MIRA
INFORM REPORT
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Report Date : |
03.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAMRAT PHARMACHEM LIMITED |
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Registered
Office : |
Plot No.A2/3445, G.I.D.C., Phase–4, Ankleshwar – 393 002, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
16.06.1992 |
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Com. Reg. No.: |
04-017820 |
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Capital
Investment / Paid-up Capital : |
Rs.30.897 Millions |
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CIN No.: [Company Identification
No.] |
L24230GJ1992PLC017820 |
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IEC No.: |
0392065622 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS42633D BRDS06273B |
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PAN No.: [Permanent Account No.] |
AAECS0806M |
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Legal Form : |
Public Limited
Liability Company. Company’s Shares are listed on the stock Exchange. |
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Line of Business
: |
Manufacturer, Exporter and Importer of Pharmaceutical Chemicals. |
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No. of Employees
: |
24 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 349000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and 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.
INFORMATION PARTED BY
|
Name : |
Mr. Rajesh Mehta |
|
Designation : |
Executive Director |
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Contact No.: |
91-9321002222 |
|
Date : |
30.08.2011 |
LOCATIONS
|
Registered Office/ Statutory Office/ Factory 1 : |
Plot No.A2/3445, G.I.D.C., Phase–4, Ankleshwar – 393 002, |
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Tel. No.: |
91-2646-220774 |
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Mobile No.: |
91-9321002222 (Mr. Rajesh Mehta) |
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Fax No.: |
91-2646-251291 |
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E-Mail : |
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Website : |
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Area : |
3645 Sq. mtr |
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Location : |
Leased |
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Corporate Office : |
A/7, Sai Prasad, 2nd Floor, |
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Tel. No.: |
91-22-26841707/ 40/ 26833756 |
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Fax No.: |
91-22-26843745 |
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E-Mail : |
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Area : |
500 Sq.ft. |
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Location : |
Leased |
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Factory 2 : |
Plot No.A2/3444, G.I.D.C., Phase–4, Ankleshwar – 393 002, |
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Divisional
Office : |
Plot No.C/4/9, |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Lalit Mehta |
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Designation : |
Chairman and Managing Director |
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Address : |
B – 74, Roop Darshan, |
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Date of Birth/Age : |
74 Years |
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Qualification : |
B.Com, LLB |
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|
Name : |
Mr. Rajesh Mehta |
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Designation : |
Executive Director |
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Address : |
B – 74, Roop Darshan, |
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Date of Birth/Age : |
25.06.1964 |
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Qualification : |
B.Com, ACA |
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Date of Appointment : |
16.06.1992 |
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Name : |
Mr. Mahendra Pipalia |
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Designation : |
Director |
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Date of Birth/Age : |
09.11.1963 |
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Qualification : |
B.Com, ACA |
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Date of Appointment : |
17.03.2003 |
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Name : |
Mr. Samir Kothary |
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Designation : |
Director |
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Date of Birth/Age : |
10.10.1962 |
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Qualification : |
B.Sc, DBM |
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Date of Appointment : |
30.07.2003 |
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Name : |
Mr. Hitendra Shah |
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Designation : |
Director |
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Date of Birth/Age : |
26.10.1967 |
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Qualification : |
B.Com. |
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Date of Appointment : |
30.12.2005 |
KEY EXECUTIVES
|
Name : |
A.A. Mulla and Associates |
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Designation : |
Company Secretaries |
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Address : |
3rd Floor, New Hari Leela House, 34/38, |
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Tel. No.: |
91-22-22644435 |
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Fax No.: |
91-22-22644434 |
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E-Mail: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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1,378,525 |
44.62 |
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1,378,525 |
44.62 |
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Total shareholding of Promoter and Promoter Group (A) |
1,378,525 |
44.62 |
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(B) Public Shareholding |
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|
100,000 |
3.24 |
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|
100,000 |
3.24 |
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37,087 |
1.20 |
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1,154,322 |
37.36 |
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375,515 |
12.15 |
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|
44,251 |
1.43 |
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|
813 |
0.03 |
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43,438 |
1.41 |
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|
1,611,175 |
52.15 |
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Total Public shareholding (B) |
1,711,175 |
55.38 |
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Total (A)+(B) |
3,089,700 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
3,089,700 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 million
Shareholding
belonging to the category:
"Promoter and Promoter Group"
|
Sl. |
Name of the
Shareholder |
Number |
As a % |
|
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|
387,542 |
12.54 |
|
2 |
Rajesh Lalit Mehta |
337,816 |
10.93 |
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3 |
Premal Lalit Mehta |
174,281 |
5.64 |
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4 |
Kaushal Lalit Mehta |
150,586 |
4.87 |
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5 |
Jaya Lalit Mehta |
119,300 |
3.86 |
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6 |
Rupal Rajesh Mehta |
73,300 |
2.37 |
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7 |
Kalpana Rajesh Mehta |
69,300 |
2.24 |
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8 |
Falguni Kaushal Mehta |
66,400 |
2.15 |
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Total |
1,378,525 |
44.62 |
Shareholding
belonging to the category
"Public" and holding more than 1% of the Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Shares as % of
Total No. of Shares |
|
1 |
Sangeetha S. |
107,890 |
3.49 |
|
2 |
Lloyds Securities Overseas Limited |
100,000 |
3.24 |
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3 |
S. Sathya |
77,860 |
2.52 |
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4 |
P. Subramanian |
52,296 |
1.69 |
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5 |
S. Sangeetha |
39,670 |
1.28 |
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Total |
377,716 |
12.23 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Pharmaceutical Chemicals. |
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Products : |
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Exports : |
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Products : |
v Potassium Iodide v Sodium Iodide v Iodine |
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Countries : |
v
v
European Countries v
v
Gulf Countries |
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Imports : |
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Countries : |
v
v
v
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Terms : |
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Selling : |
L/C, Cash and Credit (30/ 60 days) |
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Purchasing : |
L/C, Cash and Credit (30/ 60 days) |
PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Pharmaceutical Chemicals |
MT |
415.20 |
372.90 |
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GENERAL INFORMATION
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Customers : |
Pharmaceutical Company |
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No. of Employees : |
24 (Approximately) |
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Bankers : |
Principal
Bankers: v
ICICI Bank Limited, v
CITI Bank N.A., Kalpachandra, Co-Bankers: v
HDFC Bank Limited, Jamuna Apartments, v
State Bank of |
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Facilities : |
Notes: (i) Working capital Loans sanctioned by ICICI Bank Limited in form of
Cash Credit and Letter of Credit are secured against Fixed Assets, Stocks, Book
debts and personal guarantee of Executive Directors. |
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Banking
Relations : |
-- |
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Statutory Auditors : |
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Name : |
Shah, Shah and Shah Chartered accountants |
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Address : |
502, Damji Shamji Trade Centre, Vidyavihar (West), Mumbai – 400 086, |
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Tax Auditors : |
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Name : |
Nalin S. Parekh and Company Chartered Accountants |
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Address : |
302, Madhav Apartments, |
CAPITAL STRUCTURE
As on 31.03.2011
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 |
|
3089700 |
Equity Shares |
Rs.10/- each |
Rs.30.897
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
30.897 |
30.897 |
30.897 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
56.296 |
42.875 |
31.602 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
87.193 |
73.772 |
62.499 |
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LOAN FUNDS |
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1] Secured Loans |
16.324 |
16.292 |
15.730 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
16.324 |
16.292 |
15.730 |
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DEFERRED TAX LIABILITIES |
2.320 |
2.212 |
1.972 |
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TOTAL |
105.837 |
92.276 |
80.201 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
25.427 |
23.039 |
21.075 |
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Capital work-in-progress |
4.328 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
4.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
30.806
|
14.154
|
27.542
|
|
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Sundry Debtors |
93.701
|
75.949
|
78.053
|
|
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Cash & Bank Balances |
17.558
|
30.423
|
29.294
|
|
|
Other Current Assets |
15.888
|
4.854
|
8.622
|
|
|
Loans & Advances |
2.829
|
2.047
|
1.980
|
|
Total
Current Assets |
160.782
|
127.427
|
145.491
|
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
79.280 |
57.452
|
81.682
|
|
|
Other Current Liabilities |
2.826
|
0.200
|
8.629
|
|
|
Provisions |
2.594
|
0.538
|
0.054
|
|
Total
Current Liabilities |
84.700
|
58.190
|
90.365
|
|
|
Net Current Assets |
76.082
|
69.237
|
55.126
|
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
105.837 |
92.276 |
80.201 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
|
|
|
|
|
|
|
Sales |
475.572 |
479.695 |
389.599 |
|
|
|
Other Income |
0.019 |
0.224 |
0.021 |
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TOTAL (A) |
475.591 |
479.919 |
389.620 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Materials, Manufacturing and Other Expenses |
426.562 |
427.964 |
362.138 |
|
|
|
Increase/ Decrease in Stock |
(4.013) |
6.482 |
(0.889) |
|
|
|
Salaries, Wages and Other Employees Benefits |
8.053 |
7.370 |
6.057 |
|
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|
Office and Administration Expenses |
6.388 |
4.654 |
5.479 |
|
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|
Selling and Distribution Expenses |
14.524 |
13.936 |
12.380 |
|
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|
Loss on |
0.000 |
0.044 |
0.000 |
|
|
|
Loss on |
0.000 |
0.946 |
0.000 |
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TOTAL (B) |
451.514 |
461.396 |
385.165 |
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Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
24.077 |
18.523 |
4.455 |
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Less |
INTEREST & FINANCIAL
EXPENSES (D) |
1.356 |
3.037 |
2.580 |
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|
|
|
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|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
22.721 |
15.486 |
1.875 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.613 |
1.465 |
1.346 |
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PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
21.108 |
14.021 |
0.529 |
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Less |
TAX (H) |
7.347 |
2.730 |
1.560 |
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|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
13.761 |
11.291 |
(1.031) |
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|
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|
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|
OPENING BALANCE
IN PROFIT AND LOSS ACCOUNT |
42.875 |
31.602 |
32.633 |
|
|
Add |
Profit
After Tax |
13.761 |
11.291 |
(1.031) |
|
|
|
Taxation
Adjustment of Previous Year |
(0.340) |
(0.018) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
56.296 |
42.875 |
31.602 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
111.057 |
64.821 |
85.455 |
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TOTAL EARNINGS |
111.057 |
64.821 |
85.455 |
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
314.956 |
301.544 |
NA |
|
|
TOTAL IMPORTS |
314.956 |
301.544 |
NA |
|
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|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
4.45 |
3.96 |
(0.33) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
|
Type |
1st
Quarter |
|
Net Sales |
200.650 |
|
Total Expenditure |
145.020 |
|
PBIDT (Excl OI) |
55.630 |
|
Other Income |
0.000 |
|
Operating Profit |
55.630 |
|
Interest |
1.170 |
|
Exceptional Items |
0.000 |
|
PBDT |
54.470 |
|
Depreciation |
0.460 |
|
Profit Before Tax |
54.010 |
|
Tax |
13.500 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
40.510 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
40.510 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.89
|
2.35 |
(0.26)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.44
|
2.92 |
0.14
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.34
|
9.32 |
0.32
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.19 |
0.01
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.16
|
1.01 |
1.70
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.90
|
2.19 |
1.61
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors
for Goods |
78.613 |
56.860 |
80.922 |
|
Sundry Creditors
for Expenses |
0.667 |
0.592 |
0.760 |
|
Sundry Creditors
for Fixed Assets |
0.000 |
0.000 |
0.000 |
|
Total |
79.280 |
57.452 |
81.682 |
OPERATIONS:
The company has performed reasonably well during the year. In a highly competitive business environment, the Company achieved a turnover of Rs.475.571 millions as against Rs.479.695 millions achieved last year - a decrease of around 0.87%. Production of 372.90 tons of pharmaceutical chemicals was achieved during the year.
EXPORTS:
During the year 2010-2011 the company’s export division registered sales of Rs.111.057 million, up from Rs.64.821 millions last year. The Company has initiated several export promotion measures to increase exports. The products of the Company have been well accepted in the international market and the Company expects better export turnover in the coming year.
DEMATERIALISATION:
The equity shares of the Company have been dematerialized by
joining the depositories viz. National Securities Depository Limited (NSDL) and
Central Depository Services (
MANAGEMENT DISCUSSION
AND ANALYSIS:
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
The Company is a producer of pharmaceutical chemicals. The intermediates produced are used in pharmaceutical and chemical industries. The Company is amongst the manufacturers who produce for local and international needs of the pharmaceuticals and chemicals industry. The pharmaceutical and chemical industry is growing at a rapid pace every year. This results into growth of the support or intermediate industry like us.
OPPORTUNITIES AND
THREATS:
The company looks forward optimistically for all round growth in turnover and profitability in the ensuing years. The company has taken effective steps to realize the dream performance in the years to come. The company intends to double its turnover in a short period of time. The company has taken effective measures to improve quality of products and its productivity to outwit competitor from domestic and international market.
The profit margin has come down drastically over the years and unless the quantitative volume of sales is increased it would be difficult to achieve the target of profitability set by the directors. The company should also plan to widen the product range by increasing the basket of products thereby enlarging the customer and sales base.
PRODUCT PERFORMANCE:
The company has two plants producing varied items: The basic purpose of producing in two different plants is to improve efficiency and manageability. The Company shall achieve sustainable growth in both plants by modernization and automation of operations. According to the Directors, these plants facilitate better division of labour, enable them to develop expertise in each plant and their respective items, and hence improve productivity and profitability of the Company.
OUTLOOK:
According to Yes Bank Report titled “Indian Pharmaceutical Industry: Vision 2015”, the Indian Pharmaceutical and Chemical industry is projected to grow at an annual rate of 14.2%. Currently valued at USD 10 Billion, the projected turnover to touch USD 50 Billion by the year 2015.
FINANCIAL PERFORMANCE
WITH RESPECT TO OPERATIONAL PERFORMANCE:
A satisfactory business performance with average volume growth in key products and business units, combined with productivity improvement, cost management and working capital management have contributed to the good operating results for the year. Also sharp focus on cost and margins has resulted in enhanced operational efficiency.
BOARD OF DIRECTORS:
Mr. Lalit Mehta aged 74 years is the Chairman and Managing
Director of subject. Mr. Lalit Mehta is a science and law graduate from
Mr. Rajesh Mehta aged 46 years is the Executive Director of
subject. Mr. Rajesh Mehta is a commerce graduate from
Mr. Mahendra Pipalia aged 47 years is the Non-executive
Director of the Company. Mr. Mahendra Pipalia is a commerce graduate from the
Mr. Samir Kothary aged 48 years is the Non- executive
Director of the Company. He is engaged in the business of trading of
pharmaceuticals and chemicals. He has experience of more than 18 years in the
pharmaceutical and chemical industry. He advises the Company in procurement of
raw materials from
Mr. Hitendra Shah aged 43 years is the Non- executive
Director of the Company. Mr. Hitendra Shah is a Commerce Graduate from the
CONTINGENT
LIABILITIES: (AS ON 31.03.2011)
v Bank Guarantees issued by Banks on behalf of the Company is Rs. NIL
v Letters of Credit issued by the Company’s Bankers: Rs.97.214 millions.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH
JUNE, 2011
(Rs.
In Millions)
|
Particulars |
Quarter Ended 30.06.2011 |
|
(Unaudited) |
|
|
1. a) Net Income from Sales / Services |
200.654 |
|
b) Other Operating Income |
0.000 |
|
Total Income |
200.654 |
|
2. Expenditure |
|
|
(a) (Increase)/decrease in Stock in Trade/ WIP |
(30.060) |
|
(b) Consumption of Raw Materials |
148.677 |
|
(c) Purchase of Traded Goods |
0.000 |
|
(d) Employees Costs |
2.224 |
|
(e) Depreciation |
0.458 |
|
(f) Other Expenditure |
|
|
|
16.185 |
|
|
2.234 |
|
|
5.763 |
|
(g) Total
Expenditure |
145.481 |
|
3. Profit / (Loss) From Operations before Other Income
Interest and Exceptional Items |
55.173 |
|
4. Other Income |
0.000 |
|
5. Profit/(Loss) before Interest and Exceptional items |
55.173 |
|
6. Interest |
1.167 |
|
7. Profit / (Loss) after interest but before
Exceptional items |
54.006 |
|
8. Exceptional Items |
0.000 |
|
9. Profit / (Loss) From Ordinary activities before Tax |
54.006 |
|
10. Tax Expenses (including deferred tax) |
13.500 |
|
11. Net Profit/(Loss) From Ordinary activities after
Tax |
40.506 |
|
12. Extraordinary Items (Net of tax expense) |
0.000 |
|
13. Net Profit/(Loss) for the period |
40.506 |
|
14. Paid-up Equity Share Capital |
30.897 |
|
15. Reserves (Excluding Revaluation Reserves) |
-- |
|
16. Earnings Per
Share |
|
|
a. Basic and
Diluted EPS before Extraordinary Items for the period, for the year to date
and for the previous year (not to be annualized) |
13.11 |
|
b. Basic and Diluted
EPS after Extraordinary Items for the period, for the year to date and for
the previous year (not to be annualized) |
13.11 |
|
17. Public
Shareholding |
|
|
- Number of Shares |
1711175 |
|
- Percentage of shareholding |
55.38 |
|
18. Promoters and Promoter
group share holding |
|
|
a) Pledged / Encumbered |
|
|
- Number of Shares |
0.00 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
0.00 |
|
- Percentage of shares(as a % of the total share capital of the company) |
0.00 |
|
b) Non-encumbered |
|
|
- Number of Shares |
1378525 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00 |
|
- Percentage of Share (as a % of the total share capital of the company) |
44.62 |
CONSOLIDATED
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
Particulars |
Year to date
ended 30.06.2011 (Unaudited) |
|
Shareholders’ Fund |
|
|
a) Capital |
30.897 |
|
b) Reserves and Surplus |
96.737 |
|
Loan Funds |
1.140 |
|
Net Deferred Tax Liability |
2.385 |
|
Total |
131.159 |
|
|
|
|
Fixed Assets |
26.564 |
|
Capital Work in Progress |
5.900 |
|
Investments |
0.000 |
|
Current Assets, Loans and Advances |
|
|
a) Inventories |
55.326 |
|
b) Sundry Debtors |
152.238 |
|
c) Cash and Bank Balances |
26.253 |
|
d) Other Current Assets |
19.258 |
|
d) Loans and Advance |
0.984 |
|
Less Current Liabilities and Provisions |
|
|
a) Liabilities |
(141.864) |
|
b) Provisions |
(13.500) |
|
Miscellaneous Expenditure (Not Written Off) |
0.000 |
|
Total
|
131.159 |
Notes:
1. The above results were reviewed by the Audit Committee of the Board pf Directors.
2. The Statutory Auditors have carried out a limited review of the results for the quarter ended 30th June, 2011.
3. The above unaudited results have been taken on record by the Board of Directors at it Meeting held on Saturday, 13th August, 2011 at the Corporate Office of the Company.
3. Information on investor complaints pursuant to clause 41 of the listing agreement for the quarter ended 30th June, 2011
Opening Balance as on 01.04.2011 - 0
Received during the quarter - 0
Disposed of during the quarter - 0
Closing Balance as on 30.06.2011 – 0
BALANCESHEET AS AT 30TH
JUNE, 2011
(Rs.
In Millions)
|
Particulars |
30.06.2011 |
|
|
SOURCES OF FUNDS |
|
|
|
SHAREHOLDERS FUNDS |
|
|
|
Equity Share Capital |
30.897 |
|
|
Reserves & Surplus (i) Profit and Loss Account |
96.737 |
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
i] Secured Loans |
1.138 |
|
|
ii] Unsecured Loans |
0.000 |
|
|
TOTAL |
128.772 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
FIXED ASSETS |
|
|
|
Gross Block |
37.728 |
|
|
Less: Depreciation |
11.164 |
|
|
Net Block |
26.564 |
|
|
|
|
|
|
CAPITAL WORK-IN-PROGRESS |
5.900 |
|
|
|
|
|
|
INVESTMENTS |
0.000 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
55.326
|
|
|
Sundry Debtors |
152.237
|
|
|
Cash & Bank Balances |
26.253
|
|
|
Other Current Assets |
19.258
|
|
|
Loans & Advances |
0.983
|
|
|
254.057
|
|
|
|
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
(155.364) |
|
|
|
|
|
|
NET CURRENT ASSETS |
98.693
|
|
|
Deferred Income Tax Liability |
(2.385) |
|
|
|
|
|
|
TOTAL |
128.772 |
|
PROFIT AND LOSS
ACCOUNT FOR THE QUARTER ENDED 30TH JUNE, 2011
(Rs. In Millions)
|
Particulars |
30.06.2011 |
|
Sales |
200.381 |
|
Profit/ (Loss) Foreign Exchange Fluctuation (Sales) |
0.240 |
|
Income From |
0.003 |
|
Export Benefits |
0.000 |
|
Rate Difference |
0.030 |
|
Net Sales/Income
From Operations |
200.654 |
|
|
|
|
Opening Stock of Finished Goods & WIP |
9.551 |
|
Closing Stock of Finished Goods & WIP) |
(39.611) |
|
(Increase)/ Decrease in Slack in trade |
(30.060) |
|
|
|
|
Opening Stock of Raw/Packing Materials |
21.255 |
|
Purchases (Including Carriage Inward, Foreign Bills) Less Cenvat Credit |
143.692 |
|
Loss/ (Profit) Foreign Exchange Fluctuation (Purchase) |
(0.555) |
|
Closing Stock |
(15.714) |
|
Consumption of Raw/Packing Materials |
148.677 |
|
|
|
|
Manufacturing & Other Expenses (including Central Excise Job work) |
16.185 |
|
|
|
|
Salaries, Wages & Employee Benefits |
2.224 |
|
|
|
|
Office and Administration Expenses |
2.234 |
|
Loss on |
0.000 |
|
|
2.234 |
|
|
|
|
Selling and Distribution Expenses (including Sales Tax) |
5.763 |
|
|
|
|
Operating Profit before interest and depreciation |
55.630 |
|
|
|
|
Interest & Finance Charges |
1.167 |
|
Depreciation on Fixed Assets |
0.457 |
|
Operating Profit alter interest and depreciation |
54.005 |
|
Other Income |
|
|
- Dividend Income |
0.000 |
|
- Interest |
0.000 |
|
|
0.000 |
|
|
|
|
Profit / (loss) before tax |
54.005 |
|
Provision for Taxation |
(13.500) |
|
Deferred tax asset/I liabilities for the period |
(0.065) |
|
NET PROFIT/ (LOSS) |
40.440 |
|
|
|
|
Opening Balance In Profit & loss Account |
56.297 |
|
Add: Profit After lax |
40.440 |
|
Add: Income Tax of Previous Year |
0.000 |
|
Balance Carried
Forward |
96.737 |
FIXED ASSETS:
v Land
v Building
v Plant and Machinery
v Office Plant and
Equipment
v Furniture and
Fixtures
v Vehicles
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.45.90 |
|
|
1 |
Rs.74.31 |
|
Euro |
1 |
Rs.65.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.