MIRA INFORM REPORT

 

 

Report Date :

02.08.2013

 

IDENTIFICATION DETAILS

 

Name :

GUJARAT THEMIS BIOSYN LIMITED

 

 

Registered Office :

69/C, GIDC Industrial Estate, Vapi, District Valsad, Gujarat  - 396195

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

11.12.1981

 

 

Com. Reg. No.:

04-004878

 

 

Capital Investment / Paid-up Capital :

Rs. 115.996 Millions

 

 

CIN No.:

[Company Identification No.]

L24230GJ1981PLC004878

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange

 

 

Line of Business :

The Company is Manufacturing Bulk Drugs for its Own and on Job Work Basis for Others.

 

 

No. of Employees :

Information Denied by Management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (18)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a moderate track record. There appears huge accumulated losses recorded by the company.

 

However, trade relations are reported to be fair. Business is active. Payments are reported to be slow.

 

The company can be considered for business dealings with some caution.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

INDIAN ECONOMIC OVERVIEW

 

We are living in a world where volatility and uncertainty have become the New Normal. They saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. They have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more!

 

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

 

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

 

INFORMATION DENIIED BY

 

Name :

Mr. Bharat Desai

Designation :

Accounts Executive

Contact No.:

91-9909928609

Date :

01.08.2013

 

 

LOCATIONS

 

Registered Office / Factory :

69/C, GIDC Industrial Estate, Vapi, District Valsad, Gujarat  - 396195, India

Tel. No.:

91-260-2430027

Fax No.:

91-260-2400639

E-Mail :

gtblmumbai@gtbl.in 

accounts@gtbl.co.in

 

 

Correspondence office :

C-13, Pannalal Silk Mills Compound, Lal Bahadur Shastri Marg, Bhandup (West), Mumbai - 400 078, Maharashtra, India

Tel. No.:

91-260-25956970

Fax No.:

91-260-25946969

E-Mail :

mt.helpdesk@linktime.co,in

 

 

DIRECTORS

 

As on : 31.03.2012

 

Name :

Dr. Dinesh Patel

Designation :

Chairman

Date of Birth/Age :

02.11.1948

Qualification :

M.Sc. PHD. C. Chem., FRSC (Lon).

Date of Appointment :

25.05.1992

PAN No.:

 

 

 

Name :

Mr. A. B Shah

Designation :

Director

 

 

Name :

Dr. Sachin D. Patel

Designation :

Director

 

 

Name :

Mr. Vijay Agarwal

Designation :

Director

 

 

Name :

Mr. Hinesh Doshi

Designation :

Director

Date of Birth/Age :

16.05.1967

Qualification :

B. Com, FCA

Date of Appointment :

14.06.2006

 

 

Name :

Mr. S.C Kim

Designation :

Director

Date of Birth/Age :

15.09.1960

Qualification :

Master Degree in Business and Admin

Date of Appointment :

14.06.2006

 

 

Name :

Mr. J.K Cha

Designation :

Director

 

 

Name :

Mr. S. S. Lee

Designation :

Director

 

 

Name :

Mr. J.H Choi

Designation :

Director

 

 

Name :

Ms. Dharmishta N Raval

Designation :

Director

 

 

Name :

Mr. Subhash C. Kaushik

Designation :

Director

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on : 31.03.2013

 

Category of Shareholders

No. of Shares

Percentage of holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

94140

0.65

http://www.bseindia.com/include/images/clear.gifBodies Corporate

8374605

57.64

http://www.bseindia.com/include/images/clear.gifSub Total

8468745

58.29

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

3850000

26.50

http://www.bseindia.com/include/images/clear.gifSub Total

3850000

26.50

Total shareholding of Promoter and Promoter Group (A)

12318745

84.79

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

2800

0.02

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

2100

0.01

http://www.bseindia.com/include/images/clear.gifSub Total

4900

0.03

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

209142

1.44

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 1 lakh

1495812

10.30

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 1 lakh

389754

2.68

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

110349

0.76

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

82688

0.57

http://www.bseindia.com/include/images/clear.gifClearing Members

7511

0.05

http://www.bseindia.com/include/images/clear.gifTrusts

20150

0.14

http://www.bseindia.com/include/images/clear.gifSub Total

2205057

15.18

Total Public shareholding (B)

2209957

15.21

Total (A)+(B)

14528702

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

14528702

0.00

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

 

Names of Shareholders

No. of Shares

Percentage of holding

Pharmaceutical Business Group India Limited

50,05,000

34.45

Yuhan Corporation

38,50,000

26.50

Themis Medicare Limited

33,69,605

23.19

Dinesh Shantilal Patel

3,500

0.02

Dinesh S Patel

200

0.00

Dinesh Shantilal Patel

1

0.00

Dinesh Shantilal Patel

1,000

0.01

Sachin Dinesh Patel

1,100

0.01

Jayshree Dinesh Patel

63,295

0.44

Margi Rupen Choksi

6,094

0.04

Sachin Dinesh Patel

6,000

0.04

Reena Sachin Patel

5,600

0.04

Jayshree Dinesh Patel

4,700

0.03

Jayshree D Patel

1,350

0.01

Jayshree D Patel

1,250

0.01

Jayshree D Patel

50

0.00

Total

1,23,18,745

84.79

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares.

 

 

Names of Shareholders

No. of Shares

Percentage of holding

Dipak Kanayalal Shah

200000

1.38

Total

200000

1.38

 

 

Details of Locked-in Shares

 

Names of Shareholders

No. of Shares

Percentage of holding

Themis Medicare Limited

2928702

20.16

Total

2928702

20.16

 

 

BUSINESS DETAILS

 

Line of Business :

The Company is Manufacturing Bulk Drugs for its Own and on Job Work Basis for Others.

 

 

GENERAL INFORMATION

 

No. of Employees :

Information Denied by Management.

 

 

Bankers :

Union Bank of India

 

 

Facilities :

(Rs. In Millions)

SECURED LOAN 

As on

31.03.2012

As on

31.03.2011

Term Loan

 

 

Indian rupee loan from bank

39.801

43.507

Cash Credit from Bank

17.987

20.485

Loan from Lupin Limited

37.500

--

Devolved Letter of Credit from Bank

9.245

5.718

Total

104.533

69.710

 

Note :

 

(a) Indian Rupee Loan from banks (secured) carries interest at base rate presently 10.65 % p.a. Interest is payable at the end of each month. The original amount of loan was to be repaid in 84 monthly installments starting from October, 2007. The first 78 installments were to be of Rs.133.300 Millions each and balance 6 installments were to be of Rs.1.929 Millions Pursuant to Scheme of Rehabilitation as approved by the Board for Industrial and Financial Reconstruction (BIFR) under Sick Industrial Companies (Special Provision) Act, 1985 on 12th January 2012, the outstanding amount of loan of Rs.51.200 Millions is to be repaid in 84 equal monthly installments beginning from 1st November, 2011. The said loan is secured by charge on factory premises at GIDC, Vapi and first charge on entire Plant and Machinery excluding those financed by other Financial Institution. Further, secured by equitable mortgage of factory land and building and first charge of entire plant and machinery. Further, the loan is secured by Corporate Guarantee given by Pharmaceutical Business Group (India) Limited and by personal guarantee of one of the Director.

 

b)  Short term Loan from bank (unsecured) outstanding as at the end of previous year carried interest at base rate + 1% presently 11.65 % p.a. Interest is payable at the end of each month. The said loan was repayable in five monthly installments commencing from October 2011 and was taken against insurance claim and personal guarantee of one of the Director.

 

c)  In respect of Loan from Gujarat Industrial Investment Corporation (GIIC), GIIC had filed a suit against the Company in City Civil Court in respect of interest @18% on a unsecured loan of Rs.2.600 Millions taken by the Company in the year 1985-86 on the basis of Memorandum of Understanding (MOU), the total interest claimed by GIIC is Rs.93,11,277/-. The accumulated interest upto 31st March 2012 is Rs.11.261 Millions. However, the Company has disputed the said amount of interest claim on the ground that as per the resolution passed by the GIIC’s Board dated 18.07.1985, the said loan would not attract interest until the Company declares any dividend and the MOU was subject to approval by Industrial Development Bank of India (Lead Financial Institution). The Company has not declared any dividend from the date of taking the said loan. Pursuant to

Scheme of Rehabilitation as approved by the Board for Industrial and Financial Reconstruction (BIFR) under Sick Industrial Companies (Special Provision) Act, 1985 on 12th January 2012, the said loan has been treated as unsecured loan and GIIC to accept principal amount of Rs.2.600 Millions in three equal annual installments commencing from 1st April, 2011 or alternatively the entire amount as would be decreed by the court will be payable by the Company before the end of the Scheme 2018. However, as the GIIC has not yet communicated for repayment in three equal annual installments, the same is treated as non-current borrowing.

 

(d) Loan from Yuhan Corporation outstanding as at the end of previous year represents royalty due to Yuhan Corporation which is culminated from the technical collaboration agreement with the Company towards their technical and other contribution to the Company. During the year, the Company has written back the said unsecured loan of Rs.39.510 Millions in terms of the approved Rehabilitation Scheme formulated for revival of the Company as sanctioned by the BIFR at the hearing held on 12th January, 2012 and consent for waiver by promoter Company "Yuhan Corporation".

 

e) (i)  Amount of continuing default as on 31st March, 2012 in respect of repayment of principal amount of Indian rupee term loan from Bank is Rs.0.384 Millions outstanding since less than 30 days [Previous year Rs.1.333 Millions outstanding since less than 30 days and Rs.2.666 Millions outstanding since 31-60 days].

 

(ii)  Amount of continuing default as on 31st March, 2012 in respect of payment of interest amount of Indian rupee term loan from Bank is Rs.0.426 Millions  outstanding since less than 30 days, Rs.0.685 Millions outstanding since 31-60 days and Rs.0.58 Millions outstanding since more than a year [Previous year Rs.0.715 Millions outstanding since less than 30 days, Rs.1.345 Millions outstanding since 31-60 days and Rs.0.58 Millions outstanding since 121-150 days]. The above outstanding interest amounts are included in Interest accrued and due on borrowings under Note 8 on “Other Current Liabilities”.

 

Note 2 :

 

(a) Cash Credit from Bank (Secured) are repayable on demand and carries interest at base rate + 1% presently @ 11.65 % p.a. which is payable at the end of each month and are secured by labour bills drawn on Artemis Biotech (a division of Themis Medicare Limited), hypothecation of all stocks of consumable stores, book debts and such other movable property of any kind belonging to the Company. Further secured by equitable mortgage of immovable properties (by the deposit of title deeds in favour of the bank) together with all buildings and structure erected/constructed thereon, existing or future, and/or fixed plant and machinery located at Vapi (Gujarat). Further ,the loan is secured by Corporate Guarantee given by Pharmaceutical Business Group (India) Limited and secured by personal guarantee of one of the director.

 

b)  Loan from Lupin Limited is a returnable non-interest bearing loan and is repayable against 50% of the "Conversion Charges" for each invoice raised by till such time the loan is recovered in full. As, the Company does not have an unconditional right to defer the settlement of the liability for at least twelve months after the reporting date, the said loan has been classified as short term borrowing. The loan of Rs.30.000 Millions is secured against hypothecation of the equipments purchased availing the loan as and by way of first charge to Lupin Limited and the additional loan of Rs.7.500 Millions is secured against other equipments at the plant of the Company ("Property") by hypothecation / mortgage of the same as and by way of a first charge upon the Property to Lupin Limited However, the Company is in the process to create the necessary charges to hypothecate the equipments.

 

c)  Overdue Devolved Letter of Credit from Bank (Secured) represents inland letter of credit, the tenure of which is in the range of 60 - 90 days and the rate of interest at base rate + 1% presently @ 11.65 % p.a. These are secured by usance documents covering purchase of raw material, coal and pledge of Bank's deposits duly discharged by the Company.

 

d) (i) Amount of continuing default as on 31st March, 2012 in respect of repayment of principal amount of Devolved Letter of Credit from Bank is Rs.9.245 Millions outstanding since 61-90 days [Previous year Rs.2.987 Millions outstanding since less than 30 days, Rs.2.463 Millions outstanding since 31-60 days and Rs.0.266 Millions outstanding since 61-90 days].

 

(ii)  Amount of continuing default as on 31st March, 2012 in respect of payment of interest on Cash Credit limit from Bank is Nil [Previous year Rs.0.236 Millions outstanding since less than 30 days]. The above outstanding interest amount is

included in Interest accrued and due on borrowings under Note 8 on “Other Current Liabilities”.

 

 

 

Auditors :

 

Name :

Khandelwal Jain and Company

Chartered Acountants

Address :

Mumbai, Maharashtra, India

 

 

Cost Auditors :

 

Name :

B.J.D. Nanabhoy and Company

Cost Accountants

Address :

Mumbai, Maharashtra, India

 

 

Holding Company

Vividhmargi Investment Private Limited

 

 

Joint Venture

 

Yuhan Corporation

 

 

Associates :

Pharmaceutical Business Group (India) Limited (PBG)

 

 

CAPITAL STRUCTURE

 

As on : 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

13600000

Equity Shares

Rs.10/- each

Rs. 136.000 Millions

30000

Preference Shares

Rs.100/- each

Rs. 3.000 Millions

11100000

Unclassified share

Rs.10/- each

Rs. 111.000 Millions

 

Total

 

Rs. 250.000 Millions

 

Issued Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

11600000

Equity Shares

Rs.10/- each

Rs. 116.000 Millions

 

 

 

 

 

Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

11600000

Equity Shares

Rs.10/- each

Rs. 116.000 Millions

 

Less : call Unpaid (Other than Directors)

 

Rs. 0.004 Millions

 

Total

 

Rs.             115.996 Millions

 

Reconcilation of the Share oustanding at the beginning and at the end of reporting period

 

As on 31.03.2012

Rs in Millions

Preference Shares

No. of Shares

Amount

At the beginning of the period

11600000

115.996

Issued during the Year

--

--

Outstanding at the end of the period

11600000

115.996

 

Term / Right attached to equity Share

 

The Company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share.

 

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in the proportion to the number of equity shares held by the shareholders.

 

Pursuant to Scheme of Rehabilitation as approved by the Board for Industrial and Financial Reconstruction (BIFR) under Sick Industrial Companies (Special Provision) Act, 1985 on 12th January 2012, subsequent to the balance sheet date the following transactions have effected:

 

i)  W.e.f. 6th April 2012, The Authorised Share Capital of the Company comprising of 1,36,00,000 Equity Shares

of Rs.10/- each, 30,000 Preference Shares of Rs.100/- each and 1,11,00,000 Unclassified Shares of Rs.10/- each aggregating to Rs.25,00,00,000 has been reclassified into 2,72,00,000 Equity Shares of Rs.5/- each, 30,000 Preference Shares of Rs.100/- each and 2,22,00,000 Unclassified Shares of Rs.5/- each aggregating to Rs.25,00,00,000.

 

ii) W.e.f. 6th April 2012, Paid up Share Capital of the Company comprising of 1,16,00,000 Equity Shares of 10/- each fully paid up is reduced to 1,16,00,000 Equity Shares of Rs.5/- each fully paid up by way of reduction in paid up value of each share by Rs.5/- each aggregating to Rs.5,80,00,000 by adjusting against accumulated losses of the Company to that extent.

 

iii)  On 15th May 2012, the Company has issued and allotted 29,28,702 equity shares of Rs.5/- each fully paid up

amounting to Rs.1,46,43,510 at a premium of Rs.5/- per share amounting to Rs.1,46,43,510 aggregating to  Rs.2,92,87,020 to Themis Medicare Limited (TML) (inducted as a co-promoter with an equity stake under Rehabilitation Scheme) for cash equivalent against the amount already invested for supply of capital equipment of Rs.2,20,00,000  and against advances of Rs.72,87,020, in accordance with the terms of Scheme of Rehabilitation as approved by  the BIFR under Sick Industrial Companies (Special Provision) Act, 1985 on 12th  January 2012 and resolution  passed at extra-ordinary general meeting on 6th April, 2012.

 

iv) As paid up value of the equity shares reduced from Rs.10/- per share to Rs.5/- per share, to give effect to the same, the trading on Stock Exchanges was suspended from 8th June, 2012. The Company has received in principle approval from BSE for listing of 1,45,28,702 equity shares of Rs.5/- each vide their letter dated 8th August, 2012.

 

Details of shareholders holding more than 5% shares inthe Company

 

As on 31.03.2012

Equity Shares

No. of Shares

Amount

Pharmaceutical Business Group India Limited

5005000

43.15

Yuhan Corporation

3850000

33.19

 

As per of Company, including its register of shareholders / members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2012

31.03.2011

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

115.996

115.996

(b) Reserves & Surplus

 

(254.640)

(270.508)

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

Total Shareholders’ Funds (1) + (2)

 

(138.644)

(154.512)

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

42.401

46.107

(b) Deferred tax liabilities (Net)

 

0.000

0.000

(c) Other long term liabilities

 

2.648

2.126

(d) long-term provisions

 

0.000

0.000

Total Non-current Liabilities (3)

 

45.049

48.233

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

64.732

26.203

(b) Trade payables

 

60.402

36.069

(c) Other current liabilities

 

143.180

169.449

(d) Short-term provisions

 

0.159

0.254

Total Current Liabilities (4)

 

268.473

231.975

 

 

 

 

TOTAL

 

174.878

125.696

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

108.975

86.151

(ii) Intangible Assets

 

0.000

0.000

(iii) Capital work-in-progress

 

5.088

0.920

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

0.056

0.006

(c) Deferred tax assets (net)

 

0.000

0.000

(d)  Long-term Loan and Advances

 

12.373

15.330

(e) Other Non-current assets

 

0.067

0.063

Total Non-Current Assets

 

126.559

102.470

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

0.000

0.002

(b) Inventories

 

7.217

8.254

(c) Trade receivables

 

25.969

0.000

(d) Cash and cash equivalents

 

6.959

6.118

(e) Short-term loans and advances

 

7.568

8.375

(f) Other current assets

 

0.606

0.477

Total Current Assets

 

48.319

23.226

 

 

 

 

TOTAL

 

174.878

125.696

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

115.996

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

8.569

4] (Accumulated Losses)

 

 

(246.309)

NETWORTH

 

 

(121.744)

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

100.723

2] Unsecured Loans

 

 

42.110

TOTAL BORROWING

 

 

142.833

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

21.089

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

83.154

Capital work-in-progress

 

 

2.636

 

 

 

 

INVESTMENT

 

 

0.008

DEFERRED TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

6.317

 

Sundry Debtors
 

 

0.000

 

Cash & Bank Balances
 

 

4.864

 

Other Current Assets
 

 

24.779

 

Loans & Advances
 

 

5.764

Total Current Assets
 

 

41.724

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 

 

42.125

 

Other Current Liabilities
 

 

62.268

 

Provisions
 

 

2.040

Total Current Liabilities
 

 

106.433

Net Current Assets
 

 

(64.709)

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

21.089

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

87.095

135.076

157.077

 

 

Other Income

4.310

1.883

0.793

 

 

TOTAL                        

91.405

136.959

157.870

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

30.065

8.089

 

 

Purchase of Stock in Trade

0.071

0.040

 

 

 

Changes in Inventories of Finished Goods

3.498

(3.077)

 

 

 

Employees Benefits Expenses

25.491

22.740

 

 

 

Other expenses

50.828

118.131

 

 

 

TOTAL                                    

109.953

145.923

143.616

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

(18.548)

(8.964)

14.254

 

 

 

 

 

Less

FINANCIAL EXPENSES                       

11.307

12.553

15.980

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION                                  

(29.855)

(21.517)

(1.726)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

11.030

10.700

10.418

 

 

 

 

 

Less

PRIOR PERIOS ADJUSTMENTS

0.083

0.436

1.680

 

 

 

 

 

Add

EXCEPTIONAL ITEMS

56.836

0.000

0.000

 

 

 

 

 

Add

SUNDRY CREDIT BALANCES WRITTEN BACK

0.000

0.000

3.518

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX                    

15.868

(32.653)

(10.306)

 

 

 

 

 

Less

TAX                                                                 

0.000

0.115

0.529

 

 

 

 

 

 

PROFIT  / (LOSS) AFTER TAX                         

15.868

(32.768)

(10.835)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(279.077)

(246.309)

(235.474)

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

(263.209)

(279.077)

(246.309)

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Stores & Spares

0.000

0.000

2.900

 

TOTAL IMPORTS

0.000

0.000

2.900

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

1.37

(2.82)

(0.93)

 

 

 

QUARTERLY  RESULTS

 

 

PARTICULARS

 

30.06.2012

1st Quarter

30.09.2012

2nd Quarter

31.12.2012

3rd Quarter

31.03.2013

4th Quarter

Net Sales

63.700

78.300

68.400

73.300

Total Expenditure

61.100

68.900

54.300

69.300

PBIDT (Excl OI)

2.600

9.400

14.200

4.000

Other Income

1.300

0.300

0.300

0.700

Operating Profit

3.900

9.700

14.400

4.700

Interest

2.300

2.000

2.000

1.500

Exceptional Items

0.000

0.000

0.000

0.000

PBDT

1.500

7.700

12.500

3.200

Depreciation

2.900

4.000

3.600

3.700

Profit Before Tax

(1.400)

3.700

8.800

(0.500)

Tax

0.000

0.000

0.000

0.000

Provisions and contingencies

0.000

0.000

0.000

0.000

Profit After Tax

(1.400)

3.700

8.800

(0.500)

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

(1.400)

3.700

8.800

(0.500)

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
17.36

(23.93)

(6.86)

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
18.22

(24.17)

(6.56)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
26.12

(84.55)

(24.70)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
(122.78)

(187.165)

(132.05)

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 
(31.51)

(82.20)

(132.05)

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
0.23

0.17

0.39

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

No

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

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 (if applicable)

No

21]

Market information

----

22]

Litigations that the firm / promoter involved in

----

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

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

UNSECURED LOANS :

(Rs in Millions)

PARTICULARS

 

31.03.2012

31.03.2011

Other Loans and Advances

 

 

Loan from Gujarat Industrial

Investment Corporation Limited

2.600

2.600

Total

2.600

2.600

 

 

DETAILS OF CURRENT MATURITIES OF LONG TERM DEBT :

 

(Rs in Millions)

Particulars

As on 31.03.2012

 

As on 31.03.2011

 

As on 31.03.2010

 Current Maturities of Long term debt

7.704

62.995

NA

Total

7.704

62.995

NA

 

 

OPERATIONS :

 

The Company’s operations during the year have declined due to reduction in job work activity done for fermentation activity. However, Company has entered in to contract for supply of Rifa which has replaced the reduction in job work activity. The positive impact of the same will be seen in the next financial year. The Company’s sales for the year ending 31st March, 2012 is Rs.73.176 Millions (previous year Rs.0.040 Million) and conversion charges for job work is Rs.18.896 Millions (previous year Rs.133.781 Millions). The operating loss for the year is Rs.18.548 Millions as compared to operating loss of Rs.8.962 Millions for the previous year. The net profit recorded by the Company for the year is Rs.15.868 Millions as compared to net loss of Rs.32.768 Millions in the previous year.

 

The Company proposes to carry the profit after tax of Rs.15.868 Millions for adjustment against Reserves and Surplus. In view of carry forward losses, no dividend is recommended for payment by the directors. There are no material changes and commitments affecting the financial position of the Company between the end of the financial year and as on the date of the report which affect the Balance Sheet.

 

 

MANAGEMENT DISCUSSIONS AND ANALYSIS :

 

1.  Industry Structure and Developments

India has been making rapid strides in the field of Bulk Drugs and majority of these drugs required in India are manufactured in India. India also happens to be a major exporter of bulk drugs all over the globe, particularly to Europe and US markets.

2.  Opportunity, Threats, Outlook, Risk and Concerns

The Indian fermentation industry does not have a level playing field as compared to China. The energy cost, labour cost and raw material cost are much lower in China, therefore the Company finds itself in a very difficult situation.

 

3.  Segment-wise or Product-wise Performance

The Company is engaged in manufacturing activities on Job Work basis. The Company is also on look out for new products to support its activities and fixed costs.

 

 

4.  Internal Control Systems and their adequacy.

The Company has adequate internal control procedures which commensurate with its size and nature of business. The internal control procedures and systems ensure efficient use and protection of resources and compliance with the policies, procedures and statutes.

 

5.  Material Developments in Human Resources and Industrial Relations

Fermentation industry is a high technology Industry. Continues efforts are being made in training the employees through In-house training programs to suit the Company’s requirements. Industrial Relations have been generally cordial and healthy.

 

 

CONTINGENT LIABILITIES :

Rs in Millions

Sr. No

PARTICULARS

31.03.2012

1

Letter of credit in respect of purchases, outstanding at the year-end

0.106

2

Income tax under dispute

1.221

3

Fringe benefit tax under dispute

0.202

4

Disputed Labour Dues

44.638

5

Claim of interest on unsecured Loan from Gujarat Industrial Investment Corporation (GIIC)

11.261

6

Claim made by an ex-employee pending with Valsad Civil Court [including interest of Rs.Nil (P.Y Rs.1,95,556)]

--

7

Claim made by an supplier pending with Vadodara Civil Court [including interest of Rs.4,40,538 (P.Y Rs.3,56,820)

0.549

 

 

 

INDEX OF CHARGE :

 

Sr .No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10105248

11/04/2008

20,000,000.00

UNION BANK OF INDIA

Vile Parle (West) Branch, 11, Vithal Nagar, Co-Op. Housing society, 10th Road, J.V.P.D. Scheme,, Mumbai 400049, Maharashtra, India

A37163409

2

10065910

30/08/2007

113,000,000.00

UNION BANK OF INDIA

Vile Parle (West) Branch, 11, Vithal Nagar, Co-Op. Housing society, 10th Road, J.V.P.D. Scheme,, Mumbai 400049, Maharashtra, India

A21257043

3

10058128

11/04/2008 *

141,600,000.00

UNION BANK OF INDIA

Vile Parle (West) Branch, 11, Vithal Nagar, Co-Op. Housing society, 10th Road, J.V.P.D. Scheme,, Mumbai 400049, Maharashtra, India

A37164506

4

10050344

08/03/2007

20,000,000.00

UNION BANK OF INDIA

Vile Parle (West) Branch, 11, Vithal Nagar, Co-Op. Housing society, 10th Road, J.V.P.D. Scheme,, Mumbai 400049, Maharashtra, India

A13474077

5

10055002

08/03/2007

20,000,000.00

UNION BANK OF INDIA

Vile Parle (West) Branch, 11, Vithal Nagar, Co-Op. Housing society, 10th Road, J.V.P.D. Scheme,, Mumbai 400049, Maharashtra, India

A13472808

6

10058127

08/03/2007

20,000,000.00

UNION BANK OF INDIA

Vile Parle (West) Branch, 11, Vithal Nagar, Co-Op. Housing society, 10th Road, J.V.P.D. Scheme,, Mumbai 400049, Maharashtra, India

A13695804

7

90102231

04/01/2003

9,000,000.00

UNION BANK OF INDIA

11, Vithal Nagar, Co-Op. Housing society, 10th Road, J.V.P.D. Scheme,, Mumbai 400049, Maharashtra, India

-

8

90102190

24/05/2002

12,500,000.00

UNION BANK OF INDIA

11, Vithal Nagar, Co-Op. Housing society, 10th Road, J.V.P.D. Scheme,, Mumbai 400049, Maharashtra, India

-

9

90102055

19/10/2000

7,500,000.00

THE VYSYA BANK LIMITED

Dadar (East); Branch; Rajgir Court; Plot No.6, Opp. Dadar (e) RLY. ST. Matunga Estate; Dadar (e), Mumbai, Maharashtra - 400014, INDIA

-

10

90096661

18/01/2003 *

154,400,000.00

UNION BANK OF INDIA

Vile Parle (West) Branch, 11, Vithal Nagar, Co-Op. Housing society, 10th Road, J.V.P.D. Scheme, Mumbai 400049, Maharashtra, India

A40985434

 

* Date of charge modification

 

 

FIXED ASSETS :

 

v  Land

v  Building

v  Plant and Machinery

v  Furniture and Fixtures

v  Computer

v  Erection and Office Equipments

v  Vehicle

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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. 60.74

UK Pound

1

Rs. 92.06

Euro

1

Rs. 80.60

 

 

INFORMATION DETAILS

 

Information Gathered by :

PLK

 

 

Report Prepared by :

NIS

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

2

--RESERVES

1~10

2

--CREDIT LINES

1~10

2

--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

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

18

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.