MIRA
INFORM REPORT
|
Report Date : |
28.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
LACTOSE (INDIA)
LIMITED |
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Registered
Office : |
Survey No. 6,
Village Poicha (Rania), Savli, Dist. Vadodara – 397080, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
11.03.1991 |
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Com. Reg. No.: |
04-15186 |
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Capital
Investment / Paid-up Capital : |
Rs.76.030 Millions |
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CIN No.: [Company Identification
No.] |
L15201GJ1991PLC015186 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUML01469G |
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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 Trader of Pharmaceutical Products. |
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No. of Employees
: |
Information declined by management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 580000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is and established company having a moderate track record. Reserves of the company appears to be low. However, trade relation are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing 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
Uptick in
agriculture and construction spread some cheer as the economy grew a
higher-than-expected 4.8 % in the three months through September. Manufacturing
rose an annual rate per cent during the quarter and mining fell by 0.4 %,
government data showed while farm output rose 46%.
India has emerged as
the most attractive investment destination, thanks to a relaxation in foreign
direct investment norms, says a report. India is followed by Brazil and China in
the ranking part of EY’s Capital Confidence Barometer report based on a survey
across 70 nations. The US, France and Japan have emerged as the top
three investors likely to invest in India.
India has been
ranked 83rd globally in terms of talent competitiveness of its human
capital. Switzerland, Singapore, Denmark, Sweden and Luxembourg are the
top five in the list of 103 nations compiled by INSEAD business school.
Tax rates for
companies in India are among the highest in the world and the number of payments
is also more than the global average putting the country at low, 158th
rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the
time taken for tax payments is relatively less in India which is rated ahead of
China and Japan.
1 billion smartphone
shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost
computing in emerging markets. By 2017, total smartphone shipments are expected
to approach 1.7 billion units, resulting in a compound annual growth rate of 18.4
% between 2013 and 2017, according to research from IDC.
20 % vacancy rate of
office space in Mumbai and Delhi in the third quarter, the highest in Asia
after Chengdu, in China. According to Cushman and Wakefield, six Indian cities
are among the 10 office markets with the worst vacancies.
Foreign banks will
not have to pay stamp duty and capital gains tax, if they convert their branch
operations into a wholly owned subsidiary, according to the Reserve Bank of
India.
The Reserve Bank of
India is planning to launch CPI – indexed bonds aimed to protecting the savings
of retail investors from the impact the price rise by December end.
Central Bureau of
Investigation has booked State Bank of India, Deputy Managing Director Shyamal
Acharya and others in a graft case related to distribution of a loan of over Rs
4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the
residence of Acharya.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: B |
|
Rating Explanation |
Risk Prone credit quality. |
|
Date |
05.10.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A4 |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
05.10.2012 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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 DECLINED BY
|
Name : |
Mr. Nitesh Kumar Khaitan |
|
Designation : |
General Manager Finance |
|
Contact No.: |
91-2667-244308 |
|
Date : |
24.12.2013 |
LOCATIONS
|
Registered Office/ Factory : |
Survey No. 6,
Village Poicha (Rania), Savli, District Vadodara – 397080, Gujarat, India |
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Tel. No.: |
91-2667-244308/ 244225/ 244729/ 66952701 |
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E-Mail : |
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Website : |
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Corporate Office 1: |
Unit No. G-02, ‘A’ Wing, Ground Floor, Navbharat Estates, Zakaria Bunder Road, Sewri (West), Mumbai - 400015, Maharashtra, India |
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Corporate
Office 2: |
211, Laxmi Plaza,
Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400053,
Maharashtra, India |
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Tel. No.: |
91-22-66952701-02-03 |
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Fax No.: |
91-22-66952704 |
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E-Mail : |
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Administrative
Office : |
5th
Floor, R C Dutt Road, Alkapuri, Baroda – 390005, Gujarat, India |
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Tel. No.: |
91-265-2330825/2840397 |
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Fax No.: |
91-265-2840397 |
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Sales Office : |
10, Shah and
Nahar Industrial Estate, Off. |
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Tel. No.: |
91-22-24921953/24946148/24973953 |
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Fax No.: |
91-22-24939838 |
DIRECTORS
(AS ON 31.03.2013)
|
Name : |
Mr. S M
Maheshwari |
|
Designation : |
Chairman and
Managing Director |
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Date of Birth/ Age : |
72 years |
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Qualification : |
M. Pharm |
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Experience : |
42 years |
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Date of Appointment : |
11.03.1991 |
|
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|
|
Name : |
Mr. Atul
Maheshwari |
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Designation : |
Executive
Director |
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Address : |
52/A, Aashit Apartments, Stan Burg Est. Juhu, Mumbai-400049, |
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Date of Birth/Age : |
02.07.1965 |
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Qualification : |
MBA.,USA |
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Experience : |
22 years |
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Date of Appointment : |
11.03.1991 |
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Name : |
Mr. G K Sarda |
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Designation : |
Director |
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|
Name : |
Mr. Pramod
Kalani |
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Designation : |
Director |
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|
Name : |
Mr. Mahendra
Singhi |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Nitesh Kumar Khetan |
|
Designation : |
General Manager Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2013)
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1880890 |
24.74 |
|
|
534832 |
7.03 |
|
|
534832 |
7.03 |
|
|
2415722 |
31.77 |
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|
|
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|
|
|
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|
Total
shareholding of Promoter and Promoter Group (A) |
2415722 |
31.77 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
77920 |
1.02 |
|
|
77920 |
1.02 |
|
|
|
|
|
|
|
|
|
|
70122 |
0.92 |
|
|
|
|
|
|
|
|
|
|
3827245 |
50.34 |
|
|
412778 |
5.43 |
|
|
|
|
|
|
799213 |
10.51 |
|
|
798213 |
10.50 |
|
|
1000 |
0.01 |
|
|
5109358 |
67.20 |
|
|
|
|
|
Total Public
shareholding (B) |
5187278 |
68.23 |
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|
|
|
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Total (A)+(B) |
7603000 |
100.00 |
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|
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(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total
(A)+(B)+(C) |
7603000 |
100.00 |
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(1) Indian%20LIMITED%20-%20248334%20_MIRA%2028-Dec-2013_files/image003.gif){kind=small}
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Group CompaniesShareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
||
|
1 |
Sangita Maheshwari |
6,63,410 |
8.73 |
|
2 |
Madhusha Projects Private Limited |
5,34,832 |
7.03 |
|
3 |
Madhu Shyamsunder Toshniwal |
3,70,230 |
4.87 |
|
4 |
Atul Maheshwari |
2,26,010 |
2.97 |
|
5 |
Atul Maheshwari |
1,73,860 |
2.29 |
|
6 |
Sangita Maheshwari |
1,01,370 |
1.33 |
|
7 |
Pushpa Maheshwari |
95,910 |
1.26 |
|
8 |
Surajmal Maheshwari |
57,510 |
0.76 |
|
9 |
Atul Maheshwari HUF |
50,000 |
0.66 |
|
10 |
Madhu Toshniwal |
42,770 |
0.56 |
|
11 |
Ritu Sanjay Toshniwal |
30,000 |
0.39 |
|
12 |
Shyam Sunder Toshniwal |
22,010 |
0.29 |
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13 |
Madhubala Toshniwal |
20,410 |
0.27 |
|
14 |
Sangita Maheshwari |
20,200 |
0.27 |
|
15 |
Sandeep Toshniwal |
7,200 |
0.09 |
|
|
Total |
24,15,722 |
31.77 |
(*) The term encumbrance has the same meaning as assigned to
it in regulation 28(3) of the SAST Regulations, 2011.
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
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
Indu Kasat |
780000 |
10.26 |
|
|
2 |
J N More |
95000 |
1.25 |
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|
3 |
Bank of Baroda |
77500 |
1.02 |
|
|
|
Total |
952500 |
12.53 |
Shareholding of securities
(including shares, warrants, convertible securities) of persons (together with
PAC) belonging to the category “Public” and holding more than 5% of the total
number of shares of the company
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons
Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
|
|
1 |
Indu Kasat |
780000 |
10.26 |
|
|
|
Total |
780000 |
10.26 |
Details of
Locked-in Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares |
Locked-in Shares as % of |
|
1 |
Atul Maheshwari |
1,73,860 |
2.29 |
|
2 |
Sangita Maheshwari |
1,01,370 |
1.33 |
|
3 |
Madhu Toshniwal |
42,770 |
0.56 |
|
|
Total |
3,18,000 |
4.18 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Trader of Pharmaceutical Products. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management. |
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Bankers : |
·
State Bank of India Industrial Finance Branch, Shivsagar Estate, Worli (South), Mumbai – 400018, Maharashtra, India · State Bank of India R. C. Dutt Road, Vadodara – 397080, Gujarat, India · Oriental Bank of Commerce Prabhadevi Branch, Aman Chambers, 1st Floor,
Veer Savarkar Marg, Opposite New Passport Office, Prabhadevi, Mumbai –
400025, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Singrodia Goyal and Company Chartered Accountants |
|
Address : |
4 A, Kaledonia -
HDIL, 2nd Floor, Sahar Road, Near Andheri Station, Andheri (East), Mumbai -
400 069, Maharashtra, India |
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|
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|
Enterprises
having same Key Management Personnel and / or their Relatives |
· Eurolife Healthcare Private Limited ·
Madhusha Projects Private Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2013)
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Share |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7603000 |
Equity Share |
Rs.10/- each |
Rs.76.030 Millions |
|
|
|
|
|
Terms and Conditions
The Company has only
one class of equity shares having a par value of Rs.10 per share. Each holder
of equity share is entitled to one vote per share.
In the event of
liquidation of the Company, the holder of equity shares will be entitled to
receive remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
The Company has,
during the year, made a preferential issue of 11,34,000 Convertible Warrants at
a premium of Rs.2.65 per warrant (Face value Rs.10 each) in accordance with
SEBI guidelines and has received 25 % upfront money amounting to Rs.3.586
Millions. In terms of the issue out of the above, 3,18,000 share warrants has
been converted into 3,18,000 fully paid equity shares of Rs.10/- each at a
premium of Rs.2.65 per share on 18th March 2013. Further, the Company has
received an amount of Rs.0.332 Million in addition to the 25% upfront money for
the balance 8,16,000 share warrants and the entire balance of Rs.2.912 Millions
is reflecting under shares warrants money.
Pending
utilization as at 31st March, 2013 on the objects of the issue, the entire
funds of Rs.6.941 Millions is lying in Bank in Current Accounts.
Shareholders having more than 5 % shareholding
|
Name of Shareholder |
As at March 31,
2013 |
|
|
|
No of Equity
shares held |
Holding (%) |
|
|
|
|
|
Madhu Toshniwal |
433,410 |
5.70 |
|
Madhusha Projects Private Limited |
534,832 |
7.03 |
|
Sangeeta Maheshwari |
784,980 |
10.32 |
|
Indu Kasat |
780,000 |
10.26 |
|
Atul Maheshwari |
399,870 |
5.26 |
Reconciliation of number of shares
|
Particulars |
As at March 31,
2013 |
|
|
|
Number |
Amount (Rs. In
Millions) |
|
Shares outstanding at the beginning of the year |
7,285,000 |
72.850 |
|
Shares Issued during the year |
318,000 |
3.180 |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
7,603,000 |
76.030 |
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 |
76.030 |
72.850 |
72.850 |
|
(b) Reserves & Surplus |
67.261 |
56.676 |
47.275 |
|
(c) Money
received against share warrants |
2.913 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
146.204 |
129.526 |
120.125 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
47.070 |
12.901 |
2.011 |
|
(b) Deferred tax liabilities (Net) |
11.385 |
11.458 |
13.264 |
|
(c) Other long term liabilities |
88.451 |
76.772 |
0.000 |
|
(d) long-term provisions |
3.203 |
2.788 |
0.000 |
|
Total Non-current Liabilities (3) |
150.109 |
103.919 |
15.275 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
28.108 |
34.627 |
53.714 |
|
(b) Trade payables |
104.774 |
44.598 |
69.860 |
|
(c) Other current
liabilities |
36.744 |
47.643 |
50.737 |
|
(d) Short-term provisions |
2.177 |
1.052 |
2.918 |
|
Total Current Liabilities (4) |
171.803 |
127.920 |
177.229 |
|
|
|
|
|
|
TOTAL |
468.116 |
361.365 |
312.629 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
150.603 |
149.050 |
133.441 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
108.826 |
6.515 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
6.590 |
6.592 |
2.992 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3.817 |
10.855 |
22.741 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
269.836 |
173.012 |
159.174 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
40.974 |
69.285 |
56.610 |
|
(c) Trade receivables |
105.004 |
104.094 |
50.687 |
|
(d) Cash and cash
equivalents |
13.135 |
4.504 |
2.336 |
|
(e) Short-term loans and
advances |
39.167 |
10.470 |
43.822 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
198.280 |
188.353 |
153.455 |
|
|
|
|
|
|
TOTAL |
468.116 |
361.365 |
312.629 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
468.452 |
400.593 |
264.756 |
|
|
|
Other Income |
5.087 |
1.280 |
7.165 |
|
|
|
TOTAL (A) |
473.539 |
401.873 |
271.921 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
297.099 |
285.194 |
143.308 |
|
|
|
Purchases of Stock in Trade |
0.000 |
0.000 |
5.128 |
|
|
|
Changes in Inventories of Finished Goods Work-in-progress |
23.969 |
(35.334) |
2.282 |
|
|
|
Employee Benefits Expenses |
49.622 |
41.577 |
38.795 |
|
|
|
Other expenses |
66.236 |
73.027 |
51.411 |
|
|
|
Prior Period Expenses |
(0.284) |
2.912 |
(1.225) |
|
|
|
TOTAL (B) |
436.642 |
367.376 |
239.699 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
36.897 |
34.497 |
32.222 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.183 |
7.694 |
8.628 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
31.714 |
26.803 |
23.594 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
17.747 |
16.543 |
15.934 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
13.967 |
10.260 |
7.660 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.224 |
3.360 |
0.133 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
9.743 |
6.900 |
7.527 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
111.488 |
75.320 |
47.830 |
|
|
TOTAL EARNINGS |
111.488 |
75.320 |
47.830 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
27.189 |
185.158 |
137.199 |
|
|
|
Capital Goods |
0.465 |
1.655 |
0.000 |
|
|
TOTAL IMPORTS |
27.654 |
186.813 |
137.199 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.34 |
0.95 |
1.03 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.06
|
1.72 |
2.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.98
|
2.56 |
2.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.96
|
2.95 |
2.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.08 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.51
|
0.37 |
0.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15
|
1.47 |
0.87 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM BORROWINGS DETAIL:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current Maturity of Long Term Borrowings |
3.851 |
6.112 |
10.755 |
|
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 |
Yes |
UNSECURED LOANS
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
Short Term
Borrowings |
|
|
|
Loans and advances from Related Parties |
0.000 |
2.425 |
|
|
|
|
|
Total |
0.000 |
2.425 |
REVIEW OF OPERATIONS
During the year, the
Company achieved sales Rs.473.539 Millions, (Previous Year Rs.401.875 Millions)
showing a growth of 17.83 % compared to the previous year. The Company has
earned a profit after tax of Rs.9.742 Millions, compare to last year’s profit
of Rs.6.900 Millions. The Company has achieved EPS of Rs.1.34 against Rs.0.95
in the previous year.
MANAGEMENT DISCUSSION AND ANALYSIS INDUSTRY STRUCTURE AND DEVELOPMENT The Indian economy
has been witnessing a phenomenal growth since the last decade. The country is still
holding its ground in the midst of the current global financial crisis. The
world Economy has more or less recovered from one of the worst economic
downturns in decades.
It is estimated
that by 2015, the Indian Pharmaceutical Industry will rank amongst the top 10
in the world. A healthy competitive structure and international approved
facilities have served to encourage the growth of pharmaceutical industry.
OUTLOOK
Growing the Business
exponentially would require investing in infrastructure, in people and
consolidation our strength.
The company has
decided to focus on products and markets of higher profitability only. The
change in marketing strategy and exposure in the world market will enable them
to become a global force to reckon with. They have started exporting new
products to Canada, Nigeria etc. and the demand for the products is very
healthy.
Looking at the
increase in local and International Demand of Lactose Monohydrate, the company
has proposed to increase the production capacity to 12000 mts per annum as
compare to current capacity of 3000 mts per annum.
CONTINGENT LIABILITIES
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In
Millions) |
||
|
Guarantee given by Bank of Behalf of the
company |
0.455 |
0.516 |
0.166 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10401386 |
21/01/2013 |
240,913,280.00 |
ORIENTAL BANK OF
COMMERCE |
PRABHADEVI
BRANCH, 1ST FLOOR, AMAN CHAMBERS, VEER SAWARKAR MARG, PRABHADEVI, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B67406769 |
|
2 |
10401385 |
15/01/2013 |
180,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
PRABHADEVI BRANCH,
1ST FLOOR, AMAN CHAMBERS, VEER SAWARKAR MARG, PRABHADEVI, MUMBAI, MAHARASHTRA
- |
B67406553 |
|
3 |
10305622 |
13/08/2011 |
4,500,000.00 |
ORIENTAL BANK OF
COMMERCE |
PRABHADEVI BRANCH,
1ST FLOOR, AMAN CHAMBERS, VEER SAWARKAR MARG, PRABHADEVI, MUMBAI, MAHARASHTRA
- |
B20243549 |
|
4 |
10134995 |
18/10/2008 |
9,750,000.00 |
ORIENTAL BANK OF
COMMERCE |
PRABHADEVI BRANCH,
1ST FLOOR, AMAN CHAMBERS, VEER SAWARKAR MARG, PRABHADEVI, MUMBAI, MAHARASHTRA
- |
A49570815 |
|
5 |
10074858 |
09/07/2007 |
896,000.00 |
GE CAPITAL
TRANSPORTATION FINANCIAL SERVICES LTD |
AIFACS BUILDING,
1, RAFI MARG, , NEW DELHI., DELHI - 110001, INDIA |
A25245655 |
|
6 |
10026556 |
18/10/2006 |
28,500,000.00 |
ORIENTAL BANK OF
COMMERCE |
PRABHADEVI
BRANCH, 1ST FLOOR, AMAN CHAMBERS, VEER SAWARKAR MARG, PRABHADEVI, MUMBAI,
MAHARASHTRA - |
A06201677 |
|
7 |
80005127 |
22/01/2013 * |
240,913,280.00 |
ORIENTAL BANK OF
COMMERCE |
PRABHADEVI
BRANCH, 1ST FLOOR, AMAN CHAMBERS, VEER SAWARKAR MARG, PRABHADEVI, MUMBAI,
MAHARASHTRA - |
B67407080 |
|
8 |
80005125 |
15/01/2013 * |
67,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
PRABHADEVI
BRANCH, 1ST FLOOR, AMAN CHAMBERS, VEER SAWARKAR MARG, PRABHADEVI, MUMBAI,
MAHARASHTRA - |
B67406918 |
|
9 |
90111883 |
28/09/2005 |
19,300,000.00 |
ORIENTAL BANK OF
COMMERCE |
PRABHADEVI BRANCH,
1ST FLOOR, AMAN CHAMBERS, VEER SAWARKAR MARG, PRABHADEVI, MUMBAI, MAHARASHTRA
- |
- |
* Date of charge modification
FIXED ASSETS:
· Land – Owned
· Factory Building
· Office Building
· Plant and Machinery
· Electrical Installation
· Laboratory Equipments
· Furniture and Fixtures
· Office Equipment
· Air Conditioner
· Computers
· Vehicles
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.62.06 |
|
|
1 |
Rs.102.03 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
32 |
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.