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MIRA INFORM REPORT
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Report No. : |
499026 |
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Report Date : |
22.03.2018 |
IDENTIFICATION DETAILS
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Name : |
WOCKHARDT LIMITED |
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Registered
Office : |
Wockhardt Research Centre, D-4, M.I.D.C., Chikalthana, Aurangabad – 431006,
Maharashtra |
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Tel. No.: |
91-240-6632222, 6694444 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
08.07.1999 |
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Com. Reg. No.: |
11-120720 |
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Capital Investment
/ Paid-up Capital : |
INR 552.700 Million |
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CIN No.: [Company Identification
No.] |
L24230MH1999PLC120720 |
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IEC No.: |
0388084685 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKW00152F |
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PAN No.: [Permanent Account No.] |
AAACW2472M |
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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
: |
Manufacturing of Pharmaceutical Products. (Registered
Activity) |
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No. of Employees
: |
6768 (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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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject was incorporated in the year 1999 and it is engaged in manufacturing of Pharmaceuticals Products. As per the financials of March 2017, the company has reported growth of 3.27% in its revenue as compared to previous year’s revenue and has maintained good profit margin of 5.97% during the year under review. Rating takes into consideration the company’s established track record of business operations marked by sound net worth base along with average debt coverage indicators and comfortable liquidity position. Share are quoted high on stock exchanges. (Share are traded at a price INR 748.80 against its face value of INR 5.) However, rating strength is partially offset by its exposure on regulated markets, especially the US, which is witnessing increased competition resulting into pricing pressure in the generics space and heightened regulatory scrunity and exposure to foreign exchange fluctuations. As per unaudited quarterly financials of December 2017, the company has achieved a sound revenue of INR 5351.200 Million but has reported losses. Payment seems to be regular. In view of aforesaid, the company can be considered for good business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE RATING |
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Rating |
Long Term Rating = AA- |
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Rating Explanation |
High degree of safety and very low credit
risk |
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Date |
15.02.2018 |
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Rating Agency Name |
CARE RATING |
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Rating |
Short Term Rating = A1+ |
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Rating Explanation |
Very strong degree of safety and carry
lowest credit risk |
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Date |
15.02.2018 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under:
Suit-filed accounts of Rs. 10.000 Million and above as on 11.06.2017
Borrowers details
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Borrower Name |
Wockhardt Limited |
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Address |
Wockhardt Towers, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra |
Name of Directors Reported by Credit Grantors Filing the Suit:
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Sr.No. |
Directors Reported By Credit Grantors |
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ROYAL BANK OF
SCOTLAND |
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1 |
Abid Hussain |
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2 |
Aman Mehta |
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3 |
Bharat Patel |
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4 |
Habil Khorakiwala |
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5 |
Huzaifa Khorakiwala |
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6 |
Murtaza Khorakiwala |
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7 |
R A Shah |
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8 |
Shekhar Datta |
List of Credit Grantors to which Wockhardt Limited is a defaulter:
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Name of Credit Grantors |
Branch |
Amount (Rs. in Million) |
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ROYAL BANK OF SCOTLAND |
Mumbai |
260.737 |
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total |
260.737 |
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.
INFORMATION DENIED
Management Non-Cooperative (Tel. No.: 91-22-26534444 / 91-240-6632222)
LOCATIONS
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Registered Office/ Research Centre
: |
Wockhardt Research Centre, D-4, M.I.D.C., Chikalthana, Aurangabad –
431006, Maharashtra, India |
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Tel. No.: |
91-240-6632222 |
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Fax No.: |
91-240-2489219 |
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E-Mail : |
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Website : |
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Corporate Office /Global Headquarters : |
C-3, G-Block, Wockhardt Towers, BKC, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
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Tel. No.: |
91-22-26534444 |
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Fax No.: |
91-22-26523905 |
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MANUFACTURING
PLANTS – INDIA |
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Factory 1 : |
H14/2 M.I.D.C., Area Waluj, Aurangabad - 431136, Maharashtra, India |
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Tel. No.: |
91-240-6626444 |
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Fax No.: |
91 240 6626333 |
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Factory 2 : |
L1, M.I.D.C., Chikalthana, |
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Tel. No.: |
91-240-6637444 |
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Fax No.: |
91-240-6637333 |
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Factory 3 : |
87A, Silver Industrial Estate, Bhimpore, Nani Daman - 396210, Union
Territory, India |
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Tel. No.: |
91-260-6610300 / 6610333 |
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Fax No.: |
91-260-2220940 |
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Factory 4 : |
106/4,5,7, Kadaiya, Nani Daman-396210, Union Territory India |
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Tel. No.: |
91260-6531306 |
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Fax No.: |
91-260-2220214 |
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Factory 5 : |
138, G.I.D.C. Estate, Ankleshwar, District Bharuch-393002, Gujarat,
India |
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Tel. No.: |
91-2646-661444 |
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Fax No.: |
91-2646-661555 |
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Factory 6 : |
P O Barotiwala, District Solan-174103, Himachal Pradesh, India |
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Tel. No.: |
91-1795-664444 |
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Fax No.: |
91-1795-664242 |
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Factory 7 : |
B-15/2, MIDC Waluj-431136, Maharashtra, India |
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Tel. No.: |
91-240-6636400 |
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Fax No.: |
91-240-6636444 |
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Factory 8 : |
E-1/1, M.I.D.C, Shendra Aurangabad - 431201, Maharashtra, India |
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Tel. No.: |
91-240-6617444 |
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Fax No.: |
91-240-6617333 |
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OVERSEAS
MANUFACTURING PLANTS |
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Factory 1 : |
Ash Road North, Wexham Industrial Estate, Wrexham, LL13 9UF, Wales, UK |
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Tel. No.: |
+44-1978-661261 |
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Fax No.: |
+44-1978-660130 |
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Factory 2 : |
Ballymacarbry Clonmel Co., |
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Tel. No.: |
+353-52-6186000 |
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Fax No.: |
+353-52-6136311 |
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Factory 3 : |
6451, |
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Tel. No.: |
+1-847+9675600 |
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Fax No.: |
+1-847-9672211 |
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International Office : |
Located at:
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Research Center : |
Also Located at:
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DIRECTORS
AS ON 31.03.2017
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Name : |
Dr. Murtaza Habil Khorakiwala |
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Designation : |
Managing Director |
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Address : |
Casa Khorakiwala, 31E, Vakil Lane, Dr. Gopal Rao Deshmukh Marg, Mumbai - 400026, Maharashtra, India |
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Date of Appointment : |
31.03.2014 |
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DIN No.: |
00102650 |
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Name : |
Dr. Huzaifa Habil Khorakiwala |
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Designation : |
Whole Time Director |
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Address : |
Casa Khorakiwala, 31-E, Vakil Lane, Off Peddar Road, Mumbai - 400026, Maharashtra, India |
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Date of Appointment : |
31.03.2014 |
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DIN No.: |
02191870 |
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Name : |
Dr. Habil Fakhruddin Khorakiwala |
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Designation : |
Whole-Time Director |
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Address : |
Casa Khorakiwala, 31E,Vakil Lane, Dr. Gopal Rao Deshmukh Marg, Mumbai - 400026, Maharashtra, India |
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Date of Appointment : |
01.03.2015 |
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DIN No.: |
00045608 |
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Name : |
Mr. Aman Mehta |
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Designation : |
Director |
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Address : |
115A, Jor Bagh, New Delhi - 110003, India |
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Date of Appointment : |
12.02.2004 |
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DIN No.: |
00009364 |
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Name : |
Mr. Shekhar Surendra Kumar Datta |
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Designation : |
Director |
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Address : |
68-B, Ballygunge Circular Road, Flat - 8A, Kolkata - 700019, West Bengal, India |
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Date of Appointment : |
25.02.2000 |
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DIN No.: |
00045591 |
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Name : |
Mr. Davinder Singh Brar |
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Designation : |
Director |
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Address : |
Greenfields Farm, Gadaipur-Jaunapur Road, Village-Gadaipur, Tehsil Mehrauli, New Delhi - 110030, India |
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Date of Appointment : |
13.09.2012 |
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DIN No.: |
00068502 |
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Name : |
Mr. Baldev Raj Arora |
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Designation : |
Director |
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Address : |
6B Saker Apartments, Pochkhanawalla Road, Worli, Mumbai - 400030, Maharashtra, India |
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Date of Appointment : |
12.09.2015 |
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DIN No.: |
00194168 |
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Name : |
Mrs. Tasneem Vikram Singh Mehta |
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Designation : |
Director |
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Address : |
114, NCPA Apartment, Apsara Co-Operative Housing Society, Nariman Point, Mumbai - 400021, Maharashtra, India |
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Date of Appointment : |
12.09.2015 |
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DIN No.: |
05009664 |
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Name : |
Dr. Sanjaya Baru |
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Designation : |
Director |
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Address : |
D-44, IIIrd Floor, Panchsheel Enclave, New Delhi - 110017, India |
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Date of Appointment : |
13.09.2012 |
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DIN No.: |
05344208 |
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Name : |
Mr. Vinesh Kumar Jairath |
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Designation : |
Additional Director |
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Address : |
194-B, Kalpataru Horizon, S.K. Ahire Marg, Worli, Mumbai-400018, Maharashtra, India |
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Date of Appointment : |
10.11.2016 |
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DIN No.: |
00391684 |
KEY EXECUTIVES
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Name : |
Mr. Manas Datta |
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Designation : |
Chief Finance Officer |
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Address : |
Flat No. 804, Breezy Heights, Rizvi Complex, Off Carter Road, Bandra (West), Mumbai - 400050, Maharashtra, India |
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PAN No: |
AADPD4184B |
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Date of Appointment : |
10.09.2014 |
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Name : |
Mr. Narendra Singh |
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Designation : |
Company Secretary |
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Address : |
A-401, Bhumi Paradise, Plot No. 2 and 3, Sector - 11, Sanpada, Navi Mumbai., Mumbai - 400705, Maharashtra, India |
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PAN No: |
AOLPS3188L |
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Date of Appointment : |
28.05.2015 |
MAJOR SHAREHOLDERS
AS ON 31.12.2017
|
Category of
shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter & Promoter Group |
8,19,85,382 |
74.20 |
|
|
(B) Public |
2,85,07,126 |
25.80 |
|
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Grand Total |
11,05,96,828 |
100.00 |
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Statement
showing shareholding pattern of the Promoter and Promoter Group
|
Category of
shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated
as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
|
|
|
Individuals/Hindu undivided Family |
8,87,625 |
0.80 |
|
|
Habil F Khorakiwala |
4,42,785 |
0.40 |
|
|
Murtaza Habil Khorakiwala |
2,26,200 |
0.20 |
|
|
Huzaifa Habil Khorakiwala |
2,16,000 |
0.20 |
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|
Nafisa Habil Khorakiwala |
2,640 |
0.00 |
|
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Any Other (specify) |
8,10,97,757 |
73.40 |
|
|
Themisto Trustee Company Private Limited, Trustee on behalf of Trust |
54,00,000 |
4.89 |
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|
Ananke Trustee Company Private Limited, Trustee on behalf of Trust |
18,00,000 |
1.63 |
|
|
Callirhoe Trustee Company Private Limited, Trustee on behalf of Trust |
18,00,000 |
1.63 |
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Pasithee Trustee Company Private Limited, Trustee on behalf of Trust |
18,00,000 |
1.63 |
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|
Themisto Trustee Company Private Limited |
6,04,97,757 |
54.75 |
|
|
Pasithee Trustee Company Private Limited |
34,00,000 |
3.08 |
|
|
Ananke Trustee Company Private Limited |
32,00,000 |
2.90 |
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Callirhoe Trustee Company Private Limited |
32,00,000 |
2.90 |
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Khorakiwala Holdings and Investments Private Limited |
0.00 |
|
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|
Sub Total A1 |
8,19,85,382 |
74.20 |
|
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A2) Foreign |
0.00 |
|
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|
A=A1+A2 |
8,19,85,382 |
74.20 |
|
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 (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
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Mutual Funds/ |
35,15,670 |
3.18 |
|
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Alternate Investment Funds |
62,200 |
0.06 |
|
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Foreign Portfolio Investors |
53,51,040 |
4.84 |
|
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Financial Institutions/ Banks |
82,200 |
0.07 |
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Insurance Companies |
13,28,271 |
1.20 |
|
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Life Insurance Corporation of India |
13,26,871 |
1.20 |
|
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Sub Total B1 |
1,03,39,381 |
9.36 |
|
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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 |
1,31,53,727 |
11.90 |
|
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Individual share capital in excess of INR 0.200 Million |
6,49,815 |
0.59 |
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Any Other (specify) |
43,64,203 |
3.95 |
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Trusts |
934 |
0.00 |
|
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HUF |
5,54,573 |
0.50 |
|
|
NRI – Non- Repat |
1,88,306 |
0.17 |
|
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Director or Director's Relatives |
57,100 |
0.05 |
|
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NRI – Repat |
7,85,460 |
0.71 |
|
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Clearing Members |
9,12,981 |
0.83 |
|
|
Bodies Corporate |
18,64,849 |
1.69 |
|
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Sub Total B3 |
1,81,67,745 |
16.44 |
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B=B1+B2+B3 |
2,85,07,126 |
25.80 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing 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 : |
6768 (Approximately) |
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Bankers : |
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Facilities : |
Notes: LONG-TERM
BORROWINGS The term loan of USD 100 million (March 31, 2016: USD 100 million; April 01,2015 : USD 90 million) amounting to INR 648.75 million (March 31, 2016: INR 6626.000 million; April 01, 2015 : INR 5625.000 million) is secured by first charge on pari passu basis on fixed assets, present and future, located at all locations other than Units at Baddi in Himachal Pradesh and Kadaiya in Daman .This term loan carrying interest rate of 6 months USD LIBOR plus 325 BPS p.a. is repayable in 20 equal quarterly installments commencing from April 01, 2017 The term loan of INR 2500.000 million (March 31,2016 : INR 2500.000 million: April 01, 2015: INR Nil) from IDBI Bank is secured by first charge on pari passu basis on fixed assets, present and future, located at all locations other than Units at Baddi in Himachal Pradesh and Kadaiya in Daman. This term loan carrying interest rate at Bank Base Rate plus 75 BPS p.a. is repayable in 10 equal half yearly instalments commencing from December 31, 2017. Further, the term loan of INR 250 Million (March 31,2016 : INR 2500.000 million: April 01, 2015: INR Nil) from Bank of Maharashtra (‘BOM’) is secured by first charge on pari passu basis on fixed assets, present and future, located at all locations other than Units at Baddi in Himachal Pradesh and Kadaiya in Daman. This term loan carrying interest rate at Bank Base Rate plus 25 BPS p.a. is repayable in 20 equal quarterly instalments commencing from March 31, 2018. The term loan from others is secured by first charge on pari passu basis by hypothecation of movable properties of the company (except book debts) at all locations. This term loan from others with interest rate of 2% p.a. is repayable in 10 equal half yearly installments having commenced from September 2013. Interest free sales tax deferral loan is repayable in the month of May every year. This loan is repayable by May 2019. Loans from others with interest rate of 3% p.a.is repayable in 10 equal annual installments. Loan amounting INR 5.700 million (March 31, 2016: INR 7.600 million; April 01, 2015 : INR 9.500 million) is repayable by June 2019 and the balance INR 21.200 million (March 31, 2016: INR 25.400 million; April 01, 2015: INR 29.700 million) by October 2021. SHORT-TERM BORROWINGS Working capital facilities from Banks are secured by way of : i) First charge on pari passu basis on present and future stock of raw materials, consumables, spares, semi-finished goods, finished goods,book debts and other current assets. ii) Second charge on pari passu basis by way of mortgage of immovable properties and hypothecation of movable assets, both present and future, located at all locations (other than Units at Baddi in Himachal Pradesh and Kadaiya in Daman). 2) Buyers’ credit availed from Yes Bank, ICICI Bank and IDBI Bank are secured by way of first pari passu charge on the entire current assets and second pari passu charge on all fixed assets located at all locations other than Units at Baddi in Himachal Pradesh and Kadaiya in Daman . Buyers’ credit availed from State Bank of India (SBI) and ICICI Bank during 2014-15 has been fully repaid during 2015-16. Buyers’ credit availed from SBI were secured by way of first charge on the specific assets and by way of second charge on the entire current assets and second subservient charges on all fixed assets, present and future, located at all locations other than Units at Baddi in Himachal Pradesh and Kadaiya in Daman . Refer Note 11 to Note 14 for carrying amount of current financial assets on which charge has been created. |
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Financial Institutions: |
SBICAP Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade,
Colaba, Mumbai - 400005, Maharashtra, India |
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Auditors : |
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Name : |
Haribhakti and Company Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associate Company |
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Other related party relationships where transactions have taken place
during the year Enterprises over which Key Managerial Personnel exercise significant
influence |
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Other Parties Exercising Control: |
Note:
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CAPITAL STRUCTURE
AFTER 31.03.2017
Authorised Capital : INR 11250.000 Million
Issued, Subscribed & Paid-up Capital : INR 3538.727
Million
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
INR 5/- each |
INR 1250.000 Million |
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Total
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|
INR 1250.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
110508903 |
Equity Shares |
INR 5/- each |
INR 552.500 Million |
|
39125 |
Add: shares issued during the year |
INR 5/- each |
INR 0.200 Million |
|
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Total
|
|
INR 552.700
Million |
Notes:
a) The Company has only one class of equity shares having a par value of INR 5/- per share. Each holder of equity shares is entitled to one vote per share held and is entitled to dividend, if declared at the Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
b. Shares reserved
for issue under options:
883125 (Previous Year – 698,750) equity shares of face value INR 5/- each have been reserved for issue under Wockhardt Stock Option Scheme -2011.
(c) Details of equity
shares held by each shareholders holding more than 5% of total equity shares:
|
Name of the
Shareholder |
As at March 31, 2017 |
|
|
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No. of Shares held |
% of Holding |
|
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Themisto Trustee Company Private Limited which holds these
shares in its capacity as the trustee of Habil Khorakhiwala Trust which
inturn holds these shares in its capacity as the partner of the partnership
firm Humuza Consultants. |
60497757 |
54.73 |
During the year, Themisto Trustee Company Private Limited (which holds these shares in its capacity as the trustee of Habil Khorakiwala Trust which in turn holds these shares in its capacity as the partner of the partnership firm Humuza Consultants) has sold 54 Lacs Equity Shares of face value INR 5/- each to Amalthea Discretionary Trust, Lysithea Discretionary Trust and HNZ Discretionary Trust whose Trustees are Ananke Trustee Company Private Limited, Callirhoe Trustee Company Private Limited and Pasithee Trustee Company Private Limited respectively.
Themisto Trustee Company Private Limited in its capacity as a trustee of Habil Khorakiwala Trust has also acquired 54 lacs Equity Shares of face value INR 5/- each from Ananke Trustee Company Private Limited (who were holding these shares in its capacity as the trustee of Amalthea Discretionary Trust which in turn holds these shares in its capacity as partner of partnership firm Amalthea Consultants), Callirhoe Trustee Company Private Limited (who were holding these shares in its capacity as the trustee of Lysithea Discretionary Trust which in turn holds these shares in its capacity as partner of partnership firm Lysithea Consultants) and Pasithee Trustee Company Private Limited (who were holding these shares in its capacity as the trustee of HNZ Discretionary Trust which in turn holds these shares in its capacity as partner of partnership firm HNZ Consultants).
All these Partnership Firms and Discretionary Trusts are part of Promoter Group.
(e)The Board of Directors of the Company at their meeting held on November 10, 2016 have declared interim dividend of 200% i.e INR 10 per share on equity shares of INR 5/- each, absorbing INR 1105.500 million. The Board recommends the said interim dividend of 200% as final dividend for the financial year 2016-17.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
552.700 |
3538.000 |
3535.900 |
|
(b) Reserves & Surplus |
11640.500 |
10351.800 |
10165.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
12193.200 |
13889.800 |
13700.900 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
12826.200 |
11662.800 |
5677.300 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
1020.200 |
1316.000 |
|
(c) Other long term
liabilities |
4266.600 |
6513.200 |
0.000 |
|
(d) long-term
provisions |
461.300 |
385.800 |
334.800 |
|
Total Non-current
Liabilities (3) |
17554.100 |
19582.000 |
7328.100 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
6596.300 |
5500.300 |
2701.700 |
|
(b) Trade
payables |
3463.500 |
3325.000 |
3444.000 |
|
(c) Other
current liabilities |
5208.800 |
3803.900 |
14048.100 |
|
(d) Short-term
provisions |
352.600 |
309.300 |
266.500 |
|
Total Current
Liabilities (4) |
15621.200 |
12938.500 |
20460.300 |
|
|
|
|
|
|
TOTAL |
45368.500 |
46410.300 |
41489.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
14379.000 |
12855.900 |
9796.000 |
|
(ii)
Intangible Assets |
266.100 |
238.700 |
258.900 |
|
(iii)
Capital work-in-progress |
6653.400 |
6636.000 |
7921.600 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3548.700 |
2972.200 |
2972.200 |
|
(c) Deferred tax assets (net) |
580.100 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
4080.800 |
3777.700 |
|
(e) Other
Non-current assets |
1101.100 |
17.300 |
1037.100 |
|
Total Non-Current
Assets |
26528.400 |
26800.900 |
25763.500 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
5347.200 |
5348.100 |
5244.300 |
|
(c) Trade
receivables |
3428.300 |
2919.800 |
2097.000 |
|
(d) Cash
and cash equivalents |
6597.800 |
8353.900 |
6784.900 |
|
(e)
Short-term loans and advances |
92.200 |
1917.800 |
1599.600 |
|
(f) Other
current assets |
3374.600 |
1069.800 |
0.000 |
|
Total
Current Assets |
18840.100 |
19609.400 |
15725.800 |
|
|
|
|
|
|
TOTAL |
45368.500 |
46410.300 |
41489.300 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
22975.200 |
22247.400 |
18865.500 |
|
|
Other
Income |
2483.100 |
563.100 |
4651.100 |
|
|
TOTAL
|
25458.300 |
22810.500 |
23516.600 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost
of Materials Consumed |
5352.200 |
4733.300 |
4520.100 |
|
|
Purchases
of Stock-in-Trade |
4286.600 |
4364.000 |
4021.400 |
|
|
Changes
in inventories of finished goods, work-in-progress and Stock-in-Trade |
(143.200) |
(135.700) |
(572.700) |
|
|
Employees
benefits expense |
5232.200) |
4748.900 |
4096.200 |
|
|
Exchange
Fluctuation |
9114.000 |
63.500 |
170.800 |
|
|
Other
expenses |
6912.900 |
7187.400 |
6555.400 |
|
|
TOTAL
|
21526.700 |
20961.400 |
18791.200 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
3931.600 |
1849.100 |
4725.400 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1687.200 |
799.500 |
191.800 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2244.400 |
1049.600 |
4533.600 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
1056.600 |
1017.500 |
1029.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1187.800 |
32.100 |
3504.300 |
|
|
|
|
|
|
|
Less |
TAX |
(183.400) |
(295.800) |
186.100 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
1371.200 |
327.900 |
3318.200 |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
931.000 |
255.600 |
(810.000) |
|
|
|
|
|
|
|
|
Adjustment pursuant
to amalgamation |
0.000 |
0.000 |
(51.600) |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
0.000 |
|
|
Proposed Dividend on Preference shares |
0.000 |
0.300 |
0.300 |
|
|
Tax (charge)/credit on Proposed Preference shares dividend |
0.000 |
0.100 |
(0.100) |
|
|
Interim Dividend on Equity shares (amount paid per share INR 20 (Previous Year – INR10)) |
1105.500 |
0.000 |
2200.800 |
|
|
Tax (charge)/credit on Proposed Equity shares dividend |
0.000 |
0.000 |
0.000 |
|
|
Total
|
1105.500 |
0.400 |
2201.000 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
1196.700 |
583.100 |
255.600 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
|
|
5176.700 |
4470.700 |
|
|
Management and Technical fees |
|
44.800 |
37.400 |
|
|
Outlicensing fees |
|
1332.500 |
1784.900 |
|
|
Dividend Income |
|
0.000 |
4338.100 |
|
|
Guarantee Commission Income |
|
21.100 |
50.900 |
|
|
Royalty |
|
0.000 |
0.000 |
|
|
Consultancy fees |
|
0.000 |
3.900 |
|
|
Interest |
|
0.000 |
5.600 |
|
|
Research and Development Services |
|
1013.800 |
48.100 |
|
|
Patent settlement fees |
|
0.000 |
0.000 |
|
|
TOTAL
EARNINGS |
|
7588.900 |
10739.600 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials
and Packing Materials |
|
1282.100 |
1099.600 |
|
|
Components
and Stores parts |
|
98.100 |
218.100 |
|
|
Capital
Goods |
|
609.900 |
1455.700 |
|
|
TOTAL
IMPORTS |
NA |
1990.100 |
2773.400 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
|
|
|
|
Basic |
12.40 |
2.97 |
30.17 |
|
|
Diluted |
12.26 |
2.95 |
29.82 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
1681.200 |
15.500 |
17.600 |
|
Cash generated from operations |
(2100.100) |
(3592.300) |
371.200 |
|
Net cash flows from (used in) operation |
(2350.200) |
(3631.800) |
(534.000) |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net sales |
4399.000 |
5889.300 |
5351.200 |
|
Total Expenditure |
5174.000 |
5357.400 |
5173.400 |
|
PBIDT (Excluding Other Income) |
(775.000) |
531.900 |
177.800 |
|
Other income |
225.000 |
122.300 |
123.100 |
|
Operating Profit |
(550.000) |
654.200 |
300.900 |
|
Interest |
429.200 |
435.000 |
410.400 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
(979.200) |
219.200 |
(109.500) |
|
Depreciation |
265.400 |
257.300 |
267.300 |
|
Profit Before Tax |
(1244.600) |
(38.100) |
(376.800) |
|
Tax |
(228.800) |
291.300 |
(101.600) |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit after tax |
(1015.800) |
253.200 |
(275.200) |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
(1015.800) |
253.200 |
(275.200) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
54.46 |
47.90 |
40.57 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
6.70 |
7.62 |
9.00 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
131.16 |
133.40 |
147.17 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
(0.99) |
0.35 |
0.90 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(0.25) |
0.09 |
0.26 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.63 |
0.53 |
0.63 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.59 |
1.24 |
0.61 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.28 |
0.93 |
1.49 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.75 |
1.42 |
1.31 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(3.14) |
2.31 |
24.64 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(34.20) |
1.47 |
17.59 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(17.32) |
0.71 |
8.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(64.43) |
2.36 |
24.22 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.21 |
1.52 |
0.77 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.86 |
1.10 |
0.51 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.27 |
0.30 |
0.33 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
35.14 |
4.85 |
2.37 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.21 |
1.52 |
0.77 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 5.00/- |
|
Market Value |
INR 748.80/- |
FINANCIAL ANALYSIS
[all figures are
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 |
3535.900 |
3538.000 |
552.700 |
|
Reserves & Surplus |
10165.000 |
10351.800 |
11640.500 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
13700.900 |
13889.800 |
12193.200 |
|
|
|
|
|
|
long-term borrowings |
5677.300 |
11662.800 |
12826.200 |
|
Short term borrowings |
2701.700 |
5500.300 |
6596.300 |
|
Current Maturities of
Long term debt |
17.600 |
15.500 |
1681.200 |
|
Total borrowings |
8396.600 |
17178.600 |
21103.700 |
|
Debt/Equity ratio |
0.613 |
1.237 |
1.731 |
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 |
18865.500 |
22247.400 |
22975.200 |
|
|
|
17.926 |
3.271 |
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 |
18865.500 |
22247.400 |
22975.200 |
|
Profit |
3318.200 |
327.900 |
1371.200 |
|
|
17.59% |
1.47% |
5.97% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
552.700 |
3538.000 |
|
(b) Reserves & Surplus |
|
32814.400 |
35186.100 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
(3) Non-controlling interest |
|
3819.400 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
37186.500 |
38724.100 |
|
|
|
|
|
|
Minority
Interest |
|
0.000 |
4703.700 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
31902.700 |
16541.600 |
|
(b) Deferred tax liabilities
(Net) |
|
397.200 |
475.900 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
942.300 |
653.000 |
|
Total
Non-current Liabilities (3) |
|
33242.200 |
17670.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
6605.600 |
5500.300 |
|
(b) Trade payables |
|
5338.100 |
6376.900 |
|
(c) Other current liabilities |
|
6923.700 |
6216.700 |
|
(d) Short-term provisions |
|
390.800 |
329.400 |
|
Total
Current Liabilities (4) |
|
19258.200 |
18423.300 |
|
|
|
|
|
|
TOTAL |
|
89686.900 |
79521.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
19420.500 |
16557.200 |
|
(ii) Intangible Assets |
|
8305.000 |
8914.500 |
|
(iii) Capital work-in-progress |
|
9712.900 |
9281.800 |
|
(iv) Intangible assets under development |
|
2726.600 |
1078.700 |
|
(b) Non-current Investments |
|
4.500 |
4.500 |
|
(c) Deferred tax assets (net) |
|
1728.400 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
3746.400 |
|
(e) Other Non-current assets |
|
1628.600 |
32.800 |
|
Total
Non-Current Assets |
|
43526.500 |
39615.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
5622.700 |
0.000 |
|
(b) Inventories |
|
11079.500 |
11021.600 |
|
(c) Trade receivables |
|
10344.500 |
12004.700 |
|
(d) Cash and cash equivalents |
|
16036.100 |
14781.100 |
|
(e) Short-term loans and
advances |
|
0.000 |
2098.300 |
|
(f) Other current assets |
|
3077.600 |
0.000 |
|
Total
Current Assets |
|
46160.400 |
39905.700 |
|
|
|
|
|
|
TOTAL |
|
89686.900 |
79521.600 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
40146.100 |
44614.300 |
|
|
Other Income |
|
1142.500 |
969.500 |
|
|
TOTAL
|
|
41288.600 |
45583.800 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
8919.000 |
9363.900 |
|
|
Purchases of Stock-in-Trade |
|
7960.400 |
7322.300 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(258.700) |
(644.100) |
|
|
Employees benefits expense |
|
9665.100 |
9443.000 |
|
|
Other expenses |
|
13598.100 |
13946.700 |
|
|
Exchange fluctuation loss/(gain), net |
|
134.200 |
144.200 |
|
|
TOTAL |
|
40018.100 |
39576.000 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
1270.500 |
6007.800 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
2252.700 |
1012.100 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(982.200) |
4995.700 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
1489.300 |
1425.600 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
(2471.500) |
3570.100 |
|
|
|
|
|
|
|
Less |
TAX |
|
(211.100) |
254.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
(2260.400) |
3315.300 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
|
|
|
Basic |
|
(17.71) |
29.50 |
|
|
Diluted |
|
(17.71) |
29.29 |
|
LEGAL CASES
LITIGATION FILE ATTACHED.
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 |
Yes |
|
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 in India and has its registered office at D-4, MIDC, Chikalthana, Maharashtra, India. The Company and its subsidiaries (the ‘Group’) is a Global Pharmaceutical and Biotech company with presence in USA, UK, Ireland, Mexico, Russia and many other countries. It has manufacturing and research facilities in India, USA & UK and a manufacturing facility in Ireland. The Company has a significant presence in USA, Europe and India. The financial statements were approved by the Board of Directors and authorised for issue on May 04, 2017.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
LONG-TERM
BORROWINGS |
|
|
|
Sales tax deferral loan |
2.400 |
6.700 |
|
Loans from Others |
20.700 |
26.900 |
|
Preference Shares |
3008.500 |
0.000 |
|
Total |
3031.600 |
33.600 |
INDEX OF CHARGE:
|
Charges Registered |
||||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G21842042 |
100050012 |
SBICAP TRUSTEE COMPANY LIMITED |
31/08/2016 |
19/10/2016 |
- |
16745325000.0 |
202, Maker Tower, 'E', Cuffe Parade,ColabaMumbaiMH400005IN |
|
2 |
G49452667 |
10619036 |
SBICAP TRUSTEE COMPANY LIMITED |
27/01/2016 |
26/07/2017 |
- |
13500500000.0 |
202, Maker Tower E Cuffe ParadeColabaMumbaiMH400005IN |
|
3 |
G16311292 |
10612283 |
SBICAP TRUSTEE COMPANY LIMITED |
31/12/2015 |
10/10/2016 |
- |
2500000000.0 |
202, MAKER TOWER, "E",CUFFE PARADEMUMBAIMH400005IN |
|
4 |
C75600189 |
10577341 |
SBICAP TRUSTEE COMPANY LIMITED |
01/07/2015 |
08/01/2016 |
- |
2500000000.0 |
202, Maker Tower E Cuffe ParadeColabaMumbaiMH400005IN |
|
5 |
C75600916 |
10558066 |
SBICAP TRUSTEE COMPANY LIMITED |
30/03/2015 |
08/01/2016 |
- |
6250000000.0 |
202, Maker Tower E Cuffe ParadeColabaMumbaiMH400005IN |
|
6 |
B27629591 |
10253301 |
DEPARTMENT OF BIOTECHNOLOGY |
16/11/2010 |
07/12/2011 |
- |
26152000.0 |
6-8th FLOOR, BLOCK NO. 2,CGO COMPLEX, LODHI ROADNEW DELHIDL110003IN |
|
7 |
G79025870 |
90144213 |
State Bank of India |
09/12/2002 |
15/02/2018 |
- |
4175000000.0 |
CAG Branch, J. N. Heredia Marg,Ballard EstateMumbaiMH400001IN |
|
8 |
Y10242960 |
90143190 |
STATE BANK OF INDIA |
29/12/2000 |
- |
- |
1410000000.0 |
CORPORATE ACCOUNTS BRANCHVOLTAS HOUSE; J.N. HEREDIA MARG; BALLARD ESTATEMUMBAIMH400001IN |
|
9 |
G50183417 |
10199434 |
STATE BANK OF INDIA |
23/11/2009 |
- |
04/08/2017 |
3820000000.0 |
CORPORATE ACCOUNTS GROUP BRANCH,VOLTAS HOSE, 23, J.N. HEREDIA MARGMUMBAIMH400001IN |
|
10 |
G50191691 |
10240133 |
SBICAP TRUSTEE COMPANY LIMITED |
21/08/2010 |
23/02/2016 |
04/08/2017 |
3570000000.0 |
202, Maker Tower, 'E', Cuffe Parade,Colaba,MumbaiMH400005IN |
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 31ST DECEMBER 2017
(INR In Million)
|
Particulars |
Quarter Ended |
Quarter Ended |
9 Months Ended |
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
|
|
|
|
|
Income from Operations |
|
|
|
|
a) Net Sales / Income
from Operations |
5351.200 |
5889.300 |
15639.500 |
|
b) Other Income |
115.600 |
122.300 |
462.900 |
|
Total Income from Operations
(net) |
5466.800 |
8011.600 |
16102.400 |
|
Expenditure |
|
|
|
|
a) Cost of materials
consumed |
1061.500 |
937.200 |
3170.800 |
|
b) Purchase of
stock-in-trade |
1088.000 |
1013.100 |
2817.800 |
|
c) Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
223.400 |
729.300 |
1233.600 |
|
d) Employee benefits
expense |
1237.000 |
1281.600 |
3828.000 |
|
e) Finance Costs |
410.400 |
435.000 |
1274.600 |
|
f) Depreciation and amortisation expense |
267.300 |
257.300 |
790.000 |
|
g) Exchange fluctuation
(gain)/loss |
(7.500) |
16.800 |
39.700 |
|
h) Other expenses |
1563.500 |
1379.400 |
4607.400 |
|
Total Expenses |
5843.600 |
6049.700 |
17761.900 |
|
Profit/ (Loss) from Operations before Other Income,
Exchange gain/(loss), Finance costs and Exceptional items |
(376.800) |
(38.100) |
(1659.500) |
|
Tax
Expenses |
|
|
|
|
Current
Tax |
-- |
-- |
-- |
|
Deferred
tax credit/(charge) |
101.600 |
291.300 |
621.700 |
|
Net
Profit /(Loss) after tax |
(275.200) |
253.200 |
(1037.800) |
|
Other
Comprehensive Income |
|
|
|
|
Items that will not be reclassified to
Profit or Loss (Consisting of re-measurement of net defined benefit
liability/asset) |
(6.000) |
(6.000) |
(18.000) |
|
Income tax relating to
items that will not be reclassified to profit or loss |
3.700 |
2.000 |
7.700 |
|
Other comprehensive
income |
(2.300) |
(4.000) |
(10.300) |
|
Total
Comprehensive Income |
(277.500) |
249.200 |
(1048.100) |
|
Paid-up equity share capital
(Face Value of Rs. 10 per share) |
553.000 |
552.800 |
553.000 |
|
Other Equity |
|
|
|
|
Earnings Per Share (EPS) before and after extraordinary items (of Rs.
10/- each) a) Basic b) Diluted |
(2.49) (2.49) |
2.29 2.29 |
(9.39) (9.39) |
FIXED ASSETS
Tangible Assets
- Freehold land
- Buildings
- Plant and machinery
- Furniture and fixtures
- Vehicles
- Office equipment
Intangible Assets
- Trademarks/technical know-how
- Computer software
CONTINGENT LIABILITIES
AND COMMITMENTS (to the extent not provided for)
(a) Demands by Central Excise authorities in respect of Classification/ Valuation/ Cenvat Credit related disputes; stay orders have been obtained by the Company in case of demands which have been confirmed INR 348.400 million (March 31, 2016 – INR 281.000 million; April 01, 2015 INR 304.500 million).
(b) Demand by Income tax authorities INR 2076.300 million (March 31 2016 – INR 701.000 million; April 01, 2015 INR 700.000 million) disputed by the Company.
(c) Demand by Sales Tax authorities INR 604.600 million (March 31, 2016 – INR 200.300 million; April 01, 2015 INR 126.000 million) disputed by the Company (including INR 13.300 million on account of amalgamation in April 01, 2015).
(d) Claims against Company not acknowledged as debt in respect of electricity expense INR 58.500 million (March 31, 2016 – INR 52.400 million; April 01, 2015 INR 46.500 million) and interest expense INR 45.900 million (March 31, 2016 –INR 46.800 million; April 01, 2015 – INR Nil)
(e) Demand from National Pharmaceutical Pricing Authority (NPPA) in respect of overcharging of certain products disputed by the Company INR 73.000 million (March 31, 2016 – INR 73.000 million; April 01, 2015 – INR 73.000 million)
(f) Comfort to extend financial support, subject to certain approvals, to one of its subsidiaries towards credit facilities availed by the subsidiary, the impact of which is currently not ascertainable.
(g) One of the customer of a step down subsidiary of the Company has brought a claim relating to a commercial dispute over a contract which is sub-judice. The case has been heard in court, however judgement is currently pending. Since the ultimate outcome of the matter cannot presently be determined, no provision for any liability, that may arise, has been made in the financial statements.
(h) Estimated amount of contracts remaining to be executed on capital account and not provided for INR 497.500 million (March 31, 2016 – INR 1276.400 million; April 01, 2015 – INR 1134.700 million) after deducting advance on capital account of INR 91.700 million (March 31, 2016 – INR 289.800 million; April 01, 2015 – INR 173.700 million).
PRESS REALES
WOCKHARDT, TWO OTHERS UNDER LENS FOR
SELLING DRUGS WITHOUT APPROVAL
Wockhardt, Mascot
Health Series and Ambic Aayuchem run the risk of losing their licence for
selling drugs without conducting safety trials
New Delhi: Major drug makers, including Wockhardt Ltd, are under the scanner of the pharma regulator for allegedly launching combination drugs to treat diabetes and fungal infection without mandatory prior approval.
The Central Drug Standards Control Organization (CDSCO) is contemplating cancelling licenses of Wockhardt Ltd, Mascot Health Series Pvt. Ltd and Ambic Aayurchem Ltd for allegedly selling drugs without conducting safety trials, thereby risking the lives of patients.
A drug maker needs approval from the Drug Controller General of India (DCGI) before launching any product.
Mascot health and Wockhardt are being probed for launching and marketing an anti fungal Fixed Dose combination (FDC) -Itraconazole 100 mg and Terbinafine 250 mg tablets in the market without conducting any safety trials, two people aware of the matter said, requesting anonymity.
During the raids conducted by the officials from the Central and state authorities on Thursday, it was found that Haridwar based “Mascot was manufacturing the product without any approval from the central regulator,” said one of the people cited above. The searches will continue on Friday.
Narendra Kukreja, managing director of Mascot Health, denied any such wrong doing. “We are manufacturing products for top notch companies and it is not possible that a product is being launched without taking approval from the regulator. The raids are being carried at our plant in Haridwar. This is a ploy to tarnish our image and am sure we will come out clean,” he said. However, one of the persons cited above said that over 50 products from Kukreja’s manufacturing unit was found to be unregulated. Emails sent to Wochardt did not elicit any response till the time of press.
Significantly, these drugs are not sold anywhere in the world. Another such drug is anti diabetic FDC-Teneligptin Hydrobromide Hydrate 20 mg+Metformin Hcl 500 mg +Pioglitazone Hydrochloride 15 mg manufactured by Ambic Aayurchem in Roorkee. “Globally this combination is not approved. Its poses risk to the patients as clinical trials were not conducted and big companies are violating the rules,” said a senior official in the health ministry.
A fixed dose combination contains two or more drugs combined in a fixed ratio of doses, available in a single dosage form.
Ambic Aayurchem did not respond to the queries till the press time.
“The companies will be issued show cause notices and licenses will be cancelled for launching these drugs without approval. Legal action will be initiated against the companies,” added the official from health ministry.
WOCKHARDT RECEIVES US FDA APPROVAL FOR
ANTIBIOTIC INJECTION
August 7, 2017
Pharmaceutical and biotechnology major Wockhardt has received approval from the United States Food & Drug Administration (US FDA) for an ANDA for 19m, and 2gm injections of Oxacillin.
Oxacillin is a penicillanase-resistant beta-Iactam antibiotic and is used to treat many different infections caused by penicillin-resistant Staphylococcal and other bacterial infections, such as Urinary Tract Infections, Respiratory Tract Infections, Septicemia, Wound Infection, Bacterial meningitis etc.
Wockhardt is expected to launch this product in the United States, soon. The product is being manufactured at a contract manufacturing facility, based near Milan, Italy.
About Wockhardt
Limited
Wockhardt is a Global Pharmaceutical and Biotech company employing over 10,000 people and 27 nationalities with presence in USA, UK, Ireland, Mexico, Russia and many other countries. It has manufacturing and research facilities in India, USA & UK and a manufacturing facility in Ireland. Wockhardt has a significant presence in USA, Europe and India, with 66% of its global revenues coming from international businesses. Wockhardt is home to 600 plus scientists, of whom 70 plus are doctorates. Wockhardt is the only company in the world where USFDA has given QIDP Status (Qualified Infectious Diseases Programme) for 5 of our Anti-bacterial discovery programmes - 2 of them are Gram Negative and 3 Gram Positive. Wockhardt's entire Anti-infective portfolio particularly addresses the specific bacterial organism where resistances are high and breakthrough antibiotics are needed.
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 records 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 63.87 |
|
|
1 |
INR 83.88 |
|
Euro |
1 |
INR 77.04 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
JYO |
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.