MIRA INFORM REPORT
|
Report Date : |
13.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
KOPRAN LIMITED |
|
|
|
|
Registered
Office : |
Parijat House, 1076, Dr. E. Moses Road, Worli, Mumbai - 400018,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
26.04.1958 |
|
|
|
|
Com. Reg. No.: |
11-011078 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.476.289 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230MH1958PLC011078 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK01878C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The Subject is engaged primarily in pharmaceuticals business. |
|
|
|
|
No. of Employees
: |
Not Available [We tried to
confirm the number of employees but no one is ready to part any information
from the company management] |
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 5120000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Overall financial of the company appears to be satisfactory. Trade relations are fair. Business is active. Payment terms are
usually correct. The company can be considered for business dealings at usual trade
terms and conations. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated number
of jobs created during the second quarter of the current financial year. 50000
estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB- (Long Term) |
|
Rating Explanation |
Have moderate degree of safety and carry
moderate credit risk. |
|
Date |
June 12, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A3 (Short Term) |
|
Rating Explanation |
Have moderate degree of safety and carry
higher credit risk. |
|
Date |
June 12, 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 : |
Parijat House, 1076, Dr. E. Moses Road, Worli, Mumbai - 400018, Maharashtra, India |
|
Tel. No.: |
91-22-24964480-85/ 43661111 |
|
Fax No.: |
91-22-24950363 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Formulation Unit Village Savroli, Taluka Khalapur, Khopoli, District Raigad
– 410202, Maharashtra, India |
|
Tel. No : |
91-2192-274500 |
|
Fax No : |
91-2192-274025 |
|
|
|
|
Factory 2 : |
API
Unit
K-4, Additional MIDC, Village Birwadi, Mahad – 403201 District Raigad, Maharashtra, India |
|
Tel. No : |
91-2145-251101-04 |
|
Fax No : |
91-2145-251100 |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Mr. Susheel G. Somani |
|
Designation : |
Chairman |
|
Qualification : |
MSC |
|
|
|
|
Name : |
Mr. Surendra Somani |
|
Designation : |
Executive Vice-Chairman |
|
|
|
|
Name : |
Dr. A. K. Mehta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V. N. Khanna |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ajit Jain |
|
Designation : |
Executive Director and Chief Operating Officer |
|
Qualification : |
FCA |
|
|
|
|
Name : |
Mr. Amit Rajan |
|
Designation : |
Director |
|
Qualification : |
M. Tech, (I.I.T. Delhi) |
|
|
|
|
Name : |
Mr. Vijay Kumar Bhandari |
|
Designation : |
Director (Appointed w.e.f. 12th February, 2013) |
|
Qualification : |
B.Com(Hons), FCA |
KEY EXECUTIVES
|
Name : |
Mr. Abhinav Mathur |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2013
|
Category
of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
5522700 |
14.14 |
|
|
9570238 |
24.51 |
|
|
15092938 |
38.65 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
15092938 |
38.65 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
500 |
0.00 |
|
|
1039893 |
2.66 |
|
|
300 |
0.00 |
|
|
1040693 |
2.67 |
|
|
|
|
|
|
3144839 |
8.05 |
|
|
|
|
|
|
11019136 |
28.22 |
|
|
8089011 |
20.71 |
|
|
662859 |
1.70 |
|
|
4500 |
0.01 |
|
|
51802 |
0.13 |
|
|
606557 |
1.55 |
|
|
22915845 |
58.68 |
|
Total Public
shareholding (B) |
23956538 |
61.35 |
|
Total (A)+(B) |
39049476 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
39049476 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The Subject is engaged primarily in pharmaceuticals business. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available [We tried to
confirm the number of employees but no one is ready to part any information
from the company management] |
||||||||||||||||||||||||||||||||||||
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Batliboi and Purohit Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Wholly Owned
Subsidiary : |
|
CAPITAL STRUCTURE
As on: 15.09.2012
Authorised Capital : Rs.700.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.476.326 Millions
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
56250000 |
Equity Shares |
Rs.10/- each |
Rs.562.500 Millions |
|
13750000 |
10% Non convertible Non cumulative redeemable preference shares |
Rs.10/- each |
Rs.137.500 Millions |
|
|
|
|
|
|
|
Total
|
|
Rs.700.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
39052602 |
Equity Shares |
Rs.10/- each |
Rs.390.526 Millions |
|
8580000 |
10% Non convertible Non cumulative redeemable preference shares |
Rs.10/- each |
Rs.85.800 Millions |
|
|
Less: Calls in-Arrears (Other than Director's) |
|
Rs.0.037 Million |
|
|
|
|
|
|
|
Total |
|
Rs.476.289 Millions |
a) Terms / Rights
attached to equity Shares
The Company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in the proportion to the number of equity shares held by the shareholders.
b) Terms of
redemption of preference shares
55,80,000 10% Non convertible non cumulative redeemable preference shares of Rs. 10 each are redeemable at par on 15th March, 2025 or at any time after one year from 31st March, 2012 at the option of the company.
10,00,000 10% Non convertible non cumulative redeemable preference Shares of Rs. 10 each are redeemable at par on 28th June, 2019 or at any time after one year from 31st March, 2012 at the option of the company.
20,00,000 10% Non convertible non cumulative redeemable Preference Shares of Rs. 10 each are redeemable at par on 22nd June, 2019 or at any time after one year from 31st March, 2012 at the option of the company.
c) Shares held by
holding/ultimate holding company and/or their subsidiaries/associates
None of the shares of the Company are held by the subsidiaries, associates or joint ventures of the company.
d) Details of shareholders
holding more than 5% shares in the company
|
|
As at 31st March, 2013 |
|
|
Equity Shares of
Rs. 10/- each fully paid |
Number of Shares |
% holding |
|
Ponorama Finvest Private Limited |
3800000 |
9.73% |
|
Sarvamangal Mercantile Company Limited |
2167956 |
5.55% |
|
|
|
|
|
10% Non convertible
non cumulative redeemable preference shares of Rs.10 each |
|
|
|
Sarvamangal Mercantile Company Limited |
6380000 |
74.00% |
|
Kopran Laboratories Limited |
1000000 |
12.00% |
|
Susheel G. Somani and Mridula Somani |
1200000 |
14.00% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
476.289 |
476.289 |
476.289 |
|
(b) Reserves & Surplus |
804.822 |
684.192 |
622.516 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
1281.111 |
1160.481 |
1098.805 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
694.819 |
645.862 |
732.505 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
35.654 |
31.318 |
28.066 |
|
Total Non-current
Liabilities (3) |
730.473 |
677.180 |
760.571 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
243.734 |
311.253 |
304.754 |
|
(b) Trade payables |
468.333 |
417.092 |
306.406 |
|
(c) Other current liabilities |
205.583 |
226.914 |
186.121 |
|
(d) Short-term provisions |
1.190 |
1.149 |
1.840 |
|
Total Current
Liabilities (4) |
918.840 |
956.408 |
799.121 |
|
|
|
|
|
|
TOTAL |
2930.424 |
2794.069 |
2658.497 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1061.800 |
1116.022 |
1121.102 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
9.268 |
0.000 |
0.400 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
68.710 |
68.710 |
68.710 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
559.664 |
543.149 |
530.287 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
26.637 |
|
Total Non-Current
Assets |
1699.442 |
1727.881 |
1747.136 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
367.405 |
351.470 |
321.112 |
|
(c) Trade receivables |
496.098 |
375.162 |
333.632 |
|
(d) Cash and cash equivalents |
36.327 |
95.155 |
7.459 |
|
(e) Short-term loans and advances |
331.152 |
244.401 |
249.158 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current
Assets |
1230.982 |
1066.188 |
911.361 |
|
|
|
|
|
|
TOTAL |
2930.424 |
2794.069 |
2658.497 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2502.192 |
1989.054 |
1923.783 |
|
|
|
Other Income |
17.198 |
55.624 |
63.815 |
|
|
|
TOTAL (A) |
2519.390 |
2044.678 |
1987.598 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1582.263 |
1194.559 |
1299.572 |
|
|
|
Purchase of Traded goods |
0.039 |
4.273 |
27.980 |
|
|
|
Changes in inventories of finished goods and work in progress |
(40.806) |
69.834 |
(84.836) |
|
|
|
Employee benefit expense |
204.824 |
175.196 |
173.404 |
|
|
|
Other expenses |
412.929 |
328.357 |
321.729 |
|
|
|
TOTAL (B) |
2159.249 |
1772.219 |
1737.849 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
360.141 |
272.459 |
249.749 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
118.758 |
96.627 |
86.089 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
241.383 |
175.832 |
163.660 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
120.753 |
114.157 |
112.333 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
120.630 |
61.675 |
51.327 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
(2.705) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
120.630 |
61.675 |
54.032 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
1833.710 |
1235.200 |
1139.751 |
|
|
TOTAL EARNINGS |
1833.710 |
1235.200 |
1139.751 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw / Packing materials |
677.766 |
502.862 |
514.871 |
|
|
|
Capital Goods |
3.873 |
3.407 |
9.650 |
|
|
TOTAL IMPORTS |
681.639 |
506.269 |
524.521 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.09 |
1.58 |
1.32 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
|
|
|
1st
Quarter |
|
Net Sales |
|
|
597.000 |
|
Total Expenditure |
|
|
518.700 |
|
PBIDT (Excl OI) |
|
|
78.300 |
|
Other Income |
|
|
10.600 |
|
Operating Profit |
|
|
88.900 |
|
Interest |
|
|
30.700 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
58.200 |
|
Depreciation |
|
|
30.300 |
|
Profit Before Tax |
|
|
27.900 |
|
Tax |
|
|
0.000 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
27.900 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
27.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.79 |
3.02
|
2.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.82 |
3.10
|
2.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.23 |
2.26
|
1.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.05
|
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.73 |
1.48
|
0.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34 |
1.11
|
1.14 |
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 |
Yes |
|
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 |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG-TERM
BORROWINGS |
|
|
|
Other* |
80.000 |
0.000 |
|
Inter corporate deposits |
585.374 |
591.007 |
|
|
|
|
|
Total |
665.374 |
591.007 |
Notes:
* Loans from others carries interest @ 13.50% p.a. and is
repayable in 10 equal quarterly installments from December, 2013. The loan is
secured by personal guarantee and mortgage/ pledge of certain assets of
promoters and directors.
|
LITIGATION
DETAILS: |
|||
|
Case Details Bench: - Bombay |
|||
|
Loading No:- ITXAL/677/2011 |
Filing Date:- 18/05/2011 |
Reg. No:- ITAX/1599/2011 |
Reg. Date:- 19.07.2011 |
|
|
|
|
|
|
Petitioner:- |
COMMISSIONER OF INCOME TAX CENTRAL |
Respondent:- |
M/S KOPRAN LTD. |
|
Petn.Adv:- |
J.S. SALUJA |
Resp.Adv.:- |
ARVIND RATHOD AND COMPANY |
|
District: |
MUMBAI |
||
|
Bench: |
DIVISION |
||
|
Status:- |
Admitted (Unready) |
Category:- |
TAX APPEALS |
|
Next Date:- |
26/07/2012 |
Stage:- |
|
|
Last Coram:- |
HON’BLE SHRI JUSTICE S.J. VAZIFDAR HON’BLE SHRI JUSTICE M.S. SANKLECHA |
||
FINANCIAL PERFORMANCE
Standalone
The company achieved total revenue of Rs. 2519.400 Millions in the current year as against total revenue of Rs. 2044.700 Millions in the previous year. During the year, the company earned net profit of Rs. 120.600 Millions (Previous Year: Rs. 61.700 Millions), thus achieving a growth of 96% in profits.
MANAGEMENT DISCUSSION
AND ANALYSIS
Industrial Overview
The Indian Pharmaceutical Industry has gained recognition in the global market. India is one of the largest suppliers of Generic Products in the world. The Indian Pharmaceutical manufacturers continue to attract global attention due to its proficient R and D personnel, Contract Manufacturing and Clinical trial facilities. India has been ranked as the highest amongst third world countries and is the most preferred country for sourcing for the Regulated markets like the US and Europe.
Company Strategy
The Company has taken up several new projects and also produced new products. The Company has successfully registered its products across the African and South East Asian markets. Various Drug Master Files and Dossiers of Finished Dosage Forms are being filed for the Regulated markets giving an opportunity to have a balanced business between the Regulated markets and the rest of the world. New markets are being explored continuously for growth purpose.
The Company has already launched new products in the critical segments like Oncology and Penems including the Chronic and CNS groups. The Company is moving towards vertically integrated models of operations, especially in light of oncology products.
FINANCIAL PERFORMANCE
AND REVIEW
During the year, the company achieved a total revenue of Rs. 2519.300 Millions (Previous Year Rs. 2044.700 Millions) and a Profit before Depreciation, Interest and Tax of Rs. 360.100 Millions (Previous Year: Rs. 272.500 Millions) and there is a Net Profit of Rs. 120.600 Millions (Previous Year: Rs. 61.700 Millions).
There was 96 % increase in profitability of the company during Financial Year 2012-13 in comparison to Previous Year 2011-12 .Ratio of domestic and international sales revenue amounted to the ratio of 23:77.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10428024 |
29/04/2013 |
110,000,000.00 |
THE FEDERAL BANK LIMITED |
MUMBAI FORT,32,BOMBAY SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B75858308 |
|
2 |
10421518 |
30/03/2013 |
90,000,000.00 |
THE FEDERAL BANK LIMITED |
MUMBAI-FORT, 32,BOMBAY SAMACHAR MARG, FORT, MUMBAI , MAHARASHTRA - 400001, INDIA |
B73690273 |
|
3 |
10406606 |
28/01/2013 |
50,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH (ADVANCES), N. G. N. VAIDYA MARG, BANK STREET, HORNIMAN CIRCLE, P.B. NO. 10141, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B69030146 |
|
4 |
10392397 |
20/11/2012 |
30,000,000.00 |
THE FEDERAL BANK LIMITED |
MUMBAI-FORT,32,BOMBAY SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B64300460 |
|
5 |
10302578 |
29/04/2013 * |
275,000,000.00 |
THE FEDERAL BANK LIMITED |
MUMBAI-FORT,32,BOMBAY SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B75859488 |
|
6 |
10058570 |
04/07/2007 |
80,000,000.00 |
CANARA BANK |
TAMARIND LANE BR., CALCOT HOUSE, TAMARIND LANE, MUMBAI, MAHARASHTRA - 400023, INDIA |
A18114975 |
|
7 |
90243976 |
10/08/2005 |
26,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BR.;G;N; VAIDYA MARG, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
8 |
90223577 |
04/05/2005 |
100,000,000.00 |
UTI BANK LIMITED |
NO.9 MAG ROAD; BANGALORE, KARNATAKA - 560001, INDIA |
- |
|
9 |
90223225 |
10/08/2005 * |
199,500,000.00 |
THE FEDERAL BANK LTD |
NARIMAN BHAVAN FIRST FLOOR NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
10 |
90223155 |
18/08/2011 * |
695,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH,, N. G. N. VAIDYA MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
B20235362 |
|
11 |
90222893 |
28/02/2000 * |
186,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
|
|
12 |
90220294 |
20/01/1998 |
460,000,000.00 |
THE BANK OF NOVA SCOTIA |
MITTAL TOWER, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
|
|
13 |
90222849 |
20/06/2000 * |
460,000,000.00 |
THE BANK OF NOVA SCOTIA |
MITTAL TOWER, NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA |
|
|
14 |
90222841 |
22/12/1997 |
3,000,000,000.00 |
IMPORT EXPORT BANK OF INDIA |
CENTRE ONE ; WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
|
|
15 |
90222797 |
02/09/1997 |
36,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE; WORLD TRADE CENTRE, CUFFE PARADE, BOMBAY, MAHARASHTRA - 400005, INDIA |
|
|
16 |
90222771 |
10/06/1997 |
337,259.00 |
THE SARASWAT CO.OPERATIVE BANK LTD. |
APSARA CINEMA BLDG. ; 2ND FLOOR, GRANT ROAD; DR. D.B. MARG, BOMBAY, MAHARASHTRA - 400007, INDIA |
|
|
17 |
90222763 |
10/05/1997 |
1,440,000.00 |
THE SARASWAT CO.OPERATIVE BANK LTD. |
APSARA CINEMA BLDG. ; 2ND FLOOR, GRANT ROAD; DR. D.B. MARG, BOMBAY, MAHARASHTRA - 400007, INDIA |
|
|
18 |
90222749 |
31/12/2001 * |
1,800,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
|
|
19 |
90222742 |
27/07/1998 * |
100,000,000.00 |
DRESDENER BANK AG |
239; BACKBAY RECLAMATION; UNION BANK BHAVAN, NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA |
|
|
20 |
90222655 |
06/07/1996 |
473,000.00 |
CITIBANK N.A. |
LOWERPAREL, BOMBAY, MAHARASHTRA, INDIA |
|
* Date of charge modification
CONTINGENT LIABILITIES NOT
PROVIDED FOR IN RESPECT OF :
(Rs. In
Millions)
|
|
As on 31st
March, 2013 |
As on 31st
March, 2012 |
|
i)
Guarantees given by the company's bankers on behalf of the Company |
11.950 |
5.731 |
|
ii)
Bills discounted with banks |
451.414 |
337.850 |
|
iii)
Disputed tax matters |
|
|
|
a)
Service tax demand disputed in appeal |
3.295 |
3.295 |
|
b)
Excise duty demand disputed in appeal |
4.388 |
3.781 |
|
c)
Demand under drug price control order - 95 ( DPCO – 95 demand disputed in
appeal) |
59.134 |
59.134 |
FIXED ASSETS
Tangible Assets
- Lease Hold Land
- Free Hold Land
- Buildings
- Plant and Machinery
- Plant and Machinery
- Tube Well
- Office Equipments
- Computers
- Vehicles
UNAUDITED FINANCIAL
RESULTS FOR QUARTER ENDED 30TH JUNE, 2013
(Rs. in Millions)
|
|
30.06.2013 |
|
|
Unaudited |
|
Net Sales / Income from Operations |
581.000 |
|
Other Operating Income |
16.000 |
|
Total Income from
operations |
597.000 |
|
Expenditure |
|
|
Changes in Inventories of Finished Goods, Work-in- Progress and stocks- in-trade |
(25.600) |
|
Cost of Materials Consumed |
386.900 |
|
Purchase of Stock- in - trade |
6.000 |
|
Employee Benefits Expenses |
52.400 |
|
Depreciation |
30.300 |
|
Other Expenses |
99.000 |
|
Total Expenses |
549.000 |
|
Profit (Loss) from
operations before other income, Interest and exceptional items |
48.000 |
|
Other Income |
10.600 |
|
Profit (Loss)
before Interest and exceptional items |
58.600 |
|
Finance Cost |
30.700 |
|
Profit (Loss)
before exceptional items |
27.900 |
|
Exceptional items |
- |
|
Profit ( Loss ) before tax |
27.900 |
|
Less :Tax expenses |
- |
|
Net Profit for the
period |
27.900 |
|
Paid up equity share Capital (Face value Rs 10/-) |
390.500 |
|
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year |
- |
|
Earning Per Share ( EPS ) before and after Exceptional Item |
|
|
a) Basic |
0.71 |
|
b) Diluted |
0.71 |
|
Part II |
|
|
(A) PARTICULARS OF
SHAREHOLDING |
|
|
Public shareholding |
|
|
Number of shares |
23956538 |
|
Percentage of shareholding |
61.35% |
|
Promoters and
Promoter Group Shareholding |
|
|
a) Pledged /
Encumbered |
|
|
Number of shares |
1852500 |
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
12.27% |
|
Percentage of shares (as a % of the total share capital of the company) |
4.74% |
|
b) Non - encumbered |
|
|
Number of shares |
13240428 |
|
Percentage of shares (as a % of the total shareholding of the Promoter and Promoter group) |
87.73% |
|
Percentage of shares (as a % of the total share capital of the company) |
33.91% |
|
(B) INVESTOR
COMPLAINTS |
3 Months ended 30.06.2013 |
|
Pending at the beginning of the quarter |
- |
|
Received during the quarter |
1 |
|
Disposed off during the quarter |
1 |
|
Remaining unresolved at the end of the quarter |
- |
REPORTING OF SEGMENT
WISE REVENUE, RESULT AND CAPITAL EMPLOYED
|
Particulars |
Quarter ended |
|
|
30.06.2013 |
|
|
Unaudited |
|
1. Segment Revenue |
|
|
(a) Pharamaceutical |
611.000 |
|
(b) Consumer Care Division |
4.200 |
|
Total |
615.200 |
|
Less : Inter-Segment Revenue |
- |
|
Less : Excise Duty |
18.200 |
|
Net Sales/ Income from
Operation |
597.000 |
|
2. Segment Results |
|
|
(a) Pharamaceutical |
61.500 |
|
(b) Consumer Care Division |
(2.900) |
|
Total |
58.600 |
|
Less: Finance Cost |
30.700 |
|
Total Profit Before
Tax |
27.900 |
|
3. Capital Employed |
|
|
(a) Pharamaceutical |
1816.700 |
|
(b) Consumer Care Division |
3.500 |
|
(c) Others (Unallocated) |
548.100 |
|
Total |
2368.300 |
Notes:
(1) The above results were reviewed by the Audit Committee and taken on record by the Board of Directors of the Company at it's meeting held on 10th August, 2013. Limited review has been carried out by statutory auditor of the company.
(2) During the quarter the company has launched Tooth Paste under "Sparkle" brand in consumer care division.
(3) Auditors observation:
a) Investments and Advances made to Subsidiary Company, Kopran Research Laboratories Limited (KRLL) as at 30-06-2013 amounting to Rs. 529.453 Millions, (as at 30.06.2012 Rs.519.238 Millions) are in the opinion of the Auditors doubtful of realisation. In the opinion of the Management, no provision is required to be made because the investment in the Subsidiary Company, KRLL, is long term, for strategic reasons.
(4) Other Income includes net exchange Gain of Rs.10.385 Millions (quarter ended 30th June 2012 Gain of Rs.1.398 Millions)
(5) Figures for the previous accounting period have been regrouped wherever necessary.
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.63.59 |
|
|
1 |
Rs.101.56 |
|
Euro |
1 |
Rs.85.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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.