MIRA
INFORM REPORT
|
Report Date : |
26.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
SMRUTHI ORGANICS LIMITED |
|
|
|
|
Registered
Office : |
165-A Balaji Bhavan, 1st Floor, Railway Lines,
Solapur-413001, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
11.07.1989 |
|
|
|
|
Com. Reg. No.: |
11-052562 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 38.154 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24119PN1989PLC052562 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNES10689A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCS5562Q |
|
|
|
|
Legal Form : |
A public limited liability company. The company’s shares are
listed on Stock Exchanges |
|
|
|
|
Line of Business
: |
Manufacturing and selling of Bulk Drugs and Intermediates, Fine
chemicals (APls). |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1600000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record.
There appears slight dip in sales and profitability during 2013. However, general financial position seems to be strong. Trade
relations are reported to be fair. Business is active. Payments are reported
to be usually correct. The company can be considered for normal 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB (Term loan) |
|
Rating Explanation |
Having Moderate degree of safety regarding timely servicing of
financial obligation. It carry moderate credit risk. |
|
Date |
August 2012 |
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.
LOCATIONS
|
Registered Office / Corporate Office : |
165-A Balaji Bhavan, 1st Floor, Railway Lines,
Solapur-413001, |
|
Tel. No.: |
91-217-2310268 / 2620367 / 2310267 |
|
Fax No.: |
91-217-2601112 / 2620268 / 2310268 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Mumbai Office : |
108, Shivshakti Apartments, B-Wing, |
|
Tel. No.: |
91-22-2412 9211 / 2412 9442 |
|
Fax No.: |
91-22-2415 5452 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Plot No. 273/274,
M.I.D.C., |
|
Tel. No.: |
91-217-2651264 /
2653016 |
|
|
|
|
Factory 2 : |
Plot No. A-27, M.I.D.C.
Area, Chincholi, Post Kondi, Taluka Mohol, District Solapur, Maharashtra,
INDIA |
|
Tel. No.: |
91-217-2257491
/92 / 93 / 94 |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. E. Purushotham |
|
Designation : |
Chairman and Managing Director |
|
Qualification : |
M.Sc (Org. Chem) |
|
|
|
|
Name : |
Mrs. E. Swapnil |
|
Designation : |
Director (Business Development) |
|
Qualification : |
B.S. Chemical Engineering |
|
|
|
|
Name : |
Mrs. E. Vaishnavi |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Nagender Yerram |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. K. Rama Swamy |
|
Designation : |
Director |
|
Date of Appointment : |
09.05.2012 |
|
|
|
|
Name : |
Mr. J. H. Ranade |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2129010 |
55.80 |
|
|
82000 |
2.15 |
|
|
240581 |
6.31 |
|
|
240581 |
6.31 |
|
|
2451591 |
64.25 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
2451591 |
64.25 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
171424 |
4.49 |
|
|
|
|
|
|
795425 |
20.85 |
|
|
324011 |
8.49 |
|
|
72979 |
1.91 |
|
|
5049 |
0.13 |
|
|
67930 |
1.78 |
|
|
1363839 |
35.75 |
|
Total Public shareholding (B) |
1363839 |
35.75 |
|
Total (A)+(B) |
3815430 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
3815430 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Directors/Promoters & their Relatives
& FriendsBUSINESS DETAILS
|
Line of Business : |
Manufacturing and selling Bulk Drugs and Intermediates, Fine chemicals
(APls). |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of India - Industrial Finance Branch,
World Trade Centre, Mumbai - 400 005, Maharashtra, India ·
Axis Bank Limited, 214/215, City Mall, Near Pune
University, Pune-411007, Maharashtra, India |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ashok Madgundi and Company Chartered Accountant |
|
Address : |
210/ A/ 1, Sakhar Peth, Near Kanya Prashala, Solapur-413005, |
|
Tel. No.: |
91-217-626540 / 620403 |
|
|
|
|
Related Parties : |
·
Smruthi Chemicals and
Intermediates |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
5000000 |
Non Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
TOTAL |
|
Rs. 100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3815430 |
Equity Shares |
Rs.10/- each |
Rs. 38.154
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
38.154 |
38.154 |
38.154 |
|
(b) Reserves & Surplus |
373.460 |
319.556 |
226.089 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
411.614 |
357.710 |
264.243 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
148.824 |
117.212 |
77.308 |
|
(b) Deferred tax liabilities (Net) |
43.597 |
28.497 |
28.196 |
|
(c) Other long term liabilities |
17.165 |
12.607 |
10.911 |
|
(d) long-term provisions |
6.752 |
7.178 |
8.887 |
|
Total Non-current Liabilities (3) |
216.338 |
165.494 |
125.302 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
283.854 |
203.588 |
220.465 |
|
(b) Trade payables |
297.054 |
360.303 |
300.386 |
|
(c) Other current
liabilities |
48.897 |
24.625 |
28.437 |
|
(d) Short-term provisions |
31.128 |
67.132 |
43.819 |
|
Total Current Liabilities (4) |
660.933 |
655.648 |
593.107 |
|
|
|
|
|
|
TOTAL |
1288.885 |
1178.852 |
982.652 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
445.846 |
323.689 |
318.648 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
10.793 |
43.772 |
3.062 |
|
(b) Non-current Investments |
0.497 |
0.997 |
0.997 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.840 |
|
(d) Long-term Loan and Advances |
7.200 |
10.204 |
4.266 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
464.336 |
378.662 |
327.813 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
407.286 |
317.321 |
310.290 |
|
(c) Trade receivables |
315.430 |
368.085 |
238.197 |
|
(d) Cash and cash
equivalents |
9.628 |
21.086 |
17.045 |
|
(e) Short-term loans and
advances |
92.205 |
93.698 |
89.307 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
824.549 |
800.190 |
654.839 |
|
|
|
|
|
|
TOTAL |
1288.885 |
1178.852 |
982.652 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1800.596 |
2051.581 |
1573.432 |
|
|
|
Other Income |
4.064 |
2.191 |
2.303 |
|
|
|
TOTAL (A) |
1804.660 |
2053.772 |
1575.735 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1378.880 |
1537.094 |
1134.243 |
|
|
|
Employee benefits expenses |
101.527 |
91.991 |
76.413 |
|
|
|
Other Expenses |
188.891 |
161.442 |
111.953 |
|
|
|
Changes in inventories
of finished goods, work-in-progress and Stock-in-Trade |
(58.544) |
3.502 |
32.940 |
|
|
|
TOTAL (B) |
1610.754 |
1794.029 |
1355.549 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
193.906 |
259.743 |
220.186 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
40.173 |
54.008 |
44.251 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
153.733 |
205.735 |
175.935 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
52.907 |
45.296 |
39.817 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
100.826 |
160.439 |
136.118 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
37.300 |
54.040 |
39.110 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
63.526 |
106.399 |
97.008 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
420.770 |
461.820 |
290.648 |
|
|
TOTAL EARNINGS |
420.770 |
461.820 |
290.648 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
285.962 |
303.050 |
297.800 |
|
|
TOTAL IMPORTS |
285.962 |
303.050 |
297.800 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
16.65 |
27.89 |
25.43 |
|
QUARTERLY RESULTS
|
Particulars (Rs.
Millions) |
Jun 2013 |
|
Audited /
Unaudited |
Unaudited |
|
Net Sales |
226.100 |
|
Total
Expenditure |
211.100 |
|
PBIDT (Excl OI) |
15.100 |
|
Other Income |
5.100 |
|
Operating Profit |
20.200 |
|
Interest |
10.600 |
|
Exceptional
Items |
0.000 |
|
PBDT |
9.600 |
|
Depreciation |
13.800 |
|
Profit Before
Tax |
(4.200) |
|
Tax |
(0.600) |
|
Provisions and
contingencies |
0.000 |
|
Profit After Tax |
(3.600) |
|
Extraordinary
Items |
0.000 |
|
Prior Period
Expenses |
0.000 |
|
Other
Adjustments |
0.000 |
|
Net Profit |
(3.600) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.52
|
5.18 |
6.16 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.60
|
7.82 |
8.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.89
|
14.15 |
13.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.45 |
0.52 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.05
|
0.90 |
1.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25
|
1.22 |
1.10 |
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 |
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
(if applicable) |
Yes |
|
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 |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
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 |
Yes |
|
Unsecured Loan |
Rs.
In Millions 31.03.2013 |
Rs.
In Millions 31.03.2012 |
|
Short Term
Borrowings |
|
|
|
Directors |
13.470 |
28.026 |
|
|
|
|
|
TOTAL |
13.470 |
28.026 |
VIEW INDEX OF
CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
10398153 |
08/03/2013 * |
157,500,000.00 |
Axis Bank Limited |
Corporate Banking Branch,
214-215, City Mall, Near |
B71352900 |
|
2 |
80013457 |
17/12/2012 * |
535,000,000.00 |
State Bank of India |
Industrial Finance Branch, The
Arcade, 2nd Floor, |
B65875700 |
|
* Date of charge modification |
||||||
CORPORATE
INFORMATION
Subject is a
public company domiciled in India and incorporates under the provisions of the
Companies Act, 1956. It's shares are listed on Stock Exchange of Pune,
Hyderabad, Ahmadabad and Mumbai as permitted by security in India. The company
is engaged in the manufacturing and selling Bulk Drugs and Intermediates, Fine
chemicals (APIs). The company caters to both domestic and international market.
FINANCIAL RESULTS
Normal manufacturing
operations have however been affected since last quarter of the year on account
of suspension of supplies to European Countries which account for around 25% of
sales turnover of the company, as a result of audit observations by the
Auditors representing European Department of Quality Management (EDQM). The
company has already complied with the observations and sent compliance report
to the concerned
authorities.
Inspection by the audit team is awaited. After satisfactory compliance of the
observations, company shall be able to recommence manufacturing for European
market. Due to good demand from domestic, U.S. and other markets, the drop in
sales turnover was limited to 12% compared to the previous year. The current
year performance, is similarly expected to suffer as resumption of European
supplies is expected to take place before end of this year
a)
Sales :- The Gross Sales for the year amounted to Rs.
1855.800 Millions as against Rs. 2106.200 Millions for the previous year,
showing decrease of 12%. The production quantity for the year also showing
decrease of 1863 MTs as against 1938 MTs in the previous year showing decrease
of about 4% .
b)
Exports :- Exports for the year stood at Rs.420.800
Millions as compared to Rs. 461.800 Millions for the year ended on 31st
March 2012. The Company has registered decrease of 8.88% compared to the
previous year.
c)
Profits :- Due to drop in sales having good profit
margins and increase in Power and fuel and other overheads company registered
negative growth of 37.16% and 40.29% in Profit before and after tax
respectively over the previous year.
MANAGEMENT DISCUSSION AND ANALYSIS
BUSINESS OF THE COMPANY AND FUTURE OUTLOOK
As reported
earlier the company's business was affected due to temporary suspension of supplies
to European countries. Management is hopeful of resuming the supplies at an
early date within this financial year. For preventing future occurrence of such
eventuality, all necessary steps of strengthening the systems and procedures at
the plant level are being taken. All attempts are being made to offset the
deficiency caused by loss
of European
business by promoting products in other markets both domestic and
international. The Company being a large producer has a distinct advantage of
making supplies in big quantities in short time span.
FIXED ASSETS
·
Factory Land
·
Agricultural Land
·
Building
·
Ownership Flats
·
Plant and Machinery
·
Electrical Installation/ Equipments
·
Vehicles
·
Office Equipments
·
Computer
·
Furniture and Fixture
·
Laboratory Equipments
·
Other Factory Equipments
UNAUDITED
FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED 30TH JUNE 2013
(Rs. in millions)
|
Sr. No. |
Particular |
3 Months Ended |
|
|
|
30.06.2013 (Unaudited) |
|
1. |
Income from
Operations |
|
|
|
Net Sales |
224.409 |
|
|
Other Operating Income |
1.713 |
|
|
Net Sales/Income
from Operations |
226.122 |
|
|
|
|
|
2. |
Expenditure |
|
|
|
Cost of Material Consumed
|
117.834 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
41.255 |
|
|
Employee Benefits Expenses |
21.107 |
|
|
Depreciation and Amortization Expenses |
13.767 |
|
|
Other Expenses |
30.878 |
|
|
f) Total |
224.841 |
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
1.281 |
|
|
|
|
|
4. |
Other Income |
5.128 |
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
6.409 |
|
|
|
|
|
6. |
Interest |
10.598 |
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
(4.190) |
|
|
|
|
|
8. |
Exceptional Items |
0.000 |
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
(4.190) |
|
|
|
|
|
10. |
Tax Expense |
0.600 |
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
(3.590) |
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
0.000 |
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
(3.590) |
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
38.154 |
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
a) Basic and diluted EPS before extraordinary items |
(0.94) |
|
|
b) Basic and diluted EPS after extraordinary items |
(0.94) |
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
-Number of Shares |
1355239 |
|
|
- Percentage of Shareholding |
35.52% |
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- Number of Shares |
Nil |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
- Number of Shares |
2460191 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100.00% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
64.48% |
|
Particulars
|
3 Months Ended 30.06.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
4 |
|
Disposed of during the quarter |
4 |
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES
1. The Company operates in one segment only namely – “Bulk Drugs and Drug
Intermediates”.
2. Sales and profits for the quarter continued to be affected on account of
stoppage of supplies to regulated markets for audit observations raised by the
European Department of Quality Management. Company has since complied with the
observations and is awaiting follow up audit. After receiving approval,
supplies shall recommence.
3. The above results have been reviewed by Audit Committee and Statutory
Auditor and have been taken on record at the meeting of the Board of Directors
held on 27th July 2013.
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 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 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. 64.68 |
|
|
1 |
Rs. 100.79 |
|
Euro |
1 |
Rs. 86.30 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.