80026318 |
State Bank of Mauritius |
03/07/1997 |
22/03/2007 |
- |
100000000.0 |
101, Raheja Centre,Free Press Journal Road, MUMBAI MAHARASHTRA 400021 INDIA |
|
6 |
G34578658 |
10418936 |
STATE BANK OF MAURITIUS LIMITED |
21/03/2013 |
- |
16/01/2017 |
551600000.0 |
101, Raheja Centre, 1st Floor, Free Press Journal Road, Mumbai MAHARASHTRA 400021 INDIA |
|
7 |
G00847756 |
10343311 |
ABU DHABI COMMERCIAL BANK LTD |
19/03/2012 |
20/03/2013 |
28/03/2016 |
550000000.0 |
75, REHMAT MANZIL, VEER NARIMAN ROAD, CHURCHGATE, MUMBAI MAHARASHTRA 400020 INDIA |
|
8 |
B98320278 |
90241289 |
EXPORT IMPORT BANK OF INDIA |
07/01/2005 |
21/09/2005 |
06/03/2014 |
17000000.0 |
CRNTRE ONE BUILDINGFLOOR 21 CUFFE PARADE MUMBAI MAHARASHTRA 400005 INDIA |
|
9 |
B98319130 |
80026587 |
Export-Import Bank of India |
11/03/2003 |
- |
06/03/2014 |
6750000.0 |
Centre One World Trade Centre , Cuffe Parade Mumbai MAHARASHTRA 400005 INDIA |
|
10 |
B96268958 |
80026317 |
Export -Import Bank of India |
13/11/2002 |
- |
28/01/2014 |
45000000.0 |
Centre One World Trade Centre , Cuffe Parade Mumbai MAHARASHTRA 400005 INDIA |
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND SIX MONTHS YEAR ENDED 30.09.2017
(INR In Million)
|
Particulars |
Quarter Ended |
6 Months Ended |
|
|
|
30.09.2017 (Unaudited) |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
Income |
|
|
|
|
Revenue from Operations |
4691.400 |
3979.300 |
8670.700 |
|
Other Income |
79.300 |
29.800 |
109.100 |
|
Total Income from
Operations (Net) |
4770.700 |
4009.100 |
8779.800 |
|
Expenses |
|
|
|
|
Cost of Materials Consumed |
811.400 |
938.000 |
1749.400 |
|
Purchases of Stock-in-Trade |
146.400 |
185.900 |
332.300 |
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
108.400 |
(323.900) |
(215.500) |
|
Employees benefits expense |
821.500 |
797.800 |
1619.300 |
|
Finance Costs |
0.500 |
0.400 |
0.900 |
|
Depreciation and amortization expense |
139.500 |
129.300 |
268.800 |
|
Other expenses |
1229.300 |
1263.600 |
2492.900 |
|
Total expenses |
3257.000 |
2991.100 |
6248.100 |
|
|
|
|
|
|
Profit before |
1513.700 |
1018.000 |
2531.700 |
|
Tax Expense |
|
|
|
|
-Current Tax |
323.500 |
217.300 |
540.800 |
|
-Deferred Tax |
113.200 |
33.400 |
146.600 |
|
Profit for the
period |
1077.000 |
767.300 |
1844.300 |
|
Other Comprehensive
Income |
|
|
|
|
-Items that will not be reclassified to profit or loss |
(0.500) |
(0.400) |
(0.900) |
|
-Items that will be reclassified subsequently to profit or loss |
0.200 |
0.100 |
0.300 |
|
Other Comprehensive
income, net of tax |
(0.300) |
(0.300) |
(0.600) |
|
Total comprehensive
income for the period |
1067.700 |
767.000 |
1843.700 |
|
Paid up equity share capital (Face value of INR 2/- each) |
176.900 |
176.900 |
176.900 |
|
Reserve excluding evaluation reserve |
-- |
-- |
16711.500 |
|
Earnings per share
(Face value of INR 2/- each) |
|
|
|
|
-Basic |
12.24 |
8.72 |
20.96 |
|
-Diluted |
12.23 |
8.72 |
20.95 |
Notes:
- Above results have been reviewed by Audit Committee and approved by the Board of Directors at their meeting held on 31 October 2017.
- Statutory Auditors have carried out Limited Review of the financial results for the quarter and half year ended 30 September 2017.
- Deferred tax includes MAT credit of INR 12.600 Million.
- During the quarter, 8500 (half year 9500) equity shares of INR 2 each, fully paid up, were allotted upon exercise of vested options pursuant to the Employees Stock Options Scheme, 2011, resulting in an increase in the paid-up share capital by INR 17000 (half year INR 19000) and securities premium account by INR 12.400 Million (half year INR 13.600 Million).
- The Company operates exclusively in one reportable business segment i.e., "Pharmaceuticals".
- There are no exceptional items.
- The amalgamation of Gabs Investments Private Limited ('Gabs') with the Company as approved by Board of Directors on 18 March 2017, has also been approved by the Shareholders of both the Companies in their meeting held on 10 October 2017. Gabs holds 83,92,262 equity shares in the Company, representing about 9.54% of the total paid up capital, against which Company will issue same number of shares to the shareholders of Gabs. Amalgamation is subject to approval of regulatory authorities as prescribed in law. Hence, no effect of the same is given in the financial statements.
- Previous period's figures have been regrouped wherever necessary.
STATEMENT OF ASSETS AND LIABILITIES AS ON 30.09.2017
(INR In Million)
|
SOURCES OF FUNDS |
30.09.2017 (Unaudited) |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
176.900 |
|
(b) Reserves &
Surplus |
16711.500 |
|
(c) Money received
against share warrants |
0.000 |
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
16888.400 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
420.100 |
|
(c) Other long term
liabilities |
0.000 |
|
(d) long-term provisions |
49.500 |
|
Total Non-current
Liabilities (3) |
469.600 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
0.000 |
|
(b) Trade payables |
1875.800 |
|
(c) Other current
liabilities |
1010.200 |
|
(d) Short-term provisions |
148.800 |
|
Total Current Liabilities
(4) |
3034.800 |
|
|
|
|
TOTAL |
20392.800 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
8856.600 |
|
(ii) Intangible Assets |
77.200 |
|
(iii) Capital
work-in-progress |
944.400 |
|
(iv) Intangible assets
under development |
0.000 |
|
(b) Non-current
Investments |
172.600 |
|
(c) Deferred tax assets
(net) |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
|
(e) Other Non-current
assets |
458.900 |
|
Total Non-Current Assets |
10509.700 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
2451.900 |
|
(b) Inventories |
2460.500 |
|
(c) Trade receivables |
4067.600 |
|
(d) Cash and cash
equivalents |
192.000 |
|
(e) Short-term loans and
advances |
0.000 |
|
(f) Other current assets |
711.100 |
|
Total Current Assets |
9883.100 |
|
|
|
|
TOTAL |
20392.800 |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against the Company not acknowledged as debt |
9.000 |
7.000 |
|
Sales tax demands disputed by Company pending in appeal |
Nil |
2.200 |
|
Custom Duty on import under Advance License Scheme, pending fulfilment of Exports obligation |
14.400 |
7.600 |
|
Disputed Octroi Amount paid under protest INR 5.200 Million (Pr. Yr. INR 5.200 Million) |
5.200 |
5.200 |
|
Excise duty and Service Tax disputed by the Company Amount paid under protest INR 2.500 Million (Pr. Yr. INR 2.500 Million) |
26.400 |
5.400 |
|
Income Tax demand disputed by the Company pending in appeal Amount paid under protest INR 78.600 Million (Pr. Yr. INR 21.700 Million) |
83.300 |
175.200 |
|
Unpaid allotment money in respect of Shares of Ajanta Pharma UK Limited, wholly owned subsidiary, equivalent to UK Pound 10,000 (Pr. Yr. UK Pound 10000). |
0.800 |
0.900 |
FIXED ASSETS
Tangible Assets
- Freehold Land
- Leasehold Land
- Leasehold Improvement
- Buildings
- Plant and Equipments
- Furniture and Fixtures
- Vehicles
- Office Equipments
- Computers
Intangible Assets
- Computer Software
WEBSOTE DETAILS
NEWS/ PRESS RELEASES
AJANTA PHARMA: GROWTH
DRIVEN BY INDIA, US MARKETS
14.12.2017
Africa business expected to normalise on the back of currency stability
The Ajanta Pharma stock has gained 18 per cent over the previous month, given the outperformance in the domestic market, stability in African business, and growth in US business. While Africa contributes about 37 per cent to sales, India accounts for about 31 per cent and the US about nine per cent.
In addition to steady revenues, analysts expect margins to improve by 100 basis points (bps) over the next year on higher revenue growth and improving utilisation levels at Dahej and Guwahati. With growth rebounding over the past two months in the Indian pharmaceutical market, Ajanta,…
AJANTA PHARMA Q2 NET
UP MARGINALLY AT INR 1320.000 Million
31.10.2017
Ajanta Pharma on Tuesday reported a marginal rise in consolidated net profit to INR 1318.900 Million for the second quarter ended September 30, 2017.
The company had posted a net profit of INR 1306.600 Million for the corresponding period of the previous fiscal, Ajanta Pharma said in a filing to BSE.
Consolidated income from operations also rose to INR 5403.800 Million for the quarter under review as against INR 5158.200 Million for the same period a year ago.
"Our India business has performed satisfactorily and we are seeing the recovery post GST reform. Similarly, emerging markets have posted satisfactory growth," Ajanta Pharma Joint MD Rajesh Agrawal said.
In the US, the company is seeing the effect of the customer consolidation resulting in price pressure, he added.
"With launch of newer products, we are hopeful to improve the performance in the US in coming quarters," Agrawal said.
For the second quarter of 2017-18, the company received three abbreviated new drug application (ANDA) final approvals, commercialised two products and filed 4 ANDAs with US health regulator.
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 63.38 |
|
|
1 |
INR 86.02 |
|
Euro |
1 |
INR 76.50 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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.