MIRA
INFORM REPORT
|
Report Date : |
21.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
SMRUTHI ORGANICS LIMITED |
|
|
|
|
Registered
Office : |
165-A, Balaji Bhavan, 1st Floor, Railway Lines,
Solapur-413001, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
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 Bulk Drugs and Intermediates, Fine Chemicals
(APls). |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1430000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a satisfactory track record. Trade
relations are reported to be fair. Business is active. Payments are reported
to be usually correct and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Term Loan : BBB |
|
Rating Explanation |
Having Moderate degree of safety regarding timely servicing of
financial obligation. It carry moderate credit risk. |
|
Date |
June 2013 |
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 / Correspondence : |
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 : |
|
|
|
|
|
Head 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 31.03.2012
|
Name : |
Mr. E. Purushotham |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
55 Years |
|
Qualification : |
M.Sc (Org. Chem) |
|
Experience : |
9 Years |
|
|
|
|
Name : |
Mrs. E. Swapnil |
|
Designation : |
Director (Business Development) |
|
Qualification : |
B.S. Chemical Engineering |
|
|
|
|
Name : |
Mrs. E. Vaishnavi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nagender Yerram |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. K. Rama Swamy |
|
Designation : |
Director |
|
Date of Appointment : |
09.05.2012 |
|
|
|
|
Name : |
Mr. J. H. Ranade |
|
Designation : |
Director |
SHAREHOLDING PATTERN
As on 31.03.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2,129,010 |
55.80 |
|
|
82,000 |
2.15 |
|
|
240,581 |
6.31 |
|
|
240,581 |
6.31 |
|
|
2,451,591 |
64.25 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
2,451,591 |
64.25 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
171,125 |
4.49 |
|
|
|
|
|
|
797,880 |
20.91 |
|
|
323,089 |
8.47 |
|
|
71,745 |
1.88 |
|
|
575 |
0.02 |
|
|
71,170 |
1.87 |
|
|
1,363,839 |
35.75 |
|
Total Public shareholding (B) |
1,363,839 |
34.75 |
|
Total (A)+(B) |
3,815,430 |
100.00 |
|
© Shares held by Custodians and against which Depository Receipts have
been issued |
0 |
0 |
|
|
0 |
0 |
|
|
0 |
0 |
|
|
0 |
0 |
|
Total (A)+(B)+(C) |
3,815,430 |
0 |
(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). |
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|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
Bankers : |
·
State Bank of ·
State Bank of ·
Axis Bank Limited – Baner Branch, Pune, |
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|
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|
Facilities : |
(Rs. in Millions)
Notes: 1st mortgage / hypothecation charge on pari-passu basis with Axis Bank on Land and building and Plant and Machinery owened by the Company situated at Plot No.273 and 274 MIDC,Akkalkot Road, Solapur 413006 and Plot No.A-27, MIDC Chincholi, Solapur- 413 255, First Mortgage Charge on Company 's - Flat No 5, Rahul Neha Apartment Solapur , Flat No T/1 , Balaji Apt. Solapur,Holiday Resaurt at Plot No 31, Nakoda Constr. at village. Pakani Solapur. First pari- passu charges on the above assest for Term Loan of Rs.157.500 Millions form Axis Bank Pune. The Term Loan of Axis Bank Rs 157.500 Millions is repayable in 60 months equal installment along with interest from 01.01.2013 Personal guarantee of Mr E Purushotham, Managing Director and Mrs. E Vaishnavi Director. Deferred Sales Tax Loan is interest free and payable in yearly in 5 installment of each Financial years after completion of 10 years and the final installment will due on 01.05.2022 1st registered mortgage / hypothecation charge with State Bank of India on lease hold land and building and Plant and Machinery owened by the Company situated at Plot No.273 and 274 MIDC,Akkalkot Road, Solapur 413006 and Plot No.A-27, MIDC Chincholi, Solapur- 413 255 and Flat No 5, Rahul Neha Apt. Solapur , Flat No T/1 , Balaji Apt. Solapur,Holiday Resaurt at Plot No 31, Nakoda Constr. at village. Pakani Solapur. IInd charge on entire current assets of Company pari-passu basis to Axis Bank, Pune. |
|
|
|
|
Auditors : |
|
|
Name : |
Ashok Madgundi and Company Chartered Accountants |
|
Address : |
210/ A/ 1, Sakhar Peth, Near Kanya Prashala, Solapur-413005, |
|
Tel. No.: |
91-217-626540 / 620403 |
|
|
|
|
Related Party : |
· Smruthi Chemicals and Intermediates · Smruthi Fotochem |
CAPITAL STRUCTURE
As on 30.07.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
5000000 |
Non-Convertible
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 |
|
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
38.154 |
38.154 |
|
(b) Reserves &
Surplus |
|
319.556 |
226.089 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3)
Non-current liabilities |
|
|
|
|
(a)
long-term borrowings |
|
117.212 |
77.308 |
|
(b)
Deferred tax liabilities (Net) |
|
28.497 |
28.197 |
|
(c)
Other long term liabilities |
|
12.607 |
10.910 |
|
(d)
long-term provisions |
|
7.178 |
8.887 |
|
|
|
|
|
|
(4)
Current liabilities |
|
|
|
|
(a)
Short term borrowings |
|
203.588 |
220.465 |
|
(b)
Trade payables |
|
360.303 |
300.386 |
|
(c)
Other current liabilities |
|
24.625 |
28.437 |
|
(d)
Short-term provisions |
|
67.132 |
43.819 |
|
TOTAL |
|
1178.852 |
982.652 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
323.689 |
318.648 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
43.772 |
3.062 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b)
Non-current Investments |
|
0.997 |
0.997 |
|
(c)
Deferred tax assets (net) |
|
0.000 |
0.840 |
|
(d) Long-term Loan and Advances |
|
10.204 |
4.266 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
317.321 |
310.290 |
|
(c)
Trade receivables |
|
368.085 |
238.197 |
|
(d)
Cash and cash equivalents |
|
21.086 |
17.045 |
|
(e)
Short-term loans and advances |
|
93.698 |
89.307 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
TOTAL |
|
1178.852 |
982.652 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
38.154 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
136.923 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
175.077 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
189.571 |
|
|
2] Unsecured Loans |
|
|
107.969 |
|
|
TOTAL BORROWING |
|
|
297.540 |
|
|
DEFERRED TAX LIABILITIES |
|
|
21.746 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
494.363 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
280.163 |
|
|
Capital work-in-progress |
|
|
2.432 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
315.842 |
|
|
Sundry Debtors |
|
|
159.899 |
|
|
Cash & Bank Balances |
|
|
23.255 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
64.999 |
|
Total
Current Assets |
|
|
563.995 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
306.075 |
|
|
Other Current Liabilities |
|
|
0.000 |
|
|
Provisions |
|
|
48.663 |
|
Total
Current Liabilities |
|
|
354.738 |
|
|
Net Current Assets |
|
|
209.257 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
2.511 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
494.363 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2051.581 |
1573.432 |
1269.782 |
|
|
|
Other Income |
2.191 |
2.303 |
31.747 |
|
|
|
TOTAL (A) |
2053.772 |
1575.735 |
1301.529 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1537.094 |
1134.243 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
3.502 |
32.940 |
|
|
|
|
Employee benefits expenses |
91.991 |
76.413 |
|
|
|
|
Other expenses |
161.443 |
111.953 |
|
|
|
|
TOTAL (B) |
1794.030 |
1355.549 |
1147.958 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
259.742 |
220.186 |
153.571 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
54.008 |
44.251 |
42.770 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
205.734 |
175.935 |
110.801 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
45.296 |
39.817 |
38.252 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
160.438 |
136.118 |
72.549 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
54.040 |
39.110 |
17.058 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
106.399 |
97.008 |
55.491 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
188.740 |
109.274 |
68.259 |
|
|
|
|
|
|
|
|
|
Less |
TRANSFER TO
GENERAL RESERVE |
10.640 |
9.700 |
5.549 |
|
|
|
|
|
|
|
|
|
Less |
DIVIDEND AND TAX
FOR THE YEAR |
13.392 |
11.160 |
8.928 |
|
|
|
|
|
|
|
|
|
Less |
INCOME TAX 09-10
AND 10-11 |
0.631 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
INCOME-TAX
REFUND AS PER COMPUTATION (AY 09-10) |
0.916 |
1.170 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
MAT SET-OFF (AY
09-10) |
0.000 |
1.854 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
EXCESS PROVISION
|
0.173 |
0.294 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
271.565 |
188.740 |
109.273 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
461.820 |
290.648 |
257.394 |
|
|
|
|
|
|
|
|
|
|
IMPORT VALUE |
303.049 |
297.800 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
27.89 |
25.43 |
14.60 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 (Unaudited) |
30.09.2012 (Unaudited) |
31.12.2012 (Unaudited) |
31.03.2013 (Unaudited) |
|
|
1st
Quarter |
2nd Quarter |
3rd Quarter |
4rd Quarter |
|
Net sales |
580.600 |
545.400 |
594.400 |
180.200 |
|
Total Expenditure |
510.300 |
473.700 |
443.900 |
189.300 |
|
Profit before interest, depreciation and
tax |
70.200 |
71.700 |
50.500 |
(09.000) |
|
Other income |
6.400 |
0.000 |
4.000 |
0.100 |
|
Operating Profit |
76.600 |
71.700 |
54.500 |
(8.900) |
|
Interest |
9.600 |
7.600 |
12.500 |
10.500 |
|
Profit before depreciation and tax |
67.000 |
64.100 |
42.000 |
(19.400) |
|
Depreciation |
11.900 |
13.900 |
14.300 |
12.800 |
|
Profit before tax |
55.100 |
50.300 |
27.700 |
(32.300) |
|
Tax |
15.600 |
20.800 |
11.500 |
(10.600) |
|
Profit after tax |
39.500 |
29.500 |
16.200 |
(21.700) |
|
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 |
39.500 |
29.500 |
16.200 |
(21.700) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.18
|
6.16 |
4.37 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.82
|
8.65 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.15
|
13.92 |
21.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
0.52 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debts/Networth) |
|
0.90
|
1.13 |
1.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.72
|
1.68 |
1.59 |
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 |
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) |
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 LOAN:
(Rs.
in Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Directors |
28.026 |
29.297 |
|
Inter Corporate Deposit |
0.000 |
2.450 |
|
Total |
28.026 |
31.747 |
CORPORATE INFORMATION :
Smruthi Organics Limited
is a public Company domiciled in Indian and incorporate under the provisions of
the Companies Act, 1956. It's shares are listed on Stock Exchange of Pune,
FUTURE OUTLOOK:
In the short to
medium term, the Company will focus on expanding sales of its existing products.
The commencement of operations of new Metformin Hydrochloride facility this
August will allow the Company increases its sales for the second half of the
fiscal year. The total capacity of Metformin Hydrochloride will be 5000 MT per
annum. The Company is in advanced stage of securing business to sell its entire
capacity with several new customers overseas. In addition, the Company is also
looking to expand its footprint in existing markets such as EU and
The Company has
posted excellent results showing all round increase in sales turnover,
production and profitability.
a) Sales:
- The
Gross Sales for the year amounted to Rs. 2106.200 Millions as against Rs.
1622.900 Millions for
the previous year,
showing increase of 30%. The production quantity for the year showing increase of
1938 MTs as against 1437 MTs in the previous year showing increase of 35% .
b) Exports:
Exports
for the year stood at Rs.461.800 Millions as compared to Rs. 290.600 Millions
for the year ended on 31st March 2011. The Company has registered an increase of
59% compared to the previous year.
c) Profits
:- Despite
increase in Raw material cost and other overheads, Company could register
growth of 17.87 % and 9.68% in Profit before and after tax respectively over
the previous year. Directors hope that with ongoing expansion project expected
to be commissioned by July 2012, Company shall be able to register substantial
growth in production, turnover and profits. Additional capacity shall
considerably go to reduce the lead time for delivering new products and also
supply the existing products on much larger scale.
AUDITED FINANCIAL
RESULTS FOR THE ENDED
ON 31ST MARCH 2013
Rs in Millions
|
Sr. No |
Particulars |
Standalone |
||
|
Audited |
Audited |
Audited |
||
|
Quarter Ended |
Year to date |
|||
|
|
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|
1 |
Income from operations |
|
|
|
|
|
Less : Excise Duty |
|
|
|
|
|
(a) Net
Sales/Income from Operations (Net of excise duty) |
179.075 |
493.070 |
1790.109 |
|
|
(b) Other Operating Income |
1.160 |
1.319 |
10.487 |
|
|
Total income from operations (net) (a) + (b) |
180.235 |
494.389 |
1800.596 |
|
2 |
Expenses (a) Cost of materials consumed |
152.006 |
394.817 |
1378.881 |
|
|
(b) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(25.348) |
(34.876) |
(58.544) |
|
|
(c)
Employee benefits expense |
19.066 |
31.117 |
101.527 |
|
|
(d) Depreciation and amortisation expense |
12.843 |
14.320 |
52.907 |
|
|
(e) Other expenditure |
43.519 |
52.845 |
188.891 |
|
|
Total expenses |
202.086 |
458.223 |
1663.661 |
|
3 |
Profit / (Loss) from operations
before other income, finance costs and exceptional items(1-2) |
(21.851) |
36.166 |
136.935 |
|
4 |
Other Income |
0.890 |
40.270 |
406.400 |
|
5 |
Profit
/ (Loss) from ordinary activities before finance costs and exceptional
items(3 + 4) |
(21.762) |
40.193 |
140.999 |
|
6 |
Finance costs |
10.506 |
12.496 |
40.173 |
|
7 |
Profit
/ (Loss) from ordinary activities after finance costs but before exceptional
items(S - 6) |
(32.268) |
27.697 |
100.827 |
|
8 |
Exceptional items |
0.000 |
0.000 |
0.000 |
|
9 |
Profit
/ (Loss) from ordinary activities before tax (7 + 8) |
(32.268) |
27.697 |
100.827 |
|
10 |
Tax Expense |
|
|
|
|
|
Current Income Tax |
(14.900) |
7.600 |
22.200 |
|
|
Deferred Tax Liability |
4.300 |
3.900 |
15.100 |
|
11 |
Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
(21.668) |
16.197 |
63.527 |
|
12 |
Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit / (Loss) for the period (11 -12) |
(21.668) |
16.197 |
63.527 |
|
14 |
Paid-up
equity share capital (Nominal value Rs. 10 per share) |
38.154 |
38.154 |
38.154 |
|
15 |
Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16(i) |
Earnings per share (before extraordinary items) |
|
|
|
|
|
(of Rs. 10/- each) (not annualised): |
(5.68) |
(4.25) |
16.65 |
|
|
(a) Basic (b) Diluted |
(5.68) |
(4.25) |
16.65 |
|
Sr. No |
Particulars |
Quarter Ended |
Year to date ended |
|
|
|
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|
A 1 |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
|
Public shareholding |
|
|
|
|
|
-
Number of shares |
1363839 |
1363839 |
1363839 |
|
|
- Percentage of
shareholding |
35.75 |
35.75 |
35.75 |
|
2 |
Promoters and Promoter
Group Shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
NIL |
NIL |
NIL |
|
|
- Percentage of shares (as
a % of the total shareholding of promoter and promoter group) |
NIL |
NIL |
NIL |
|
|
-
Percentage of shares (as a % of the total share capital of the company) |
NIL |
NIL |
NIL |
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of shares |
2451591 |
2451591 |
2451591 |
|
|
-
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
100.00 |
100.00 |
100.00 |
|
|
-
Percentage of shares (as a % of the total share capital of the company) |
64.25 |
64.25 |
64.25 |
|
PARTICULARS |
Quarter ended 31.03.2013 |
|
B INVESTOR COMPLAINTS (Nos) |
|
|
Pending
at the beginning of the quarter |
NIL |
|
Received
during the quarter |
NIL |
|
Disposed
of during the quarter |
NIL |
|
Remaining
unresolved at the end of the quarter |
NIL |
STATEMENT OF ASSETS AND LIABILITIES
Rs in
Millions
|
|
Particulars |
As on 31.03.2013 |
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholders' funds |
|
|
|
(a) Share capital |
38.154 |
|
|
(b) Reserves and surplus |
373.460 |
|
|
(c) Money received against
share warrants |
- |
|
|
Sub-total
- Shareholder's funds |
411.614 |
|
|
|
|
|
2 |
Share application money
pending allotment |
- |
|
|
|
|
|
3 |
Non-current liabilities |
|
|
|
(a) Long-term borrowings |
148.824 |
|
|
(b) Deferred tax liabilities
(Net) |
43.597 |
|
|
Oiiiiri Long term liabilities |
17.165 |
|
|
(d) Trade payables (Fixed
Assets) |
6.752 |
|
|
Sub-total
- Non-current liabilities |
216.338 |
|
4 |
Current liabilities |
|
|
|
(a) Short-term borrowings |
283.854 |
|
|
(b) Trade payables |
297.054 |
|
|
(c) Other current
liabilities |
48.897 |
|
|
(d) Short-term provisions |
31.128 |
|
|
Sub-total
- Current liabilities |
660.933 |
|
|
TOTAL -
EQUITY AND LIABILITIES |
1288.885 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
|
|
|
(i)Tangibie assets |
445.846 |
|
|
(ii)lntangible assets |
|
|
|
(iii)Capital
work-in-progress |
10.793 |
|
|
(iv)lntangible assets under
development |
|
|
|
(b) Non-current investments |
0.497 |
|
|
(c) Deferred tax assets
(net) |
- |
|
|
(d) Long-term loans and
advances |
7.200 |
|
|
(e) Other non-current assets |
- |
|
|
Sub-total
• Non-current assets |
464.336 |
|
2 |
Current assets |
|
|
|
(a) Current investments |
- |
|
|
(b) Inventories |
407.286 |
|
|
(c) Trade receivables |
315.430 |
|
|
(d) Cash and cash
equivalents |
9.628 |
|
|
(e) Short-term loans and
advances |
92.205 |
|
|
(f) Other current assets |
- |
|
|
Sub-total - Current assets |
824.549 |
|
|
TOTAL
ASSETS |
1288.885 |
Notes :
1. The Company operates in one segment only namely -" Bulk Drugs
and Drug Intermediates".
2. The above results have been reviewed by the Audit Committee and have
been taken on record at the meeting of the Board of Directors held on May 25th
2013.
3. The Board of Directors recommended a dividend of 20 % on Equity shares of Rs. 10/- each for the
ye ended 31st March 2013
4. Sales and profits for the quarter were affected on account of
temporary stoppage of supplies to European countries for audit observations
raised by the European Department of Quality Management. Company hopes to
recommence the supplies soon after due compliance of such observations.
5. The figures for the quarter ended 31st March 2013 are the balancing
figures between audited figures in respect of full financial year ended 31st
March 2013 and the unaudited published year to date figures upto the third
quarter ended 31st December 2012 which was subjected to a limited reviews.
FIXED ASSETS:
- Agricultural
Land
- Building
- Ownership
Flats
- Plant and
Machinery
- Electrical
Installation/ Equipments
- Vehicles
- Office
Equipments
- Computer
- Furniture and
Fixture
- Laboratory
Equipments
- Other
Factory Equipments
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proeeding 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. 59.70 |
|
|
1 |
Rs. 92.22 |
|
Euro |
1 |
Rs. 79.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
|
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 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
47 |
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.