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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

507065

Report Date :

04.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

SANOFI INDIA LIMITED (w.e.f. 11.05.2012)

 

 

Formerly Known As :

AVENTIS PHARMA LIMITED (w.e.f. 2001)

 

HOECHST MARION ROUSEEL LIMITED (w.e.f. 01.01.1996)

 

HOECHST INDIA LIMITED (w.e.f. 1984)

 

HOECHST PHARMACEUTICALS PRIVATE LIMITED (w.e.f. 1959)

 

HOECHST-FEDCO PHARMA PRIVATE LIMITED

 

 

Registered Office :

Sanofi House, CTS No. 117-B, L&T Business Park, Gat No. 6, Saki Vihar Road, Powai, Mumbai - 400072, Maharashtra

Tel. No.:

91-22-28032000

 

 

Country :

India

 

 

Financials (as on) :

31.12.2017

 

 

Date of Incorporation :

02.05.1956

 

 

Com. Reg. No.:

11-009794

 

 

Capital Investment / Paid-up Capital :

INR 230.000 Million

 

 

CIN No.:

[Company Identification No.]

L24239MH1956PLC009794

 

 

IEC No.:

[Import-Export Code No.]

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

GSTN :

[Goods & Service Tax Registration No.]

Not Divulged

 

 

Legal Form :

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

 

 

Line of Business :

Manufacturing and Trading of Drugs and Pharmaceuticals. (Registered activity)

 

 

No. of Employees :

3239 (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

 

Status :

Excellent

 

 

Payment Behaviour :

Regular 

 

 

Litigation :

Exist

 

 

Comments :

Subject was incorporated in the year 1956. It is a subsidiary of Hoechst GMBH, Germany.

 

The company is a manufacturer and exporter of pharmaceutical products.

 

As per the financial of December 2017, the company has achieved an average growth of 2.96% in its revenue as compared to the previous year’s revenue and has gained a favourable profitability margin.

 

The strong financial position of the company is marked by robust networth base along with zero debt balance sheet profile and comfortable liquidity parameter.

 

Rating takes into consideration the company’s satisfactory Earnings Per Share (EPS) of INR 141.74 as against its Face Value (FV) of INR 10.

 

The company has its share price trading at around INR 4920 on BSE as on May 2, 2018 as against the Face Value (FV) of INR 10.

 

Rating also takes into consideration the strength that the company derives from its holding company and its experienced management team and company’s long established track record.

 

Business is active. Payments are reported to be regular.

 

In view of healthy financial position and strong managerial support, the company can be considered good for normal business dealings at usual trade terms and condition.

 

 

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

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

RBI DEFAULTERS’ LIST STATUS

 

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

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2018.

 

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

 

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 04.05.2018

 

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

 

INFORMATION DENIED

 

MANAGEMENT NON-COOPERATIVE (TEL NO.: 91-22-28032000)

 

 

LOCATIONS

 

Registered Office :

Sanofi House, CTS No. 117-B, L&T Business Park, Gat No. 6, Saki Vihar Road, Powai, Mumbai - 400072, Maharashtra, India

Tel. No.:

91-22-28032000

Fax No.:

91-22-28030939/ 28032846

E-Mail :

igrc.sil@sanofi.com

k.subramani@sanofi.com

girish.tekchandani@sanofi.com

Website :

http://www.sanofiindialtd.com

www.sanofi.in

 

 

Factory 1:

3501-15, 6310, B-14, GIDC Estate, Ankleshwar-393002, Gujarat, India

Tel. No.:

91-2646-220812/ 221113

Fax No.:

91-2646-251968/ 251679

 

 

Factory 2:

GIDC Plot No: L-121, Phase III, Verna Industrial Estate, Verna-403722, Goa, India

Tel. No.:

91-832-2883200

Fax No.:

91-832-2783591

 

 

DIRECTORS

 

As on 31.03.2018

 

Name :

Mr. Aditya Narayan

Designation :

Director

Address :

B - 20.2, DLF City, Phase 1, Gurugram – 122002, Haryana, India

Date of Appointment :

30.04.2016

DIN No.:

00012084

 

 

Name :

Dr. Shailesh Ayyangar

Designation :

Wholetime Director

Address :

A7, Rashmi Byramji Gamdia Road, (Carmichael Road), Mumbai – 400026, Maharashtra, India

Date of Appointment :

25.10.2015

DIN No.:

00268076

 

 

Name :

Mr. Rangaswamy Rathakrishnan Iyer

Designation :

Casual Vacancy Director

Address :

601.602, Jai Sai Co-Operative Housing Society Central Avenue Road, Diamond Garden, Chembur, Mumbai - 400071, Maharashtra, India

Date of Appointment :

30.10.2013

DIN No.:

00474407

 

 

Name :

Ms. Usha Thorat

Designation :

Director

Address :

3702, 37th Floor, Strata, Planet Godrej 30 Keshavrao Khadye Marg, Mahalaxmi, JAC OB Circle, Mumbai – 400011, Maharashtra, India

Date of Appointment :

30.04.2016

DIN No.:

00542778

 

 

Name :

Mr. Narayanan Rajaram

Designation :

Wholetime Director

Address :

802, Evita, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Appointment :

09.05.2016

DIN No.:

02977405

 

 

Name :

Mr. Lionel Jean Marie Guerin

Designation :

Wholetime Director

Address :

901, 9th Floor, 30, Union Park, Khar (West), Mumbai – 400052, Maharashtra, India  

Date of Birth/ Age :

44 Years

Qualification :

·         Master of Business Administration (MIT Sloan School of Management, USA)

·         Master's Degree in Management (EDHEC, France)

·         BA in Economics (Lille University, France)

Experience :

Mr. Guerin started his career with the Saint-Gobain Group in 1997. He was first Controller of a glass plant in France, then was appointed Chief Financial Officer of Saint-Gobain's glass processing subsidiary in Poland and later on Chief Financial Officer of Saint-Gobain Group for Poland, Russia, Ukraine, Kazakhstan and Belarus. Before joining the Company as its Chief Financial Officer in July 2015, Mr. Guerin was the Chief Financial Officer of Sanofi Poland.

He was appointed on the Board as Alternate Director to Mr. Francois Briens from 21st October 2015 to 1st June 2016. He was also appointed as Whole Time Director with effect from 21st October 2015. The expertise of Mr. Guerin includes Controlling and Finance.

Date of Appointment :

09.05.2016

PAN No.:

BSBPG7662Q

DIN No.:

07232453

 

 

Name :

Mr. Ashwani Melaram Sood

Designation :

Wholetime Director

Address :

G-505, Oberoi Splendor JVLR, Andheri (East), Mumbai - 400060, Maharashtra, India

Date of Appointment :

09.05.2016

DIN No.:

07272686

 

 

Name :

Mr. Cyril Grandchamp Desraux

Designation :

Additional Director

Address :

22 Tudor Close Na 297950 Sg

Date of Birth/ Age :

40 years

Qualification :

Doctorate in Pharmacy with a major in biotechnology Master's degree in Health Economics

Experience :

Mr. Grandchamp-Desraux joined Sanofi in 2002, after starting his career as sell-side financial analyst in Natixis. He held successive positions at the Headquarter in Paris as Business Control & Support Manager for Global Commercial Operations, Strategic Planning for APAC Region, Attaché to the SVP of APAC Region and Chief of Staffs of the President Global Pharmaceutical Operations until he became General Manager Finland & Head of Diabetes Division for Nordic & Baltic countries in 2010. He was then appointed as a Head of Indochina and General Manager in Vietnam in 2012 in Asia. In April 2015 he was promoted to ASEAN Zone Head Rx and Singapore Country Chair. In Jan 2017, he was appointed as Head of Asia Business.

Date of Appointment :

27.02.2017

DIN No.:

07719763

 

 

Name :

Mr. Thomas Xavier Daniel Rouckout

Designation :

Additional Director

Address :

154, Avenue De La Republique, 92120 Montrouge Na Fr

Date of Appointment :

27.02.2017

DIN No.:

07724517

 

 

KEY EXECUTIVES

 

Name :

Mr. Girish Arjan Tekchandani

Designation :

Company Secretary

Address :

G-3, Ranga Reddy Towers 157/7, Staff Road, Sikh Village, Secunderabad – 500009, Telangana, India

Date of Appointment :

08.11.2016

PAN No.:

ABTPT5932E

 

 

Name :

Mr. Lionel Jean Marie

Designation :

Chief Finance Officer

Address :

901, 9th Floor, 30, Union Park, Khar (West), Mumbai – 400052, Maharashtra, India

Date of Appointment :

24.07.2015

PAN No.:

BSBPG7662Q

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on March, 2017

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares

Promoter and Promoter Group

13909587

60.40

Public

9121035

39.60

Grand Total

23030622

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

A1) Indian

0.00

A2) Foreign

0.00

Any Other (specify)

13909587

60.40

Hoechst Gmbh

13904722

60.37

Sanofi

4865

0.02

Sub Total A2

13909587

60.40

A=A1+A2

13909587

60.40

 

 

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

 

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares

B1) Institutions

0

0.00

Mutual Funds/

3017955

13.10

Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Frontline Equity Fund

789566

3.43

Franklin Templeton Mutual Fund A/C Franklin India High Growth Companies Fund

636306

2.76

Uti-Mastershare Unit Scheme

635923

2.76

Reliance Capital Trustee Co. Ltd A/C Reliancepharma Fund

576295

2.50

Sbi Magnum Midcap Fund

254915

1.11

Foreign Portfolio Investors

2918212

12.67

Aberdeen Global Indian Equity Limited

620358

2.69

Pinebridge Investments Gf Mauritius Limited

584544

2.54

Aberdeen Global-Asian Smaller Companies Fund

364710

1.58

Financial Institutions/ Banks

69812

0.30

Insurance Companies

508742

2.21

Life Insurance Corporation of India

403230

1.75

Sub Total B1

6514721

28.29

B2) Central Government/ State Government(s)/ President of India

0

0.00

B3) Non-Institutions

0

0.00

Individual share capital upto INR 0.200 Million

1213871

5.27

Any Other (specify)

1392443

6.05

IEPF

11838

0.05

Trusts

639

0.00

HUF

32133

0.14

Non-Resident Indian (NRI)

229229

1.00

Overseas Corporate Bodies

500

0.00

Clearing Members

9685

0.04

Bodies Corporate

1108419

4.81

Hdfc Standard Life Insurance Company Limited

488560

2.12

Sub Total B3

2606314

11.32

B=B1+B2+B3

9121035

39.60

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Trading of Drugs and Pharmaceuticals. (Registered activity)

 

 

Products :

Item Code No.

Product Description

21002

Manufacture and sale of pharmaceutical products

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

3239 (Approximately) 

 

 

Bankers :

Bank Name

HDFC Limited

Branch

Ramon House; H.T. Parekh Marg 169; Backbay Reclamation, Bombay – 400020, India

Person Name (With Designation)

--

Contact Number

--

Name of Account Holder

--

Account Number

--

Account Since (Date/Year of Account Opening)

--

Average Balance Maintained (If Possible)

--

Credit Facilities Enjoyed (If any)

--

Account Operation

--

Remarks (If any)

--

 

Auditors :

 

Name :

Price Waterhouse and Co Chartered Accountants LLP

Chartered Accountants

Address :

Nesco IT Building III, 8th Floor, Goregaon east, Mumbai – 400063, Maharashtra, India

Tel. No.:

91-22-61198000

Fax No.:

91-22-61198799

Membership No.:

45668

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding company:

Hoechst GmbH, Germany (Holds 60.37% of the equity share capital as at December 31,2016)

 

 

Ultimate Holding Company:

Sanofi S.A., France

 

 

Other related parties in Sanofi Group where common control exist and with whom company had transactions during the year:
  • Sanofi-Aventis Singapore Pte. Limited
  • Francopia S.A.R.L.
  • Sanofi-Aventis Deutschland GmbH
  • Sanofi-Aventis Groupe S.A.
  • Sanofi Lanka Limited
  • sanofi-aventis U.S.Inc.
  • Sanofi Chimie S.A
  • Sanofi KK
  • Sanofi Pasteur India Pvt. Limited
  • Sanofi-Aventis Spa
  • Sanofi-Synthelabo (India) Private Limited
  • Sanofi Winthrop Industrie S.A.
  • sanofi-aventis Bangladesh Limited
  • Sanofi-Aventis Recherche et Développement S.A.
  • Sanofi-Aventis Spa
  • Shantha Biotechnics Private Limited
  • Zentiva Pharma GmbH
  • Zentiva K.S
  • Zentiva S.A
  • Sanofi-Aventis Farmaseutical Limited
  • Sanofi India Limited Provident Fund

 

 

CAPITAL STRUCTURE

 

As on 31.12.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

23500000

Equity Shares

INR 10/- each

INR 235.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

23030622

Equity Shares

INR 10/- each

INR 230.000 Million

 

 

 

 

 

 

Shares held by holding and ultimate holding company

 

13,904,722 (December 31, 2016 : 13,904,722; January 1, 2016 : 13,904,722) equity shares of Rs. 10 each fully paid are held by

 

Hoechst GmbH, Germany, holding company and 4,865 (December 31, 2016 : 4,865; January 1, 2016 : 4,865) equity shares of INR 10 each fully paid are held by Sanofi S.A., France ultimate holding company.

 

 

Terms and rights attached to equity shares

 

The Company has only one class of equity shares having a face value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

 

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholder.

 

 

Details of shareholders holding more than 5% shares in the Company

 

 

December 31, 2017

Equity Shares of INR 10 each fully paid

 

Hoechst GmbH, Germany

 

- No of shares

13904722

- % of holding

60.37%

 

 

FINANCIAL DATA

[all figures are in INR Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.12.2017

31.12.2016

31.12.2015

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

230.000

230.000

230.000

(b) Reserves & Surplus

19778.000

18415.000

16041.000

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

(3) Share options outstanding account

256.000

185.000

0.000

Total Shareholders’ Funds (1) + (2)

20264.000

18830.000

16271.000

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

1031.000

1013.000

1203.000

(c) Other long term liabilities

465.000

548.000

114.000

(d) long-term provisions

0.000

0.000

288.000

Total Non-current Liabilities (3)

1496.000

1561.000

1605.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

3269.000

2308.000

2256.000

(c) Other current liabilities

1492.000

1566.000

1061.000

(d) Short-term provisions

1249.000

1147.000

2853.000

Total Current Liabilities (4)

6010.000

5021.000

6170.000

 

 

 

 

TOTAL

27770.000

25412.000

24046.000

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

5461.000

5557.000

5575.000

(ii) Intangible Assets

731.000

731.000

3196.000

(iii) Capital work-in-progress

244.000

294.000

178.000

(iv) Intangible assets under development

57.000

42.000

43.000

(b) Non-current Investments

2.000

2.000

2.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

4055.000

56.000

2598.000

(e) Other Non-current assets

2788.000

2977.000

17.000

Total Non-Current Assets

13338.000

9659.000

11609.000

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

4156.000

4931.000

4792.000

(c) Trade receivables

1944.000

1448.000

1441.000

(d) Cash and cash equivalents

7299.000

5610.000

5715.000

(e) Short-term loans and advances

33.000

3139.000

431.000

(f) Other current assets

1000.000

625.000

58.000

Total Current Assets

14432.000

15753.000

12437.000

 

 

 

 

TOTAL

27770.000

25412.000

24046.000

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.12.2017

31.12.2016

31.12.2015

 

SALES

 

 

 

 

Income

24914.000

24197.000

21931.000

 

Other Income

807.000

664.000

514.000

 

TOTAL

25721.000

24861.000

22445.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

6152.000

6177.000

6339.000

 

Purchases of Stock-in-Trade

2912.000

4825.000

3413.000

 

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

977.000

(352.000)

364.000

 

Employees benefits expense

3685.000

3553.000

3333.000

 

Exceptional items

0.000

0.000

(838.000

 

Other expenses

5816.000

4643.000

3891.000

 

TOTAL

19542.000

18846.000

16502.000

 

 

 

 

 

 

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

6179.000

6015.000

5943.000

 

 

 

 

 

Less

FINANCIAL EXPENSES

11.000

23.000

4.000

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

6168.000

5992.000

5939.000

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

1022.000

1188.000

1130.000

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

5146.000

4804.000

4809.000

 

 

 

 

 

Less

TAX

1886.000

1762.000

1594.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

3260.000

3042.000

3215.000

 

 

 

 

 

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

FOB value of exports

6306.000

5801.000

5312.000

 

Income from services rendered

 NA

155.000

129.000

 

Reimbursement of expenses & Market Support

 NA

1189.000

1240.000

 

TOTAL EARNINGS

6306.000

5801.000

5312.000

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw material and Packing material

 NA

2610.000

2840.000

 

Components, spares and auxiliary

 NA

11.000

4.000

 

Capital goods

 NA

251.000

160.000

 

Finished goods

 NA

3755.000

2716.000

 

TOTAL IMPORTS

 NA

6627.000

5720.000

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

141.74

132.28

103.18

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.12.2017

31.12.2016

31.12.2015

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

6335.000

5399.000

3508.000

Net cash flow from operating activity

4351.000

3221.000

2132.000

 

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.12.2017

31.12.2016

31.12.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

28.48

21.84

23.98

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

12.82

16.71

15.22

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

131.64

76.57

84.44

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

1.49

1.22

1.24

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.95

0.91

0.66

 

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.12.2017

31.12.2016

31.12.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.22

0.20

0.26

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.00

0.00

0.00

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.30

0.27

0.38

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.32

0.35

0.55

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

561.73

261.52

1485.75

 

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.12.2017

31.12.2016

31.12.2015

Net Profit Margin

((PAT / Sales) * 100)

%

13.09

12.57

14.66

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

11.74

11.97

13.37

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

16.09

16.16

19.76

 

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.12.2017

31.12.2016

31.12.2015

Current Ratio

(Current Assets / Current Liabilities)

2.40

3.14

2.02

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

1.71

2.16

1.24

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.73

0.74

0.68

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

0.00

0.00

0.00

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

2.40

3.14

2.02

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

STOCK PRICES

 

Face Value

INR 10.00/- each

Market Value

INR 4920.00/- each

 

 

FINANCIAL ANALYSIS

[all figures are INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.12.2015

31.12.2016

31.12.2017

 

INR In Million

INR In Million

INR In Million

Share Capital

230.000

230.000

230.000

Reserves & Surplus

16041.000

18415.000

19778.000

Share Application money pending allotment

0.000

185.000

256.000

Net worth

16271.000

18830.000

20264.000

 

 

 

 

Long Term borrowings

0.000

0.000

0.000

Short Term borrowings

0.000

0.000

0.000

Total borrowings

0.000

0.000

0.000

Debt/Equity ratio

0.000

0.000

0.000

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.12.2015

31.12.2016

31.12.2017

 

INR In Million

INR In Million

INR In Million

Sales

21931.000

24197.000

24914.000

 

 

10.332

2.963

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.12.2015

31.12.2016

31.12.2017

 

INR In Million

INR In Million

INR In Million

Sales

21931.000

24197.000

24914.000

Profit

3215.000

3042.000

3260.000

 

14.66%

12.57%

13.09%

 

 

 

 

LEGAL CASE

 

Metropolitan Magistrate Court, Calcutta

Case Details

Case Type: CN - COMPLAINT CASE (NORTH)
Filing Number: 29849/2017Filing Date: 17-05-2017
Registration Number: 356/2017Registration Date: 17-05-2017
CNR Number: WBCS02-024315-2017



Case Status

First Hearing Date: 31st July 2017
Next Hearing Date: 16th November 2017
Stage of Case: S/A
Court Number and Judge: 18-18 TH METROPOLITAN MAGISTRATE.

Petitioner and Advocate

1) P BHOGI LAL AND SONS
    Address - 117A C.R AVENUE KOLKATA- 700073 P.S.- JORASANKO


Respondent and Advocate

1) SANOFI INDIA LTD.
    Address - CTS NO- 117B, L AND T BUSINESS PARK, SAKI VIHAR ROAD, POWAL MUMBAI- 400072


Acts

Under Act(s)

Under Section(s)

Indian Penal Code

406

History of Case Hearing

 

 

Registration Number

Judge

Business On Date

Hearing Date

Purpose of hearing

356/2017

18 TH METROPOLITAN MAGISTRATE.

31-07-2017

16-11-2017

S/A

 

 

 

Case Details

Case Type

Complaint Case

Filing No.

27851/2014     Filing date: 20-11-2013

Registration No.

6452/2014     Registration date: 20-11-2013

Case code

200700278512014

 

CASE STATUS

First Hearing Date

01-02-2014

Next Hearing Date

01-02-2014

Purpose of Hearing

SR/AD/Appearence

Court No & Judge

14 - CJM

 

Petitioner(s) & Advocate(s)

Petitioner - Labour Welfare facilitation Center
Address - Madhyamgram Municipality
Advocate - 

Respondent(s) & Advocate(s)

Respondent - M/S, Sanofi India Ltd.
Address - Ganganagar, Madhyamgram
Advocate - 

ACTS

Under Act(s)

---

Under Section(s)

---

Subject

 

LOWER COURT INFORMATION

Court No & Name

---

Case No & Year

---

Case Decision Date

--

 

 

FIR DETAILS

Police Station

FIR No.

0

Year

0



History Of Case Hearing

Regn. No.

Judge 

Bussiness on Date

Hearing Date

Purpose of Hearing

6452/2014

CJM

01-02-2014

SR/AD/Appearence



Writ Information

Regn. No.

Appellate Case No.

Appellate Authority

Date of Receipt



Case Transfer Details Between The Courts

Regn. No.

Transfer Date

From Court No 
& Judge

To Court No 
& Judge

 

 

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

Yes

8

Designation of contact person

Yes

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

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

Industry Structure and Developments

 

The Indian Pharmaceutical Market has been witnessing double digit growth over the last five years. However, the growth showed down last year to adjust for interventions such as demonetization and the introduction of the new GST structure. For the year ended 31st December 2017 IMS estimates that the Indian Pharmaceutical Market size is at nearly Rs. 1,200 billion growing at 5.4% over the previous year. The market is expected to return to higher growth and the IMS Prognosis Report September 2017 projects the market growth at ~9% (+/-3%) per annum over the next five years. This growth will be driven by factors such as improving healthcare access, increasing awareness around non-communicable diseases, rapid urbanization and expansion of insurance coverage.

 

Branded generics which constitute over 80% of the market in value terms will continue to play a significant role. However traditional business models will be challenged in the content of price controls, stricter regulations on marketing practices and emergence of digital alternatives.

 

The leading Indian companies are increasing their Research and Development (R&D) spend, although for most of the industry, R&D will continue to focus on expanding traditional generic portfolios. A small number of companies are conducting innovative research, while others are developing bio-similars and added-value products. Multinationals are also investing in Indian R&D.

 

In March 2017, the Government of India approved the National Health Policy 2017. It aims at achieving universal health coverage and delivering affordable and quality healthcare services to all. The policy advocates a positive and proactive engagement with the private sector to fill critical gaps in achieving national goals. It envisages private sector collaboration for strategic purchasing, capacity building, skill development programs, awareness generation, developing sustainable networks for the community to strengthen mental health services and disaster management. The policy proposes to raise public health expenditure to 2.5% of the GDP in a timebound manner. Upon its implementation, the policy is likely to boost the pharmaceutical industry in India and bring essential healthcare to more and more people in India.

 

In August 2017, Government of India issued a draft Pharmaceutical Policy 2017, for stakeholder opinion. The draft pharma policy makes an attempt to streamline the system of manufacturing and marketing of medicines to achieve the primary goals of the health policy - universal health coverage and delivery of quality health care services to all at affordable costs. Various companies and industry associations have given their suggestions to the Government of India on implementation of those proposals.

 

The industry continues to face challenges on account of price controls, which were expanded significantly with the implementation of the Drug Price Control Order 2013 (DPCO), and their scope was increased further following the updates of the National List of Essential Medicines (NLEM).

 

In one of India's biggest tax reforms, a comprehensive Goods and Services Tax (GST) has replaced the complex multiple indirect tax structure from 1st July 2017. During the implementation of GST, the operations of the Company were temporarily impacted due to down stocking in the trade channels in anticipation of GST regime. The introduction of GST is also expected to bring changes in pharmaceutical distribution. The outcome is likely to result in some consolidation of distribution points and emergence of large distributors and warehouses catering to multiple states.

 

The Uniform Code of Pharmaceutical Medical Practices (UCPMP), which is currently a voluntary code promulgated by the Department of Pharmaceuticals to implement ethical marketing practices, is expected to become mandatory. The Company is already following strict guidelines with regard to ethical dealings with Healthcare Professionals (HCPs),and welcomes this initiative in the overall interest of the image of The industry and for the benefit of patients.

 

FINANCIAL PERFORMANCE

 

During the year ended 31st December 2017, The Company registered Revenue from Operations of Rs. 24,914 million as against Rs. 24,197 million in the previous year, representing a growth of 3.0%.

 

Net revenue from India, which constituted 74% of Net Revenue from Operations, increased from Rs. 17,796 million in 2016 to Rs. 18,345 million in 2017, reflecting a growth of 3.1%.

 

Exports revenue, which contributed 26% of Net Revenue from Operations, increased from Rs. 6,401 million in 2016 to Rs. 6,569 million in 2017, representing a growth of 2.6%.

 

Profit before Tax increased from Rs. 4,804 million to Rs. 5,146 million, a growth of 7%.

 

sThe Profit after Tax increased from Rs. 3,042 million to Rs. 3,260 million, a growth of 7% for the year ended 31st December 2017.

 

Beginning 1st January 2017, the Company has for the first time adopted Ind AS with transition date of 1st January 2016. Financial statements for the year ended 31st December 2016 have been restated to give comparative figures to the financial statements for the year ended 31st December 2017.

 

 

OUTLOOK

 

Due to the price cuts on various products, and temporary impact of demonetization & GST, the growth of Indian Pharmaceutical Market was muted in the year 2017. The markets research reports indicate that that the Indian Pharmaceuticals Market will continue to grow at ~9% (+/-3%) per annum over the next 5 years.

 

The growth of domestic business of The Company is likely to be in line with the market growth in the therapy areas it participates. The export business volumes are likely to grow steadily.

 

The Company will continue to work on productivity enhancement and efficiencies in supply chain management.

 

 

INDEX OF CHARGES:

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

Y10332502

90229711

HDFC LIMITED

20/09/2001

-

-

197500000.0

RAMON HOUSE; H.T. PAREKH MARG169; BACKBAY RECLAMATIONBOMBAYMH400020IN

2

Y10331481

90228690

ICICI LIMITED

25/10/1993

30/11/1992

-

50000000.0

163; BACKBAY RECLAMATIONBOMBAYMH400020IN

3

Y10331402

90228611

STATE BANK OF INDIA

31/12/1992

-

-

400000000.0

COMMERCIAL BRNACHJUSTICE G.N.VAIDYA MARGBOMBAYMH400023IN

4

Y10331395

90228604

STATE BANK OF INDIA

03/12/1992

21/10/1993

-

400000000.0

COMMERCIAL BRNACHJUSTICE G.N.VAIDYA MARGBOMBAYMH400023IN

5

Y10331367

90228576

STATE BANK OF INDIA

11/09/1992

-

-

32000000.0

COMMERCIAL BRNACHJUSTICE G.N.VAIDYA MARGBOMBAYMH400023IN

6

Y10331310

90228519

GRINDLAYS BANK

23/03/1992

-

-

43000000.0

90; M.G ROADBOMBAYMH400023IN

7

Y10331293

90228502

GRINDLAYS BANK

14/02/1992

-

-

43000000.0

90; M.G ROADBOMBAYMH400001IN

8

Y10331290

90228499

HDFC LIMITED

05/02/1992

-

-

20000000.0

RAMON HOUSE169; BACKBAY RECLAMATIONBOMBAYMH400020IN

9

Y10331283

90228492

ICICI LIMITED

22/01/1992

-

-

6500000.0

163; BACKBAY RECLAMATIONBOMBAYMH400020IN

10

Y10331268

90228477

AMERICAN EXPRESS BANK LTD.

05/12/1991

-

-

17500000.0

OEIENTAL BUILDINGD.N. ROADBOMBAYMH400001IN

 

 

CONTINGENT LIABILITIES:

 

(INR in million)

PARTICULARS

31.12.2017

31.12.2016

Income Tax demands in respect of which*

 

 

Tax authorities have appealed against Income tax orders which were ruled in favour of the Company

484.000

484.000

Company's appeals are pending before appropriate authorities / the Company is in process of filing an appeal with appropriate authorities

1323.000

1120.000

 

*Contingent liabilities in respect of pending tax assessments in relation to similar matters are not determinable and hence not disclosed

 

 

FIXED ASSETS

 

  • Freehold Land
  • Leasehold Land
  • Buildings and Waterworks
  • Leasehold Improvement
  • Plant & Machinery
  • Furniture and Fixtures
  • Office Equipment
  • Computers
  • Motor Vehicles

 

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 66.66

UK Pound

1

INR 90.66

Euro

1

INR 80.01

 

 

INFORMATION DETAILS

 

Information Gathered by :

GAY

 

 

Analysis Done by :

NYT

 

 

Report Prepared by :

KJL

 

 

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)

 

 

 

 

 

 

 

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

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