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|
MIRA INFORM REPORT
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Report No. : |
500121 |
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Report Date : |
24.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
CADILA HEALTHCARE LIMITED |
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|
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Registered
Office : |
‘Zydus Tower’, Satellite Cross Roads, Sarkhej – Gandhinagar
Highway, Ahmedabad – 380015, Gujarat |
|
Tel. No.: |
91-79-26868235 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
15.05.1995 |
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Com. Reg. No.: |
04-025878 |
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Capital Investment
/ Paid-up Capital : |
INR 1024.000 Million |
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CIN No.: [Company Identification
No.] |
L24230GJ1995PLC025878 |
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IEC No.: [Import-Export Code No.] |
0895001721 |
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TIN No.: |
24073801401 |
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PAN No.: [Permanent Account No.] |
AAACC6253G |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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GSTN : [Goods & Service Tax
Registration No.] |
24AAACC6253G1ZZ |
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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 operates as an integrated pharmaceutical company
with business encompassing the entire value chain in the research, development,
production, marketing and distribution of pharmaceutical products. (Registered Activity) |
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|
|
|
No. of Employees
: |
16885
(Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
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 189000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Cadila healthcare Limited operates as an integrated pharmaceutical company with business encompassing the entire value chain in the research, development, production, marketing and distribution of pharmaceutical products. Cadila healthcare is one of the top ten players in India.
|
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 (30.09.2017) |
Current Rating (31.12.2017) |
|
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 |
CRISIL |
|
Rating |
Long term rating : AA+ |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
13.06.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
13.06.2017 |
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 24.03.2018
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/
Corporate Office : |
‘Zydus Tower’, Satellite Cross Roads, Sarkhej – Gandhinagar Highway, Ahmedabad – 380015, Gujarat, India |
|
Tel. No.: |
91-79-26868235 |
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Fax No.: |
91-79-26732365/ 26732366/ 26862365/ 26862368 |
|
E-Mail : |
investor.grievance@zyduscadila.com
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|
Website : |
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Factory 1 : |
S. No.417, 419 and 420, Sarkhej Bavla National Highway No. 8A, Village Moraiya, Taluka Sanand, District Ahmedabad-382210, Gujarat, India |
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Factory 2 : |
Plot No.203-213, Kundaim Industrial Estate, Ponda – 403401, Goa, India |
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Factory 3 : |
Village Saraj Mujra, P. O.– Baddi, Tehsil – Nalagarh, District – Solan - 173205, Himachal Pradesh, India |
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Topical Plant: |
Plot No. 254/255, Opposite Laxmi Narayan Petrol Pump, Behind Zyfine Chemicals, Sarkhej Bavla, National Highway No. 8A, Changodar Road, Taluka Sanand, District-Ahmedabad - 382 210, Gujarat, India |
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Biologics Unit: |
Survey No. 40P, 23, 25P, 42, 37, Opposite Ramdev Masala, Sarkhej-Bavla, National Highway No. 8A, Changodar, District - Ahmedabad, Gujarat, India |
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API Units 1 : |
Block No. 265/266, Village: Changodar Sarkhej Bavla, National Highway No.8A, GIDC Estate, Ankleshwar, Gujarat, India |
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API Units 2 : |
Dabhasa, Taluka Padra, District Vadodara, Gujarat, India |
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API Units 3 : |
Block No. 162, Ekalbara Umraya Road, Village Dabhasa, Taluka Padra, District Vadodara, Gujarat, India |
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API Units 4 : |
GIDC Estate, Ankleshwar 393 002, Gujarat, India |
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SEZ Unit: |
Plot No. 1 / 1A & 2, “PHARMEZ” (Special Economic Zone) Matoda, Sarkhej-Bavla N.H. No. 8A, Taluka : Sanand, District : Ahmedabad 382 213, Gujarat, India |
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Zydus Research Centre
: |
Survey No. 396 / 403, Sarkhej-Bavla N.H. No. 8A, Moraiya, Ahmedabad 382 213, Gujarat, India |
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Animal Health Unit
: |
Plot No. F-1/1, Sector 6B, IIE SIIDCUL, Haridwar-249403, Uttarakhand, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Dr. Sharvil Pankajbhai Patel |
|
Designation : |
Managing Director |
|
Address : |
16, Azad Society, Ambawadi, Ahmedabad –
380015, Gujarat, India |
|
Date of
Birth/Age : |
13.10.1978 |
|
Date of
Appointment : |
01.08.1997 |
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DIN No.: |
00131995 |
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Name : |
Mr. Ganesh Narayan Nayak |
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Designation : |
Whole-time Director |
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Address : |
3, Ashwamegh, Part V, Satellite, Ahmedabad-380015, Gujarat, India |
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Date of
Birth/Age : |
16.03.1953 |
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Date of
Appointment : |
12.07.2017 |
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DIN No.: |
00017481 |
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Name : |
Mr. Pankaj Ramanbhai Patel |
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Designation : |
Director |
|
Address : |
16, Azad Society, Ambawadi, Ahmedabad –
380015, Gujarat, India |
|
Date of
Birth/Age : |
16.03.1953 |
|
Date of
Appointment : |
15.05.1995 |
|
DIN No.: |
00131852 |
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Name : |
Mr. Humayun Dhanrajgiri |
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Designation : |
Director |
|
Address : |
F 37/38, Dhanraj Mahal, CSM Road, Apollo Bunder, Mumbai-400039,
Maharashtra, India |
|
Date of
Birth/Age : |
02.12.1936 |
|
Date of
Appointment : |
16.08.2003 |
|
DIN No.: |
00004006 |
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|
|
Name : |
Mr. Mukesh Mangalbhai Patel |
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Designation : |
Director |
|
Address : |
"Prakruti", 11, Ashwamegh Bunglow, Part- II Satellite Road,
Ahmedabad- 380015, Gujarat, India |
|
Date of
Birth/Age : |
22.01.1954 |
|
Date of
Appointment : |
01.08.1997 |
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DIN No.: |
00053892 |
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|
|
|
Name : |
Mr. Nitin Raojibhai Desai |
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Designation : |
Director |
|
Address : |
457, Sind Housing Society, Aundh, Pune-411007, Maharashtra, India |
|
Date of
Birth/Age : |
01.11.1943 |
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Date of
Appointment : |
06.05.2011 |
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DIN No.: |
00140239 |
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|
|
|
Name : |
Mr. Apurva Shishir Diwanji |
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Designation : |
Director |
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Address : |
Wyoming Building, 5th Floor, 12-A Little Gibbs Road, Malbar Hill,
Mumbai -400006, Maharashtra, India |
|
Date of
Birth/Age : |
17.01.1969 |
|
Date of
Appointment : |
13.05.2016 |
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DIN No.: |
00032072 |
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Name : |
Mrs. Dharmishta Narendraprasad Rawal |
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Designation : |
Director |
|
Address : |
25, Saurabh Society Drive In Road, Ahmedabad-380009, Gujarat, India |
|
Date of Birth/Age
: |
12.01.1956 |
|
Date of
Appointment : |
16.05.2014 |
|
DIN No.: |
02792246 |
KEY EXECUTIVES
|
Name |
Mr. Upenkumar Harshadlal Shah |
|
Designation |
Company Secretary |
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Address: |
A/306, Swastik Residency, 2, Opera Society Vikas Gruh Road, Paldi Ahmedabad- 380007, Gujarat, India |
|
Date of Appointment
: |
01.01.2003 |
|
PAN No: |
AGSPS7342D |
|
|
|
|
Name |
Mr. Nitinkumar Dalsukhray Parekh |
|
Designation |
Chief Financial Officer |
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Address: |
A-3, Aryaman Bungalows, Near Railway Crossing, Thaltej - Shilaj Road, Ahmedabad – 380059, Gujarat, India |
|
Date of Appointment
: |
10.02.2015 |
|
PAN No: |
AAMPP6584E |
MAJOR SHAREHOLDERS
As on December, 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 % |
|
|
(A) Promoter & Promoter
Group |
765690230 |
74.79 |
|
|
(B) Public |
258052370 |
25.21 |
|
|
Grand Total |
1023742600 |
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 % |
|
|
A1) Indian |
|||
|
Individuals/Hindu
undivided Family |
135000 |
0.01 |
|
|
Pankaj R. Patel |
45000 |
0.00 |
|
|
Pankaj R. Patel (Taraben Patel
Family Will Trust) |
15000 |
0.00 |
|
|
Pankaj Ramanbhai Patel HUF |
15000 |
0.00 |
|
|
Pritiben P. Patel |
15000 |
0.00 |
|
|
Ramanbhai B. Patel HUF |
15000 |
0.00 |
|
|
Sharvil P. Patel |
15000 |
0.00 |
|
|
Shivani P. Patel |
15000 |
0.00 |
|
|
Any
Other (specify) |
765555230 |
74.78 |
|
|
Pripan Investment Private
Limited |
18000 |
0.00 |
|
|
Zydus Family Trust |
765537230 |
74.78 |
|
|
Sub
Total A1 |
765690230 |
74.79 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
765690230 |
74.79 |
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 % |
|
|
B1)
Institutions |
|
|
|
|
Mutual
Funds/ |
42472221 |
4.15 |
|
|
Franklin Templeton Mutual Fund
A/C Franklin India Flexi Cap Fund |
14458359 |
1.41 |
|
|
Foreign
Portfolio Investors |
91798934 |
8.97 |
|
|
Government Pension Global Fund |
10900598 |
1.06 |
|
|
Financial
Institutions/ Banks |
37335593 |
3.65 |
|
|
Life Insurance Corporation of
India |
29884663 |
2.92 |
|
|
Sub
Total B1 |
171606748 |
16.76 |
|
|
B2)
Central Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
Central
Government/ State Government(s)/ President of India |
1702409 |
0.17 |
|
|
Sub
Total B2 |
1702409 |
0.17 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual
share capital upto INR 0.200 Million |
42503857 |
4.15 |
|
|
Individual
share capital in excess of INR 0.200 Million |
9609391 |
0.94 |
|
|
Any
Other (specify) |
32629965 |
3.19 |
|
|
Trusts |
107861 |
0.01 |
|
|
HUF |
1669432 |
0.16 |
|
|
NRI – Repat |
1190541 |
0.12 |
|
|
NRI – Non- Repat |
866074 |
0.08 |
|
|
Overseas corporate bodies |
1305 |
0.00 |
|
|
Clearing Members |
754522 |
0.07 |
|
|
Bodies Corporate |
28040230 |
2.74 |
|
|
Sub
Total B3 |
84743213 |
8.28 |
|
|
B=B1+B2+B3 |
258052370 |
25.21 |
BUSINESS DETAILS
|
Line of Business : |
Subject operates as an integrated pharmaceutical company
with business encompassing the entire value chain in the research,
development, production, marketing and distribution 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 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
: |
16885
(Approximately) |
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Bankers : |
·
The Bank of Tokyo-Mitsubishi UFJ Limited, 9
Raffles Place#01-01 Republic Plaza Singapore NA 048619 ·
Bank of Baroda, Ashram Road Branch,
Vallabh Sadan Opposite Natraj Cinema, Ashram Road, Ahmedabad-380009, Gujarat,
India |
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Facilities : |
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Auditors : |
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Name : |
Mukesh M. Shah and Company Chartered Accountants |
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Address : |
Ahmedabad, Gujarat, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary
Companies/ concerns: |
· Dialforhealth India Limited · Zydus Pharmaceuticals (USA) Inc. [USA] · Dialforhealth Unity Limited · Dialforhealth Greencross Limited · Zydus Healthcare (USA) LLC [USA] · Zydus Healthcare Limited · Sentynl Therapeutics Inc. [USA] · Zydus Wellness Limited Zydus Noveltech Inc. [USA] · Zydus Wellness-Sikkim, a Partnership Firm · Hercon Pharmaceuticals LLC [USA] · Liva Pharmaceuticals Limited Zydus Healthcare S.A. (Pty) Limited [South Africa] · Zydus Technologies Limited · Simayla Pharmaceuticals (Pty) Limited [South Africa] · Biochem Pharmaceutical Industries Limited · Script Management Services (Pty) Limited [South Africa] · Alidac Pharmaceuticals Limited Zydus France, SAS [France] · Zydus Lanka (Private) Limited [Sri Lanka] · Zydus Nikkho Farmaceutica Ltda. [Brazil] · Zydus Healthcare Philippines Inc. [Philippines] · Zydus Pharma Japan Company Limited [Japan] [Liquidated during the year] · Zydus International Private Limited [Ireland] · Laboratorios Combix S.L. [Spain] · Zydus Netherlands B.V. [the Netherlands] · Zydus Pharmaceuticals Mexico SA De CV [Mexico] · ZAHL B.V. [the Netherlands] · Zydus Pharmaceuticals Mexico Services Company SA De C.V. [Mexico] · ZAHL Europe B.V. [the Netherlands] · Etna Biotech S.R.L. [Italy] · Bremer Pharma GmbH [Germany] · Zydus Worldwide DMCC [Dubai] · Alidac Healthcare (Myanmar) Limited [Myanmar] ·
Zydus Discovery DMCC [Dubai] |
|
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Joint Venture
Companies: |
· Zydus Hospira Oncology Private Limited · Bayer Zydus Pharma Private Limited · Zydus Takeda Healthcare Private Limited |
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|
|
Enterprises
significantly influenced by Directors and/or their relatives: |
· Cadmach Machinery Company Private Limited · Western Ahmedabad Effluent Conveyance Company Private Limited · Zydus Hospitals and Healthcare Research Private Limited · Zandra Infrastructure LLP · Zydus Hospitals (Vadodra) Private Limited · Zydus Hospital LLP Zydus Hospitals (Rajkot) Private Limited · C. M. C. Machinery MabS Biotech Private Limited · Cadam Enterprises Zydus Infrastructure Private Limited · Mukesh M. Patel and Company · Cadila Laboratories Private Limited · International Tax and Investments Consultants · Pripan Investment Private Limited · Zandra Herbs and Plantations LLP |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1725000000 |
Equity Shares |
INR 1/- each |
INR 1725.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1023742600 |
Equity Shares |
INR 1/- each |
INR 1024.000 Million |
|
|
|
|
|
The reconciliation in
number of shares is as under: Number of shares at the beginning of the year
|
Particulars |
As at March 31, 2017 |
|
Number of shares at the beginning of the year |
1023742600 |
|
Add: Issued pursuant to sub-division of face value of the shares from INR 5/- each to INR 1/- each * |
-- |
|
Number of shares at
the end of the year |
1023742600 |
The Company has only one class of equity shares having a par value of INR 1/- per share. Each holder of equity share is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting, except in the case of interim dividend. In the event of liquidation of the Company, the equity shareholders shall be entitled to proportionate share of their holding in the assets remaining after distribution of all preferential amounts.
Details of Shareholder holding more than 5% of aggregate Equity Shares of INR 1/- each [as at March 31, 2016: INR 1/- (as at April 1, 2015: INR 5/-) each], fully paid:
|
Name of Shareholders |
As at March 31, 2017 |
|
|
Number of Shares |
% to total share holding |
|
|
Zydus Family Trust |
765537230 |
74.78% |
|
|
|
|
* During the previous year, the face value of the equity shares had been sub-divided from INR 5/- each to INR 1/- each per equity share with effect from October 7, 2015, pursuant to the approval of the members through postal ballot process. Accordingly, number of equity shares under the Authorised, Issued, Subscribed and Paid-up capital had been increased.
FINANCIAL DATA
[all figures are INR
Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1024.000 |
1024.000 |
1024.000 |
|
(b) Reserves &
Surplus |
65159.000 |
61738.000 |
44230.000 |
|
(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) |
66183.000 |
62762.000 |
45254.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
12394.000 |
4300.000 |
5836.000 |
|
(b) Deferred tax
liabilities (Net) |
1055.000 |
1846.000 |
1236.000 |
|
(c) Other long term
liabilities |
82.000 |
139.000 |
239.000 |
|
(d) long-term provisions |
621.000 |
965.000 |
605.000 |
|
Total Non-current
Liabilities (3) |
14152.000 |
7250.000 |
7916.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
15456.000 |
6043.000 |
6796.000 |
|
(b) Trade payables |
11129.000 |
8999.000 |
6713.000 |
|
(c) Other current
liabilities |
3281.000 |
3885.000 |
3300.000 |
|
(d) Short-term provisions |
273.000 |
293.000 |
3395.000 |
|
Total Current Liabilities
(4) |
30139.000 |
19220.000 |
20204.000 |
|
|
|
|
|
|
TOTAL |
110474.000 |
89232.000 |
73374.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
22050.000 |
19986.000 |
17530.000 |
|
(ii) Intangible Assets |
1470.000 |
1562.000 |
151.000 |
|
(iii) Capital
work-in-progress |
6784.000 |
2968.000 |
3669.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
39237.000 |
22166.000 |
17508.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
14271.000 |
9219.000 |
7543.000 |
|
(e) Other Non-current
assets |
5268.000 |
4098.000 |
0.000 |
|
Total Non-Current Assets |
89080.000 |
59999.000 |
46401.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
1009.000 |
4583.000 |
|
(b) Inventories |
9329.000 |
6575.000 |
8043.000 |
|
(c) Trade receivables |
9290.000 |
17073.000 |
10561.000 |
|
(d) Cash and cash
equivalents |
168.000 |
1637.000 |
1294.000 |
|
(e) Short-term loans and
advances |
371.000 |
190.000 |
2019.000 |
|
(f) Other current assets |
2236.000 |
2749.000 |
473.000 |
|
Total Current Assets |
21394.000 |
29233.000 |
26973.000 |
|
|
|
|
|
|
TOTAL |
110474.000 |
89232.000 |
73374.000 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
32307.000 |
70320.000 |
52844.000 |
|
|
Other Income |
5831.000 |
1749.000 |
1852.000 |
|
|
TOTAL |
38138.000 |
72069.000 |
54696.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
9267.000 |
13794.000 |
12861.000 |
|
|
Purchases of Stock-in-Trade |
2288.000 |
4622.000 |
4415.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1470.000) |
502.000 |
(760.000) |
|
|
Employees benefits
expense |
6208.000 |
6958.000 |
6071.000 |
|
|
Other expenses |
12803.000 |
18678.000 |
14916.000 |
|
|
TOTAL |
29096.000 |
44554.000 |
37503.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
9042.000 |
27515.000 |
17193.000 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
111.000 |
265.000 |
428.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
8931.000 |
27250.000 |
16765.000 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2509.000 |
2212.000 |
2119.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
6422.000 |
25038.000 |
14646.000 |
|
|
|
|
|
|
|
Less |
TAX |
(197.000) |
4663.000 |
1935.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
6619.000 |
20375.000 |
12711.000 |
|
|
|
|
|
|
|
|
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
44072.000 |
30658.000 |
17366.000 |
|
|
|
|
|
|
|
|
Items of other
Comprehensive income recognised directly in Retained Earnings: Re-measurement
gains/ [losses] on defined benefit plans [net of tax] |
81.000 |
170.000 |
0.000 |
|
|
|
|
|
|
|
|
Additional depreciation upon revision in useful lives of tangible
assets |
0.000 |
0.000 |
249.000 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Dividends |
3276.000 |
5733.000 |
2457.000 |
|
|
Corporate Dividend Tax
on Dividend |
19.000 |
1058.000 |
450.000 |
|
|
Total |
3295.000 |
6791.000 |
2907.000 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
47315.000 |
44072.000 |
26921.000 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
21280.000 |
44537.000 |
28080.000 |
|
|
TOTAL EARNINGS |
21280.000 |
44537.000 |
28080.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
2916.000 |
3621.000 |
|
|
Packing Materials |
NA |
391.000 |
333.000 |
|
|
Finished goods |
NA |
390.000 |
401.000 |
|
|
Spare Parts |
NA |
782.000 |
428.000 |
|
|
Capital goods |
NA |
1359.000 |
608.000 |
|
|
TOTAL IMPORTS |
NA |
5838.000 |
5391.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
6.47 |
19.9 |
12.42 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
2619.000 |
3347.000 |
3174.000 |
|
Cash generated from operations |
13997.000 |
23702.000 |
13407.000 |
|
Net cash from operating activities |
12919.000 |
19540.000 |
10837.000 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
10554.000 |
17383.000 |
15738.000 |
|
Total Expenditure |
8570.000 |
10883.000 |
11646.000 |
|
PBIDT (Excl OI) |
1984.000 |
6500.000 |
4092.000 |
|
Other Income |
520.000 |
674.000 |
580.000 |
|
Operating Profit |
2504.000 |
7174.000 |
4672.000 |
|
Interest |
119.000 |
240.000 |
27.000 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
2385.000 |
6934.000 |
4645.000 |
|
Depreciation |
664.000 |
702.000 |
778.000 |
|
Profit Before Tax |
1721.000 |
6232.000 |
3867.000 |
|
Tax |
807.000 |
1734.000 |
803.000 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
914.000 |
4498.000 |
3064.000 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
914.000 |
4498.000 |
3064.000 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
104.96 |
88.62 |
72.95 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
3.48 |
4.12 |
5.00 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
351.54 |
178.36 |
141.83 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.97 |
4.18 |
2.14 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.30 |
1.12 |
0.81 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.41 |
0.30 |
0.40 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.46 |
0.22 |
0.35 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.46 |
0.31 |
0.45 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.46 |
0.39 |
0.47 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
81.46 |
103.83 |
40.17 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
20.49 |
28.97 |
24.05 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
5.99 |
22.83 |
17.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
10.00 |
32.46 |
28.09 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.71 |
1.52 |
1.34 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.40 |
1.18 |
0.94 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.60 |
0.70 |
0.62 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
29.75 |
13.37 |
15.44 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.71 |
1.52 |
1.34 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 1.00 |
|
Market Value |
INR 369.00 |
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 |
1024.000 |
1024.000 |
1024.000 |
|
Reserves & Surplus |
44230.000 |
61738.000 |
65159.000 |
|
Net
worth |
45254.000 |
62762.000 |
66183.000 |
|
|
|
|
|
|
long-term borrowings |
5836.000 |
4300.000 |
12394.000 |
|
Short term borrowings |
6796.000 |
6043.000 |
15456.000 |
|
Current maturities of
long-term debts |
3174.000 |
3347.000 |
2619.000 |
|
Total
borrowings |
15806.000 |
13690.000 |
30469.000 |
|
Debt/Equity
ratio |
0.349 |
0.218 |
0.460 |
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 |
52844.000 |
70320.000 |
32307.000 |
|
|
|
33.071 |
(54.057) |
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 |
52844.000 |
70320.000 |
32307.000 |
|
Profit |
12711.000 |
20375.000 |
6619.000 |
|
|
24.05% |
28.97% |
20.49% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1024.000 |
1024.000 |
|
(b) Reserves &
Surplus |
|
68576.000 |
55968.000 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
(3) Non-Controlling
Interests |
|
1561.000 |
1358.000 |
|
Total Shareholders’ Funds
|
|
71161.000 |
58350.000 |
|
|
|
|
|
|
(4) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
24684.000 |
8964.000 |
|
(b) Deferred tax
liabilities (Net) |
|
1164.000 |
2009.000 |
|
(c) Other long term
liabilities |
|
628.000 |
366.000 |
|
(d) long-term provisions |
|
1512.000 |
1207.000 |
|
Total Non-current
Liabilities |
|
27988.000 |
12546.000 |
|
|
|
|
|
|
(5) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
24769.000 |
12109.000 |
|
(b) Trade payables |
|
16736.000 |
13081.000 |
|
(c) Other current
liabilities |
|
10980.000 |
8907.000 |
|
(d) Short-term provisions |
|
573.000 |
513.000 |
|
Total Current Liabilities
(4) |
|
53058.000 |
34610.000 |
|
|
|
|
|
|
TOTAL |
|
152207.000 |
105506.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
32904.000 |
26067.000 |
|
(ii) Intangible Assets |
|
24647.000 |
11412.000 |
|
(iii) Capital
work-in-progress |
|
15433.000 |
9508.000 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
3857.000 |
2171.000 |
|
(c) Deferred tax assets
(net) |
|
5170.000 |
5185.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current
assets |
|
9973.000 |
8359.000 |
|
Total Non-Current Assets |
|
91984.000 |
62702.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
491.000 |
1991.000 |
|
(b) Inventories |
|
18037.000 |
13371.000 |
|
(c) Trade receivables |
|
22775.000 |
17466.000 |
|
(d) Cash and cash
equivalents |
|
15435.000 |
6387.000 |
|
(e) Short-term loans and
advances |
|
0.000 |
0.000 |
|
(f) Other current assets |
|
3485.000 |
3589.000 |
|
Total Current Assets |
|
60223.000 |
42804.000 |
|
|
|
|
|
|
TOTAL |
|
152207.000 |
105506.000 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
94295.000 |
94268.000 |
|
|
Other Income |
|
1286.000 |
1156.000 |
|
|
TOTAL |
|
95581.000 |
95424.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
18310.000 |
19750.000 |
|
|
Purchases of
Stock-in-Trade |
|
17529.000 |
11320.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(1388.000) |
(111.000) |
|
|
Employees benefits expense |
|
15002.000 |
12616.000 |
|
|
Other expenses |
|
25806.000 |
27388.000 |
|
|
Exceptional Items |
|
3.000 |
25.000 |
|
|
TOTAL |
|
75262.000 |
70988.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION
|
|
20319.000 |
24436.000 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
450.000 |
528.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
19869.000 |
23908.000 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
3750.000 |
2921.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
16119.000 |
20987.000 |
|
|
|
|
|
|
|
Less |
TAX |
|
1289.000 |
1774.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
14830.000 |
19213.000 |
|
|
|
|
|
|
|
Add |
SHARE OF PROFIT OF
JOINT VENTURES [NET OF TAX] |
|
338.000 |
430.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) FOR THE
YEAR |
|
15168.000 |
19643.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
14.82 |
19.19 |
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 |
No |
|
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 |
COMPANY OVERVIEW:
The Company a Company limited by shares, incorporated and
domiciled in India, operates as an integrated pharmaceutical company with
business encompassing the entire value chain in the research, development,
production, marketing and distribution of pharmaceutical products. The product
portfolio of the Company includes Active Pharmaceutical Ingredients [API],
animal health and veterinary and human formulations. The Company’s shares are
listed on the National Stock Exchange of India Limited [NSE] and BSE Limited.
The registered office of the Company is located at “Zydus Tower”, Satellite
Cross Roads, Sarkhej-Gandhinagar Highway, Ahmedabad - 380015.
MANAGEMENT DISCUSSION
AND ANALYSIS
Global economy
Global economic growth was erratic in 2016 following slower growth in trade, moderated investments and political uncertainty in advanced economies. Global growth was projected to decelerate to 3.1% in 2016 and recover to 3.4% in 2017. This reflected a subdued approach following the Brexit referendum. Long-term prospects of emerging market economies improved following a visible moderating of interest rates in advanced economies and stronger commodity prices.
Asia and India demonstrated robust growth. Among advanced economies, activity rebounded in the US. Long-term nominal and real interest rates strengthened in the UK and the US since the November 2016 American Presidential election. Though the currencies of advanced commodity exporters strengthened commodity prices, several emerging market currencies depreciated.
Indian economy
The Economic Survey 2015-16 had predicted the Indian economy to register the GDP growth rate in the range of 7 to 7.75 per cent in the year 2016-17. The economy was indeed treading along that path and clocked 7.2 per cent in the first half of the current financial year, as per the estimates released by the Central Statistics Office (CSO). However, consequent upon the radical measures initiated in November 2016 in the form of demonetization of INR 1000 and INR 500 currency notes, the Indian economy experienced a slowdown in the growth rate that could be lower than the first advance estimates of CSO. The first advance estimates released in early January 2017 were arrived at mainly based on data prior to demonetisation and largely reflect the economic situation prevailing in the first seven to eight months of the financial year. Even the likely reduction in the rate of real GDP growth of 1/4 percentage points to 1/2 percentage points relative to the baseline of about 7 per cent still makes India’s growth noteworthy given the weak and unsettled global economy which posted a growth rate of a little over 3 per cent in 2016.
At the sectoral level, growth of agriculture and allied sectors improved significantly in 2016-17 following the normal monsoon. Growth in the industrial sector moderated during 2016-17 while the service sector continued to be the dominant contributor to the overall growth of the economy.
Global
pharmaceuticals space
The life sciences sector’s growth correlates highly with countries’ general economic strength and health care spending levels, and both of these vary widely around the globe. And while spending growth is expected to pick up, the pressure to reduce costs, increase efficiency, and prove value remains intense. Because of these contradictory trends, global health care spending is expected to increase by a low single digit
Spending growth in pharmaceuticals (pharma), biotechnology (biotech), and medical technologies (medtech) is projected to follow an upward trend due to increasing demand, but pricing challenges would remain a part of the competitive landscape.
Demand for generic drugs should continue to rise as payers pursue avenues to reduce costs. In the United States, generic drugs already comprise about 70% of the pharma market by volume
Pharma companies are adapting to current market dynamics and positioning themselves for growth through portfolio transformation, targeted deal-making, cost-cutting measures, and sharpened focus on high-performing therapeutic area and geographic markets.
India market
The year gone by was a challenging one for the Indian
Pharmaceutical Industry as it faced couple of challenges during the year
impacting its growth. National Pharmaceutical Pricing Authority (NPPA) announced
reduction in the prices of more drugs in the beginning of the financial year,
affecting the pricing of such drugs adversely. As a result of this, portfolio
of products under the National List of Essential Medicines (NLEM) de-grew in
value terms though it registered volume growth during the year. Apart from
this, Government of India, during the last quarter of the previous financial
year 2015-16, banned the sale, manufacture and distribution of a large number
of fixed dose combination drugs. Impact of this ban continued during the
current year as well although the Delhi High Court quashed the ban in the later
part of the year. Sale of fixed dosage combinations drugs de-grew during the
year both in the value and volume terms. Apart from the above two factors
Central Government’s decision to demonetize INR 500 and INR 1000 currency notes
announced on 8th November,2016 also had an impact on the Indian Pharmaceutical
Industry.
Anti-infective was the largest therapeutic area, accounting for around 14% of the market while the anti-diabetic was the fastest growing therapeutic area during the year with the growth of around 19%
Year 2016-17 for the
company
The year gone by, though a challenging one on the business front, turned out to be quite an encouraging one on the regulatory front. Two of the Company’s largest businesses namely US formulations and India formulations continued to face different challenges.
US business got impacted due to lack of significant new product approvals and a difficult pricing environment. Company’s Moraiya formulations facility, the largest manufacturing facility remained under warning letter resulting in non-receipt of new product approvals from that site during the year, though the receipt of new product approvals from other sites continued.
However, in the last quarter of the year, the Company completed USFDA inspection at Moraiya formulations facility without any 483 observations. Apart from Moraiya, oral solids manufacturing facilities in Ahmedabad SEZ and Baddi and topical manufacturing facility in Ahmedabad also completed USFDA inspections. The year also marks Company’s foray into the specialty pain market in the US with the acquisition of Sentynl Therapeutics Inc., a US based specialty pharmaceutical company.
Company’s India formulations business, the second largest contributor to the consolidated revenues, got impacted primarily on account of reduction in prices of more drugs announced by National Pharmaceutical Pricing Authority (NPPA) during the year and the government’s decision to ban fixed dosage combination drugs.
Overall, the consolidated revenues of the Company was flat y-o-y at INR 96.3 bn. However, with the successful completion of regulatory inspections at major formulations manufacturing sites, the Company expects to get back to the growth trajectory. Analysis of the performance of different business verticals is given below.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Term Loans from
Banks |
|
|
|
External Commercial Borrowings in Foreign Currency |
11484.000 |
2651.000 |
|
From Others |
45.000 |
55.000 |
|
Short-term
borrowings |
|
|
|
Working Capital Loans from Banks |
7791.000 |
4975.000 |
|
Total |
19320.000 |
7681.000 |
|
Terms of Repayment
for Unsecured Long Term Borrowings: a Foreign Currency Loans: i ECB of USD 20 Million is repayable in three yearly installments starting from December 26, 2016 along with interest for the period. The first installment is of USD 6 Million and the last two installments are of USD 7 Million each. Interest rates are reset every month at the rate of 1 month USD LIBOR plus 120 bps p.a. The outstanding amount as at March 31, 2017 is INR 908.000 [as at March 31, 2016: INR 1326.000] Million. ii ECB of USD 20 Million is repayable on July 10, 2018 along with accrued interest for the period. Interest rate is reset every month at the rate of 1 month USD LIBOR plus 99 bps p.a. The outstanding amount of loan as at March 31, 2017 is INR 1298.000 [as at March 31, 2016: INR 1.325.000] Million. iii ECB of USD 30 Million is repayable in three yearly installments starting from January 17, 2020 along with interest for the period. Interest rates are reset every month at the rate of 1 month USD LIBOR plus 100 bps p.a. The outstanding amount as at March 31, 2017 is INR 1946.000 [as at March 31, 2016: INR Nil] Million. iv ECB of USD 20 Million is repayable in three yearly installments starting from March 1, 2020 along with interest for the period. Interest rates are reset every month at the rate of 1 month USD LIBOR plus 100 bps p.a. The outstanding amount as at March 31, 2017 is INR 1298.000 [as at March 31, 2016: INR Nil] Million. v ECB of USD 100 Million is repayable in three yearly installments starting from March 27, 2021 along with interest for the period. Interest rates are reset every month at the rate of 1 month USD LIBOR plus 110 bps p.a. The outstanding amount as at March 31, 2017 is INR 6488.000 [as at March 31, 2016: INR Nil] Million. b Rupee Loans: i Loan from Department of Science and Technology is repayable in ten yearly equal installments starting from November 1, 2012 along with interest @ 3% p.a. Interest accrued up to October 31, 2012 will be payable in 5 yearly installments along with repayment installment starting from November 1, 2012. The outstanding amount as at March 31, 2017 is INR 51 [as at March 31, 2016: INR 61.000] Million. ii Biotechnology Industry Research Assistance Council [BIRAC] has sanctioned a loan of INR 12.000 Million @ 2% p.a. interest rate. Out of the sanctioned amount, BIRAC has disbursed INR 4.000 Million on December 28, 2015. The loan is repayable in ten equal half-yearly installments starting from August 25, 2019 along with interest accrued thereon. The outstanding amount as at March 31, 2017 is INR 4.000 [as at March 31, 2016: INR 4.000] Million. Short-term borrowings PCFC loans are payable during April, 2017 to September, 2017 and availed at interest in the range of Nil bps to ten bps over 1 month USD LIBOR and working capital loans which are, repayable on demand, is availed at the interest rate of 8.75% p.a. |
||
INDEX
OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C74641796 |
10610473 |
Citi Bank N.A. |
24/12/2015 |
- |
- |
2250000000.0 |
CITIBANK BUILDING, 110, THOMSON BOULEVARD,NASSAUNA0BS |
|
2 |
G72990658 |
10504520 |
The Bank of Tokyo Mitsubishi UFJ Limited |
28/05/2014 |
27/12/2017 |
- |
1204040000.0 |
9, Raffles Place,# 01-01, Republic Plaza,SingaporeNA048619SG |
|
3 |
G15439086 |
10396390 |
BANK OF BARODA |
21/12/2012 |
26/09/2016 |
- |
14500000000.0 |
ASHRAM ROAD BRANCH, VALLABH SADANOPP. NATRAJ CINEMA, ASHRAM ROADAHMEDABADGJ380009IN |
|
4 |
G69364826 |
10516028 |
Citi Bank N.A. |
07/08/2014 |
- |
13/11/2017 |
930000000.0 |
Citibank Building110, Thompson Boulevard,NassuBahmasNA0BS |
|
5 |
G43430131 |
10430802 |
THE BANK OF TOKYO-MITSUBISHI UFJ LTD |
31/05/2013 |
- |
19/04/2017 |
1124860000.0 |
9 RAFFLES PLACE#01-01 REPUBLIC PLAZASINGAPORENA048619SG |
|
6 |
G02862118 |
10456406 |
BARCLAYS BANK PLC |
10/10/2013 |
- |
11/04/2016 |
1300000000.0 |
1 CHURCHILL PLACEE 14 5 HPLONDONNA1026167GB |
|
7 |
C74677675 |
10332648 |
THE BANK OF NOVA SCOTIA ASIA LIMITED |
24/01/2012 |
- |
05/01/2016 |
1020000000.0 |
ONE REFFLES QUAY, # 20-01 NORTH TOWERSINGAPORENA048583SG |
|
8 |
C62902473 |
10465522 |
Citi Bank N.A. |
21/11/2013 |
- |
25/08/2015 |
945000000.0 |
CITIBANK BUILDING,110 THOMSON BOULEVARDNASSUNA0BS |
|
9 |
C42893172 |
10323573 |
BANK OF AMERICA N.A. |
12/12/2011 |
- |
22/01/2015 |
384000000.0 |
1ST FLOOR,DLF CENTRESANSAD MARGNEW DELHIDL110001IN |
|
10 |
C36456838 |
10201696 |
IDBI TRUSTEESHIP SERVICES LIMITED |
19/02/2010 |
- |
12/12/2014 |
500000000.0 |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,Ballard Estate,MUMBAIMH400001IN |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
a. Claims against the Company not acknowledged as debts |
104.000 |
117.000 |
|
- Net of advance of |
4.000 |
4.000 |
|
- Includes in respect of Amalgamated {*} Companies |
2.000 |
2.000 |
|
b. i. In respect of guarantees given by Banks and/ or
counter guarantees given by the Company |
198.000 |
165.000 |
|
ii. In respect of corporate guarantees given by the
Company to Banks for the outstanding dues of loans availed by some of the subsidiary
companies |
21751.000 |
12192.000 |
|
c. Other money for which the Company is contingently
liable: |
|
|
|
i. In respect of the demands raised by the Central Excise,
State Excise & Service Tax Authority |
348.000 |
298.000 |
|
- Net of advance of |
27.000 |
23.000 |
|
- Includes in respect of Amalgamated {*} Companies |
9.000 |
9.000 |
|
ii. In respect of the demands raised by the Ministry of
Chemicals & Fertilizers, Govt. of India under Drug Price Control Order, 1979/
1995 for difference in actual price and price of respective bulk drug allowed
while fixing the price of certain formulations and disputed by the Company,
which the Company expect to succeed based on the legal advice |
68.000 |
136.000 |
|
- Net of advance of |
43.000 |
163.000 |
|
- Includes in respect of Amalgamated {*} Companies |
25.000 |
49.000 |
|
iii. In respect of Income Tax matters pending before
appellate authorities which the Company expects to succeed, based on
decisions of Tribunals/ Courts |
40.000 |
8.000 |
|
- Net of advance of |
16.000 |
19.000 |
|
iv. In respect of Sales Tax matters pending before
appellate authorities/ Court which the Company expects to succeed, based on
decisions of Tribunals/ Courts |
150.000 |
118.000 |
|
- Net of advance of |
37.000 |
31.000 |
|
v. Letters of Credit for Imports |
1.000 |
2.000 |
|
vi. The Company has imported certain capital equipment at
concessional rate of custom duty under “Export promotion of Capital Goods Scheme”
of the Central Government. The Company has undertaken an incremental export
obligation to the |
|
|
|
- extent of US $ Millions |
7.000 |
17.000 |
|
- equivalent to INR Millions approximately |
458.000 |
1136.000 |
|
to be fulfilled during a specified period as applicable from the date of imports. The unprovided liability towards custom duty payable thereon in respect of unfulfilled export obligations |
76.000 |
189.000 |
|
[*] represents contingent liabilities taken over by the Company under the Scheme of Arrangement and Amalgamation of Cadila Laboratories Limited and erstwhile Cadila Chemicals Limited, Cadila Antibiotics Limited, Cadila Exports Limited and Cadila Veterinary Private Limited with the Company w.e.f. June 1, 1995. |
||
STATEMENT OF
RESULTS FOR THE QUARTER AND NINE MONTHS ENDED As on 31.12.2017
(INR In Million)
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
Revenue from Operations |
|
|
|
|
Sales |
154046.000 |
16919.0000 |
41969.000 |
|
Other Operating Income |
692.000 |
464.000 |
1706.000 |
|
Total Income from
Operations (Net) |
154738.000 |
17383.000 |
43675.000 |
|
Other Income |
580.000 |
674.000 |
1774.000 |
|
Total Income |
16318.000 |
18057.000 |
45449.000 |
|
Expenditure |
|
|
|
|
Cost of material Consumed |
4333.000 |
4191.000 |
11557.00 |
|
Purchase of Stock-in trade |
831.000 |
521.000 |
2239.000 |
|
Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(618.000) |
365.000 |
(1114.000) |
|
Excise Duty on Sales |
0.000 |
0.000 |
127.000 |
|
Employees Benefit Expenses |
1948.000 |
1981.000 |
5704.000 |
|
Finance Costs |
27.000 |
240.000 |
386.000 |
|
Depreciation and Amortization Expenses |
778.000 |
702.000 |
2144.000 |
|
Other expenses |
5152.000 |
3825.000 |
12586.000 |
|
Total Expenses |
12451.000 |
11825.000 |
33629.000 |
|
Profit from
Exceptional Items, Tax and Share of profit / (Loss) of Joint Ventures |
3867.000 |
6232.000 |
11820.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Profit from before Tax
and Share of Profit / (Loss) of Joint Ventures |
3867.000 |
6232.000 |
11820.000 |
|
Tax Expense |
|
|
|
|
- Current Tax |
824.000 |
1298.000 |
2477.000 |
|
- Deferred Tax |
(21.000) |
436.000 |
867.000 |
|
|
803.000 |
1734.000 |
3344.000 |
|
Profit from before
Share of Profit / (Loss) of Joint Ventures |
3064.000 |
4498.000 |
8476.000 |
|
Share of Profit / (Loss) of Joint Ventures |
0.000 |
0.000 |
0.000 |
|
Net Profit for the year
before Non-Controlling Interests |
3064.000 |
4498.000 |
8476.000 |
|
Non-Controlling Interests |
0.000 |
0.000 |
0.000 |
|
Net Profit after
taxes, Non-Controlling Interests and Share of Profit / (Loss) of Joint
Ventures |
3064.000 |
4498.000 |
8476.000 |
|
Other Comprehensive
Income (OCI) |
|
|
|
|
Items that will rot be reclassified to profit Of loss: |
|
|
|
|
Re-measurement gains/ (losses) on post employment defined benefit plans |
(70.000) |
(114.000) |
(209.000) |
|
Net Gain/ (Loss) on Fair Value throu9h OCI Equity securities |
153.000 |
93.000 |
494.000 |
|
Income tax effect on above items |
15.000 |
25.000 |
45.000 |
|
Total |
98.000 |
4.000 |
330.000 |
|
Items that will be reclassified to profit or loss: |
|
|
|
|
Exchange differences on translation of foreign operations |
0.000 |
0.000 |
0.000 |
|
Income tax effect on above items |
0.000 |
0.000 |
0.000 |
|
Total |
98.000 |
4.000 |
330.000 |
|
Share of OCI of joint ventures (net of tax) |
|
|
|
|
Other Comprehensive Income for the year, net of tax |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Total Comprehensive
Income |
3162.000 |
4502.000 |
8806.000 |
|
|
|
|
|
|
Total Comprehensive
Income for the year attributable to: |
3162.000 |
4502.000 |
8806.000 |
|
Owners of the Parent |
|
|
|
|
Non-controlling Interests |
|
|
|
|
Paid-up equity share capital (face value of INR 1 each per share) |
1024.000 |
1024.000 |
1024.000 |
|
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
|
|
|
|
Earning Per Share (of INR 1 each) (not annualized) |
|
|
|
|
Basic EPS |
2.99 |
4.39 |
8.28 |
|
Diluted EPS |
2.99 |
4.39 |
8.28 |
Notes:
1. The above financial results for the quarter and nine months ended December 31, 2017 were reviewed by the Audit Committee on February 7, 2018 and thereafter approved and taken on record by the Board of Directors at their meeting held on February 8, 2018.
2. The Statutory Auditors of the Company have carried out a "Limited
Review" of the above financial results for the quarter and nine months
ended December 31, 2017 pursuant to Regulation 33 of SEBI (Listing obligation
and Disclosure Requirements) Regulations, 2015.
3. The Government of India introduced the Goods and Service Tax (GST) with
effect from July 1, 2017 which replaces excise duty and various other indirect
taxes. As per Ind AS 18, Revenue from operations for the quarter ended December
31, 2017 is reported net of GST. Revenue from operations for the periods upto
June 30, 2017 are reported inclusive of excise duty, which is now subsumed in
GST. Revenue from operations for the nine months ended December 31, 2017
includes excise duty upto June 30, 2017.
4. The Scheme of Amalgamation between Zydus Healthcare Limited ['ZHL'] and
Biochem Pharmaceutical Industries Limited ['Biochem'] ['Scheme-1'], both 100%
subsidiaries of the Company, was approved by the Hon'able National Company law
Tribunal, Ahmedabad Bench (NCLT) vide its order dated March 15, 2017 and has
been made effective from March 27, 2017. The Scheme-1 entails amalgamation of
Biochem with ZHL from appointed date of March 31, 2016. Corresponding figures
for the quarter/ nine months ended December 31, 2016 have been recast/
regrouped to give effect of the Scheme-1.
5. The Scheme erf Arrangement between the Company, ZHL and their respective
shareholders and creditors (Scheme-2') was sanctioned by NCLT vide its order
dated May 18, 2017. The Scheme-2 entails transfer of the India Human
Formulations Undertaking ['IHFU'] of the Company which was transferred to and
vested in ZHL on a going concern basis by way of a Slump Sale for a lump sum
cash consideration from its appointed date of April 1, 2016. The Scheme-2 was
made effective from May 19, 2017. Pursuant to the Scheme-2, the Company has
transferred assets and Nabffities pertaining to IHFU at their respective
carrying value as at April 1, 2016. Corresponding figures for the quarter/ nine
months ended December 31, 2016 have been recast/ regrouped to give effect of
the Scheme-2.
6. Figures of previous reporting periods have been regrouped/ reclassified
wherever necessary to correspond with the figures of the current reporting
period
7. The Company has one segment of activity viz., 'Pharmaceuticals'.
FIXED ASSETS
- Freehold Land
- Leasehold Land
- Building
- Plant and Equipments
- Furniture and Fixture
- Vehicles
- Office Equipment
WEBSITE DETAILS
NEWS/ PRESS RELEASE
ZYDUS CADILA GETS USFDA
NOD FOR TIZANIDINE TABLETS
March 13, 2018
The approval by the
US Food and Drug Adminstration (USFDA) is for multiple strengths of 2 mg and 4
mg, the company said in a BSE filing.
Cadila Healthcare today said its group firm Zydus Cadila has received final approval from the US health regulator for its generic version of Tizanidine tablets used for treatment of muscle spasms.
The approval by the US Food and Drug Adminstration (USFDA) is for multiple strengths of 2 mg and 4 mg, the company said in a BSE filing.
The tablets will be manufactured at the group's formulations manufacturing facility at SEZ, Ahmedabad, the company added.
Tizanidine tablets are used to treat muscle spasms caused by certain conditions such as multiple sclerosis, spinal cord injury, it said.
The group has more than 180 approvals with over 320 abbreviated new drug approvals (ANDAs) filed since 2003-04, the company said.
CADILA HEALTHCARE Q3
BEATS ESTIMATES, PROFIT GROWS 68% DESPITE SIGNIFICANT RISE IN TAX COST
OPERATING PROFIT
DURING THE QUARTER SURGED 99.9 PERCENT TO INR 8412.000 MILLION AND MARGIN
EXPANDED BY 770 BASIS POINTS TO 25.8 PERCENT COMPARED TO YEAR-AGO
February 08, 2018
Cadila Healthcare has reported healthy growth of 67.7 percent year-on-year in consolidated net profit at INR 5433.000 Million despite significant rise in tax cost, driven by fantastic operational and revenue performance.
Profit for the year-ago period was at INR 3239.000 Million. The growth was also aided by other income which increased 148 percent YoY to INR 411.000 Million in Q3.
Consolidated revenue from operations shot up 41 percent to INR 32596.000 Million for quarter ended December 2017, compared to INR 23111.000 Million in corresponding quarter last fiscal.
Operating profit during the quarter surged 99.9 percent to Rs 8412.000 Million and margin expanded by 770 basis points to 25.8 percent compared to year-ago.
Earnings beat analyst expectations. Profit was estimated at INR 5100.000 Million and operating income at INR 8090.000 Million with margin at 25 percent for the quarter, according to average of estimates of analysts polled by CNBC-TV18.
Tax expenses for the quarter stood at INR 1786.000 Million, which increased sharply compared to INR 81.000 Million in same period last year.
During the quarter, the company received approval for 24 new products for the US market and filed 10 additional abbreviated new drug applications (ANDAs) with the USFDA.
It launched 2 new products in the US in Q3 while in India, it launched 12 new products.
March 08, 2018
Zydus partners
Medicure to launch cholesterol drug in US
"The launch of
ZYPITAMAG, which is used to manage cholesterol levels, marks the first branded
product launch for Zydus in the US," the company said in a regulatory
filing.
Drug firm Zydus Cadila has entered into a definitive agreement with US-based Medicure International Inc to commercialise its new drug application product pitavastatin magnesium in the US.
"The launch of ZYPITAMAG, which is used to manage cholesterol levels, marks the first branded product launch for Zydus in the US," the company said in a regulatory filing.
Zydus Cadila said as part of this agreement, it will hold the new drug application (NDA) and Medicure will be responsible for the sales and marketing of ZYPITAMAG.
Zydus Cadila has entered into an agreement with Medicure International Inc., a subsidiary of Medicure Inc.
ZYPITAMAG has been approved in strengths of 1 mg, 2 mg and 4 mg.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON DESIGNATED
PARTY
No 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 65.06 |
|
UK Pound |
1 |
INR 92.06 |
|
Euro |
1 |
INR 80.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYTK |
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.