MIRA INFORM REPORT

 

 

Report Date :

25.11.2013

 

IDENTIFICATION DETAILS

 

Name :

CALYX CHEMICALS AND PHARMACEUTICALS LIMITED (w.e.f. 08.09.2006)

 

 

Formerly Known As :

CALYX CHEMICALS AND PHARMACEUTICALS PRIVATE LIMITED

 

 

Registered Office :

Unit No.110, Marwah’s Complex, Krishanlal Marwah Estate, Off. Saki Vihar Road, Andheri (East), Mumbai – 400072, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

14.01.1986

 

 

Com. Reg. No.:

11-038618

 

 

Capital Investment / Paid-up Capital :

Rs.160.489 Millions

 

 

CIN No.:

[Company Identification No.]

U24220MH1986PLC038618

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMC07976D/ MUMC09940A

 

 

PAN No.:

[Permanent Account No.]

AABCC1457B

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Subject is engaged in manufacturing and dealing in Active Pharmaceutical Ingredients (APIs), Intermediates and Contract research and manufacturing services.

 

 

No. of Employees :

496 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (48)

 

RATING

STATUS

PROPOSED CREDIT LINE

 

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Maximum Credit Limit :

USD 7264000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established company having a satisfactory track record. Latest financial are not available. As per previous year financial of 2012 there seems better growth in its turnover and profits of the company.

 

Trade relations are reported as decent. Business is active. Payments are reported to be usually correct.

 

The company can be considered for normal business dealings at usual trade terms and conditions.

 

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

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.

 

 

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 :

Unit No.110, Marwah’s Complex, Krishanlal Marwah Estate, Off. Saki Vihar Road, Andheri (East), Mumbai – 400072, Maharashtra, India

Tel. No.:

91-22-28571191/ 82

Fax No.:

91-22-66466401

E-Mail :

dipali_dorugade@calyxindia.com

calyx@calyxindia.com

devanand_mojidra@calyxindia.com

Website :

www.clydxindia.com

www.calyx-pharma.com

 

 

Corporate Office :

A-37/38, MIDC, Phase 1, Golavli, Kalyan Shil Road, Dombivali (East), Near Vicconaka, Thane – 421 203, Maharashtra, India

Tel. No.:

91-251-2438310/ 6698300

Fax No.:

91-251-2438726

 

sales@calyxindia.com

crams@calyxindia.com

 

 

Factory 1 :

N 91/102, Tarapur Industrial Area, Boisar, District Thane, Maharashtra, India

 

 

Factory 2 :

W 212/213, MIDC, Phase II, Sonarpada, Dombivali (East), District Thane, Maharashtra, India

 

 

Representative Office :

Calyx International Division (USA)
West Coast (California), 11728 E Imperial Highway, Norwalk, CA 90650, USA

Tel. No.:

+1-213-291-7773

Fax No.:

+1-775-514-1230

E-Mail :

sales@calyxusa.com

crams@calyxusa.com

Website :

www.calyxusa.com

 

 

Overseas Office :

SingInd Life Sciences Pte. Limited

371, Beach Road, #02-01C Keypoint, Singapore – 199597

Tel. No.:

+61-6296 4041

Fax No.:

+65-6242 3956

 

 

DIRECTORS

 

AS ON 27.09.2013

 

Name :

Mr. Smitesh Chandravadan Shah

Designation :

Managing Director

Address :

B-403, Eden – III, Hiranadani Grdens, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

28.04.1959

Qualification :

01.04.1995

DIN No.:

00019720

 

 

Name :

Mr. Bharat Sukhlal Mehta

Designation :

Director

Address :

21, Nibbana Pali Hill, Bandra (West), Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

05.01.1938

Date of Appointment :

01.04.1995

DIN No.:

00038165

 

 

Name :

Mr. Rajat Indulal Doshi

Designation :

Director

Address :

1 E, Dil Pazir, Bhulabhai Desai Road, Cumballa, Gamdevi, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

13.10.1958

Date of Appointment :

23.04.2009

DIN No.:

02423171

 

 

Name :

Mr. Jambunathan Sirnivasa Iyer

Designation :

Director

Address :

Srinivasa Jambunathan 9, Prakash Co-Operative Housing Society, Relief Road, Daulat Nagar, Santacruz, Mumbai – 400 024, Maharashtra, India

Date of Birth/Age :

01.05.1938

Date of Appointment :

19.07.2012

DIN No.:

00063729

Email :

vjambu@hotmail.com

 

 

Name :

Mr. Abhay Prafulchandra Desai

Designation :

Director

Address :

Flat No.502, Glen Classic Apartments, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

27.06.1962

Date of Appointment :

23.03.2010

DIN No.:

03016913

 

 

Name :

Mr. Chakradhar Bharat Chhaya

Designation :

Director

Address :

204, Gokul Sangeet, 2nd Floor, 22, Linking Road, Extension Santacruz (West), Mumbai – 400 054, Maharashtra, India

Date of Birth/Age :

09.11.1943

Date of Appointment :

23.03.2010

DIN No.:

00968966

 

 

Name :

Ms. Bhumitra Vinodchandra Dholakia

Designation :

Director

Address :

B-46/431, MIG Colony, Gandhi Nagar, Bandra (East), Mumbai – 400 051, Maharashtra, India

Date of Birth/Age :

03.09.1949

Date of Appointment :

23.03.2010

DIN No.:

01871816

 

 

KEY EXECUTIVES

 

Name :

Mr. Devanand P. Mojidra

Designation :

Company Secretary

Address :

A/504, Kamala Ashish Building, 3 CHS Limited, Mahavir Nagar, Dahanukar Wadi, Kandivali (West), Mumbai – 400 067, Maharashtra, India 

Date of Birth/Age :

07.02.1973

Date of Appointment :

11.05.2012

PAN No.:

AHRPM7047F

 

 

Name :

Mr. Deepak Maroo

Designation :

Chief Financial Officer

 

 

Name :

Mr. Alpit Bhagalia

Designation :

Finance Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 27.09.2013

 

Shareholding details file attached.

 

 

AS ON 30.09.2013

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

10.20

Bodies corporate

 

2.97

Directors or relatives of directors

 

75.56

Other top fifty shareholders

 

11.27

 

 

 

Total

 

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in manufacturing and dealing in Active Pharmaceutical Ingredients (APIs), Intermediates and Contract research and manufacturing services.

 

 

Products :

Products Description

Item Code No.

 

Pyrazina

29242960

Erythrom

29415000

Erystear

29415000

 

 

PRODUCTION STATUS [AS ON 31.03.2011]

 

Particulars

Unit

Installed Capacity

Actual Production*

Active Pharmaceutical Ingredients, Intermediate and Chemicals

MT

127463

1743

 

NOTE:

 

·         The Installed capacity has been certified by the management.

·         * Includes outsourced, contract manufactured and bought out goods.

 

 

GENERAL INFORMATION

 

No. of Employees :

496 (Approximately)

 

 

Bankers :

·         UCO Bank, MCU Andheri (West), Marol Maroshi Road, Next to Marol Fire Bridge, Andheri (East), Mumbai – 400059, Maharashtra, India

·         State Bank of India

Andheri MID corporate Branch, M.D.I. Building, First Floor, 28 S. V. Road, Andheri (W), Mumbai – 400058, Maharashtra, India

·         State Bank of Bikaner and Jaipur, Commercial Network Branch, 239, P Demello Road, Opposite GPO, Fort, Mumbai – 400001, Maharashtra, India

  • State Bank of Hyderabad, New India Assurance Company Building Ground Floor, 87, Mahatma Gandhi Road, Mumbai – 400001, Maharashtra, India
  • Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India
  • Punjab National Bank
  • State Bank of Mysore
  • IDBI Bank Limited
  • Oriental Bank of Commerce
  • Bank of India
  • State Bank of Patiala
  • Kotak Mahindra Bank Limited
  • Standard Chartered Bank
  • Indian Overseas Bank
  • State Bank of India, Backbay Reclamation Branch, Raheja Chambers, Nariman Point, Mumbai – 400 021, Maharashtra, India

·         State Bank of Mysore

·         Bank of Bahrain and Kuwait

·         Allahabad Bank

·         Canara Bank

·         ING Vysya Bank Limited

·          State Bank of Mauritius Limited

 

 

Facilities :

Secured Loans

31.03.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

LONG TERM BORROWINGS

 

 

1. Export Import Bank of India

Terms of Repayment:

In 20 equal quarterly installment after 1st year from date of commercial production

0.000

19.800

2. Bank of India-I

Terms of Repayment:

Step up quarterly installment ending August 2012.

0.000

28.800

3. Bank of India

Terms of Repayment:

Step up quarterly installment ending January 2014.

32.572

60.029

4. Punjab National Bank

Terms of Repayment:

Step up quarterly installment from June 2011 to December 2014.

142.761

180.000

5. Punjab National Bank

Terms of Repayment:

8 Equal quarterly installment up to September 2012.

0.000

47.500

6. Export Import Bank of India

Terms of Repayment:

In 20 equal quarterly installment after 1st year from date of commercial production

150.000

0.000

7. Export Import Bank of India

Terms of Repayment:

In 20 equal quarterly installment after 1st year from date of commercial production

21.753

0.000

8. Export Import Bank of India

Terms of Repayment:

In 20 equal quarterly installment after 1st year from date of commercial production

30.666

0.000

9. State Bank of Hyderabad

Terms of Repayment:

37 monthly installment of Rs.5.400 millions starting from 28/05/11 and last installment of Rs.5.600 millions.

75.871

140.600

10. State Bank of Mysore

Terms of Repayment:

2012-13 in 3 equal installment of Rs.7.500 millions each.

2013-14 in 4 equal installment of Rs.5.000 millions each.

2014-15 in 4 equal installment of Rs.22.500 millions each.

2015-16 in 4 equal installment of Rs.30.000 millions each.

2016-17 in 1 quarterly installment of Rs.7.500 millions.

281.277

277.052

11. State Bank of Patiala

Terms of Repayment:

2012-13 in 3 equal installment of Rs.7.500 millions each.

2013-14 in 4 equal installment of Rs.5.000 millions each.

2014-15 in 4 equal installment of Rs.22.500 millions each.

2015-16 in 4 equal installment of Rs.30.000 millions each.

2016-17 in 1 quarterly installment of Rs.7.500 millions.

281.426

281.735

SHORT TERM BORROWINGS

 

 

Working Capital Borrowings from Banks

1577.492

924.364

Total

 

2593.818

1959.880

 

DETAILS OF SECURITIES

 

For Sr. A-1 to 8

a)   First Pari Passu Charge by way of hypothecation over entire movable Fixed Assets and mortgage over the entire immovable properties of the Company present and future. (b) Personal Guarantees of Three Promoter Directors

For Sr. A-9

a)   First Pari Passu charge on all fixed assets and subservient charge on current assets of the company b) Personal Guarantee of Promoter Director, Mr. Smitesh Shah

For Sr. A-10 and 11

a)   First Pari Passu charge on all fixed assets of the Company along with existing and proposed other lenders b) Second Charge on current assets of the Company c) Personal Guarantees of three promoter Directors

The interest rates for loans from banks ranges from 12 to 15.50%

There are no defaults as on Balance Sheet date in repayment of loans and interest.

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Jatin V. Shah

Chartered Accountant

Address :

261/263, D N Road, 4th Floor, Mumbai – 400 001, Maharashtra, India

Tel. No.:

91-22-32948140

Fax No.:

91-22-22610775

PAN No..:

AVVPS9231R

 

 

Subsidiaries :

·         Singind Life Sciences Pte. Limited

 

 

Entities over which Key Management Personnel exercise significant influence/ Others:

·         Top Brass Gifts Private Limited

·         Noble Tele Infotech Private Limited

·         Sukhlal Mansukhlal Herbals (Formerly Known as Sum Electronics)

·         Noble Strategies

 

 

CAPITAL STRUCTURE

 

AS ON 27.09.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

30000000

Equity Shares

Rs.10/- each

Rs.300.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

16413473

Equity Shares

Rs.10/- each

Rs.164.135 Millions

 

 

 

 

 

 

AS ON 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

30000000

Equity Shares

Rs.10/- each

Rs.300.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

16048890

Equity Shares

Rs.10/- each

Rs.160.489 Millions

 

 

 

 

 

 

Reconciliation of the Shares Outstanding at the beginning and at the end of the reporting period

 

Particulars

As on 31.03.2012

 

No. of Shares

 

Rs. in millions

At the beginning of the period

15933240

159.332

Preferential Allotment as on 26.04.2010 (*)

-

-

Preferential Allotment as on 28.04.2010

-

-

Preferential Allotment as on 02.11.2010 (**)

-

-

Preferential Allotment as on 31.03.2012

115650

1.157

Outstanding at the end of the period

 

16048890

160.489

 

 

*During the previous year 2010-11, 1000000 shares of Rs.10/- each aggregating to Rs.10.000 millions have been issued by the Company to Calyx Employees Welfare Trust at par for the purpose of benefit of its existing and future directors, employees and for employees' share based payment plan by way of stock option grant at future date. The trust has subscribed and paid up in full. The eligible employees have exercised stock options and are allotted/transferred 16,650 shares by the 'Trust', leaving 983350 shares with Trust for option to be exercised at future date under any Employee Stock Option Schemes.

** 797222 Equity Shares issued to Lytton Grove Corporation were at a premium of Rs.169.89 per share.

 

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 entitle one vote per share. The Company declares and pays dividend proposed by Board of Directors subject to the approval of the shareholders in the ensuing Annual General Meeting.

 

During the current period, interim dividend of Re.1/- per share has been paid and the dividend amount of Re.0.75 per share is proposed.

 

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 proportion to the number of

Equity Shares held by shareholders.

 

Aggregate number of Equity Shares issued for consideration other than in cash during the period of Five years immediately preceding the reporting date

 

3703710 equity shares of Rs.10 each were issued in 2008-09 and 2009-10 in two equal parts by converting 370371 Fully Convertible Preference Shares of Rs.100/- each which were issued pursuant to a scheme of amalgamation dated 19th April 2006 with Calyx Pharmaceuticals and Chemicals Private Limited.

 

Details of Shareholders holding more than 5% shares in the Company

 

Name of the Shareholder

As at 31.03.12

No. of Shares

% of holding

Mr. Rajat Indulal Doshi

3124322

19.47%

Mr. Smitesh Chandravadan Shah jointly with Mrs. Parul Shah

2275817

14.18%

Ms. Alpana Doshi

146588

0.91%

Mr. Bharat S. Mehta jointly with Mrs. Asha Mehta

1766939

11.01%

Mrs. Asha B. Mehtajtly jointly with Mr. Bharat Sukhlal Mehta

1233458

7.69%

Mrs. Parul Smitesh Shah jointly with Smitesh Chandravadan Shah

1057202

6.59%

Mr. Bharat Mehta jointly with Mr. Jambunathan Iyer and Dr. Bansi Lal (Calyx Employees Welfare Trust)

983350

6.13%

Mr. Amit Bharat Mehta jointly with Mr. Bharat Sukhlal Mehta

904657

5.64%

Lytton Grove Corporation

797222

4.97%

 

 

Details of Share Application Money Received

 

Terms and Conditions

To be allotted after approval of Shareholders Investor Grievance Committee and Board

No. of shares proposed to be issued

239600 Shares

Amount of premium

199600 Shares – Rs.230/ - per share and 40000 Shares – Rs.235/ - per share

The period before which the shares are to be allotted

30-May-12

The company has sufficient authorized share capital to cover the share capital amount on allotment of shares out of share application money.

 

Interest accrued on amount due for refund

NIL

The period for which the share application money has been pending beyond the period for allotment as mentioned in the share application form and the reasons of such pendency

Not Applicable

 

 

 

 

 

FINANCIAL DATA

[All figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2012

31.03.2011

I.        EQUITY AND LIABILITIES

 

 

 

(1) Shareholders' Funds

 

 

 

(a) Share Capital

 

160.489

159.332

(b) Reserves & Surplus

 

1597.865

1187.591

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

57.704

0.000

Total Shareholders’ Funds (1) + (2)

 

1816.058

1346.923

 

 

 

 

(3) Non-current liabilities

 

 

 

(a) Long-term borrowings

 

1066.429

1175.607

(b) Deferred tax liabilities (Net)

 

207.870

166.238

(c) Other long term liabilities

 

400.844

366.641

(d) Long-term provisions

 

10.153

0.000

Total Non-current Liabilities (3)

 

1685.296

1708.486

 

 

 

 

(4) Current liabilities

 

 

 

(a) Short term borrowings

 

1577.492

1024.364

(b) Trade payables

 

1761.960

646.052

(c) Other current liabilities

 

365.940

373.154

(d) Short-term provisions

 

67.992

26.074

Total Current Liabilities (4)

 

3773.384

2069.644

 

 

 

 

TOTAL

 

7274.738

5125.053

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

1184.938

973.880

(ii) Intangible Assets

 

481.306

486.320

(iii) Capital work-in-progress

 

88.360

88.762

(iv) Intangible assets under development

 

442.941

345.699

(b) Non-current Investments

 

2.981

2.713

(c) Deferred tax assets (net)

 

0.000

0.000

(d)  Long-term Loan and Advances

 

29.850

27.883

(e) Other Non-current assets

 

18.669

34.523

Total Non-Current Assets

 

2249.045

1959.780

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

5.159

4.889

(b) Inventories

 

2629.276

1868.138

(c) Trade receivables

 

1796.906

920.727

(d) Cash and cash equivalents

 

464.735

188.012

(e) Short-term loans and advances

 

129.617

183.507

(f) Other current assets

 

0.000

0.000

Total Current Assets

 

5025.693

3165.273

 

 

 

 

TOTAL

 

7274.738

5125.053

 

 

SOURCES OF FUNDS

 

 

 

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

135.360

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

780.482

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

915.842

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

1579.865

2] Unsecured Loans

 

 

295.949

TOTAL BORROWING

 

 

1875.814

DEFERRED TAX LIABILITIES

 

 

156.246

 

 

 

 

TOTAL

 

 

2947.902

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

1453.601

Capital work-in-progress

 

 

0.000

 

 

 

 

INVESTMENT

 

 

1.020

DEFERRED TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 
 
1223.411

 

Sundry Debtors
 
 
729.227

 

Cash & Bank Balances
 
 
242.460

 

Other Current Assets
 
 
0.000

 

Loans & Advances
 
 
286.456

Total Current Assets
 
 
2481.554

Less : CURRENT LIABILITIES & PROVISIONS
 
 

 

 

Sundry Creditors
 
 
913.307

 

Other Current Liabilities
 
 
43.003

 

Provisions
 
 
50.057

Total Current Liabilities
 
 
1006.367

Net Current Assets
 
 
1475.187

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

18.094

 

 

 

 

TOTAL

 

 

2947.902

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Revenue from operations

5891.861

4171.774

3218.025

 

 

Other Income

30.139

14.766

48.662

 

 

TOTAL                                     (A)

5922.000

4186.540

3266.687

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of materials consumed

4528.358

3038.899

2681.255

 

 

Purchase of Stock-in-trade

292.979

0.000

 

 

 

Changes in inventories of finished goods, work-in-progress and stock-in-trade

(685.316)

(114.644)

 

 

 

Employee benefits expenses

160.826

125.302

 

 

 

Manufacturing Expenses

154.482

125.278

 

 

 

Administration Expenses

254.964

175.704

 

 

 

Selling and Distribution Expenses

32.577

41.297

 

 

 

Research and Development Expenses

19.811

22.176

 

 

 

TOTAL                                     (B)

4758.681

3414.012

2681.255

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

1163.319

772.528

585.432

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

455.870

286.637

232.453

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

707.449

485.891

352.979

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

129.430

97.704

77.371

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

578.019

388.187

275.608

 

 

 

 

 

Less

TAX                                                                  (H)

161.836

91.461

67.238

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

416.183

296.726

208.370

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

837.922

598.665

422.057

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Interim Equity Dividend Paid

15.934

0.000

31.762

 

 

Tax on Interim Dividend

2.585

0.000

 

 

 

Proposed Final Equity Dividend

12.037

23.900

 

 

 

Tax on Dividend

1.953

3.969

 

 

 

Transfer to General Reserves

41.600

29.600

 

 

BALANCE CARRIED TO THE B/S

1179.996

837.922

598.665

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

FOB Value of Exports

1486.344

817.867

389.208

 

TOTAL EARNINGS

1486.344

817.867

389.208

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Capital Goods

0.481

0.000

0.000

 

 

Raw Materials

1522.396

1299.467

1168.685

 

 

Consumables

0.028

0.156

0.321

 

TOTAL IMPORTS

1522.905

1299.623

1169.006

 

 

 

 

 

 

Earnings Per Share (Rs.)

26.12

19.33

17.61

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)

7.03
7.09
6.38

 

 

 
 
 

Net Profit Margin

(PBT/Sales)

(%)

9.81
9.31
8.56

 

 

 
 
 

Return on Total Assets

(PBT/Total Assets}

(%)

8.58
8.28
7.00

 

 

 
 
 

Return on Investment (ROI)

(PBT/Networth)

 

0.32
0.29
0.30

 

 

 
 
 

Debt Equity Ratio

(Total Debt/Networth)

 

1.46
1.63
2.05

 

 

 
 
 

Current Ratio

(Current Asset/Current Liability)

 

1.33
1.53
2.47

 

 

 

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

Yes

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

No

 

 

UNSECURED LOANS

 

Particulars

31.03.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

LONG TERM BORROWINGS

 

 

Deferred Payment Liabilities

(Deferred for a period not exceeding 10 years from 31/10/2005, accordingly the repayment to start from 2015-16)

17.434

17.972

Loans and advances from related parties

 

 

From Directors

19.700

18.950

From Shareholders

9.196

5.946

From Others

(Interest is payable @ 12% p.a.; however, no terms as regards repayments have been stipulated)

3.623

97.123

Security Deposits

0.150

0.100

SHORT TERM BORROWINGS

 

 

Loan from Indian Overseas Bank

0.000

100.000

 

 

 

Total

 

50.103

240.091

 

 

NOTE:

The registered office of the company has been shifted from Unit No.2, Marwah’s Complex, Marwah Estate, Saki Vihar Road, Andheri (East), Mumbai – 400 072, Maharashtra to the present address w.e.f. 03.09.2012.

 

 

CORPORATE INFORMATION

 

Subject is a closely held public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in manufacturing and dealing in Active Pharmaceutical Ingredients (APIs), Intermediates and Contract research and manufacturing services. The company caters to both domestic and international markets.

 

 

FINANCIAL RESULTS AND OPERATIONS OF THE COMPANY

 

Total Revenue of the Company recorded a growth of 41.45% to Rs.5922.000 millions as compared to Rs.4186.540 millions in previous financial year. The net profit of the Company rose by 40.26% to Rs.416.183 millions as compared to Rs.296.726 millions in previous year. The Company has achieved the export of Rs.1489.300 millions during the year.

 

 

INDEX OF CHARGES

 

S.

No.

Charge ID

Date of Charge Creation

/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10406186

18/02/2013

200,000,000.00

UCO Bank

MCU ANDHERI (WEST), MAROL MAROSHI ROAD, NEXT TO MAROL FIRE BRIGADE, ANDHERI (E), MUMBAI, MAHARASHTRA - 400059, INDIA

B68691112

2

10402570

29/01/2013

2,375,000.00

State Bank of Bikaner and Jaipur

COMMERCIAL NETWORK BRANCH, 239, P DEMELLO RAOD, OPP. GPO, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA

B67932236

3

10400489

17/01/2013

275,000,000.00

Export-Import Bank of India

CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE
COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA

B66677725

4

10389644

04/12/2012

400,000,000.00

Corporation Bank

LARGE CORPORATE BRANCH, EAGLES FLIGHT,, SUREN ROAD, ANDHERI (E), MUMBAI, MAHARASHTRA - 400093, INDIA

B63207336

5

10379031

05/10/2012

600,000,000.00

State Bank of Travancore

N.M.WADIA BUILDING, 125 M.G ROAD, MUMBAI, MAHARASHTRA - 400021, INDIA

B59100479

6

10365476

10/07/2012

52,200,000.00

Dena Bank

SHARE BAZAR BRANCH, HAMAM STREET, MUMBAI, MAHARASHTRA - 400023, INDIA

B43627074

7

10367854

04/07/2012

100,000,000.00

Bank of Maharashtra

SHASHTRI HALL,, 292 , TARDEO ROAD, MUMBAI, MAHAR
ASHTRA - 400007, INDIA

B44626364

8

10368035

04/07/2012

150,000,000.00

Bank of Maharashtra

SHASHTRI HALL,, 292 , TARDEO ROAD, MUMBAI, MAHARASHTRA - 400007, INDIA

B44696557

9

10365935

23/06/2012

400,000,000.00

State Bank OF Bikaner and Jaipur

COMMERCIAL NETWORK BRANCH, 239, P.D'MELLO ROAD,
NEAR G.P.O., MUMBAI, MAHARASHTRA - 400001, INDIA

B43778810

10

10364958

17/10/2012 *

6,459,000,000.00

SBICAP Trustee Company Limited

202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA

B60027612

11

10360984

23/05/2012

200,000,000.00

State Bank of Bikaner and Jaipur

COMMERCIAL NETWORK BRANCH,, 239,P.D'MELLO ROAD, NEAR G.P.O, MUMBAI, MAHARASHTRA - 400001, INDIA

B41781865

12

10323423

15/12/2011

50,000,000.00

Export-Import Bank of India

CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE
COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA

B27972421

13

10323416

15/12/2011

250,000,000.00

Export-Import Bank of India

CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE
COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA

B27971837

14

10293104

18/05/2011

270,000,000.00

SBI Global Factors Limited

6TH FLOOR, METROPOLITAN BUILDING, BANDRA-KURLA, COMPLEX, BANDRA(EAST), MUMBAI, MAHARASHTRA - 400051, INDIA

B15321300

15

10238777

22/02/2012 *

4,768,000,000.00

State Bank of India

BACKBAY RECLAMATION BRANCH,RAHEJA CHAMBERS,, NARI
MAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA

B36744563

16

90219177

17/03/2004

30,000,000.00

State Bank of India

BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400021, INDIA

-

17

80058733

25/06/2004 *

44,000,000.00

SBI Factor and Commercial Services Limited

BANDRA ( W), MUMBAI, MAHARASHTRA - 400050, INDIA

-

18

90218409

06/10/2009 *

2,585,000,000.00

State Bank of India

BACKBAY RECLAMATION BRANCH,RAHEJA CHAMBERS,, NARI
MAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA

A72624505

 

* Date of charge modification

 

FIXED ASSETS:

 

·         Leasehold Land

·         Building

·         Plant and Machinery

·         Air Conditioner

·         Computer

·         Electrical Installation

·         Furniture and Fixture

·         Laboratory Equipment

·         Vehicles

·         Office Equipment

·         Air Conditioner

·         Computer

 

 

NEWS:

 

14 FDI PROPOSALS WORTH RS.1133.500 MILLIONS CLEARED: GOVERNMENT

 

PTI October 8, 2012

 

NEW DELHI: The government today said it has cleared 14 FDI proposals worth Rs.1133.500 millions including three from the pharmaceutical sector.

 

The Foreign Investment Promotion Board (FIPB) in its meeting held on September 18 approved 14 FDI proposals, which include 3 proposals worth Rs.810.500 millions in pharmaceuticals, the Finance Ministry said in a statement.

 

Among others, the board, headed by Department of Economic Affairs Secretary Arvind Mayaram, cleared the proposal of United Kingdom-based Dashtag to increase foreign equity valued at Rs.682.200 millions.

 

This is to carry out the business of pharmaceuticals specialising in dermatology, anti-histamines, antibiotics and oncology products.

 

Clearance was also given to Prime Surgical Centers Private Limited proposal to set up a Limited Liability Partnership (LLP) to carry out the business of establishing and managing short stay surgery centres in India with its flagship centre in Pune. The company proposes to bring FDI worth Rs.140.000 millions in the venture.

 

Further, the proposal of Mumbai-based Neo Capricorn Plaza Limited for post-facto approval for issue of partly paid up shares to carry out the business of construction of five star hotels was okayed.

 

FIPB also cleared the proposal of Pipavav Defence and Offshore Engineering Company Limited to increase foreign equity by way of issuance of FCCBs to carry out the business of shipbuilding, ship repairs, offshore assets production etc.

 

Other proposals which have been approved are those of Calyx Chemicals and Pharmaceuticals Limited, Egon Software Private Limited and Alburaq Trading LLP.

 

Decisions on nine proposals were deferred due to various reasons. These includes applications of Multi Commodity Exchange of India, Multi Screen Media Private and Deutsche Investments India Private Limited.

 

Also, seven requests for FDI including that of British Marine India, Atlas Equifin Limited, Filtrex Technologies and IPsoft Netherland were rejected, the ministry said.

 

FDI inflows in the country in 2011-12 stood at $ 36.50 billion.

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                  None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.89

UK Pound

1

Rs.101.14

Euro

1

Rs.84.42

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--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

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

48

 

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

 

--

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.