MIRA
INFORM REPORT
|
Report Date : |
28.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
DR. DATSONS LABS LIMITED |
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Formerly Known
As : |
AANJANEYA LIFECARE LIMITED |
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Registered
Office : |
K-4/1, Additional MIDC, Mahad – 402309, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
03.01.2006 |
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Com. Reg. No.: |
158589 |
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Capital
Investment / Paid-up Capital : |
Rs.138.870 Millions |
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CIN No.: [Company Identification
No.] |
L24230MH2006PLC158589 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of Actual Pharmaceutical Ingredients. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 12400000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. Profitability of the company appears to be slow. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings with some caution.
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NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
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.
INFORMATION PARTED BY (General Details)
|
Name : |
Mr. Narendra Agarwal |
|
Designation : |
Chief Financial Officer |
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Contact No.: |
91-2145-235600 |
|
Date : |
23.11.2013 |
LOCATIONS
|
Registered Office/ Factory 1 : |
K-4/1, Additional MIDC, Mahad, Raigad – 402309, Maharashtra, India |
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Tel. No.: |
91-2145-235600 |
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Fax No.: |
91-2145-235602 |
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E-Mail : |
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Website : |
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Location : |
Leased |
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Corporate Office : |
Aanjaneya House, Plot No.34, Postal Colony, Chembur, Mumbai – 400071,
Maharashtra, India |
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Tel. No.: |
91-22-25264500/ 25285563 |
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Fax No.: |
91-22-25223251 |
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E-Mail : |
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Factory 2: |
Gat No.123, Pirangut, Taluka, Mulshi, District Pune - 412108,
Maharashtra, India |
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Tel No.: |
91-20-67908400 |
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Fax No.: |
91-20-67908403 |
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Factory 3: |
Survey No.14, Gadda Potharam Industrial area, Innaram Mandal, Medak
District, Andhra Pradesh, India |
DIRECTORS
(AS ON 31.03.2013)
|
Name : |
Mr. Chandulal Shah |
|
Designation : |
Chairman Emeritus |
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Name : |
Dr. Kanna Vishwanath |
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Designation : |
Vice Chairman and Managing Director |
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Name : |
Mr. Prabhat Kumar Goyal |
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Designation : |
Executive - Wholetime Director |
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Name : |
Mr. Shashikant B. Shinde |
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Designation : |
Executive - Wholetime Director |
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Name : |
Dr. Mrs. Ullooppee S. Badade |
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Designation : |
Non-Executive - Independent Director |
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Name : |
Mr. Giridhar Gopal Pulleti |
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Designation : |
Non-Executive - Independent Director |
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Name : |
Mr. Balkrishna R. Parab |
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Designation : |
Non-Executive - Independent Director |
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Name : |
Mr. Minhaj Khan (CA) |
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Designation : |
Non-Executive - Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Narendra Agarwal |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Yogesh Patel |
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Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2013)
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
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(A) Shareholding
of Promoter and Promoter Group |
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|
|
|
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|
2272641 |
16.37 |
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|
1210300 |
8.72 |
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|
3482941 |
25.08 |
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|
|
|
|
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|
Total
shareholding of Promoter and Promoter Group (A) |
3482941 |
25.08 |
|
|
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(B) Public
Shareholding |
|
|
|
|
|
|
|
|
206 |
0.00 |
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|
210000 |
1.51 |
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|
210206 |
1.51 |
|
|
|
|
|
|
|
|
|
|
7492149 |
53.95 |
|
|
|
|
|
|
|
|
|
|
883043 |
6.36 |
|
|
1666576 |
12.00 |
|
|
|
|
|
|
152236 |
1.10 |
|
|
28746 |
0.21 |
|
|
123490 |
0.89 |
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|
10194004 |
73.41 |
|
|
|
|
|
Total Public
shareholding (B) |
10404210 |
74.92 |
|
|
|
|
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Total (A)+(B) |
13887151 |
100.00 |
|
|
|
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(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
13887151 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million SHAREHOLDING
OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS
BELONGING TO THE CATEGORY PROMOTER AND PROMOTER GROUP
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
Encumbered shares (*) |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|||
|
No. of Shares
held |
As a % of grand
total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
|
||
|
1 |
Finaventure
Capital Limited |
12,10,300 |
8.72 |
1198135 |
98.99 |
8.63 |
8.72 |
|
2 |
Kannan
Vishwanath |
22,72,641 |
16.37 |
1947500 |
85.69 |
14.02 |
16.37 |
|
|
Total |
34,82,941 |
25.08 |
3145635 |
90.32 |
22.65 |
25.08 |
(*) The term encumbrance has the same meaning as assigned to it in
regulation 28(3) of the SAST Regulations, 2011.
SHAREHOLDING OF SECURITIES
(INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO
THE CATEGORY PUBLIC AND HOLDING MORE THAN 1% OF THE TOTAL NUMBER OF SHARES
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
1 |
Religare Finvest Limited |
1865611 |
13.43 |
13.43 |
|
|
2 |
Prime Broking Company (India) Limited |
1100183 |
7.92 |
7.92 |
|
|
3 |
Apex Drugs And Intermediates Limited |
1310484 |
9.44 |
9.44 |
|
|
4 |
Bakulesh T Shah |
1309392 |
9.43 |
9.43 |
|
|
5 |
Nippon Investment And Finance Company
Private Limited |
387161 |
2.79 |
2.79 |
|
|
6 |
Unilazer Ventures Private Limited |
299972 |
2.16 |
2.16 |
|
|
7 |
Anand Rathi Share And Stock Brokers
Limited |
177235 |
1.28 |
1.28 |
|
|
8 |
Evans Fraser And Company (India) Limited |
553000 |
3.98 |
3.98 |
|
|
9 |
Prime India Opportunity Limited |
210000 |
1.51 |
1.51 |
|
|
10 |
Dome Bell Electronics India Private
Limited |
650000 |
4.68 |
4.68 |
|
|
|
Total |
7863038 |
56.62 |
56.62 |
SHAREHOLDING OF
SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS (TOGETHER
WITH PAC) BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN 5% OF THE
TOTAL NUMBER OF SHARES OF THE COMPANY
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons
Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
1 |
Religare Finvest Limited |
1865641 |
13.43 |
13.43 |
|
|
2 |
Prime Broking Compnay (India) Limited |
1100183 |
7.92 |
7.92 |
|
|
3 |
Apex Drugs and Intermediates Limited |
1310484 |
9.44 |
9.44 |
|
|
4 |
Bakulesh T Shah |
1309392 |
9.43 |
9.43 |
|
|
|
Total |
5585700 |
40.22 |
40.22 |
DETAILS
OF LOCKED-IN SHARES
|
Sl. No. |
Name of the Shareholder |
No. of Shares |
Locked-in Shares as % of |
|
1 |
Finaventure Capital Limited |
6,00,000 |
4.32 |
|
2 |
Kannan Vishwanath |
19,50,000 |
14.04 |
|
|
Total |
25,50,000 |
18.36 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Actual Pharmaceutical Ingredients. |
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Exports : |
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Products : |
Actual Pharmaceutical Ingredients |
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Countries : |
· Some African Countries such as a Nigeria · South East Asian Countries such as Dubai |
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Imports : |
|
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Products : |
Raw Material Machinery |
PRODUCTION STATUS (AS ON 31.03.2013)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
API’s Bulk Drugs |
MT |
650.00 |
203.70 |
|
Formulation |
Units in
Thousand |
15,71,650.00 |
7,84,579.24 |
NOTE:
For API’s, the
reactors installed are to be of larger capacity so as to accommodate herbal
based raw material inputs whose yield can vary from crop to crop. The reactors are
also multipurpose in nature. Hence there is no direct correlation between
installed capacity and actual production. During FY 12-13 the value of
manufacturing API is high although quantity less.
(i) The
Formulations business commenced only from 1st April 2010.
(ii) In terms of
press Note no. 4 (1994 series) dated October 25, 1994 issued by the department
of Industrial Development, Ministry of Industry, Government of India and
Notification no. S.O. 137 (E) dated March 01, 1999 issued by the Department of
Industrial Policy and Promotion, Ministry of Industry, Government of India,
Industrial licensing has been abolished in respect of bulk drugs and
formulations. Hence there are no registered / licensed capacities for these
bulk drugs and formulations.
GENERAL INFORMATION
|
No. of Employees : |
100 (Approximately) |
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Bankers : |
· Bank of Baroda · Oriental Bank of Commerce · Canara Bank · Punjab National Bank · UCO Bank · Corporation Bank · Jammu and Kashmir Bank · Bank of India · State Bank of Hyderabad · Allahabad Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Statutory Auditors : |
|
|
Name : |
Agarwal, Desai and Shah Chartered Accountants |
|
|
|
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Internal
Auditors : |
|
|
Name : |
Milind Mehta and Company Chartered Accountants |
|
|
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|
Cost Auditors : |
|
|
Name : |
Aatish Dhatrak and Associates |
|
|
|
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Corporate
Advisors: |
|
|
Name : |
Athos Capital Advisors Private Limited |
|
|
|
|
Solicitors : |
|
|
Name
: |
Crawford Bayley and Company |
|
|
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|
Wholly-Owned
Subsidiaries : |
·
Eros Pharmachem Pte Limited-Singapore ·
Aanj Pharmalabs Limited FZE-Dubai ·
Dr. Datsons Labs Limited-United Kingdom ·
Fair Success (HK) Limited-Hong Kong |
CAPITAL STRUCTURE
(AS ON 31.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13887000 |
Equity Shares |
Rs.10/- each |
Rs.138.870
Millions |
|
|
|
|
|
LIST
OF SHAREHOLDERS HOLDING MORE THAN 5% SHARES
|
Particulars |
March 31, 2013 |
|
|
|
No. of shares |
% of holding |
|
Finaventure Capital Ltd |
3451765 |
24.86% |
|
Kannan Vishwanath |
2272641 |
16.37% |
|
Religare Securities Limited |
1865641 |
13.43% |
|
Apex Drugs and Intermediates Limited |
1310484 |
9.44% |
|
Prime Broking Company (India) Limited |
1125183 |
8.10% |
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
138.870 |
138.870 |
75.767 |
|
(b) Reserves & Surplus |
2955.810 |
3359.140 |
1268.094 |
|
(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) |
3094.680 |
3498.010 |
1343.861 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
3588.130 |
1016.790 |
571.486 |
|
(b) Deferred tax liabilities (Net) |
166.070 |
143.850 |
49.819 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
1.820 |
1.470 |
0.997 |
|
Total Non-current
Liabilities (3) |
3756.020 |
1162.110 |
622.302 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1912.160 |
1969.090 |
816.965 |
|
(b)
Trade payables |
1588.630 |
400.680 |
(60.308) |
|
(c)
Other current liabilities |
43.200 |
23.240 |
21.443 |
|
(d) Short-term
provisions |
55.520 |
126.350 |
204.566 |
|
Total Current
Liabilities (4) |
3599.510 |
2519.360 |
982.666 |
|
|
|
|
|
|
TOTAL |
10450.210 |
7179.480 |
2948.829 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2084.600 |
2138.540 |
703.469 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
1640.910 |
1442.380 |
466.829 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
23.980 |
7.770 |
0.502 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
2.530 |
2.530 |
0.000 |
|
Total Non-Current
Assets |
3752.020 |
3591.220 |
1170.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1664.940 |
1375.170 |
823.730 |
|
(c)
Trade receivables |
2723.710 |
2005.750 |
904.591 |
|
(d) Cash
and cash equivalents |
2123.310 |
41.460 |
6.662 |
|
(e)
Short-term loans and advances |
40.700 |
9.370 |
0.024 |
|
(f)
Other current assets |
145.530 |
156.510 |
43.022 |
|
Total
Current Assets |
6698.190 |
3588.260 |
1778.029 |
|
|
|
|
|
|
TOTAL |
10450.210 |
7179.480 |
2948.829 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue From Operations |
5207.570 |
4799.640 |
3202.598 |
|
|
|
Other Income |
47.080 |
23.570 |
1.948 |
|
|
|
TOTAL (A) |
5254.650 |
4823.210 |
3204.546 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3978.900 |
3696.870 |
2458.764 |
|
|
|
Purchases of Stock in Trade |
9.760 |
2.600 |
11.558 |
|
|
|
Changes in inventories of finished goods work-in-progress and
Stock-in-Trade |
(119.910) |
(167.450) |
(143.344) |
|
|
|
Manufacturing Expenses |
96.850 |
94.140 |
54.454 |
|
|
|
Employee benefits expense |
67.260 |
56.420 |
46.256 |
|
|
|
Administration Expenses |
101.200 |
46.870 |
50.759 |
|
|
|
Selling Expenses |
15.140 |
16.140 |
17.673 |
|
|
|
Prior Period Expense’s |
0.440 |
0.010 |
0.607 |
|
|
|
Exceptional Items |
448.620 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
4598.260 |
3745.600 |
2496.727 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
656.390 |
1077.610 |
707.819 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
426.450 |
290.500 |
136.104 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
229.940 |
787.110 |
571.715 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
202.220 |
156.650 |
25.836 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
27.720 |
630.460 |
545.879 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
22.220 |
220.170 |
185.751 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5.500 |
410.290 |
360.128 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
895.060 |
402.011 |
116.253 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
29.950 |
67.690 |
105.870 |
|
|
|
Capital Goods |
2.610 |
0.000 |
5.093 |
|
|
TOTAL IMPORTS |
32.560 |
67.690 |
110.963 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.40 |
29.54 |
52.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.10
|
8.51 |
11.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.53
|
13.14 |
17.04 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.32
|
11.00 |
21.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.18 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.78
|
0.85 |
1.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.86
|
1.42 |
1.81 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY OF
LONG TERM BORROWINGS DETAIL: NOT AVAILABLE
|
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 |
No |
|
8] |
No. of employees |
Yes |
|
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) |
Yes |
|
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 |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
Long Term
Borrowings |
|
|
|
Loans and Trade
Advances Recd: |
|
|
|
Loans from directors / shareholders |
373.680 |
272.850 |
|
Loans and Advances from company/ others |
536.490 |
166.520 |
|
Foreign Currency Convertible Bonds |
2175.600 |
0.000 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
WCDL from Other Banks |
600.430 |
607.060 |
|
Director’s Current A/c |
16.480 |
0.000 |
|
|
|
|
|
Total |
3702.680 |
1046.430 |
YEAR IN RETROSPECT
· The Company’s Sales increased by 8.50% from Rs.4799.640 Millions in the previous year to Rs.5207.570 Millions in the current year.
· EBITDA increased by 2.58% from Rs.1077.620 Millions in the previous year to Rs.1105.450 Millions in the current year.
· Net Profit After Tax from Rs.410.290 Millions in the previous year to Rs.5.500 Millions in the current year.
· Debt equity ratio from 0.85 in the previous year to 1.07 in the current year.
· Current Ratio from 1.43 in the previous year to 1.27 in the current year.
BUSINESS OUTLOOK
Dr. Datsons has
set ambitious goals for the years through to 2015 in expectation of a moderate
upward trend in the global economy.
The Company has world-class
manufacturing facilities and an enviable basket of approved markets and strong
relationship built with some of the best names in the pharma industry. The
management team has set in motion a set of strategic initiatives to improve the
revenues and profitability of the Company.
The focus will be
on expanding the markets and the profitability of the portfolio will be
analyzed on a continual basis. By implementing these strategies, Dr. Datsons
aims to increase its revenues, EBITDA margin and Return on Investment higher
than the industry average. The Company is targeting to be cash flow positive,
which would lower the leverage as well as reduce interest outgo, all of which
are expected to translate in to growing earnings per share
MANAGEMENT DISCUSSIONS AND ANALYSIS
GLOBAL ECONOMY
Global gross
domestic product (GDP) grew 3.2% in 2012 against 3.9% in 2011 due to the
following realities: slow growth in high-income countries, the eurozone crisis,
debt and fiscal issues affecting the United States, declining investments in
China and disruption in global oil supplies. IMF projects global growth to
increase in 2013 to 3.5% in 2013 while the World Bank expects the global
economy to grow 2.4% in 2013.
INDIAN ECONOMY
India’s economic
growth decelerated for the second year in succession in 2012-13: from 6.2% in
2011-12 to 5% in 2012-13, its slowest economic growth in a decade. The downturn
was due to a decline in the growth of all GDP constituents – agriculture,
industry and services. Besides, deceleration in credit flows, policy logjam,
infrastructural bottlenecks, high input costs, slowdown in consumer expenditure
and subdued business confidence contributed to the industrial slowdown. To
counter this reality, the government made important policy announcements:
reducing interest rates, reviving a stressed infrastructure sector,
fasttracking large infrastructure projects, using the buffer stock to moderate
food inflation, introducing FDI in multi-brand retail, aviation and
broadcasting, partial deregulation of the oil and gas sector to reduce subsidy.
The economic survey indicates that the Indian economy could grow by 6.1-6.7% in
2013-14 while CRISIL estimates that the Indian economy could grow at 6.7% in
2013-14 due to a consumption revival catalysed by acceleration in the
agricultural sector, lower interest rates and higher government spending.
INDUSTRY
PERSPECTIVE
After a brief
sluggishness, the momentum in the domestic formulations market appears to be
reviving. The sectoral demand drivers include the following: rising household
incomes, increasing prevalence of lifestyle-related diseases, improving
healthcare infrastructure/delivery systems, rising healthcare penetration in
smaller towns and rural areas. However, competitive pressures are likely to sustain
as MNCs are becoming aggressive and domestic companies leverage their expanded
field forces. Probable regulatory interventions could affect pricing. A large
number of patent expirations continue to offer growth prospects for generic
players in developed markets.
In the recent
quarters, a peer set of seven leading generic players have reported a fairly
strong revenue growth in the US driven by a steadily expanding and exclusive
product portfolio. While patent expiries are expected to peak out in 2012, the
growth momentum would sustain as most Indian companies have a fairly
well-spread product pipeline till 2014. While some companies have a healthy
pipeline of First-to-File (FTF) opportunities, a few others are likely to
benefit from the launch of niche, limited competition products.
Significantly, the
quality of products filed by major Indian pharma companies has significantly
improved over the years with complex molecules, non-orals (i.e. inhalers,
injectable, oral contraceptive, opthalmic among others) and Para IV / FTFs
forming an increased share of the pipeline.
Globally, generics
players however, continue to face competitive environment with increasingly
crowded space for filing ANDAs and Para IV challenges and aggressive product
life cycle management strategies of large innovator companies. Price erosion,
especially through regulatory interventions, remains a foremost challenge in
the European markets, while presence in limited competition product segments
and over-the-counter (OTCs) segment offers some protection for margins. Most
developed markets continue to move away from branded generics to commoditised
un-branded generics and lower margin tender-based businesses. Amongst new
frontiers, the Japanese generic market offers large untapped potential, though
there are significant challenges.
OUTLOOK
Dr. Datsons has
set ambitious goals for the years through to 2015 in expectation of a moderate
upward trend in the global economy.
The Company has
world-class manufacturing facilities and an enviable basket of approved
products and strong relationships built with some of the best names in the
pharma industry. The management team has set in motion a set of strategic
initiatives to enhance revenues and profitability.
The focus will be
on expanding markets; portfolio profitability will be analysed on a continuous
basis. By implementing these strategies, Dr. Datsons aims to increase revenues
and margins higher than the industry average. The Company is targeting to
emerge as cash flow-positive, eliminate leverage and enhance shareholder
returns.
INDEX OF CHARGES
|
S.No. |
Charge
ID |
Date
of Charge Creation/ Modification |
Charge
amount secured |
Charge
Holder |
Address |
Service
Request Number (SRN) |
|
1 |
10389226 |
01/11/2012 |
47,250,000.00 |
CANARA
BANK |
Ground
Floor Mittal Tower C Wing, Nariman Point, |
B63065205 |
|
2 |
10343217 |
23/03/2012 |
2,002,934,000.00 |
BANK
OF BARODA |
1st Floor,
3, Walchand Hirachand Marg, Ballard Pier, Mumbai, Maharashtra - 400001, India |
B35470277 |
|
3 |
10331522 |
06/02/2012
* |
2,002,934,000.00 |
BANK
OF BARODA |
1st
Floor, 3, Walchand Hirachand Marg, Ballard Pier, MUMBAI, Maharashtra -
400001, India |
B32220048 |
|
4 |
10322238 |
05/11/2011 |
200,000,000.00 |
STATE
BANK OF HYDERABAD |
Corporate
Finance Branch, 1st Floor, Mittal Tower, C-Block, 210 Nariman Point, MUMBAI,
Maharashtra |
B27517820 |
|
5 |
10308755 |
22/09/2011 |
200,000,000.00 |
THE
JAMMU & KASHMIR BANK LTD |
Unit
No-101/102, 1st Floor, B Block U and V, DDA Mark |
B21877568 |
|
6 |
10304863 |
16/08/2011 |
200,000,000.00 |
BANK
OF INDIA |
G-5,
Akuriti SMC, Khopat Junction, OFF LBS Marg, |
B19902295 |
|
7 |
10285538 |
19/03/2011 |
100,000,000.00 |
ALLAHABAD
BANK |
Industrial
Finance Branch, 2nd Floor, Allahabad |
B12267043 |
* Date of charge modification
FIXED ASSETS:
· Land
· Factory Building
· Plant and Machinery
· Lab Equipment
· Air Conditioner
· Furniture and Fixtures
· Computers
· Office Equipment
· Motor Car
· Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.45 |
|
|
1 |
Rs.100.86 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.