MIRA
INFORM REPORT
|
Report Date : |
22.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
NGL FINE CHEM LIMITED |
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Registered
Office : |
W- 142- C T T C MIDC Industrial Area, Thane Belapur Road, Pawane, New
Mumbai- 400705, Maharashtra, India |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
18.12.1981 |
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Com. Reg. No.: |
11-025884 |
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Capital
Investment/ Paid-up Capital: |
Rs. 30.890 Millions |
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CIN No.: [Company Identification
No.] |
L24110MH1981PLC025884 |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of Pharmaceuticals and Intermediates for usage in
veterinary and human health |
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No. of
Employees: |
Not Available |
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 642400 |
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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 reports 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) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office/ Factory : |
W- 142- C T T C MIDC Industrial Area, Thane Belapur Road, Pawane
Village, New Mumbai- 400705, Maharashtra, India |
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Tel. No.: |
91-22-27630547 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office/ Administrative Office : |
2, New Metalage Industrial Premises, Subhash Road, Jogeshwari East,
Mumbai – 400060, India |
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Tel. No.: |
91-22-40539999 / 40539955 / 28346659 |
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Fax No.: |
91-22-40539900 / 28363950 |
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E-Mail : |
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Factory : |
Shed No. W-41/C, MIDC Tarapur, District. Thane – 401506, Maharashtra,
India |
DIRECTORS
(AS ON 19.08.2011)
|
Name : |
Mr. Rahul J. Nachane |
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Designation : |
Managing Director |
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Date of Birth/Age : |
46 Years |
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Qualification : |
BCom, ACA, MMS, DBF |
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Other directorships : |
Tele Access e- Services Private Limited |
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Name : |
Mr. Rajesh N. Lawande |
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Designation : |
Executive Director |
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Name : |
Mr. Ramchandra N. Bhalerao |
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Designation : |
Independent Director |
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Name : |
Mr. Milind V. Shinde |
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Designation : |
Independent Director |
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Name : |
Mr. Suman S. Lad |
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Designation : |
Independent Director |
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Date of Birth/Age : |
81 Years |
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Qualification : |
B.Com, CAIIB |
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Other directorships : |
Ř Sanghvi Woods
Private Limited Ř Kirti Stationers
Private Limited |
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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4,119,335 |
66.68 |
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4,119,335 |
66.68 |
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4,119,335 |
66.68 |
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Total shareholding
of Promoter and Promoter Group (A) |
4,119,335 |
66.68 |
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(B) Public
Shareholding |
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|
677,707 |
10.97 |
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1,182,098 |
19.13 |
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|
142,673 |
2.31 |
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|
56,211 |
0.91 |
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|
54,130 |
0.88 |
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|
1,131 |
0.02 |
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|
950 |
0.02 |
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|
2,058,689 |
33.32 |
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Total Public
shareholding (B) |
2,058,689 |
33.32 |
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Total (A)+(B) |
6,178,024 |
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) |
6,178,024 |
- |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pharmaceuticals and Intermediates for usage in
veterinary and human health |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
31.03.2011 |
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Capacity: |
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Licensed Capacity |
-- |
-- |
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Installed Capacity (p.a) |
kgs |
150,000 |
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Actual Production: |
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Pharmaceutical bulk drugs and Intermediates |
kgs |
1,48,065 |
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Finished Dosages |
nos |
16,14,670 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
The Saraswat Cooperative Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Bharat Gandhi and Company Chartered Accountants |
CAPITAL STRUCTURE
(As on 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
1,00,00,000 |
Equity Share |
Rs.5/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
61,78,024 |
Equity Share |
Rs.5/- each |
Rs.30.890
Millions |
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NOTE :
(Of the above 31,78,024 equity shares of Rs. 5/-
each are allotted for consideration received other than in cash pursuant to the
amalgamation carried out in 2004 – 2005)
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 |
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|
|
|
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1] Share Capital |
30.890 |
30.890 |
30.890 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
129.703 |
105.594 |
78.458 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
160.593 |
136.484 |
109.348 |
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LOAN FUNDS |
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1] Secured Loans |
62.790 |
50.204 |
41.112 |
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2] Unsecured Loans |
0.287 |
0.287 |
0.287 |
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TOTAL BORROWING |
63.077 |
50.491 |
41.399 |
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DEFERRED TAX LIABILITIES |
4.956 |
3.525 |
5.062 |
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TOTAL |
228.626 |
190.500 |
155.809 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
109.293 |
62.272 |
64.592 |
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Capital work-in-progress |
5.979 |
12.253 |
0.000 |
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INVESTMENT |
16.299 |
9.750 |
4.701 |
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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 |
47.891 |
41.373 |
37.912 |
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Sundry Debtors |
107.408 |
81.802 |
61.769 |
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Cash & Bank Balances |
8.052 |
10.412 |
10.887 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
33.606 |
35.775 |
23.708 |
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Total
Current Assets |
196.957 |
169.362 |
134.278 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditor |
77.588 |
40.336 |
28.878 |
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Other Current Liabilities |
2.237 |
4.122 |
3.936 |
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Provisions |
20.079 |
18.679 |
14.948 |
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Total
Current Liabilities |
99.904 |
63.137 |
47.762 |
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Net Current Assets |
97.055 |
106.225 |
86.515 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
228.625 |
190.500 |
155.809 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
|
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|
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Income |
350.410 |
278.235 |
246.299 |
|
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Other Income |
4.874 |
3.534 |
0.844 |
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TOTAL (A) |
355.284 |
281.769 |
247.143 |
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Less |
EXPENSES |
|
|
|
|
|
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|
Increase / Decrease in Stock of WIP/FG |
(8.603) |
0.165 |
(7.183) |
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|
Raw Material Consumed/ Traded |
176.389 |
119.069 |
122.582 |
|
|
|
Manufacturing and other expenses |
134.030 |
112.624 |
88.380 |
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TOTAL (B) |
301.816 |
231.858 |
203.779 |
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
53.468 |
49.911 |
43.364 |
|
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|
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Less |
FINANCIAL
EXPENSES (D) |
5.621 |
2.790 |
4.271 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
47.847 |
47.121 |
39.093 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.361 |
7.763 |
7.616 |
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PROFIT BEFORE
TAX (E-F) (G) |
38.486 |
39.358 |
31.477 |
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Less |
TAX (H) |
14.331 |
12.313 |
11.882 |
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PROFIT AFTER TAX
(G-H) (I) |
24.155 |
27.045 |
19.595 |
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Add/ Less |
PRIOR YEARS
EXPENSES |
(0.046) |
0.091 |
(2.765) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
82.915 |
55.779 |
38.949 |
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BALANCE CARRIED
TO THE B/S |
107.024 |
82.915 |
55.779 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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Export Earnings |
269.597 |
196.722 |
183.205 |
|
|
|
Other Earnings |
5.197 |
4.589 |
5.865 |
|
|
TOTAL EARNINGS |
274.794 |
201.311 |
189.07 |
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IMPORTS |
|
|
|
|
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|
Raw Materials |
22.703 |
22.707 |
22.081 |
|
|
|
Consumable Stores |
0.000 |
0.000 |
0.000 |
|
|
|
Capital Goods |
3.184 |
1.172 |
0.000 |
|
|
TOTAL IMPORTS |
25.887 |
23.879 |
22.081 |
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|
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|
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|
Earnings Per
Share (Rs.) |
3.91 |
4.38 |
3.17 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
75.690 |
83.240 |
94.790 |
|
Total Expenditure |
67.270 |
73.930 |
87.080 |
|
PBIDT (Excl OI) |
8.420 |
9.310 |
7.710 |
|
Other Income |
0.190 |
0.130 |
0.670 |
|
Operating Profit |
8.610 |
9.440 |
8.380 |
|
Interest |
1.880 |
2.120 |
2.480 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
6.730 |
7.320 |
5.900 |
|
Depreciation |
3.290 |
3.410 |
3.420 |
|
Profit Before Tax |
3.440 |
3.920 |
2.480 |
|
Tax |
0.980 |
1.470 |
0.870 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
2.460 |
2.450 |
1.610 |
|
Extraordinary Items |
0.000 |
(0.030) |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
2.460 |
2.420 |
1.610 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.80 |
9.60 |
7.93 |
|
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|
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|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.98 |
14.15 |
12.78 |
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.54 |
16.99 |
15.81 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.29 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.01 |
0.83 |
0.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.97 |
2.68 |
2.81 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
OPERATIONS:
During the year
the company achieved a sale of Rs. 350.410 Millions (previous year Rs. 278.235
Millions) resulting in an increase of 26% over the previous year. The profit
before tax is at Rs. 38.486 Millions previous year Rs. 39.358 Millions)
resulting in a decrease of 2%.
The sales are up
on account of increased demand for the company’s products in all the market
segments.
FUTURE PROSPECTS :
The company has
commissioned its plant at Tarapur at Unit Alpha during the year. Production has commenced and they
anticipate this plant to work at full capacity from Q2 of the current year.
Major expansion and reconstruction has also been undertaken at the site at Navi
Mumbai. This plant is expected to commence production in Q3 2011.
The company has
also enlarged its product profile and intends to introduce two Active
Pharmaceutical Ingredients (APIs) in the current year.
CONTINGENT LIABILITIES
1. Estimated amount of contracts remaining to be executed on capital account
and not paid for – Rs. 0.113 million ( Previous year Rs. 4.687 Millions)
2. Letters of credit established for which goods are yet to be received and
provided for- Rs. 5.013 Millions (Previous Year Rs. 2.909 Millions)
3. Bank guarantees outstanding – NIL (Previous Year – Nil)
STANDALONE RESULT
|
|
Audited 30.09.2011 |
Audited 30.09.2010 |
|
Description |
Amount (Rs in Millions) |
|
|
Net Sales / Interest Earned / Operating Income |
158.93 |
166.84 |
|
Other Income |
0.540 |
0.360 |
|
Expenditure |
141.590 |
-138.830 |
|
Interest |
3.990 |
-2.130 |
|
Profit Before Depreciation and Tax |
13.890 |
26.240 |
|
Depreciation |
6.700 |
-4.140 |
|
Profit before Tax |
7.190 |
22.100 |
|
Tax |
2.450 |
-8.030 |
|
Profit after Tax |
4.740 |
14.070 |
|
Extraordinary Items |
0.030 |
-0.410 |
|
Net Profit |
4.710 |
13.660 |
|
Equity Capital |
30.890 |
30.890 |
|
Basic And Diluted EPS after Extraordinary item |
0.760 |
2.210 |
|
Nos. of Shares - Public |
2,058,689.000 |
2,058,689.000 |
|
Percent of Shares-Public |
33.320 |
33.320 |
|
Operating Profit Margin |
11.250 |
17.000 |
|
Net Profit Margin |
2.960 |
8.190 |
|
Cash EPS |
- |
- |
FIXED ASSETS:
·
Leasehold Land
·
Factory Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
·
Technical Knowhow Fees
WEBSITE DETAILS :
PROFILE
Subject is a
manufacturer of pharmaceuticals and intermediates for usage in veterinary and
human health. They cater to various global companies to custom manufacture high
quality pharmaceuticals with reliability and flexibility.
Their
business is modelled around the changing customer demands and their ability to
offer value-added innovative solutions to meet and even exceed these demands
They
take a solution-oriented approach with their customers, first understanding
their needs and challenges, then offering products and services that meet those
needs. It's no surprise that they have been consistently rated by their
customers as the company with whom they prefer to do business.
Utilizing
their expertise in complex multi-stage organic synthesis, they continue to
expand their product portfolio with new products.
They have established a strong presence in global
pharmaceutical companies with their commitment to competitive prices, delivery
schedules, international quality standards and constant technological
upgradation.
Subject
has a strong focus on developing intellectual property as a key differentiator
and as a platform for further growth up the pharma value chain. They respect
intellectual property and invest in developing it as a key growth driver for
the future.
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.49.21 |
|
|
1 |
Rs.77.75 |
|
Euro |
1 |
Rs. 64.58 |
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.