Business
information report
1. Summary Information
|
|
|
Country |
|
|
Company Name |
GUFIC
BIOSCIENCES LIMITED |
Principal Name 1 |
Mr. Jayesh P. Choksi |
|
Status |
Moderate |
Principal Name 2 |
Mr. Khantilal N. Sanghavi |
|
|
|
Registration # |
11-033519 |
|
Street Address |
Guffic House, |
||
|
Established Date |
01.01.1901 |
SIC Code |
-- |
|
Telephone# |
91-22-28341521 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-28369008 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Bulk Drugs |
|
|
# of employees |
-- |
Product Name 2 |
Pharmaceutical and Herbal Products |
|
Paid up capital |
Rs.
77350000/- |
Product Name 3 |
-- |
|
Shareholders |
Promoter and Promoters Group – 69.85% Public Shareholding 30.15% |
Banking |
State Bank of |
|
Public Limited Corp. |
YES |
Business Period |
109 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public Enterprises |
YES |
Rating |
B
(29) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associate
|
|
Gufic Chem Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
280,690,000 |
Current Liabilities |
186,562,000 |
|
Inventories |
103,553,000 |
Long-term Liabilities |
172,433,000
|
|
Fixed Assets |
148,765,000 |
Other Liabilities |
22,335,000 |
|
Deferred Assets |
-- |
Total Liabilities |
381,133,000 |
|
Invest& other Assets |
22,557,000 |
Retained Earnings |
96,885,000 |
|
|
|
Net Worth |
174,235,000 |
|
Total Assets |
555,565,000 |
Total Liab. & Equity |
555,565,000 |
|
Total Assets (Previous Year) |
474,654,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
628,864,000 |
Net Profit |
12,278,000 |
|
Sales(Previous yr) |
516,841,000 |
Net Profit(Prev.yr) |
8,364,000 |
MIRA
INFORM REPORT
|
Report Date : |
22.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
GUFIC BIOSCIENCES LIMITED
(w.e.f. 20.07.2000) |
|
|
|
|
Formerly Known
As : |
CENTRAL FINANCE LIMITED |
|
|
|
|
Registered
Office : |
Guffic House, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
01.01.1901 |
|
|
|
|
Com. Reg. No.: |
11-033519 |
|
|
|
|
CIN No.: [Company Identification
No.] |
L65990MH1901PLC033519 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMG06173G |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The company’s shares are listed on
the stock exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Bulk Drugs, Pharmaceutical and Herbal Products. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 697000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Guffic House, |
|
Tel. No.: |
91-22-28341521/ 28341522/ 28369008/ 28328103 |
|
Fax No.: |
91-22-28369008/ 28218103 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Administrative Office : |
|
|
Tel. No.: |
91-22-67261000 |
|
Fax No.: |
91-22-67261068 |
|
|
|
|
Factory : |
National Highway No.8, Near Grid, Kabilpore, Navsari – 396 424, |
|
Tel. No.: |
91-2637-239946/ 329424 |
DIRECTORS
As on : 31.03.2010
|
Name : |
Mr. Jayesh P. Choksi |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Khantilal N. Sanghavi |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Sharat S. Gandhi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ashok M. Tarale |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pranav J. Choksi |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Dr. M.G. Dhapalapur |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Hitesh P. Mutha |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
28,173,376 |
36.42 |
|
|
25,854,287 |
33.43 |
|
|
54,027,663 |
69.85 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
54,027,663 |
69.85 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
1,199,517 |
1.55 |
|
|
1,199,517 |
1.55 |
|
|
|
|
|
|
8,608,301 |
11.13 |
|
|
|
|
|
|
12,681,784 |
16.40 |
|
|
180,167 |
0.23 |
|
|
652,568 |
0.84 |
|
|
48,842 |
0.06 |
|
|
355,835 |
0.46 |
|
|
144,520 |
0.19 |
|
|
11,000 |
0.01 |
|
|
91,371 |
0.12 |
|
|
22,122,820 |
28.60 |
|
Total Public
shareholding (B) |
23,322,337 |
30.15 |
|
Total (A)+(B) |
77,350,000 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
-- |
-- |
|
Total
(A)+(B)+(C) |
77,350,000 |
-- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Bulk Drugs, Pharmaceutical and Herbal Products. |
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Products : |
|
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity In
000 (*) |
Actual
Production In
000 (**) |
|
Tablets |
Nos. |
84000 |
31744 |
|
Capsules |
Nos. |
45000 |
1900 |
|
Syrup/ Suspensions |
Ltr. |
840 |
477 |
|
Ointments/ Cream |
Kgs. |
5400 |
647 |
|
Powder |
Gms. |
-- |
3943 |
|
Lotion |
Kgs. |
6600 |
363 |
|
Injection |
Ltr. |
36.5 |
2165 |
|
Bulk Drugs |
Kgs. |
78 |
118 |
* The Installed Capacities are as Certified by the Management (Single
Shift)
** Production refers to production for sales purpose only.
GENERAL INFORMATION
|
Bankers : |
|
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Mayur Chokshi and Company Chartered Accountants |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Re.1/- each |
Rs.100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
77350000 |
Equity Shares |
Re.1/- each |
Rs.77.350
millions |
|
|
|
|
|
Of the above shares 55250000 Equity Shares were allotted as fully paid Bonus
share by capitalization of Share Premium and General Reserve.
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 |
77.350 |
77.350 |
77.400 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
96.885 |
89.117 |
85.300 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
174.235 |
166.467 |
162.700 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
149.336 |
132.527 |
135.600 |
|
|
2] Unsecured Loans |
23.097 |
16.174 |
25.800 |
|
|
TOTAL BORROWING |
172.433 |
148.701 |
161.400 |
|
|
DEFERRED TAX LIABILITIES |
22.335 |
22.205 |
9.300 |
|
|
|
|
|
|
|
|
TOTAL |
369.003 |
337.373 |
333.400 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
148.765 |
156.356 |
161.900 |
|
|
Capital work-in-progress |
22.465 |
1.678 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.092 |
0.092 |
0.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
103.553
|
107.065 |
115.200 |
|
|
Sundry Debtors |
150.454
|
122.016 |
107.700 |
|
|
Cash & Bank Balances |
10.800
|
4.864 |
13.400 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
119.436
|
82.583 |
91.600 |
|
Total
Current Assets |
384.243
|
316.528 |
327.900 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
134.024
|
|
110.000 |
|
|
Other Current Liabilities |
41.006
|
42.645 |
|
|
|
Provisions |
11.532
|
14.045 |
46.500 |
|
Total
Current Liabilities |
186.562
|
137.281 |
156.500 |
|
|
Net Current Assets |
197.681
|
179.247 |
171.400 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
369.003 |
337.373 |
333.400 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Services |
628.864 |
516.841 |
537.700 |
|
|
|
Other Income |
4.457 |
14.827 |
16.300 |
|
|
|
TOTAL (A) |
633.321 |
531.668 |
554.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
319.644 |
286.204 |
|
|
|
|
Personnel Cost |
37.183 |
35.431 |
|
|
|
|
Manufacturing and Other Expenses |
199.349 |
155.010 |
|
|
|
|
Increase/ Decrease in Stock |
20.860 |
(5.124) |
|
|
|
|
TOTAL (B) |
577.036 |
471.521 |
501.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
56.285 |
60.147 |
52.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
22.724 |
26.246 |
18.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
33.561 |
33.901 |
33.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.625 |
16.725 |
18.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
16.936 |
17.176 |
15.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.658 |
8.812 |
6.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
12.278 |
8.364 |
8.800 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
74.397 |
70.558 |
66.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
3.868 |
|
4.500 |
|
|
|
Dividend Tax |
0.642 |
0.658 |
|
|
|
BALANCE CARRIED
TO THE B/S |
82.165 |
74.396 |
70.600 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
115.344 |
103.821 |
NA |
|
|
TOTAL EARNINGS |
115.344 |
103.821 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials/ Merchant Goods |
42.917 |
40.013 |
NA |
|
|
TOTAL IMPORTS |
42.917 |
40.013 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.16 |
0.11 |
0.11 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2010 |
30.09.2010 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Sales Turnover |
|
174.280 |
193.920 |
|
Total Expenditure |
|
160.080 |
178.870 |
|
PBIDT (Excl
OI) |
|
14.200 |
15.050 |
|
Other Income |
|
0.590 |
0.400 |
|
Operating
Profit |
|
14.790 |
15.450 |
|
Interest |
|
3.750 |
4.440 |
|
Exceptional
Items |
|
0.000 |
0.000 |
|
PBDT |
|
11.040 |
11.010 |
|
Depreciation |
|
4.500 |
4.500 |
|
Profit
Before Tax |
|
6.540 |
6.510 |
|
Tax |
|
2.300 |
1.700 |
|
Reported PAT |
|
4.240 |
4.810 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
4.240 |
4.810 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.94
|
1.57 |
1.59 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.69
|
3.32 |
2.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.18
|
3.63 |
3.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.10 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.06
|
1.72 |
1.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.06
|
2.31 |
2.10 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Subject is a result of a reverse merger of itself with
Central Finance. The promoters of subject took over Central Finance at Rs 40-42
per share and then got subject listed on BSE. The Choksi and Gandhi family, the
promoters of subject, have a long-standing presence in the pharma industry. In
1960, the family set up a joint venture company called Lyka Labs. In 1976, they
decided to part ways and the Choksi family took over the manufacturing facility
and the Gufic group of companies was born. Initially known as Gujarat Fine
Chemicals, the first foray of the Gufic group was in the manufacture of various
bulk drugs. The company later entered the formulation market. Currently, the
overall profile of subject comprises ethical products, herbal products,
consumer products and bulk drugs that are sold in the domestic and the
international markets. Over the past several years, the company have a known
reputation of creating brands that have vaulted to leadership positions in the
category in which they have been marketed. To mention a few names: Shapers
(sanitary napkins), Onergy, and Stretch nil. In the year 2000, the company
issued Bonus Equity Shares in proportion of five Equity shares for every two
Equity shares held. Gufic has divested brands in the ethical pharma business in
a seller's market. The company plan to invest further in R and D activities and
aggressively enter the herbal product and consumer product segments, where it
foresee a huge potential. While benefiting from the rich, traditional knowledge
base in
FINANCIAL HIGHLIGHTS:
The total revenue of the Company grew by
19.12% to Rs.633.321 millions. During the year the sales increased from
Rs.516.841 millions in comparison to previous year to 628.864 millions an
increase of 21.67%. Reduction in sales of Chemical Segment and gradual loss in
Agro Segments reflected and had their effects on total earning of the Company.
EBITA reduced by 6.42%. PBT decreased by 1.42%. PAT increased by 46.79.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDUSTRY OVERVIEW AND OPPORTUNITIES
Indian pharma sector has combated the
recession of 2008-09, with relative ease, drawing support largely from the
inelastic demand for therapeutic drugs and healthcare facilities. The domestic
pharma industry continues to at 13-14%. Improvement in productivity has
prevented margins pressures, notwithstanding the intensifying competitive
landscape domestically. The Governments Vision 2015 statement indicates an 18%
plus CAGR for the pharma sector, meaning a doubling of revenues over the next
five years.
Indian pharma market is second largest
producer by volume and 13th by value, accounting for around eight
percent of global production, and is highly fragmented. It employs around
500000 people.
In no other Industry segment innovative R and
D is as critical as in Pharma industry. Here, the New Drug Discovery Research
(NDDR) has to keep pace with the emerging pattern of diseases as well as
responses in managing existing diseases where target organisms are becoming
resistant to existing drugs. The NDDR is also an expensive activity.
The CRAMS (Contract Research and Manufacturing
Services) segment continues to enjoy the benefits of a low base effect.
The rural market has tremendous growth
potential for injectables and pain management drugs for several reasons. While
the concept of injectables was revolutionary when discovered, the innovation in
this segment has been evolutionary. Drug delivery systems with various
biotechnology drugs have brought new innovations in the industry. The domestic
injectable market is estimated to have grown at more than 20 % in the last
three years.
Indian focused pharma companies will continue
to benefit from steady domestic growth, with a subsequent overall growth in
volumes and capacity utilisation. Also there will be price erosion due to the
high generics competition both from existing players as well as new entrants
into the generics space primarily with regards to approvals for new products
and any tightening in quality control.
Indian herbal market is registering an
extremely significant growth because of their wide biological activities, higher
safety of margin than the synthetic drugs and lesser costs. The herbal market
has an annual and compounded growth rate of 20 and 25 per cent, respectively.
Bulk drugs market will continues to grow at
around 20% rate in both foreign and domestic markets with increasing demands
for high quality drugs.
Niche specialty healthcare market is likely to
become more attractive since they have the greatest unmet needs and R and D
efforts, particularly through the biotech stream, are likely to be more
productive in these areas.
The Indian pharma companies, for moving to
next level and ensuring sustained growth, they will have to focus on innovation
as well as a means of creating a distinct identity and value for their
business. The pharma Industry is also increasingly turning towards academic
institutions for R and D collaborations so that they can initiate truly
innovative approaches and remain cost- effective.
Indian focused pharma companies will continue
to benefit from steady domestic growth, with a subsequent overall growth in
volumes and capacity utilisation. Also there will be price erosion due to the
high generics competition both from existing players as well as new entrants
into the generics space primarily with regards to approvals for new products
and any tightening in quality control.
COMPANY OUTLOOK
The Company is well positioned to further
consolidate its position in pharmaceutical industry. Recent streamlining
process has allowed them to focus on their core competency which is ethical
medicines manufacturing, herbal products, and personal hygiene products and has
leverage their capability to provide better results and to increase yield and
profit of the Company.
They have successfully developed several high
end formulations in the field of injectables and orals and hoping to start
manufacturing the same in coming year.
The Company is making significant growth in
the Contract Manufacturing and striving to enter into Contract Research
Services by entering in tie-ups at concept stage with clients and then to
develop, apply, carry out trials and do registrations. The CRAMS (Contract
Research and Manufacturing Services) bound to drive the growth of the company
in coming years.
Initiative and prominence is taken in
establishing state of art manufacturing facility, receipt of WHO GMP
certifications, building of manufacturing facility made the Company one of the
hot pursuits for Contract Manufacturing.
Bulk drug segment is moving steadily and
efficiently to become one of the major contributor to profits of the company.
Bulk drugs market shown growth in domestic as well as overseas market.
In the herbal space they are making a sincere
effort to offer more and more standardized forms of their AVURVEDIC MEDICINE
Indian Ayurvedic drugs to help the doctors achieve a consistent result in their
treatment. They believe their traditional Ayurvedic studies and references have
a rich content of information waiting to be explored and their aim is to
provide these Ayurvedic gems to the consumer via the modern delivery systems.
The Company is holding deep product line in
consumer segment with brand loyalty for its product known for their quality and
therapeutic effectiveness. The Company is having strong product line in herbal
medicine segment and they are expected to increase their reach by aggressively
marketing their products. The Company is also looking forward for introduction
of some new products in Consumer segments to widen the horizons of the Company.
As expected, due to streamlining process, the revenues
from Chemical fallen and loss recorded. In Agro and Chemical segments piled up
inventory are disposed off and subsequently written off from the books. They
expect the revenue may decline further in these segments id even incur
disposing cost before these divisions are completely closed off.
COMPANY PERFORMANCE
Company has shown constant improvements in its
performance
·
Sales of the Company
increased by 22%.
·
Sales of Formulation
Division increased by 29%.
·
Sales of Bulk Drug
Division increased by 17%.
·
Sales of Consumer
Division increase by 19%.
INTRODUCTION:
Subject is committed to pursue growth by
adhering to the high level of standards of Corporate Governance. Good
Governance practices stem from the culture and mindset of the organisation. The
Company’s philosophy on corporate governance envisages an attainment of the
highest level of transparency, accountability and equity in all facets of its
operations and in all interaction with its shareholders, employees, government
and lenders.
In addition to complying with the statutory
requirements, the Company is striving to establish effective governance systems
and practices by improving transparency, disclosures, internal controls and
promotion of ethics at work-place.
The Board with independent directors functions
through various committees of corporate governance. The Board actions abide
model code of conduct adopted by the Company. The Board is committed to
effectively implement and uphold the highest principles of Corporate Governance
consistent with the Company goal to enhance shareholders value.
STANDALONE RESULT
(Rs. in millions)
|
Particulars |
30.09.2010 Unaudited |
30.06.2010 Unaudited |
|
Net Sales / Interest Earned / Operating Income |
193.920 |
174.280 |
|
Other Income |
0.400 |
0.590 |
|
Expenditure |
(178.870) |
-160.080 |
|
Interest |
(4.440) |
-3.750 |
|
Profit Before Depreciation and Tax |
11.010 |
11.040 |
|
Depreciation |
(4.500) |
-4.500 |
|
Profit before Tax |
6.510 |
6.540 |
|
Tax |
(1.700) |
-2.300 |
|
Net Profit |
4.810 |
4.240 |
|
Equity Capital |
77.350 |
77.350 |
|
Reserves |
105.930 |
85.280 |
|
Basic EPS after Extraordinary items |
0.060 |
0.05 |
|
Nos. of Shares - Public |
23,322,337.00 |
23,322,337.00 |
|
Percent of Shares-Public |
30.150 |
30.15 |
|
Operating Profit Margin |
7.970 |
8.49 |
|
Net Profit Margin |
2.480 |
2.43 |
|
Cash EPS |
0.120 |
0.11 |
Note:
1. The results displayed here are as
furnished by the company at the relevant point of time.
2. Operating Profit Margin, Net Profit Margin
and Cash EPS is calculated and not furnished by the company.
3. Quarterly, Half Yearly, Annual will be
displayed for current period and 3 immediately preceding periods.
4. Where no data is available for any of the
immediately preceding period, then there will be no display for that period.
UNAUDITED (PROVISIONAL)
RESULTS FOR THE YEAR ENDED 30.09.2010
(Rs. In millions)
|
Particulars |
QUARTER ENDED 30.09.2010 UNAUDITED REVIEWED |
FOR THE PERIOD ENDED 30.09.2010 UNAUDITED REVIEWED |
|
(a) Net Sales/ Income from
operation |
193.431 |
367.693 |
|
(b) Other Operating Income |
0.491 |
0.610 |
|
Total Income |
193.922 |
368.203 |
|
2. Expenditure |
|
|
|
a. Increase(-) /Decrease(+) in Stock in trade and W.I.P. |
9.743 |
(14.596) |
|
b. Consumption of Raw-Materials |
65.104 |
159.232 |
|
c. Purchase of Traded Goods |
43.112 |
76.022 |
|
d. Employees Cost |
13.529 |
24.103 |
|
e. Depreciation |
4.500 |
9.000 |
|
f. Other Expenditure |
47.380 |
94.187 |
|
g. Total |
183.368 |
347.948 |
|
3. Profit(+)/ Loss(-) from Operations before other Income Interest and
Exceptional Item(1-2) |
10.554 |
20.266 |
|
4. Other Income-Foreign Exchange Fluctuation-Gain/(Loss) |
0.399 |
0.986 |
|
5. Profit(+)/ Loss(-) before Interest and Exceptional Item |
10.963 |
21.241 |
|
6. Interest |
4.444 |
8.197 |
|
7. Profit(+)/ Loss(-) after Interest but before Exceptional Item (5-6) |
6.509 |
13.044 |
|
8. Exceptional Items |
0.000 |
0.000 |
|
9. Profit(+)/
Loss (-) from ordinary activities
before Tax (7-8) |
6.509 |
13.044 |
|
10. Tax Expenses |
1.700 |
4.000 |
|
11. Net Profit(+)/ Loss (-) from ordinary activities after Tax (9-10) |
4.809 |
9.044 |
|
12. Extraordinary Items |
0.000 |
0.000 |
|
13. Net Profit (+)/ Loss(-) for the period (11-12) |
4.809 |
9.044 |
|
14. Paid Up Equity Share Capital (Face Value of Rs.10 Per Share) |
0.000 |
0.000 |
|
15. Reserves excluding Revaluation Reserves as per Balance Sheet of
Previous Accounting Year |
105.929 |
77.350 |
|
16. Earning per Share (EPS) |
0.006 |
0.012 |
|
a) Basic and diluted EPS before extraordinary items for the period,
for the year to date and for the previous year (not annualised) |
23322337 |
23322337 |
|
b) Basic and diluted EPS after extraordinary items for the period,for
the year to date and for the previous year (not annualised) |
30.15% |
30.15% |
|
18. Promoters and promoter group Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of shares |
0.000 |
0.000 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter
group) |
0.000% |
0.000% |
|
- Percentage of shares (as a
% of the total share capital of the
company) |
0.000% |
0.000% |
|
b) Non-encumbered |
|
|
|
- Number of shares |
54027663 |
54027663 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and
promoter group) |
100.00% |
100.00% |
|
- Percentage of shares (as a
% of the total share capital of the
company) |
69.85% |
69.85% |
UNAUDITED SEGMENT WISE
RESULTS
(Rs. in millions)
|
Particulars |
QUARTER ENDED 30.09.2010 UNAUDITED
REVIEWED |
FOR THE PERIOD
ENDED 30.09.2010 UNAUDITED
REVIEWED |
|
Pharma |
162.281 |
314.548 |
|
Consumer |
31.151 |
53.046 |
|
Others |
0.000 |
0.000 |
|
Total |
193.432 |
367.594 |
|
Unallocable Income |
0.890 |
1.596 |
|
Total segment revenue |
194.322 |
369.190 |
|
Net sales/income from Operations |
|
|
|
2. Segment Results |
|
|
|
Pharma |
35.338 |
63.619 |
|
Consumer |
5.639 |
9.607 |
|
Others |
0.000 |
0.000 |
|
Total |
40.977 |
42.985 |
|
Less : Unallocable Income |
409.777 |
73.226 |
|
Interest |
25.524 |
8.197 |
|
Depreciation |
4.500 |
9.000 |
|
Tax Provision |
1.700 |
4.000 |
|
Net Profit Before Tax |
4.809 |
9.044 |
UNAUDITED ATATEMENT OF ASSETS AND LIABILITIES
|
SOURCES OF FUNDS |
AS AT 30.09.2010
Unaudited |
|
|
SHAREHOLDERS FUNDS |
|
|
|
1] Share Capital |
77.350 |
|
|
2] Reserves & Surplus |
105.929 |
|
|
3] Secured Loans |
184.569 |
|
|
4] Unsecured Loans |
0.000 |
|
|
Deferred Tax Liability (Net) |
22.334 |
|
|
TOTAL |
390.182 |
|
|
NET FIXED ASSETS (including Capital work in
properties and capital) |
|
|
|
Investments |
169.120 |
|
|
CURRENT ASSETS, LOANS & ADVANCES |
0.092 |
|
|
|
Inventories |
81.977
|
|
|
Sundry Debtors |
191.065
|
|
|
Cash & Bank Balances |
6.644
|
|
|
Other Current Assets |
0.000
|
|
|
Loans & Advances |
84.437
|
|
Total
Current Assets |
364.123
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
Other Current Liabilities |
128.378
|
|
|
Provisions |
14.775
|
|
Total
Current Liabilities |
143.153
|
|
|
|
|
|
|
TOTAL |
390.182 |
|
Notes :
- The above unaudited financial results were reviewed by the Audit Committee,
subject to limited review by Auditors and approved by the Board of
Directors at their meeting held on 15th November, 2010
- Investors Complaints received and disposal off during the quarter
ended September 30, 2010
- previous period figures including segment Bifurcation have been
regrouped, wherever necessary
CONTINGENT LIABILITY:
|
Particulars |
31.03.2010 (Rs. in
millions) |
|
a) Estimated amount of contract remaining to
be executed on capital account and not provided for |
6.940 |
|
b) Letter of Credit |
2.468 |
|
c) Bank Guarantee |
1.689 |
|
d) Claims against company not acknowledged
as Debts, being disputed |
10.886 |
|
e) Labor Cases |
4.563 |
|
f) In respect of Income Tax Assessment Dues |
0.032 |
FIXED ASSETS:
I) Formulation/ Ayurvedic Division
A) Plant and Machinery
B) Air-conditioners
C) Office Equipments
D) Refrigerator
E) Computers
F) Electrical Installation
G) Vehicles
H) Furniture and Fixture
I) Cooling Tower
2) Bulk Drug Division
A) Plant and Machinery
3) R and D Division
A) Plant and Machinery
4) Tissue Culture Div
A) Equipments
B) Air-conditioner
C) Shed House
5) Seed Division
A) Plant and Machinery
6) Capital Expenses on Factory
7) Intangible Assets
A) Computer Software
B) Brand
C) Technical Know How
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. 45.11 |
|
|
1 |
Rs. 73.25 |
|
Euro |
1 |
Rs. 61.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.