MIRA INFORM REPORT
|
Report Date : |
30.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
SURYA PHARMACEUTICAL LIMITED |
|
|
|
|
Registered
Office : |
1596, 1st Floor, Bhagirath Palace, Chandni
Chownk, Delhi – 110006 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
25.03.1992 |
|
|
|
|
Com. Reg. No.: |
227186 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.202.752 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24232DL1992PLC227186 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PTLS14220D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS3001K |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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|
|
|
Line of Business
: |
Development, Manufacturing and Marketing of Pharmaceutical Products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 9900000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
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Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a moderate track record. The
company has incurred heavy loss during current year. However, trade relations
are reported as 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
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
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Loan : D |
|
Rating Explanation |
Expected to be in default soon. |
|
Date |
March, 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/ Administrative
Office : |
1596, 1st Floor, Bhagirath Palace, Chandni
Chownk, Delhi – 110006, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate
Office 1/ Head Office : |
SCO 164-165, Sector
9-C, Madhya Marg, Chandigarh – 160009, Punjab, India |
|
Tel. No.: |
91-172-500-5000/1/2/3/4/5/ 2779635 |
|
Fax No.: |
91-172-507-6000/1/2/3 |
|
Email: |
pkjain@suryapharma.com careers@suryapharma.com |
|
Websites: |
|
|
Location : |
Leased |
|
|
|
|
Corporate Office 2: |
5190 Neil Road, Suite 430 Reno, NV 89502 |
|
|
|
|
|
911, 9th Floor, Surya Kiran
Building, 19, K.G Marg, New Delhi, India |
|
Tel No.: |
91-11-23733021 |
|
Fax No.: |
91-11-43561955 |
|
|
|
|
Factory/Plant : |
· Plot No. 85, HPSIDC Industrial Area, Baddi, Solan – 173205, Himachal Pradesh, India Tel
No.: 91-172-2779635 (8 Lines) /
91-1795-245350 Fax No.: 91-172-2779639/ 91-1795-245350 Area: 80,000 sq. ft. · Plot No. 87, HPSIDC Industrial Area, Baddi - 173205, District Solan, Himachal Pradesh, India Tel.No.: 91-1795-246050 Fax: 91-1795-245350 Location : Owned · Plot No.50-51, EPIP, Phase – I, Jharmajiri, District. Solan (Himachal Pradesh), Baddi. Area : 3870 Sq. Mtrs. Location : Leased · Plot No.383, Industrial Area, Phase I, Panchkula, Haryana, India Tel.: 91-172-2565222/ 5011319 Fax: 91-172-2573130 Area: 1400000 sq. ft. Location : Owned
· Village Banur, Tehsil Rajpura, District Patiala, Punjab, India Tel.No.: 91-1762-507131-32/ 91-172-5005000 Fax: 91-1762-507130/ 91-172-5076000 Area: 20,000 sq. ft. Location : Owned
· Industrial Growth Centre II, Samba (District Jammu), Jammu and Kashmir, India Area: 80 Kanals Location: Leased |
|
|
|
|
International
Offices : |
7, Kaki Bukit Road 1, #
02-10, Singapore (415937) |
|
Tel
No.: |
+65 6844 8134 |
|
Fax
No.: |
+65 6749 7302 |
DIRECTORS
(AS ON 31.03.2012)
|
Name : |
Mr. Rajiv Goyal |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth : |
08.07.1963 |
|
Date of Appointment : |
25.03.1992 |
|
|
|
|
Name : |
Ms. Alka Goyal |
|
Designation : |
Executive director |
|
|
|
|
Name : |
Dr. Shiv Kumar Yadav |
|
Designation : |
Additional Director |
|
Date of Birth : |
16.01.1962 |
|
Date of Appointment : |
27.04.2012 |
|
|
|
|
Name : |
Mr. Dharam Pal Singhal |
|
Designation : |
Additional Director |
|
Date of Birth : |
18.08.1941 |
|
Date of Appointment : |
12.11.2011 |
KEY EXECUTIVES
|
Name : |
Mr. B. B. Jain |
|
Designation : |
Company
Secretary and Compliance Officer |
|
Address : |
SCO 164-165,
Sector 9-C, Madhya Marg, Chandigarh – 160009, Punjab, India |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.12.2012)
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3353915 |
2.04 |
|
|
39684809 |
24.17 |
|
|
43038724 |
26.21 |
|
|
|
|
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
43038724 |
26.21 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
49076203 |
29.89 |
|
|
|
|
|
|
|
|
|
|
56124976 |
34.18 |
|
|
11399133 |
6.94 |
|
|
|
|
|
|
4544344 |
2.77 |
|
|
4241241 |
2.58 |
|
|
303103 |
0.18 |
|
|
121144656 |
73.79 |
|
|
|
|
|
Total Public
shareholding (B) |
121144656 |
73.79 |
|
|
|
|
|
Total (A)+(B) |
164183380 |
100.00 |
|
|
|
|
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
38569000 |
0.00 |
|
|
38569000 |
0.00 |
|
|
|
|
|
Total
(A)+(B)+(C) |
202752380 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Development, Manufacturing and Marketing of Pharmaceutical Products. |
||||||||
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|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Bulk Drug |
MT |
NA |
2866 |
1873.01 |
|
Formulation– Tablets & Capsules (No in Lacs) |
Nos in Lacs |
NA |
16020 |
2527.48 |
|
Formulation - Dry Syrup (No in lacs) |
NA |
180 |
|
|
|
Menthol & Mint Derivatives |
MT |
NA |
5400 |
7387.06 |
|
Phyto Chemicals |
MT |
NA |
900 |
5.99 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· State Bank of India · Punjab National Bank · IDBI Bank · Bank of Baroda · Punjab and Sind Bank · Export and Import Bank of India · Allahabad Bank · Corporation Bank · The Federal Bank · Central Bank of India · Catholic Syrian Bank · State bank of Bikaner and Jaipur · Syndicate Bank · Axis Bank · Small Industries Development Bank of India |
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Facilities : |
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|
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
AAD and Associates Chartered Accountant |
|
Address : |
# 1595, Sector 33D, Chandigarh – 160020, Punjab, India |
|
|
|
|
Subsidiaries: |
·
Surya Healthcare Limited · Surya Pharmaceutical Inc, USA · Surya Pharmaceutical (Singapore) Pte Limited · Surya Bio Pharma USA Inc. |
|
|
|
|
Entities over which key management personnel/ their relatives
are able to exercise significant influence: |
·
Surya Healthcare Limited ·
Surya Pharmaceutical Inc., USA ·
Ess Ess Exim Private Limited · Surya Healthway Limited · Surya Mediwell Limited · Surya Trade Wings Private Limited · Mediwell Healthcare Limited · Surya Softedge Limited · Emsons Organics Limited · Emm Bee Fincap Private Limited · Futuristics Garments Private Limited · Value Edutech Limited · Surya pharmaceutical (Singapore) INC · Surya Bio Pharma. INC · Raja Forgings and Gears Limited · Surya Automotives Limited · Surya World Educational and Research Charitable Initiative (SWERCI) |
CAPITAL STRUCTURE
(AS ON 29.09.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Share |
Rs.1/- each |
Rs.1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
202752380 |
Equity Share |
Rs.1/- each |
Rs.202.752 Millions |
|
|
|
|
|
NOTE:
|
Details of Shareholding More than 5% |
As on 31.03.2012 |
|
|
Equity
Shares |
No.
of Shares |
%age
of Shares |
|
|
|
|
|
Alka Goyal |
20804570 |
10.26% |
|
Futuristics Garments Private Limited |
24787180 |
12.23% |
|
Dynamic Finvest Services Private Limited |
21250000 |
10.48% |
|
Creative Capital Services Limited |
15830000 |
7.81% |
|
Reconciliation of Shares Capital |
As on 31.03.2012 |
|
|
|
|
Equity Shares at the beginning of the year |
192752380 |
|
Add; shares issued on conversion of share warrants |
10000000 |
|
Add: Issue of GDR |
-- |
|
Equity shares at the end if the period |
202752380 |
|
Particulars |
01.04.2011-31.03.2012 |
|
|
|
|
Opening outstanding warrants |
3750000 |
|
Warrants converted on 07.04.2011 |
(1000000) |
|
Balance as on 28.10.2011 |
2750.000 |
During the year
10,000,00 warrants were converted into 100,00,000 equity shares on 07.04.2011.
Meanwhile an appeal was filled before the SEBI to convert equity shares more
than 5%of the total share capital without making open offer under Regulation
3(2) of SEBI Regulation 3(2) of SEBI (Substantial Acquisition of shares
and takeover) Regulations - 2011.SEBI vide its order dated 09.01.2012 refused
to allow any exemption. As on 31.03.2012 appeal was still pending before the
SAT for exemption under Regulation 3(2) of SEBI (Substantial Acquisition of
shares and Takeover) Regulations -2011 and for extension of exercisable date
FINANCIAL DATA
[All figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
202.752 |
192.752 |
144.683 |
|
|
2] Share Application Money |
0.000 |
65.625 |
0.000 |
|
|
3] Reserves & Surplus |
2272.044 |
4941.096 |
2887.202 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2474.796 |
5199.473 |
3031.885 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
16248.666 |
13618.837 |
6805.091 |
|
|
2] Unsecured Loans |
309.085 |
106.162 |
276.004 |
|
|
TOTAL BORROWING |
16557.751 |
13724.999 |
7081.095 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
193.604 |
132.172 |
|
|
|
|
|
|
|
|
TOTAL |
19032.547 |
19118.076 |
10245.152 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7278.865 |
4043.864 |
4279.800 |
|
|
Capital work-in-progress |
74.000 |
2320.612 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
340.372 |
258.142 |
54.953 |
|
|
DEFERREX TAX ASSETS |
1013.641 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
8122.548
|
10406.325
|
6572.584
|
|
|
Sundry Debtors |
2362.109
|
2908.487
|
1530.802
|
|
|
Cash & Bank Balances |
98.831
|
154.802
|
179.076
|
|
|
Other Current Assets |
365.846
|
849.621
|
0.000
|
|
|
Loans & Advances |
1620.345
|
716.425
|
1226.523
|
|
Total
Current Assets |
12569.679
|
15035.660
|
9508.985
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
463.394
|
686.788
|
2618.146
|
|
|
Other Current Liabilities |
1746.724
|
1792.954
|
979.356
|
|
|
Provisions |
33.892
|
60.460
|
21.703
|
|
Total
Current Liabilities |
2244.010
|
2540.202
|
3619.205
|
|
|
Net Current Assets |
10325.669
|
12495.458
|
5889.780
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
20.619 |
|
|
|
|
|
|
|
|
TOTAL |
19032.547 |
19118.076 |
10245.152 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
16229.491 |
16004.175 |
11575.314 |
|
|
|
Other Income |
(379.813) |
26.728 |
104.982 |
|
|
|
TOTAL (A) |
15849.678 |
16030.903 |
11680.296 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
15971.537 |
15042.511 |
|
|
|
|
Changes in Inventories of FG, WIP and
stock-in-trade |
573.545 |
(2732.609) |
9946.496 |
|
|
|
Other Manufacturing Expenses |
387.192 |
408.978 |
|
|
|
|
Employee Benefits Expenses |
409.111 |
403.599 |
|
|
|
|
Other Expenses |
435.881 |
347.986 |
|
|
|
|
TOTAL (B) |
17777.266 |
13470.465 |
9946.496 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(1927.588) |
2560.438 |
1733.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1658.484 |
977.807 |
623.618 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(3586.072) |
1582.631 |
1110.182 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
346.174 |
265.470 |
205.548 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(3932.246) |
1317.161 |
904.634 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1207.246 |
315.582 |
144.029 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(2725.000) |
1001.579 |
760.606 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend (Including DDT) |
6.552 |
32.518 |
24.654 |
|
|
|
Income Tax |
-- |
12.460 |
5.162 |
|
|
BALANCE CARRIED
TO THE B/S |
-- |
956.601 |
730.790 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3177.201 |
4227.806 |
3412.195 |
|
|
TOTAL EARNINGS |
3177.201 |
4227.806 |
3412.195 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2699.494 |
3295.863 |
2099.806 |
|
|
|
Capital Items |
2.152 |
284.645 |
138.446 |
|
|
TOTAL IMPORTS |
2701.646 |
3580.508 |
2238.252 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(13.44) |
5.13 |
5.26 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
312.500 |
152.500 |
100.200 |
|
Total Expenditure |
540.300 |
339.100 |
189.000 |
|
PBIDT (Excl OI) |
(227.800) |
(186.500) |
(88.800) |
|
Other Income |
9.400 |
0.300 |
0.300 |
|
Operating Profit |
(218.400) |
(186.200) |
(88.500) |
|
Interest |
567.100 |
503.700 |
589.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(785.500) |
(689.900) |
(677.400) |
|
Depreciation |
92.600 |
90.100 |
102.000 |
|
Profit Before Tax |
(878.100) |
(780.000) |
(779.400) |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(878.100) |
(780.000) |
(779.400) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(878.100) |
(780.000) |
(779.400) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(17.19)
|
6.25
|
6.51
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(24.23)
|
8.23
|
7.82
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(19.81)
|
6.90
|
6.56
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.59)
|
0.25
|
0.30
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
6.69
|
2.64
|
2.34
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.60
|
5.92
|
2.63
|
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 |
Yes |
|
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 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Deferred payment liabilities Deferred payment for acquisition of fixed assets |
60.754 |
0.000 |
|
Other loans and advances |
1.054 |
0.000 |
|
Deposits Deposits from others |
92.777 |
0.000 |
|
Other Unsecured borrowings |
154.500 |
106.162 |
|
|
|
|
|
Total |
309.085 |
106.162 |
CORPORATE RESULTS
During the year
2011-12, the net revenue of the Company was Rs.16229.500 Millions as compared
with Rs.16599.100 Millions during the previous year.
Loss before
interest, depreciation and taxes was Rs (1927.500) Millions as compared with
profit of Rs.2560.500 Millions during the previous year. Further, the company
reported a Net Loss of Rs.(2725.000) Millions, after tax as compared with PAT
of Rs.1001.600 Millions last year.
The company has
faced various operational and financial problems in the recent past. Some of
them are:-
1) Steep fall in
prices of cephalosporins and the slowdown in the industry.
2) Time and Cost
overrun in commissioning of plant at Jammu due to changes in the regulatory framework
and the change in product profile owing to competition from Chinese players
resulted into increased fixed costs.
3) The menthol
business could not do as per the expectation due to volatility in prices of
menthol products.
4) The company has
borrowed funds for financing its rapid expansion in business and formation of
subsidiaries which resulted in disproportionate increase in debt as compared to
the revenues.
5) The Company
incurred a forex exchange loss during the FY 2012 on account of huge volatility
in the price of rupee against dollar.
EXPANSION /GROWTH
PLANS AND OUTLOOK
At company, a
number of initiatives will deliver superior returns from 2012-13 onwards. The
company's mature verticals will capitalize on emerging opportunities; new
business verticals will report their full years of operations. They will
increase their product offerings in US markets and other regulated markets
leveraging over strength of Action. Soon Surya will be one of the very few
companies in the world to have an exclusive set up for Carbapenem
manufacturing.
With all these as
well similar other initiatives, the Company expects to graduate from domestic
pharmaceutical player to global pharmaceutical brand strengthening its value
for share holders.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY OVERVIEW
Global
Pharmaceutical Industry:
The global
pharmaceutical industry has grown by of 6.6% in 2011 as compared to 4.5% in
2010 reaching a market size of $880 Billion. The transformation of the global
pharmaceutical market continues unabated, with focus steadily shifting from
patented drugs to generics. The overall pharmaceutical market is anticipated to
reach $ 1.1 Trillion by 2014.
The industry is
dominated by private sector players with high end technologically sophistication.
Major Markets
In Pharmaceutical
market space, USA had been eternally maintaining their top position in sales by
value term followed by Europe. These two markets are classified as home of global
major Pharmaceutical companies. These markets are also driven by technology
innovation and high end Pharmaceutical research.
Indian
Pharmaceutical Industry
The Indian
pharmaceutical industry has grown rapidly over the last few decades. Prior to 2005,
the Indian regulatory system recognised only process patents, which helped to
build the basis of a strong and competitive domestic pharmaceutical industry.
The evolution of Indian Pharmaceutical industry happened in two major phases,
pre-patent and post-patent phase.
Pre-patent regime
The first
Pharmaceutical Company in India was started in 1930 named as Bengal Chemicals
and Pharmaceutical Works. This Company still exists as one of the 5
government-owned drug manufacturers. During 1930-60, most of the drugs in India
were imported by multinationals either in fully-formulated or in bulk form. The
government started encouraging the growth of drug manufacturing by Indian
companies in the early 1960s and with the advent of Patents Act in 1970, Indian
industry stated thriving.
Post-Patent regime
In 1970 the
government introduced two landmark regulations to speed up the process of
indigenization namely the Indian Patent Act and the Drug Price Control Order
(DPCO). These two regulations laid the platform for the domestic industry to
flourish and grow.
Indian Patent Act
encourages domestic producers to manufacture drugs in order to ensure
self-sufficiency of the Country. As per the Act, patents are granted only for
the method and process of manufacturing the substances by chemical processes
which can be used as food, medicine and drugs. As a result, a number of Indian
players began manufacturing products based on internationally popular bulk
drugs but by varying the production processes.
FINANCIAL REVIEW
During the F.Y
2011-12, the company has posted a slight increase in the revenue by 1.41% and
there has been fall in API prices due to competition from china which has
resulted in lower revenue and profit due to downward revision of inventory
stock.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Foreign/ Inland Letter of Credit |
-- |
211.700 |
|
Bank Guarantees |
25.400 |
141.400 |
|
Corporate Guarantee (Subsidiaries) |
1773.200 |
1136.500 |
|
Bills Discounted (FOBN) |
74.600 |
232.700 |
|
|
|
|
|
Claims against the Company not
acknowledged as debt as on 31.03.2012 in respect of: |
||
|
Income Tax matters, pending decisions on various appeals
made by the company and by the department |
|
|
|
Cases for A.Y. 2000-01, 2001-02, 2004-05 and 2005-06 are
remanded back by ITAT to Assessing Officer for reframing the case. |
No Demand Pending |
No Demand Pending |
|
|
|
|
|
Cases for A.Y. 2006-07 are pending with Tribunal. |
Appeal Pending at ITAT |
Appeal Pending at ITAT |
|
|
|
|
|
Case for A.Y. 2007-08 is under processing with ITAT. |
Appeal
Pending at ITAT |
CIT(A) has allowed their appeals and company has applied for appeal affect asking for refund of (Rs 55.561
Millions) |
|
Excise matters, under dispute |
203.950 |
73.450 |
|
Sales Tax matters, under dispute |
-- |
-- |
|
Service Tax, under dispute |
20.180 |
17.390 |
|
Customs Act |
31.330 |
31.330 |
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
R and D Assets
·
Miscellaneous Assets
·
Electrical and Fittings
·
Computers
·
Pollution Control
Equipment
·
Furniture and Fixtures
·
Motor Vehicle
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.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
31 |
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.