MIRA INFORM REPORT
|
Report Date : |
07.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
WINDLAS BIOTECH LIMITED |
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Registered
Office : |
40/1, Mohabewala, Industrial Rea, Dehradun – 248110, Uttarkhand |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.02.2001 |
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Com. Reg. No.: |
20-033407 |
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CIN No.: [Company Identification
No.] |
U74899UR2001PLC033407 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MRTW00026F |
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PAN No.: [Permanent Account No.] |
AAACW3417C |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business
: |
Manufacturer of Antibacterial, analgesics, anti-inflammatory,
multivitamins, haemostatic, cardiovascular, Anti-HIV, anti-TB; all
categories-in capsules, tablets, syrups, dry-syrups and injectables. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 981000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track records. General
financial position of the company is good. Trade relations are fair. Business
is active. Payments are reported to be regular as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
40/1, Mohabewala, Industrial Rea, Dehradun – 248110, |
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Tel. No.: |
91-135-6608000 |
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Fax No.: |
91-135-2643005 |
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E-Mail : |
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Website : |
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Corporate Office : |
904-B, Global |
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Tel. No.: |
91-124-4641900 |
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Fax No.: |
91-124-4641999 |
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DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Vinay Kumar Windlass |
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Designation : |
Director |
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Address : |
53 R, |
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Date of Birth/Age : |
30.06.1945 |
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Date of Ceasing : |
15.09.2010 |
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Date of Appointment : |
19.02.2001 |
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Name : |
Mr. Ashok Kumar Windlass |
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Designation : |
Managing Director |
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Address : |
53 R, |
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Date of Birth/Age : |
23.10.1950 |
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Date of Appointment : |
19.02.2001 |
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Name : |
Mr. Sudhir Kumar Winlass |
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Designation : |
Director |
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Address : |
53 R, |
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Date of Birth/Age : |
20.04.1954 |
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Date of Ceasing : |
15.09.2010 |
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Date of Appointment : |
19.02.2001 |
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Name : |
Mr. Rahul Windless |
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Designation : |
Director |
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Address : |
53 R, |
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Date of Ceasing : |
15.09.2010 |
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Date of Appointment : |
19.02.2001 |
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Name : |
Mr. Manoj Kumar Windlass |
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Designation : |
Director |
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Address : |
53 R, |
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Date of Birth/Age : |
24.09.1978 |
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Date of Appointment : |
01.04.2006 |
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Name : |
Mr. Hitesh Windlass |
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Designation : |
Director |
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Address : |
53 R, |
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Date of Birth/Age : |
06.01.1977 |
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Date of Appointment : |
21.01.2008 |
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Name : |
Mr. Rajiv Goil |
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Designation : |
Director |
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Address : |
Y73, Hauz Khas, |
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Date of Birth/Age : |
23.06.1961 |
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Date of Appointment : |
19.02.2001 |
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Date of Ceasing : |
15.09.2010 |
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Name : |
Mr. Kamna Tiwari |
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Designation : |
Secretary |
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Address : |
1 Lane. No.C-3, Clament
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Date of Birth/Age : |
06.04.1988 |
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Date of Appointment : |
05.06.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ashok Kumar Windlass |
|
3333333 |
|
Manoj Kumar Windlass |
|
250000 |
|
Hitesh Windlass |
|
250000 |
|
Vimla Windlass |
|
500000 |
|
Vani Windlass |
|
250000 |
|
Ashish Jain |
|
416667 |
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Total |
|
5000000 |
AS ON 30.09.2010
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Antibacterial, analgesics, anti-inflammatory,
multivitamins, haemostatic, cardiovascular, Anti-HIV, anti-TB; all
categories-in capsules, tablets, syrups, dry-syrups and injectables. |
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PRODUCTION STATUS (AS ON 31.03.2010)
|
Product |
Units |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Pharmaceuticals Preparations : |
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|
|
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Tablets |
Nos. |
6.600 |
6.600 |
83.276 |
|
Capsules |
Nos. |
1.800 |
1.800 |
11.570 |
|
Injectable
|
Ampoules |
0.250 |
0.250 |
30.486 |
|
Syrups/ Dry Syrup |
Bottles |
0.180 |
0.180 |
21.717 |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rajesh Gupta Chartered Accountant |
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Address : |
Shop No.3, First Floor, Shaleen Arcade -21, New Road, Dehradun –
248110, |
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Tel. No.: |
91-135-2710677 |
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Email : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000
Millions |
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|
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
50.000 |
50.000 |
30.000 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
195.162 |
145.526 |
156.270 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
245.162 |
195.526 |
186.270 |
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LOAN FUNDS |
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1] Secured Loans |
250.361 |
184.183 |
89.899 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
250.361 |
184.183 |
89.899 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
495.523 |
379.709 |
176.169 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
204.455 |
162.420 |
138.079 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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|
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INVESTMENT |
47.850 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
181.139
|
133.574 |
102.897 |
|
|
Sundry Debtors |
243.768
|
222.718 |
133.673 |
|
|
Cash & Bank Balances |
28.314
|
8.658 |
6.037 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
126.926
|
83.329 |
12.519 |
|
Total
Current Assets |
580.147
|
448.279 |
255.126 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Other Current Liabilities |
344.167
|
240.645 |
121.670 |
|
|
Provisions |
0.000
|
0.000 |
7.440 |
|
Total
Current Liabilities |
344.167
|
240.645 |
129.110 |
|
|
Net Current Assets |
235.980
|
207.634 |
126.016 |
|
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|
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MISCELLANEOUS EXPENSES |
7.237 |
9.655 |
12.074 |
|
|
|
|
|
|
|
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TOTAL |
495.523 |
379.709 |
276.169 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
188.529 |
123.755 |
113.121 |
|
|
|
Other Income |
2.374 |
0.823 |
0.083 |
|
|
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TOTAL (A) |
190.903 |
124.578 |
113.204 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Administrative and Selling
Expenses |
82.648 |
76.231 |
25.077 |
|
|
|
TOTAL (B) |
82.648 |
76.231 |
25.077 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
108.255 |
48.347 |
88.127 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
28.600 |
16.079 |
8.905 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
79.655 |
32.268 |
79.222 |
|
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
21.962 |
18.527 |
13.623 |
|
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
57.693 |
13.741 |
65.659 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
10.002 |
4.484 |
7.856 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
47.691 |
9.257 |
57.743 |
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9.276 |
0.020 |
0.028 |
|
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|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
57.750 |
|
|
BALANCE CARRIED
TO THE B/S |
58.912 |
9.276 |
0.020 |
|
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|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.53 |
1.86 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
24.98
|
7.43 |
51.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
30.60
|
11.10 |
58.04 |
|
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.35
|
6.52 |
16.69 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.07 |
0.35 |
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.42
|
3.23 |
1.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.68
|
1.86 |
1.97 |
LOCAL AGENCY FURTHER INFORMATION
Business
Performance :
Despite
the severe competition in the pharmaceutical market the company has been able to achieve a growth of
around 33.50% in its sales turnover during the financial year 2009-10. This has
largely been possible by the strict quality control measures and aggressive
marketing. The company has started the marketing of its products under its own
brand name and therefore whereas the gross profit margins have comparatively
remained at more or less the same level as in the previous years, the net
profits have got a slight increase because of the strict marketing strategy and
efficient work force and the company plans an all India marketing network in
the near future. The company is
increasing its ability to consolidate its market in the export front. The
results are visible in the current year and the company is receiving and
executing the huge orders from countries like
Form : 8
|
Corporate identity
number of the company |
U74899DL2001PLC109721 |
|
Name of the
company |
WINDLAS BIOTECH
LIMITED |
|
Address of the
registered office or of the principal place of business in |
204 , |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
State Bank Of India,
Commercial Branch, 69 Rajpur Road, Krishna Tower, Dehradun – 248001,
Uttarakhand, India |
|
Nature of
instrument creating charge |
1.Supplemental
Agreement of Hypothecation of Goods and Assets for increase in the Overall
limit (Form C.2A) 2.Letter Regarding
the Grant of Individual Limit with in the overall limit (Form C.5) 3. Link Letter
(SME-12) 4. Letter
evidencing deposit of Title Deeds [Form B] for extension of Equitable
Mortgage(2 Nos.) 5. Memorandum of
deposit of title deeds for creation of further charge (Form C.10) (2 Nos.) |
|
Date of
instrument Creating the charge |
29/12/2010 |
|
Amount secured by
the charge |
Rs. 187.600
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : 1.Cash
Credit - @ 2.90% above Base Rate. 2.Term Loan - @
3.15% above Base Rate. 3.SME Car Loan -
@ 0.50% below SBAR. 4. BG/FBG, LC/FLC
- As applicable Terms of repayment : (i) Working
Capital - Repayable on demand (ii)Term Loan and
SME Car Loan- As per existing repayment schedule. Margin : 25% on Raw
Materials, 25% on Stock in Process 25% on Finished
Goods 40% on Book
Debts/Receivables Extent and operation of the charge : The Company's
movable & immovable properties as mentioned hereunder (as per column 15)
are hypothecated and mortgaged to secure following credit facilities
aggregating Rs.18.76 Crores granted by Bank to the Borrower:- 1.Cash Credit
Rs.13.00 Crores 2.Term Loan Rs.
3.71 Crores (o/s) 3.SME Car Rs.
0.05 Crores 4.BG/FBG Rs.
1.00 Crores 5.LC/FLC Rs.
1.00 Crores TOTAL Rs.18.76 Crores The charge shall
rank first Pari Passu charge with HDFC Bank and YES Bank. Other : Nil |
|
Short particulars
of the property charged (Including location of the property) |
|
|
Date of
instrument modifying the charge |
31/03/2010 |
|
Particulars of
the present modification |
The aggregate
amount of various credit facilities granted by Bank has now been
reduced/modified from Rs.293.000 millions to Rs.187.600 millions. Therefore,
total amount of charge secured against hypo. of entire current assets, book
debts, fixed assets, plant and
machinery etc. and equitable mortgage of immovable properties as per details
mentioned in column no.15 above have been reduced/modified from Rs.293.000
millions to Rs.187.600 millions Crore. The charge shall
rank first Pari Passu charge with HDFC Bank and YES Bank. |
Fixed Assets :
- Plant and
Machinery
- Air Handling
System Plant
- Laboratory
Equipment
- Generator Set
- Office
Equipment
- Computer
- Water Cooler
- Transformer
- Metal
Detector
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 44.20 |
|
|
1 |
Rs. 72.25 |
|
Euro |
1 |
Rs. 63.69 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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 and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.