MIRA
INFORM REPORT
|
Report Date : |
03.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
BLUE CROSS LABORATORIES LIMITED |
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Registered
Office : |
A-12, Ambad Industrial Area, Nashik - 422010, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.07.1980 |
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Com. Reg. No.: |
022825 |
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Capital
Investment / Paid-up Capital : |
Rs.108.000 Millions |
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CIN No.: [Company Identification
No.] |
U24230MH1980PLC022825 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUM813517A |
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PAN No.: [Permanent Account No.] |
AAACB1549G |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business
: |
Manufacturer
of Pharmaceuticals. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 6253280 |
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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 a well established company having fine track. Financial
Position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for 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.
INFORMATION DECLINED BY
|
Name : |
Mr. B J Badve |
|
Designation : |
Accounts Manager |
|
Date : |
02.08.2011 |
LOCATIONS
|
Registered Office/Factory : |
A-12, Ambad Industrial Area, Nashik - 422010, Maharashtra, India |
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Tel. No.: |
91-253-2382617,2382217,
2384630, 2383923 |
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Fax No.: |
91-253-2381259 |
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E-Mail : |
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Website : |
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Corporate Office : |
Peninsula Chambers,
Ground Floor, Ganapatrao Kadam Marg, Lower Parel (West), Mumbai - 400013,
Maharashtra, India |
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Tel. No.: |
91-22-66638000 |
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Fax No.: |
91-22-66638120 |
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E-Mail : |
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Factory 2 : |
L-17, Verna Industrial Estate, Verna, Goa - 403 722 |
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Tel. No.: |
91-832-2783296,
2783440 |
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Fax No.: |
91-832-2783298 |
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E-Mail : |
DIRECTORS
AS ON 14.06.2010
|
Name : |
Mr. Nihchal Hemandas Israni |
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Designation : |
Director |
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Address : |
5E Navroze Apartments, Bhulabhai Desai Road, Mumbai – 400026,
Maharashtra, India |
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Date of Birth/Age : |
07.06.1929 |
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Date of Appointment : |
09.07.1980 |
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Name : |
Mr. Haresh Nihchal Israni |
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Designation : |
Director |
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Address : |
1800, Gough Street, #9, Sanfrancisco, CA 94109, USA |
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Date of Birth/Age : |
06.04.1960 |
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Date of Appointment : |
12.01.1981 |
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Date of Ceasing: |
22.05.2010 |
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Name : |
Mr. Rajendra Yashwant Padhye |
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Designation : |
Director |
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Address : |
9 Bharat Apartments, 2nd Floor, Plot 187, Garodia Nagar,
Ghatkoper (E), Mumbai – 400077, Maharashtra, India |
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Date of Birth/Age : |
30.12.1945 |
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Date of Appointment : |
20.03.2001 |
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Date of Ceasing: |
22.05.2010 |
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Name : |
Mr. Manoj Nihchal Israni |
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Designation : |
Director |
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Address : |
314, Samudra Mahal 14th Floor, Worli, Mumbai – 400018,
Maharashtra, India |
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Date of Birth/Age : |
24.08.1968 |
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Date of Appointment : |
05.01.1995 |
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Name : |
Mr. Bhalchandra Govind Barve |
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Designation : |
Managing Director |
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Address : |
B-101, Bhagirathi Nivas, M V Road, Andheri (East), Mumbai – 400069,
Maharashtra, India |
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Date of Birth/Age : |
21.06.1959 |
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Date of Appointment : |
18.05.1998 |
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Name : |
Mr. Jagdish Sriram Gilda |
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Designation : |
Whole Time Director |
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Address : |
Sukh Shanti B-Flat No.10, Anand Nagar, Off Gangapur, Road, Near Akashwani,
Nashik – 420018, Maharashtra, India |
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Date of Birth/Age : |
24.03.1954 |
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Date of Appointment : |
01.02.1997 |
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Name : |
Mr. Satyanarayain R Agarwala |
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Designation : |
Director |
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Address : |
62 Ashoka Apartments, 68 Napeansea Road, Mumbai – 400006, Maharashtra,
India |
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Date of Birth/Age : |
15.05.1934 |
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Date of Appointment : |
17.01.2007 |
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Name : |
Mr. Rohit Jayaramdas Patel |
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Designation : |
Director |
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Address : |
91 Devi Bhavan 38 nepeansea Road, Mumbai – 400036, Maharashtra, India |
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Date of Birth/Age : |
26.06.1939 |
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Date of Appointment : |
05.12.2007 |
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Name : |
Mr. Ashish Mangesh Shirsat |
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Designation : |
Director |
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Address : |
B-26, Home CHS, Releif Road, Daulat Nagar, Santacruz, Mumbai – 400054,
Maharashtra, India |
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Date of Birth/Age : |
27.07.1970 |
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Date of Appointment : |
01.09.2006 |
KEY EXECUTIVES
|
Name : |
Mr. B J Badve |
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Designation : |
Accounts Manager |
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Name : |
Mr. Suresh Mahalingam |
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Designation : |
Secretary |
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Address : |
B 5/4, Sukumar Chs Limited, Dayaldas Road, Vile Parle (East), Mumbai –
400057, Maharashtra, India |
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Date of Birth/Age : |
25.10.1967 |
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Date of Appointment : |
14.02.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 14.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
Hemandas Nihchal Israni |
|
1369472 |
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Hariman Labs Private Limited, Mumbai
|
|
2023160 |
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Niko Management Services Private Limited, Mumbai |
|
110000 |
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Haresh Nihchal Israni |
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1831192 |
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N H Israni (HUF) |
|
1565382 |
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Bhalchandra Govind Barve |
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20200 |
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Manoj Nihchal Israni |
|
1827594 |
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Purankumar T Gehani |
|
378000 |
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Rohit Jayamdar Patel |
|
600000 |
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Neeta Rohit Patel |
|
130000 |
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Bina Bharat Patel |
|
460000 |
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Jayaramadas Patel |
|
80000 |
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Renuka Parmanand Patel |
|
80000 |
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Anup Kumar Burman |
|
10000 |
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Ashish Shirsat |
|
20000 |
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Jagdish Shiram Gilda |
|
20000 |
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Mahinder N Punwani |
|
5000 |
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Saroj V Ghehani |
|
270000 |
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Total |
|
10800000 |
AS ON 14.06.2010
|
Category |
Percentage |
|
Bodies corporate |
19.75 |
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Directors or relatives of Directors |
59.62 |
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Other top fifty shareholders |
20.63 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Pharmaceuticals. |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged |
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Bankers : |
Central Bank Of India (Lead Bank ), Chandermukhi Building, Ground
Floor, Nariman Point, Mumbai - 400021, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. D. Inamdar Chartered Accountant |
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Address : |
C/O. B. S. Mehta and Co. 11/13, Botawala Bldg., 2nd Floor, Horniman Circle, Mumbai – 400001, Maharashtra, India |
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Tel No.: |
91-22-22661255/0275/5275/0821/1557 |
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Fax No.: |
91-22-22665666 |
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Associates/Subsidiaries : |
·
Gold Cross Laboratories Private Limited ·
Hariman Laboratories Private Limited ·
Niko Management Services Private Limited · Everest Herbal Products Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10800000 |
Equity Shares |
Rs.10/- each |
Rs.108.000
Millions |
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|
|
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|
(Of
the above, 1,06,00,000 Equity Shares of Rs.10 each are alloted as fully paid-up
bonus shares by way of capitalisation of Capital and General Reserves)
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
108.000 |
108.000 |
108.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1455.320 |
1178.679 |
986.796 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1563.320 |
1286.679 |
1094.796 |
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LOAN FUNDS |
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1] Secured Loans |
44.410 |
115.148 |
53.127 |
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2] Unsecured Loans |
23.086 |
20.656 |
20.641 |
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TOTAL BORROWING |
67.496 |
135.804 |
73.768 |
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DEFERRED TAX LIABILITIES |
3.899 |
6.173 |
6.480 |
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|
|
|
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TOTAL |
1634.715 |
1428.656 |
1175.044 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
213.794 |
215.584 |
219.794 |
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Capital work-in-progress |
10.512 |
0.378 |
1.045 |
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INVESTMENT |
0.086 |
10.086 |
40.086 |
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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 |
218.846
|
173.628 |
162.220 |
|
|
Sundry Debtors |
139.213
|
114.024 |
115.766 |
|
|
Cash & Bank Balances |
1343.984
|
1020.896 |
739.653 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
81.840
|
81.927 |
59.788 |
|
Total
Current Assets |
1783.883
|
1390.475 |
1077.427 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
97.528
|
57.005 |
56.663 |
|
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Other Current Liabilities |
108.499
|
82.052 |
75.004 |
|
|
Provisions |
167.533
|
48.810 |
31.641 |
|
Total
Current Liabilities |
373.560
|
187.867 |
163.308 |
|
|
Net Current Assets |
1410.323
|
1202.608 |
914.119 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1634.715 |
1428.656 |
1175.044 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
|
|
Income |
2223.014 |
1918.185 |
1757.485 |
|
|
|
Other Income |
113.781 |
104.483 |
68.950 |
|
|
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TOTAL (A) |
2336.795 |
2022.668 |
1826.435 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
771.427 |
691.899 |
646.386 |
|
|
|
Excise Duty |
11.026 |
10.116 |
14.166 |
|
|
|
Employees Cost |
332.048 |
256.213 |
239.892 |
|
|
|
Other Expenses |
389.386 |
361.164 |
318.331 |
|
|
|
TOTAL (B) |
1503.887 |
1319.392 |
1218.775 |
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|
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|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
832.908 |
703.276 |
607.660 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.227 |
2.554 |
3.669 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
830.681 |
700.722 |
603.991 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
33.559 |
34.401 |
33.508 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
797.122 |
666.321 |
570.483 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
267.726 |
223.693 |
178.554 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
529.396 |
442.628 |
391.929 |
|
|
|
|
|
|
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|
|
Add/ Less |
EXCESS / (SHORT)
PROVISION FOR TAXITION |
(0.463) |
1.964 |
2.907 |
|
|
|
|
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|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
926.158 |
779.275 |
550.794 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
55.000 |
45.000 |
40.000 |
|
|
|
Interim Dividend |
108.000 |
216.000 |
108.000 |
|
|
|
Proposed Dividend |
108.000 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
36.292 |
36.709 |
18.355 |
|
|
BALANCE CARRIED
TO THE B/S |
1147.799 |
926.158 |
779.275 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
121.180 |
86.470 |
30.095 |
|
|
TOTAL EARNINGS |
121.180 |
86.470 |
30.095 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
42.963 |
36.066 |
37.115 |
|
|
TOTAL IMPORTS |
42.963 |
36.066 |
37.115 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
48.98 |
41.17 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
22.65
|
21.88 |
21.46 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
34.11
|
34.74 |
32.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
39.90
|
41.48 |
43.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.51
|
0.52 |
0.52 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.18
|
1.19 |
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.78
|
7.40 |
6.60 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Dues of Micro and Small Enterprise |
0.234 |
0.087 |
0.249 |
|
Dues of others -
For Capital Expenses -
For Expenses |
12.844 84.450 |
0.587 56.331 |
4.098 52.316 |
OPERATIONS:
The
Company achieved a total net income of Rs. 2336.800 Millions during the year as
compared to Rs. 2022.700 Millions in the previous year, representing an income growth
of 16%. The Company recorded good sales growth during the year, despite severe
competition prevailing in the, pharmaceutical industry. The net profit after
tax went up by 20%.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.22 |
|
|
1 |
Rs.72.09 |
|
Euro |
1 |
Rs.62.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
62 |
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.