MIRA
INFORM REPORT
|
Report Date : |
02.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
IOL CHEMICALS AND PHARMACEUTICALS LIMITED |
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Registered
Office : |
Trident Complex, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
29.09.1986 |
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Com. Reg. No.: |
16-007030 |
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Capital
Investment / Paid-up Capital : |
Rs.307.167 Millions |
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CIN No.: [Company Identification
No.] |
L24116PB1986PLC007030 |
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IEC No.: |
3094001343 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JLDI00254C |
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PAN No.: [Permanent Account No.] |
AABCI1842A/ JLDI00254C |
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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 of Industrial Chemicals and Bulk Drugs |
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No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
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 6890000 |
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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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Trident Complex, |
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Tel. No.: |
91-1679-244701-07 / 285285 |
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Fax No.: |
91-1679-244708 / 285292 |
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E-Mail : |
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Website : |
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Area: |
20000 sq.ft (Owned) |
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Head Office : |
85 Industrial Area A, |
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Tel. No.: |
91-161-2225531-35 |
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Fax No.: |
91-161-2608184 / 2608784 / 2226929 |
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E-Mail : |
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Factory : |
Village Fatehgarh Chhana, |
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Tel. No.: |
91-1679-285285-86 |
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Fax No.: |
91-1679-285292 |
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Area: |
Owned |
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Branch Office : |
102, 1st Floor, Royal Grace, Road No. 2, Lokmanya Tilak
Colony, B/H Swaminarayan Mandir, Dadar (East), Mumbai – 400 014, Maharashtra,
India |
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Tel. No.: |
91-22-24166656 / 24146654 |
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Mobile No.: |
91-9820302660 |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Varinder Gupta |
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Designation : |
Chairman and Managing Director |
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Name : |
Dr. M A Zahir |
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Designation : |
Director |
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Name : |
Mr. Chandra Mohan |
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Designation : |
Director |
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Name : |
Mr. Yoesh Goel |
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Designation : |
Director |
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Name : |
Mr. |
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Designation : |
Director |
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Name : |
Mrs. Dimple Gupta |
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Designation : |
Director |
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Name : |
Mr. R K Thukral |
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Designation : |
Executive Director upto 11 July 2011 |
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Name : |
Mr. Kanwal Pushkarnath Pandita |
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Designation : |
Director |
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Name : |
Mr. Vijay Singla |
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Designation : |
Director (Works) w.e.f 11.07.2011 |
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Audit and Risk Management
Committee : |
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Investors’ Grievance
Committee : |
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Remuneration Committee : |
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KEY EXECUTIVES
|
Name : |
Mr Rakesh Mahajan |
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Designation : |
President (Finance) |
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Name : |
Mr Krishan Singla |
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Designation : |
Vice President and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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1,158,730 |
4.51 |
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12,781,323 |
49.70 |
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13,940,053 |
54.21 |
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Total shareholding of Promoter and Promoter Group (A) |
13,940,053 |
54.21 |
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(B) Public Shareholding |
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|
10,700 |
0.04 |
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|
297,965 |
1.16 |
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|
308,665 |
1.20 |
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4,479,832 |
17.42 |
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2,518,961 |
9.80 |
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|
541,696 |
2.11 |
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3,927,457 |
15.27 |
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|
120,793 |
0.47 |
|
|
3,806,664 |
14.80 |
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|
11,467,946 |
44.59 |
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Total Public
shareholding (B) |
11,776,611 |
45.79 |
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Total (A)+(B) |
25,716,664 |
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) |
25,716,664 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 1 lakhBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Industrial Chemicals and Bulk Drugs |
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Products : |
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PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Acetic Acid |
TPA |
75000 |
10420 |
|
Ethyl Acetate |
TPA |
36000 |
36050 |
|
Acetic Anhydride |
TPA |
18000 |
15956 |
|
Ibuprofen |
TPA |
6000 |
2997 |
|
Acetyl Chloride |
TPA |
5200 |
2035 |
|
Mono Chloro Acetic Acid |
TPA |
7200 |
2848 |
|
Iso Butyl Benzene |
TPA |
6600 |
4150 |
Notes:
I. Installed capacity is on annual basis.
II. Installed capacity has been certified by the Management and not verified by the Auditors, being a technical matter.
GENERAL INFORMATION
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Cost Auditors : |
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Name : |
M/s Ramanath Iyer and Company Chartered Accountants |
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Address : |
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Statutory Auditors : |
M/s S C Vasudeva and Company Chartered Accountants |
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Address : |
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Enterprises over
which Key Management Personnel (KMP) is able to exercise significant
influence: |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
|
5000000 |
Preference Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
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TOTAL |
|
Rs.450.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25716664 |
Equity Shares |
Rs.10/- each |
Rs.257.167
Millions |
|
5000000 |
Preference Shares |
Rs.10/- each |
Rs.50.000 Millions
|
|
|
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|
Rs.307.167 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
307.167 |
277.167 |
231.500 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1395.214 |
1162.422 |
793.930 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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5] Equity Warrants |
21.000 |
42.000 |
90.000 |
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6] 10% Fully Convertible Debentures |
0.000 |
0.000 |
139.999 |
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NETWORTH |
1723.381 |
1481.589 |
1255.429 |
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LOAN FUNDS |
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1] Secured Loans |
2843.604 |
2515.640 |
2139.441 |
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2] Unsecured Loans |
597.415 |
175.568 |
190.808 |
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TOTAL BORROWING |
3441.019 |
2691.208 |
2330.249 |
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DEFERRED TAX LIABILITIES |
100.557 |
71.918 |
25.538 |
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TOTAL |
5264.957 |
4244.715 |
3611.216 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3509.563 |
3728.050 |
1230.990 |
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Capital work-in-progress |
617.682 |
5.893 |
1874.668 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
995.562
|
668.654 |
523.355 |
|
|
Sundry Debtors |
381.313
|
301.069 |
252.378 |
|
|
Cash & Bank Balances |
199.393
|
66.022 |
66.951 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
395.119
|
312.478 |
249.024 |
|
Total
Current Assets |
1971.387
|
1348.223 |
1091.708 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
680.041
|
603.271 |
|
|
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Other Current Liabilities |
145.547
|
221.483 |
578.665 |
|
|
Provisions |
8.087
|
12.697 |
7.485 |
|
Total
Current Liabilities |
833.675
|
837.451 |
586.150 |
|
|
Net Current Assets |
1137.712
|
510.772 |
505.558 |
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
5264.957 |
4244.715 |
3611.216 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3894.074 |
3494.203 |
3018.585 |
|
|
|
Other Income |
19.545 |
9.964 |
33.351 |
|
|
|
TOTAL (A) |
3913.619 |
3504.167 |
3051.936 |
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
2710.743 |
2476.178 |
2229.856 |
|
|
|
Manufacturing Expenses |
420.282 |
419.944 |
384.768 |
|
|
|
Personnel Expenses |
164.158 |
112.507 |
81.381 |
|
|
|
Administrative and Other Expenses |
45.401 |
38.798 |
36.127 |
|
|
|
Selling and Distribution Expenses |
174.522 |
140.909 |
96.693 |
|
|
|
(Increase)/Decrease in Work in Process and Finished Goods |
(294.619) |
(85.936) |
(127.786) |
|
|
|
Increase/(Decrease) in Excise Duty on Finished Goods |
(2.892) |
6.442 |
(9.291) |
|
|
|
TOTAL (B) |
3217.595 |
3108.842 |
2691.748 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
696.024 |
395.325 |
360.188 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
367.965 |
148.674 |
149.195 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
328.059 |
246.651 |
210.993 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
237.628 |
100.112 |
100.016 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
90.431 |
146.539 |
110.977 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
28.639 |
46.379 |
(15.965) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
61.792 |
100.160 |
126.943 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
461.954 |
361.794 |
234.851 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
523.746 |
461.954 |
361.794 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of Goods calculated on FOB value |
806.282 |
611.135 |
368.882 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
103.065 |
81.340 |
324.779 |
|
|
|
Capital Goods |
6.198 |
12.802 |
14.019 |
|
|
TOTAL IMPORTS |
109.263 |
94.142 |
338.798 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
2.52 |
4.69 |
7.56 |
|
|
|
Diluted |
2.52 |
4.68 |
7.27 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Net Sales |
1136.410 |
1065.780 |
1309.190 |
|
Total Expenditure |
959.170 |
882.630 |
1121.010 |
|
PBIDT (Excl OI) |
177.240 |
183.150 |
188.180 |
|
Other Income |
0.050 |
0.050 |
0.050 |
|
Operating Profit |
177.290 |
183.200 |
188.230 |
|
Interest |
103.310 |
107.580 |
120.230 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
73.980 |
75.620 |
68.000 |
|
Depreciation |
59.510 |
59.920 |
59.460 |
|
Profit Before Tax |
14.470 |
15.700 |
8.540 |
|
Tax |
4.740 |
1.970 |
1.540 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
9.730 |
13.730 |
7.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
9.730 |
13.730 |
7.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.58
|
2.86 |
4.15
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.32
|
4.19 |
3.67
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.69
|
2.89 |
4.77
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.10 |
0.08
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.48
|
2.38 |
2.32
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.36
|
1.61 |
1.86
|
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE REVIEW
There was a healthy
improvement in the overall performance of the Company in comparison to the
previous year’s performance. Net sales and other income of the Company has
increased by 11.68% to Rs.3913.600 millions from Rs.3504.200 millions. Profit before interest a
depreciation has increased by 76.02 % to Rs.696.000
millions during the year against from Rs.395.400
millions. The Company has earned net profit after tax Rs.61.800 millions during the year against Rs.100.200 millions due to the higher Interest and
Depreciation.
EXPANSION PROJECT
The Company has
undertaken capacity enhancement and diversification into more value-added
pharmaceutical products involving a CAPEX of Rs.1300.000 millions.
AWARDS
Members would be happy
to note the receipt of following Awards by their Company during the year under
review:
1. First Prize in
National Energy Conservation Award 2010 in Drugs A Pharmaceuticals Sector by
the Ministry of Power, Government of India (IOLCP awarded with this award in
Chemical Sector consecutively for the Year 2005, 2006, 2007, 2008 and 2009).
2. First Prize in State
Level Energy Conservation Award in Drugs and Pharmaceuticals Sector for the
year 2010.
RECOGNITIONS
Following recognitions
were received by the Company during the year under review:
1. Certificate of
Registration from Department of Scientific A Industrial Research (DSIR) for
In-house RAD unit(s) of the Company.
2. Certificate of
suitability for ibuprofen from the European Directorate for Quality of Medicine
a Healthcare (EDQM).
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS
WORLD ECONOMY
The recovery is gaining strength, but unemployment remains
high in advanced economies, and new macroeconomic risks are building in
emerging market economies. Oil price increases since January 2011 and
information on supply, including on spare capacity, suggest that the
disruptions so far would have only mild effects on economic activity. An
earthquake in
INDIAN ECONOMY
The Indian economy has emerged with remarkable rapidity from the slowdown caused by the global financial crises of 2007-09. With growth in 2009-10 is estimated at 8 per cent by quick estimates released on 31 January 2011 and 8.6 per cent in 2010-11
The Index of Industrial Production (IIP) with base 1993-94 for the month of March 2010 released by the Central Statistical Organization shows that General Index stands at 350.4 which is 14.55% higher as compared to level in the month of March, 2009.
The cumulative growth of the year 2009-10 stands at 10.44% over the previous year in respect of general IIP as against the growth of 10.36% in respect of chemicals and Chemical products and 10.92% in case of manufacturing. as per Advanced Estimates of Central Statistical Office released on 7 February 2011, the turnaround has been fast and strong.
INDIAN INDUSTRIAL
SECTOR AND CHEMICAL INDUSTRY
The chemical industry which includes basic chemicals and its
products, petrochemicals fertilizers, paints and varnishes gases soaps,
perfumes and toiletries and pharmaceuticals is one of the most diversified of
all industrial sectors covering thousands of commercial products it forms the
backbone of the industrial and agriculture development of
The growth of petrochemicals and chemicals is projected at 12.6% and 8% respectively in 11th Five Year Plan. Major chemicals undergo several stages of processing to be converted into downstream chemicals. These processed chemicals are used in agriculture and industry as auxiliary materials such as adhesives, unprocessed plastics, dyes, and fertilizers. Chemicals are also directly used by consumers in the form of pharmaceuticals, cosmetics, household products, paints, etc. The trend in production of chemicals in the current year visŕ- vis the preceding three years
INTERNATIONAL
TRADE
The Share of chemicals and petrochemicals in total national exports diminished from 11.47% to 9.27%, during 2004-05 to 2008-09, however increased to 9.98 % during the year 2009-10 (upto December 2009) whereas the share of imports in total national imports declined from 8.55% to 7.19% during the corresponding period but increased to 8.26 % during the year 2009-10( upto December 2009).
PHARMACEUTICAL
INDUSTRY
Indian firms produce
about 60,000 generic brands across 60 therapeutic categories. In addition,
Indian firms manufacture approximately 500 different Active Pharmaceutical
ingredients (APIs). Manufacturing costs in
BUSINESS SEGMENT
PERFORMANCE
The Company deals in two
main segments i.e. chemicals and pharmaceuticals. While under chemical
division, Company manufactures bulk chemicals i.e. acetic acid and specialty
chemicals i.e. ethyl acetate, acetic anhydride, acetyl chloride, mono chloro acetic
acid, ISO butyl benzene and under pharmaceuticals division, it manufactures
active pharmaceutical ingredient i.e. ibuprofen.
Acetic Acid
Production of acetic
acid has decreased to 10,420 MT from 33,538 MT during the previous year and its
sale has decreased to 414 MT from 5,252 MT during the previous year.
Ethyl Acetate
Production of ethyl
acetate has increased to 36,050 MT from 30,864 MT showing an increase of 16.80%
and its sale increased to 36,053 MT from 30,947 MT during the previous year.
Acetic Anhydride
Production of acetic
anhydride has increased to 15,956 MT from 14,962 MT during the previous year
showing an increase of 6.64% and its sale has decreased to 12,583 MT from
13,397 MT during the previous year.
Ibuprofen
Production of the ibuprofen
has increased to 2,997 MT from 2,854 MT showing an increase of 5.01% and its
sale has increased to 3,100 MT from 2,730 MT during the previous year.
Acetyl Chloride
Production of the acetyl
chloride has increased to 2,035 MT from 709 MT showing an increase of 187.02%
and its sale has increased to 247 MT from 23 MT during the previous year.
Mono Chloro Acetic
Acid
Production of the mono
chloro acetic acid has increased to 2,848 MT from 1,245 MT showing an increase
of 128.75% and its sale has 167 MT during the year.
Iso Butyl Benzene
Production of the iso
butyl benzene has increased to 4,150 MT from 1,925 MT showing an increase of
115.58% and its sale has increased to 1,551 MT from 758 MT during the previous
year.
FUTURE PROSPECTUS
CHEMICAL INDUSTRY
Currently, the chemical
industry is in the midst of restructuring and consolidation phase. With the
shift in the emphasis on product innovation, brand building, and environmental
friendliness, this industry is increasingly moving towards greater customer
orientation. Even, though
The planning commission
approved a budgetary support of ` 1960
crore for various plan schemes of Department of Chemicals and Petrochemicals
during the 11th plan period, of which ` 563.83
crore is for the schemes of chemicals and petrochemical sectors and the
remaining `
1396.17 crore is for the scheme of
pharmaceutical sector.
PHARMACEUTICAL
INDUSTRY
The future perspective
of this industry seems to be immensely bright and encouraging in terms of the
expected surge in global demand and upsurge in investments. Several trends such
as globalization, continuous investments in research and development, newer
techniques of drug development and discovery, product proliferation, mergers
and acquisitions are the key drivers of this industry.
The Indian
pharmaceutical market is expected to reach US$ 20 billion by 2015, growing at a
compound annual growth rate (CAGR) of 11.7 per cent during 2005–2015 and
further, it will establish its presence among the world’s leading 10 global
pharmaceuticals markets and will reach US$ 31.59 billion by 2020.
Sources: IMS Health
Moreover, according to
Ernst A Young, the increasing population of the higher-income group in the
country will open a potential US$ 8 billion market for multinational companies
selling costly drugs by 2015.
KEY GROWTH DRIVERS
OF THIS INDUSTRY
There are various
factors, which govern the growth of this industry. Some of the key factors are:
Continuous investments
in research A development has resulted in increased productivity and better
quality of drugs, medicines, medical instruments, hospital equipment, and other
medical supplies used in the industry.
Provides employment to
large chunk of human population.
Increased costs in the
medical treatment in the developed nations have driven patients to Asian
countries.
Rise in ailments among
the ageing population especially in developed nations has led to the increase
in demand for variety of drugs and medicines.
Innovative techniques of
drug discovery and drug development, new cures and treatments, gene testing for
insurance, genetic predictions of disease and related issue, human cloning and
reproductive technologies are the other key drivers of the medical industry.
FINANCIAL
PERFORMANCE
OVERVIEW
There was a healthy
improvement in the overall performance of the Company in comparison to the
previous year’s performance. Net sales and other income of the Company has
increased by 11.68% to Rs.3913.600 millions from Rs.3504.200 millions. Profit before interest a
depreciation has increased by 76.02 % to Rs.696.000
millions during the year against from Rs.395.400
millions. The Company has earned net profit after tax Rs.61.800 millions during the year against Rs.100.200 millions due to the higher Interest and
Depreciation.
FIXED ASSETS
·
Land
·
Freehold
·
Leasehold
·
Buildings
·
Plant
and Machinery
·
Furniture
and Fixtures
·
Vehicles
UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER/ NINE MONTHS ENDED 31
DECEMBER 2011
|
Particulars |
QUARTER ENDED |
Nine Month Ended |
|
|
|
Rs. in Millions |
||
|
|
31.12.2011 |
30.09.2011 |
31.12.2011 |
|
Income |
|
|
|
|
a) Net Sales / Income from Operations |
1307.638 |
1036.067 |
3472.619 |
|
b) Other Operating Income |
1.554 |
29.717 |
38.770 |
|
Total Operating Income |
1309.192 |
1065.784 |
3511.389 |
|
Expenditure |
|
|
|
|
(a) (Increase)/decrease in Stock in Trade |
14.281 |
(86.060) |
(98.162) |
|
(b) Consumption of Raw Materials |
847.229 |
751.592 |
2357.928 |
|
(c) Purchase of traded goods |
0.245 |
0.000 |
0.245 |
|
(d) Employees Cost |
47.668 |
44.419 |
135.725 |
|
(e) Depreciation |
59.461 |
59.924 |
178.897 |
|
(f) Other Expenditure |
211.582 |
172.679 |
567.063 |
|
Total Expenditure |
1180.466 |
942.554 |
3141.696 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
128.726 |
123.230 |
369.693 |
|
Other Income |
0.045 |
0.045 |
0.135 |
|
Profit/(Loss) before Interest and Exceptional items |
128.771 |
123.275 |
369.828 |
|
Interest |
120.234 |
107.578 |
331.123 |
|
Profit / (Loss) after interest before Exceptional items |
8.537 |
15.697 |
38.705 |
|
Exceptional Items |
-- |
-- |
-- |
|
Provision for Taxation |
1.536 |
1.967 |
8.238 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
7.001 |
13.730 |
30.467 |
|
Extraordinary Items |
|
|
|
|
Net Profit/(Loss) for the period |
|
|
|
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
257.167 |
257.167 |
257.167 |
|
Reserves (Excluding Revaluation Reserves) |
-- |
-- |
-- |
|
Public Share
Holding |
|
||
|
Before
Extraordinary Items |
|
|
|
|
-Basic |
0.29 |
0.53 |
1.18 |
|
-Diluted |
0.29 |
0.53 |
1.18 |
|
- Cash |
2.75 |
2.82 |
8.16 |
|
|
|
|
|
|
Average of Public Share Holding |
|
|
|
|
- Number of Shares |
1,17,76,611 |
1,17,76,611 |
1,17,76,611 |
|
- Percentage of shareholding |
45.79% |
45.79% |
45.79% |
|
Promoters and Promoter group share holding |
|
|
|
|
a) Pledged / Encumbered |
|
||
|
- Number of Shares |
-- |
-- |
-- |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
- Percentage of shares(as a % of the total share capital of the company) |
-- |
-- |
-- |
|
b) Non-encumbered |
|
||
|
- Number of Shares |
1,39,40,053 |
1,39,40,053 |
1,39,40,053 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
100% |
|
- Percentage of Share (as a % of the total share capital of the company) |
54.21 |
54.21 |
54.21 |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED, UNDER CLAUSE 41 OF
THE LISTING AGREEMENT
|
Particulars |
QUARTER ENDED |
Nine Month Ended |
|
|
|
Rs. in Millions |
||
|
|
31.12.2011 |
30.09.2011 |
31.12.2011 |
|
Segment Revenue |
|
|
|
|
a) Chemicals |
906.062 |
786.049 |
2546.227 |
|
b) Drugs |
535.883 |
358.504 |
1265.876 |
|
c) Unallocated |
8.340 |
33.110 |
50.184 |
|
Total |
1450.285 |
1177.663 |
3862.287 |
|
Less - Inter Seqment Revenue |
141.093 |
111.879 |
350.898 |
|
Net Sales /Income from Operations |
1309.192 |
1065.784 |
3511.389 |
|
Segment Result |
|
|
|
|
(Earnings (+)/Loss (-) before tax and Interest) |
|
|
|
|
a) Chemicals |
33.047 |
44.105 |
155.086 |
|
b) Drugs |
90.713 |
50.261 |
175.342 |
|
Total |
123.760 |
94.366 |
330.428 |
|
Less :- Interest |
|
|
|
|
Ii Other un-allocable expenditure |
120.234 |
107.578 |
331.123 |
|
Iii Un-allocable income |
(5.011) |
(28.909) |
(39.400) |
|
Total Profit Before Tax |
8.537 |
15.697 |
38.705 |
|
Capital Employed |
|
|
|
|
(Segment assets- Segment liabilities) |
|
|
|
|
a) Chemicals |
2934.210 |
3027.512 |
2934.210 |
|
b) Drugs |
1172.915 |
1184.208 |
1172.975 |
|
Unallocated including capital work in progress |
1913.743 |
1693.586 |
1913.743 |
|
Total Capital Employed |
6020.928 |
5905.306 |
6020.928 |
Notes:
- Multi purpose PPIs plant (anti-ulcerant API’s) and other pharmaceutical intermediate products with a CAPAX of Rs.1300 millions has been completed and in process of stabilization
- The Company is also setting up Multi Product Plant and upgrading of R&D facilities with a CAPAX of Rs.584.100 millions and has invested Rs.102.300 millions upto 31 January 2012 on the said project.
- Status of Investor’s complaints for the quarter ended 31 December 2011 is as under:
|
Complaints at the
beginning of quarter |
Complaints received
during the quarter |
Complaints resolved |
Complaints pending |
|
Nil |
Nil |
Nil |
Nil |
- Tax expenses include current tax and deferred tax
- The above results have been reviewed by the Audit & Risk Management Committee and were considered and approved by the Board of the Directors at their meeting held on 11 February 2012.
- The Statutory Auditors have carried out a Limited Review of the above results.
- The figures of previous year have been regrouped/ rearranged wherever necessary.
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.51.16 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.68.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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.