MIRA
INFORM REPORT
|
Report Date : |
12.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
IND SWIFT LIMITED |
|
|
|
|
Registered
Office : |
781 Industrial Area, Phase II, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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|
Date of
Incorporation : |
06.06.1986 |
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|
Com. Reg. No.: |
006897 |
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Capital
Investment / Paid-up Capital : |
Rs. 226.357 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230CH1986PLC006897 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PTLI10314D |
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|
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PAN No.: [Permanent Account No.] |
AAACI6100L |
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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 and Exporter of Active Pharmaceutical Ingredients. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 13000000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Financial position
of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal business dealing 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) |
|
|
A1 |
A1 |
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|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Corporate Office : |
781 Industrial Area, Phase II, Chandigarh – 160002, Punjab, India |
|
Tel. No.: |
91-172-2638781/ 2638782/ 2638786 |
|
Fax No.: |
91-172-2652242 |
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E-Mail : |
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Website : |
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Marketing Office : |
102-103, The Chambers, W.E. Highway, Service Road, Vile Parle (East),
Mumbai – 400057, Maharashtra, India |
|
Tel No.: |
91-22-42288300 |
|
Fax No.: |
91-22-26184120 |
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|
|
|
Factory 1 : |
123, Industrial Area 1, Panchkula 134 109, Haryana, India |
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|
Factory 2 : |
Plot. No. 23, Sector 2, (Unit I), Parwanoo, Himachal Pradesh, India |
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Factory 3 : |
Plot No. 17 B, Sector 2, (Unit II) Parwanoo, Himachal Pradesh, India |
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Factory 4 : |
Village Malku Majra, (Unit III and IV) Baddi, Himachal Pradesh, India |
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Factory 5 : |
Global Business Unit
Off NH-21, Village Jawaharpur, Teh. Dera Bassi, Punjab, India |
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Factory 6: |
Industrial Growth Centre, Sambha, Jammu, Jammu and Kashmir, India |
DIRECTORS
(AS ON 31.03.2011)
|
Name : |
Mr. S. R. Mehta |
|
Designation : |
Chairman |
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|
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|
Name : |
Mr. N. R. Munjal |
|
Designation : |
Vice Chairman |
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|
Name : |
Dr. G. Munjal |
|
Designation : |
Managing Director and Chief Executive Officer |
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|
Name : |
Dr. V. R. Mehta |
|
Designation : |
Joint Managing Director |
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Name : |
Mr. Himanshu Jain |
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Designation : |
Director |
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|
Name : |
Mr. Rishav Mehta |
|
Designation : |
Director |
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|
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|
Name : |
Mrs. Nirmal Aggarwal |
|
Designation : |
Director |
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|
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|
Name : |
Mr. K. M. S. Nambiar |
|
Designation : |
Director |
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|
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|
Name : |
Dr. N. D. Aggarwal |
|
Designation : |
Director |
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|
Name : |
Dr. R. S. Bedi |
|
Designation : |
Director |
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|
Name : |
Dr. H. P. S. Chawla |
|
Designation : |
Director |
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|
Name : |
Dr. S. K. Mathur |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Amit Tarafder |
|
Designation : |
Vice President (Finance) |
|
|
|
|
Name : |
Mr. R. K. Sood |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
P. K. Goklaney and Company |
|
Designation : |
Advocates |
|
Address : |
38, Sector 16-A, Chandigarh, Punjab, India |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2012)
|
Category |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
9323585 |
20.19 |
|
|
13064721 |
28.29 |
|
|
22388306 |
48.48 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
22388306 |
48.48 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
4500 |
0.01 |
|
|
500 |
-- |
|
|
996900 |
2.16 |
|
|
704209 |
1.52 |
|
|
1706109 |
3.69 |
|
|
|
|
|
|
|
|
|
|
7884679 |
17.07 |
|
|
|
|
|
|
12272197 |
26.58 |
|
|
1650317 |
3.57 |
|
|
|
|
|
|
276762 |
0.60 |
|
|
276762 |
0.60 |
|
|
22083955 |
47.82 |
|
|
|
|
|
Total Public
shareholding (B) |
23790064 |
51.52 |
|
|
|
|
|
Total (A)+(B) |
46,178,370 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
|
|
|
Total
(A)+(B)+(C) |
46,178,370 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Active Pharmaceutical Ingredients. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Actual Production |
|
|
|
|
|
Injections, Eye/ Ear Drops |
Liters |
195024.87 |
|
Tablets |
Nos./ Lacs |
18086.36 |
|
Capsules |
Nos./ Lacs |
4792.08 |
|
Liquids/ dry Syrup |
Liters |
3006910.61 |
|
Onitments |
Kgs |
448423.43 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Punjab National Bank Sector 28, Chandigarh, Punjab, India State Bank Of India Industrial Estate Branch, Industrial Area-I, Chandigarh, Punjab, India Canara Bank Sco 311-314, Sector 35-B, Chandigarh, Punjab, India State Bank Of Patiala (Commercial Branch), SCO 103-107, Sector 8-C, Chandigarh, Punjab,
India |
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Facilities : |
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
J. K. Jain and Associates Chartered Accountants |
|
Address : |
S.C.O. 1132-33, Sector 22-B, Chandigarh 1-60022, Punjab, India |
|
|
|
|
Associates : |
· Essix Biosciences Limited · IND Swift Laboratories Limited · Mansa Print and Publishers Limited · Fortune India Construction Limited · 3 M Advertising and Publishers Limited · Swift Fundamental Research and Education Society |
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Share |
Rs.2/- each |
Rs. 150.000 Millions |
|
2500000 |
Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 250.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42178370 |
Equity Share |
Rs.2/- each |
Rs. 84.357
Millions |
|
1420000 |
Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 142.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 226.357 Millions |
(AS ON 26.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Share |
Rs.2/- each |
Rs. 150.000 Millions |
|
2500000 |
Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 250.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 400.000
Millions |
Issued, Subscribed & Paid-up Capital : Rs. 234.357 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 |
226.357 |
74.357 |
74.357 |
|
|
2] Advance against Share Capital |
0.000 |
242.000 |
240.000 |
|
|
3] Zero Coupon Convertible Warrants |
70.000 |
25.000 |
0.000 |
|
|
4] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
5] Reserves & Surplus |
3001.729 |
2456.737 |
2101.224 |
|
|
NETWORTH |
3298.086 |
2798.094 |
2415.581 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4943.565 |
4209.301 |
3098.781 |
|
|
2] Unsecured Loans |
1044.273 |
980.200 |
759.009 |
|
|
TOTAL BORROWING |
5987.838 |
5189.501 |
3857.790 |
|
|
DEFERRED TAX LIABILITIES |
241.314 |
226.593 |
209.216 |
|
|
|
|
|
|
|
|
TOTAL |
9527.238 |
8214.188 |
6482.587 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2066.475 |
2112.627 |
1471.464 |
|
|
Capital work-in-progress |
1610.786 |
915.705 |
1054.207 |
|
|
|
|
|
|
|
|
INVESTMENT |
455.748 |
340.999 |
303.500 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4717.450
|
3689.727 |
2809.526 |
|
|
Sundry Debtors |
2316.240
|
1947.703 |
1629.496 |
|
|
Cash & Bank Balances |
367.807
|
524.019 |
229.601 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
682.479
|
569.399 |
377.598 |
|
Total
Current Assets |
8083.976
|
6730.848 |
5046.221 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
2401.152
|
1737.924 |
1478.985 |
|
|
Other Current Liabilities |
337.295
|
226.200 |
112.849 |
|
|
Provisions |
106.215
|
82.527 |
63.925 |
|
Total
Current Liabilities |
2844.662
|
2046.651 |
1655.759 |
|
|
Net Current Assets |
5239.314
|
4684.197 |
3390.462 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
154.915 |
160.660 |
262.954 |
|
|
|
|
|
|
|
|
TOTAL |
9527.238 |
8214.188 |
6482.587 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sale of finished Products |
8658.255 |
6711.957 |
5805.064 |
|
|
|
Technology Transfer Fee |
123.273 |
102.507 |
85.000 |
|
|
|
Other Income |
206.400 |
79.870 |
45.848 |
|
|
|
TOTAL (A) |
8987.928 |
6894.334 |
5935.912 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
6738.672 |
5197.156 |
4368.626 |
|
|
|
Manufacturing Expenses |
217.595 |
171.601 |
165.142 |
|
|
|
Administrative Expenses |
250.972 |
212.160 |
191.036 |
|
|
|
Selling and Distribution Expenses |
388.235 |
298.439 |
260.121 |
|
|
|
Research and Development Exp. |
5.249 |
7.314 |
7.834 |
|
|
|
Loss on Sale of Assets |
0.717 |
0.000 |
0.146 |
|
|
|
Misc. Expenditure W/off. |
66.852 |
73.027 |
75.333 |
|
|
|
TOTAL (B) |
7668.292 |
5959.697 |
5068.238 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1319.636 |
934.637 |
867.674 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
716.410 |
429.920 |
368.112 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
603.226 |
504.717 |
499.562 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
155.139 |
121.498 |
94.748 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
448.087 |
383.219 |
404.814 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
13.570 |
16.069 |
27.432 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
434.517 |
367.150 |
377.382 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1248.324 |
1048.572 |
838.588 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend on Equity Shares |
15.612 |
14.871 |
14.871 |
|
|
|
Proposed Dividend on Preference Shares |
0.023 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
2.597 |
2.527 |
2.527 |
|
|
|
Dividend Profit Trfd. to General Reserve |
150.000 |
150.000 |
150.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1514.609 |
1248.324 |
1048.572 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
698.411 |
306.362 |
110.386 |
|
|
|
Technology Transfer Fees |
122.263 |
72.507 |
83.277 |
|
|
|
Other Income |
1.366 |
16.594 |
0.000 |
|
|
TOTAL EARNINGS |
822.040 |
395.463 |
193.663 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
393.026 |
243.297 |
109.081 |
|
|
|
Packing Materials/ Consumables |
12.298 |
5.037 |
0.000 |
|
|
|
Equipment |
1.181 |
36.550 |
15.772 |
|
|
TOTAL IMPORTS |
406.505 |
284.884 |
124.853 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basis |
11.13 |
9.88 |
10.19 |
|
|
|
Diluted |
10.87 |
9.70 |
10.19 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
2540.810 |
2447.120 |
2883.740 |
4258.390 |
|
Total Expenditure |
2170.600 |
2131.010 |
2580.810 |
3968.470 |
|
PBIDT (Excl OI) |
370.210 |
316.110 |
302.930 |
289.920 |
|
Other Income |
1.980 |
11.240 |
18.900 |
97.010 |
|
Operating Profit |
372.190 |
327.350 |
321.830 |
386.930 |
|
Interest |
169.750 |
175.150 |
159.080 |
269.660 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
202.440 |
152.200 |
162.750 |
117.270 |
|
Depreciation |
44.010 |
40.480 |
45.480 |
45.840 |
|
Profit Before Tax |
158.430 |
111.720 |
117.270 |
71.430 |
|
Tax |
5.000 |
2.500 |
2.500 |
30.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
153.430 |
109.220 |
114.770 |
41.430 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
153.430 |
109.220 |
114.770 |
41.430 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.83
|
5.33 |
6.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.18
|
5.71 |
6.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.41
|
4.33 |
6.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.14 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.68
|
2.59 |
2.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.84
|
3.29 |
3.05 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
No |
|
8. No. of Employees |
No |
|
9. Name of person contacted |
No |
|
10. Designation of contact person |
No |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
------ |
|
14. Estimation for coming financial year |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
No |
|
20. Export / Import details |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
No |
PERFORMANCE
The sales revenue and other income for the year at Rs.8987.900 Millions is up from Rs. 6894.300 Millions in the previous year. Profit Before tax is Rs. 448.100 Millions (previous year Rs. 383.200 Millions), profit after tax is Rs. 434.500 Millions as compared to Rs. 367.100 Millions in the previous year.
GLOBAL BUSINESS UNIT
During the past fiscal, Global Business Unit of the company continued its journey towards growth. They have been creating and achieving milestones year after year. The GBU achieved a growth of 38% during last year. They plan to increase their revenue by approximate 19 Mn USD in the current fiscal year thereby achieving a growth of 50% over previous year. GBU underwent successful National Health Surveillance Agency (ANVISA) Brazil audit and is expecting the approval very soon. GBU also got Gulf Co-operative Council (GCC) approval certificate and registration of products has commenced across gulf Countries.
FORMULATION BUSINESS
In the formulation business, they have continued adding new territories and register new products in the already operational territories. They have also undertaken major initiative in developing more products and expanding their product portfolio. Their mission of adding new and interesting products to their portfolio is continuing. They have established tie-ups with new partners in many countries such as Uzbekistan, Georgia, Ethiopia, Malaysia, Singapore, Algeria, Oman and Bahrain and the operations are now being initiated with new set ups.
DOMESTIC BUSINESS
In order to further strengthen Company`s position in domestic as well as International market, and to further allow more penetration in pharmaceutical market, the company has shifted it`s entire marketing operations to Mumbai. The company has taken this strategic decision, as Mumbai provides a competitive market for pharmaceutical industry; growth trends are very favourable, along with the availability of skilled manpower. The results can be clearly seen as their ethical and generic divisions have seen around 30% growth as compared to last year. During the year, the company has launched six divisions viz Generic, Oncrit, Megaswift, Gynoswift, Q-Den and Cardia Swift which are dedicated to almost all the major therapeutic segments. Apart from this they have launched new product range in all the new divisions including monopolistic products. Two new divisions in the segment of Neutraceuticals and Over the Counter Products (OTC) are also in the pipeline.
MANAGEMENT DISCUSSION
AND ANALYSIS
OVERALL SCENARIO
According to IMS Health in a recently released report, IMS Market Prognosis, it is forecasted that the global pharmaceutical market will experience 5% to 7% growth in the coming year, compared with only 4% to 5% in 2010. The growth will result in an overall market value of $880 billion. It estimates that after a rather sluggish 2010, the global pharmaceutical market is expected to rebound in 2011. The Indian Pharmaceutical Industry today is in the front rank of India`s science-based industries with wide ranging capabilities in the complex field of drug manufacture and technology. It ranks very high in the third world, in terms of technology, quality and range of medicines manufactured. Most of the medicines are now made indigenously. Playing a key role in promoting and sustaining development in the vital field of medicines, Indian Pharma Industry boasts of quality producers and many units approved by regulatory authorities in USA and UK. As per a report by IMS Health India, the Indian pharmaceutical market reached US$ 10.04 billion in size in July 2010. A highly organized sector, the Indian Pharma Industry is estimated to be worth $ 4.5 billion, growing at about 8 to 9 percent annually. According to an estimate by McKinsey and Company, the Indian pharmaceuticals market is expected to reach US$ 55 billion in 2020. In the same report, it was also mentioned that in an aggressive growth scenario, the pharma market has the further potential to reach US$ 70 billion by 2020 .India`s population is growing rapidly, as is its economy - creating a large middle-class able to afford western medicines. India`s epidemiological profile is also changing and the population is ageing, so demand is likely to increase for drugs for cardio-vascular problems, disorders of the central nervous system and other chronic diseases such as diabetes which is increasing at an alarming rate.
OUTLOOK
The company is well positioned in the emerging business scenario with a clear objective to enhance market share in the domestic and select International markets.
INTERNAL CONTROL
SYSTEMS
The Company maintains a system of well established policies and procedures for internal control of operations and activities, and these are continually reviewed for effectiveness. The internal control system is supported by qualified personnel and a continuous program of internal audit. The prime objective of such audits is to test the adequacy and effectiveness of all internal control systems laid down by the management and to suggest improvements. They believe that the company`s overall system of internal control is adequate given the size and nature of operations and effective implementation of internal control self assessment procedures. The Company encourages and recognizes improvements in work practices. The internal control system of the company is also reviewed by the Audit Committee periodically.
OVERVIEW
The financial statements have been prepared in compliance with the requirements of the Companies Act, 1956 and Generally Accepted Accounting Principles (GAAP) in India. The management accepts responsibility for the integrity and objectivity of these financial statements as well as for various estimates and judgments used therein. These estimates and judgments relating to the financial statements have been made on a prudent and reasonable basis, in order that the statements reflect, in a true and fair manner, the state of affairs and profits for the year. This report may also contain certain statements that the company believes are or may be considered to be `forward looking statements` which are subject to certain risks and uncertainties.
FIXED ASSETS:
· Land
· Building
· Plant and Machinery
· Lab Equipment
· Vehicles
· Office Equipment
· Furniture and Fixture
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER/ YEAR ENDED 31ST MARCH' 2012
|
|
QUARTER ENDED |
YEAR END |
|
|
|
(UNAUDITED) |
(UNAUDITED) |
|
|
|
31.03.2012 |
31.12.2011 |
31.03.2012 |
|
|
4258.386 |
2883.737 |
11978.038 |
|
|
4258.386 |
2883.737 |
11978.038 |
|
EXPENDITURE |
|
|
|
|
CHANGE IN INVENTORIES F.G./W.I.P |
651.392 |
(433.113) |
(577.370) |
|
|
146.767 |
113.312 |
427.225 |
|
DEPRECIATION/AMORTISATION |
45.837 |
45.482 |
175.814 |
|
IMPAIRMENT OF ASSETS |
28.631 |
0.000 |
28.631 |
|
OTHER EXPENDITURE |
235.969 |
205.923 |
803.076 |
|
|
4014.308 |
2552.710 |
10874.416 |
|
PROFIT FROM
OPERATIONS |
244.078 |
331.027 |
1103.622 |
|
|
97.013 |
18.904 |
281.150 |
|
PROFIT BERORE FINANCE COST |
341.091 |
349.931 |
1384.772 |
|
|
269.657 |
232.655 |
925.909 |
|
PROFIT BEFORE TAX |
71.434 |
117.276 |
458.863 |
|
PROVISION FOR TAX |
14.293 |
23.467 |
91.818 |
|
MAT CREDIT ENTITLEMENT |
(14.293) |
(23.467) |
(91.818) |
|
|
30.000 |
2.500 |
40.000 |
|
ADD INCOME TAX PREV. YEAR ADJ. |
0.000 |
0.000 |
0.000 |
|
NET PROFIT |
41.434 |
114.776 |
418.863 |
|
PAID UP EQUITY SHARE CAPITAL Rs. 2/- EACH |
92.357 |
84.357 |
92.357 |
|
|
|
|
|
|
EARNING PER SHARE
RS. 2/-EACH |
|
|
|
|
BASIC |
0.97 |
2.72 |
9.8 |
|
DILUTED |
0.84 |
2.33 |
8.52 |
|
A) PARTICULARS
OF SHAREHOLDING |
|
|
|
|
|
|
|
|
|
No. of Shares |
23790064 |
23790064 |
23790064 |
|
% of shareholding |
51.52 |
56.40 |
51.52 |
|
|
|
|
|
|
a) Pledged/ encumberered |
Nil |
Nil |
Nil |
|
- No. of Shares |
Nil |
Nil |
Nil |
|
-% of shares (as
a % of the total shareholding of |
|
|
|
|
promoter and
promoter group |
Nil |
Nil |
Nil |
|
- % of shares( as a % of the total
share capital of the |
|
|
|
|
company |
Nil |
Nil |
Nil |
|
b) Non- Encumbered |
|
|
|
|
- No. of Shares |
22388306 |
18388306 |
22388306 |
|
-% of shares (as
a % of the total shareholding of |
|
|
|
|
promoter
and promoter group |
100 |
100 |
100 |
|
- % of shares( as a % of the total
share capital of the |
|
|
|
|
Company |
48.48 |
43.60 |
48.48 |
|
Particulars |
Qtr ended |
|
|
|
B) INVESTOR
COMPLAINTS |
31.03.2012 |
|
|
|
Pending at the beginning of the Quarter |
0 |
|
|
|
Received during the quarter |
3 |
|
|
|
Disposed of during the quarter |
3 |
|
|
|
Remaining unresolved at the end of the
quarter |
0 |
|
|
NOTES
1.
During the quarter, The Board of Directors has
allotted 40,00,000 equity shares of Rs.2/- each upon conversion
of equal number of zero coupon convertible warrants at a premium of
Rs.38/- per share to promoter group entities. These funds were utilized
for further expansion and augment long term working capital resources.
2.
The company is exclusively in pharmaceutical
segmant.
3.
The statutory auditors of the company have
conducted the limited review on these results.
4.
Cost of Material Consumed is net of Raw Material
Sold for Rs. 437.831 Millions during the Quarter Ending 31.03.2012 and for Rs. 454.956 Millions
for the year ending 31.03.2012
5.
Previous figures have been regrouped/ rearranged
wherever necessary
6.
The aforesaid results have been taken on record by
the Audit Committee and Board of Directors of the company at their respective
meetings held on 15th May 2012.
WEBSITE DETAILS:
PROFILE:
Subject is Chandigarh based pharmaceutical company, established in 1986 with a mission of winning global customers through innovative pharmaceutical products. Three visionaries Jains, Mehtas and Munjals, dedicated themselves to work for humanity’s quest for longer, happier and healthier lives. Subject has been ranked 35th among top Indian Pharmaceutical companies. Subject is ISO 9001-2008, WHO GMP certified and is listed on Bombay Stock Exchange and National Stock Exchange . They ensure value for money by developing innovative, therapies and process to produce safe effective and consistent quality pharmaceutical products delivering across the globe. Subject is a research driven forward looking pharmaceutical company having world class expertise in finished goods dosage and active pharmaceutical ingredients (API’s)and herbal products. Subject is proud to be the second largest drug manufacturers of North India. Subject multipurpose, multilocation manufacturing set-ups are spread across the lush-green plains of northern India. The facilities are built according to current guidelines of MHRA, EU, WHO, and accreditations with ISO 14000 series standards. With strong network presence in more than 45 countries they are committed to provide quality medicines and better health care.
The company has dedicated research and development department well equipped with the latest equipments and supported by a large pool, of scientists who continuously work towards new pharma products.
Apart from being among top Indian pharma companies, Company has also progressively embarked in diversification into multifarious fields viz Infrastructure, Printing Packaging and Stationery, Education, and Media Publication with its every unit as an independent profit earning centre. Subject they are committed to give their unflinching efforts, support and dedication for the service of humanity “Because Life is precious”
HISTORY:
Subject is the fastest flying bird on earth. It is the philosophy behind the genesis of the name Ind-Swift Limited Incepted in 1986, three visionaries the Mehtas, the Munjals and the Jains, all 1st generation entrepreneurs visualized the business. Even with limited resources, the vision was to develop a Pharma enterprise with its body spread internationally and soul rooted in ethics. Management structure is well defined, with roles and responsibilities among promoters clearly laid out Ownership pattern between the promoters began equal and remains equal.
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. 55.23 |
|
|
1 |
Rs. 85.93 |
|
Euro |
1 |
Rs. 69.82 |
INFORMATION DETAILS
|
Information
Gathered by : |
-- |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
60 |
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.