|
Report Date : |
07.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
PARABOLIC DRUGS LIMITED |
|
|
|
|
Registered
Office : |
SCO 99-100 Sector, 17-B, Chandigarh – 160 017, Chandigarh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
22.02.1996 |
|
|
|
|
Com. Reg. No.: |
53-017755 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.618.920 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24231CH1996PLC017755 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Active Pharmaceutical Ingredients (API)
and API intermediates. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 12030000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. However, trade relations are reported as fair. Business is active.
Payment are reported to be slow. The company can be considered for business dealings with some caution. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank =D |
|
Rating Explanation |
Default |
|
Date |
November 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank =D |
|
Rating Explanation |
Default on Maturity |
|
Date |
November 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
SCO 99- 100, Sector 17-B, Chandigarh – 160 017,
Chandigarh, India |
|
Tel. No.: |
91-172-5087671 / 5087672 / 28471234/ 3914646/ 647 |
|
Fax No.: |
91-172-2721096/ 3914645 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
SCO 99- 100, Sector 17-B, Chandigarh – 160 017,
Chandigarh, India |
|
Website : |
|
|
|
|
|
USA Office : |
119 Watersedge Drive, Toms River, New Jersey - 08753 |
|
Tel No.: |
+1-732-288-0851/ +1-848-333-8249/ +1-732-678-6362 |
|
|
|
|
Factory 1 : |
Village Sundhran, P.O Mubarakpur, Tehsil Derabassi, District Mohali,
Punjab, India |
|
Tele fax No.: |
91-1762-280305 |
|
|
|
|
Factory 2 : |
Plot No. 45, Industrial Area, Phase-II, Panchkula, Haryana, India |
|
Tel No.: |
91-172-5057773 |
|
|
|
|
Factory 3 : |
Village :
Chachrauli, Tehsil : Derabassi, Distt.: Mohali, Punjab, India |
|
|
|
|
Research and Development Centre : |
Plot No. 280-281, Phase
- 1,
Block -1, HSIIDC, Tehsil
Barwala, District Pachkula, Haryana, India |
|
|
|
|
Sales Depot : |
·
Godown No. 11,
Baldev Estate, Opposite M.P Pandya High School, Jetpur (Aslali), Ahmedabad,
Gujarat, India ·
Unit No. B-116,
Shree Raj Laxmi Commercial Complex, Agra Road, Kalher Village : Bhiwandi,
District: Thane, Maharashtra, India ·
Safex Cargo
Complex, Village Kishanpura Nalagarh Road, Baddi, District: Solan, Himachal
Pradesh, India · (Formulations Warehouse) 35 Feet Road, Near Cipla Warehouse, Zirakpur, District: Mohali, Punjab, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Pranav
Gupta |
|
Designation : |
Chairman
and Managing Director |
|
Date of Birth/Age : |
46 years |
|
Qualification : |
B. Tech(Mechanical), M.B.A. |
|
Experience : |
23 years |
|
|
|
|
Name : |
Mr. Vineet
Gupta |
|
Designation : |
Whole-Time
Director |
|
Date of Birth/Age : |
44 years |
|
Qualification : |
B. Tech (Mechanical) |
|
Experience : |
22 years |
|
|
|
|
Name : |
Mr. Balbir Singh Bhasin |
|
Designation : |
Nominee Director (SBI) |
|
|
|
|
Name : |
Mr. Arun Mathur |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nikhil
Goel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Balwan Bansal |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Ram
Kumar |
|
Designation : |
Non
Independent Director |
|
|
|
|
Name : |
Mr. Balwan Bansal |
|
Designation : |
Independent
Director |
KEY EXECUTIVES
|
Name : |
Mr. Yatish Kumar Bansal |
|
Designation : |
President (Technical) |
|
|
|
|
Name : |
Mr. R.C.
Goyal |
|
Designation : |
Senior Vice-President (Finance) |
|
|
|
|
Name : |
Mr. Vipin
Gupta |
|
Designation : |
Vice-President and Company Secretary |
MAJOR SHAREHOLDERS
AS ON 30.06.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Individuals / Hindu Undivided Family |
1,652,250 |
2.67 |
|
Bodies Corporate |
20,126,627 |
32.52 |
|
Any Others (Specify) |
1,238,550 |
2.00 |
|
Trusts |
713,400 |
1.15 |
|
Directors/Promoters & their Relatives & Friends |
525,150 |
0.85 |
|
Sub Total |
23,017,427 |
37.19 |
|
(2) Foreign |
|
|
|
Individuals (Non-Residents Individuals / Foreign Individuals) |
450,000 |
0.73 |
|
Sub Total |
450,000 |
0.73 |
|
Total shareholding of Promoter and Promoter Group (A) |
23,467,427 |
37.92 |
|
(1) Institutions |
|
|
|
Mutual Funds / UTI |
297,545 |
0.48 |
|
Financial Institutions / Banks |
1,487,323 |
2.40 |
|
Foreign Institutional Investors |
8,736,941 |
14.12 |
|
Sub Total |
10,521,809 |
17.00 |
|
(2) Non-Institutions |
|
|
|
Bodies Corporate |
2,984,441 |
5.15 |
|
Individuals |
- |
- |
|
Individual shareholders holding nominal share capital up to Rs.0.100 Million |
8,868,327 |
14.41 |
|
Individual shareholders holding nominal share capital in excess of
Rs.0.100 Million |
6,957,949 |
11.50 |
|
Any Others (Specify) |
6,636,327 |
14.03 |
|
Clearing Members |
419,138 |
0.68 |
|
Non Resident Indians |
749,705 |
1.21 |
|
Foreign Corporate Bodies |
5,467,484 |
12.14 |
|
Sub Total |
25,447,044 |
45.08 |
|
Total Public shareholding (B) |
35,968,853 |
62.08 |
|
Total (A)+(B) |
59,436,280 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have
been issued-m |
0 |
0 |
|
(1) Promoter and Promoter Group |
0 |
0 |
|
(2) Public |
0 |
0 |
|
Sub Total |
0 |
0 |
|
Total (A)+(B)+(C) |
59,436,280 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Active Pharmaceutical Ingredients (API) and
API intermediates. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
6-APA/ Semi Synthetic Penicillin |
MT |
N.A. |
720 |
1693.78 |
|
Cephalosporin |
MT |
N.A. |
818 |
431.17 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of India (Specialised Commercial
Branch), S.C.O.103-106, Bank Square, Sector 17 B,
Chandigarh, India ·
ICICI Bank Limited, S.C.O.
129-130, Madhya Marg, Sector 9, Chandigarh, India ·
UCO Bank, S.C.O. 55-57, Bank
Square, Sector 17 B, Chandigarh, India ·
State Bank of Patiala, S.C.O.
103-107, Sector 8 C, Chandigarh, India ·
Union Bank of India, 4/14-A,
Asaf Ali Road, New Delhi, India ·
Central Bank of India, S.C.O.
58-59, Bank Square, Sector 17 B, Chandigarh, India ·
Bank of Baroda, S.C.O.
62-63, Bank Square, Sector 17 B, Chandigarh, India ·
IDBI Bank Limited, S.C.O.
72-73, Bank Square, Sector 17 B, Chandigarh, India ·
Canara Bank, S.C.O.
117-119, Sector 17 C, Chandigarh, India ·
Export-Import Bank of India, First
Floor, PHD House, Sector 31 A, Dakshin Marg, Chandigarh, India ·
State Bank of Hyderabad, S.C.O. 62-63,
Sector 34 A, Chandigarh, India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
NOTE: Terms of
borrowings are as under: Term Loans from
Banks are secured by way 1st pari passu charge on all existing and future
fixed assets of the Company at all locations with equitable mortgage of land
and building, 2nd pari passu charge on all the current assets of the Company
and pari passu charge on the collateral properties of M/s Parabolic
Infrastructure P Limited, M/s PNG Trading P Limited and also personally
guaranteed by Mrs. Rama Gupta, Mr. J. D. Gupta, Mr. T.N Goel, Mr. Pranav
Gupta and Mr. Vineet Gupta. Working Capital
borrowings from Banks are secured by way of first pari passu charge on
hypothecation of entire present and future current assets of the Company,
Second pari passu charge on all fixed assets of the Company and pari passu
charge on the collateral properties of M/s Parabolic Infrastructure P Ltd,
M/s PNG Trading P Limited and also personally guaranteed by Mrs. Rama Gupta,
Mr. J.D. Gupta. Mr. T. N. Goel, Mr. Pranav Gupta and Mr. Vineet Gupta |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.K. Bansal and Company Chartered Accountants |
|
Address : |
Kothi No.
3193,Sector 28 D, Chandigarh, India |
|
|
|
|
Subsidiary with
whom transactions have taken place during the Year : |
·
Parabolic Research Lab Limited ·
Ziven Life Sciences Limited |
|
|
|
|
Associates with
whom transactions have taken place during the Year : |
·
PNG Trading Private Limited ·
Parabolic Infrastructure Private Limited ·
Vineet Packaging Industries ·
Parabolic Estates Private Limited ·
Saj Infrastructure Private Limited ·
Trackball Technology Private Limited ·
Kenam Education Services Private Limited ·
Spar Engineering and Infrastructure Limited ·
Mohali Green Environment Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
62000000 |
Equity Shares |
Rs. 10/- each |
Rs. 620.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
61892014 |
Equity Shares |
Rs.10/- each |
Rs. 618.920 Millions |
|
|
|
|
|
(a) Reconciliation
of Number of Shares Outstanding
|
Particulars |
31.03.2012 |
|
|
Equity Shares |
Number |
Amount |
|
Shares outstanding at the beginning of current reporting period |
61892014 |
618.920 |
|
Shares Issued & Subscribed during the Period |
-- |
-- |
|
Shares Bought Back |
-- |
-- |
|
Shares
outstanding at the end of current reporting period |
61892014 |
618.920 |
(b) Terms/ Rights Attached to Equity Shares
The Company has
only One Class of Equity Shares having par value of Rs. 10 each. Each holder of
Equity share is entitled to one vote per share with a right to receive per
share dividend declared by the company. The company declares and pays dividend
in Indian rupees. The Dividend proposed by Board of Directors is subject to the
approval of the Shareholders in the ensuing Annual General Meeting.
In the event of
liquidation of the Company, the holder 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.
(c) Detail of
Shareholders Holding more than 5% Shares in the Company
|
Particulars |
31.03.2012 |
|
|
|
Number |
% Holding |
|
PNG Trading Private Limited |
14171836 |
22.90 |
|
Parabolic Infrastructure Private Limited |
5935891 |
9.59 |
|
BTS India Private Equity Fund Limited |
5467484 |
8.83 |
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 |
618.920 |
618.920 |
618.920 |
|
(b) Reserves & Surplus |
2267.600 |
3665.210 |
3171.080 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
122.800 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3009.320 |
4284.130 |
3790.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4217.850 |
1459.330 |
922.680 |
|
(b) Deferred tax liabilities (Net) |
(435.590) |
116.940 |
97.530 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
30.290 |
30.870 |
21.050 |
|
Total Non-current
Liabilities (3) |
3812.550 |
1607.140 |
1041.260 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
3548.660 |
3764.550 |
3590.960 |
|
(b) Trade
payables |
1238.620 |
2841.940 |
1773.780 |
|
(c) Other
current liabilities |
348.940 |
495.140 |
303.540 |
|
(d) Short-term
provisions |
0.000 |
150.870 |
172.970 |
|
Total Current
Liabilities (4) |
5136.220 |
7252.500 |
5841.250 |
|
|
|
|
|
|
TOTAL |
11958.090 |
13143.770 |
10672.510 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3331.560 |
1875.110 |
1627.570 |
|
(ii)
Intangible Assets |
3.810 |
3.810 |
1.960 |
|
(iii)
Capital work-in-progress |
722.920 |
1872.880 |
1122.540 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
61.410 |
35.660 |
56.730 |
|
(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 |
1821.200 |
1637.490 |
910.650 |
|
Total Non-Current
Assets |
5940.900 |
5424.950 |
3719.450 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3511.000 |
4517.320 |
3406.480 |
|
(c) Trade
receivables |
1385.860 |
2217.560 |
2751.580 |
|
(d) Cash
and cash equivalents |
120.940 |
346.200 |
256.570 |
|
(e)
Short-term loans and advances |
757.870 |
464.310 |
370.500 |
|
(f) Other
current assets |
241.520 |
173.430 |
167.930 |
|
Total
Current Assets |
6017.190 |
7718.820 |
6953.060 |
|
|
|
|
|
|
TOTAL |
11958.090 |
13143.770 |
10672.510 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7656.810 |
9243.440 |
6198.440 |
|
|
|
Other Income |
31.120 |
40.770 |
153.450 |
|
|
|
TOTAL (A) |
7687.930 |
9284.210 |
6351.890 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials consumed |
6927.440 |
8004.480 |
5410.890 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
761.140 |
(1041.330) |
(897.820) |
|
|
|
Employee benefit expenses |
215.880 |
225.160 |
169.300 |
|
|
|
Other expenses |
485.600 |
481.590 |
398.070 |
|
|
|
TOTAL (B) |
8390.060 |
7669.900 |
5080.440 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(702.130) |
1614.310 |
1271.450 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
697.770 |
641.370 |
407.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
(1399.900) |
972.940 |
863.850 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
550.260 |
308.530 |
177.030 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(1950.160) |
664.410 |
686.820 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
552.540 |
152.120 |
166.570 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(1397.620) |
512.290 |
520.250 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods (F.O.B) |
1154.420 |
1212.460 |
1736.170 |
|
|
TOTAL EARNINGS |
1154.420 |
1212.460 |
1736.170 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
933.480 |
1785.340 |
2592.230 |
|
|
|
Capital Goods |
2.150 |
54.950 |
22.850 |
|
|
TOTAL IMPORTS |
935.630 |
1840.290 |
2615.080 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(22.58) |
8.27 |
9.43 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 Unaudited |
|
|
|
|
|
1st Quarter |
|
Sales Turnover |
994.800 |
|
Total Expenditure |
970.900 |
|
PBIDT (Excl
OI) |
23.900 |
|
Other Income |
0.000 |
|
Operating
Profit |
23.900 |
|
Interest |
200.000 |
|
Exceptional
Items |
0.000 |
|
PBDT |
(176.100) |
|
Depreciation |
170.400 |
|
Profit
Before Tax |
(346.500) |
|
Tax |
(107.000) |
|
Provisions and Contingencies |
0.000 |
|
Reported PAT |
(239.500) |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
(239.500) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(18.18)
|
5.52 |
8.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(25.47)
|
7.19 |
11.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(20.85)
|
6.92 |
8.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.65)
|
0.16 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.58
|
1.22 |
1.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17
|
1.06 |
1.19 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Due to others |
325.770 |
168.050 |
|
Short Term Borrowings |
|
|
|
Working Capital
Loan from Banks |
48.680 |
362.190 |
|
Total |
374.450 |
530.240 |
INDEX OF CHARGE:
|
Sr.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10424936 |
29/05/2013
* |
9,437,500,000.00 |
SBICAP
TRUSTEE COMPANY LIMITED |
202,
MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI – 400 005, MAHARASHTRA, INDIA |
B78294303 |
|
2 |
10370431 |
17/08/2012 |
150,000,000.00 |
UCO
BANK |
S.C.O.
NO.55-56-57, SECTOR 17-B, CHANDIGARH, CHANDIGARH – 160 017, INDIA |
B45638392 |
|
3 |
10326822 |
23/03/2012
* |
300,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE
ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE |
B39549084 |
|
4 |
10331192 |
23/03/2012
* |
180,000,000.00 |
STATE
BANK OF HYDERABAD |
S.C.O.
62-63, SECTOR 34, CHANDIGARH, CHANDIGARH – 160 022, INDIA |
B37416542 |
|
5 |
10315599 |
15/10/2011 |
493,600,000.00 |
STATE
BANK OF PATIALA |
S.C.O.103-107,
SECTOR 8 C, CHANDIGARH, CHANDIGARH – 160 008, INDIA |
B24512949 |
|
6 |
10315603 |
15/10/2011 |
850,000,000.00 |
STATE
BANK OF PATIALA |
S.C.O.103-107,
SECTOR 8 C, CHANDIGARH, CHANDIGARH – 160 008, INDIA |
B24514309 |
|
7 |
10297720 |
23/03/2012
* |
270,000,000.00 |
IDBI
BANK LIMITED |
S.C.O.
72-73, BANK SQUARE, SECTOR 17 B, CHANDIGARH, CHANDIGARH – 160 017, INDIA |
B37382066 |
|
8 |
10265266 |
11/02/2011 |
320,000,000.00 |
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA – 390 015, GUJARAT, INDIA |
B05639539 |
|
9 |
10265029 |
04/02/2011 |
250,000,000.00 |
UCO
BANK |
S.C.
O. 55-56-57, SECTOR - 17 B, CHANIDGARH, CHANDIGARH – 160 017, INDIA |
B05426481 |
|
10 |
10204139 |
05/05/2012
* |
5,976,800,000.00 |
STATE
BANK OF INDIA |
SPECIALISED
COMMERCIAL BRANCH, S.C.O. 103-106, SECTOR 17 B, CHANDIGARH, CHANDIGARH – 160
017, INDIA |
B40143174 |
* Date
of charge modification
FINANCIAL ANALYSIS
AND REVIEW OF OPERATIONS:
The directors are pleased to report performance of the business
operations as follows:-
Sales and Export:
During the year
subject has registered a turnover of Rs.8280.690 millions as compared to
Rs.10123.080 millions in the previous year showing thereby a decrease of
18.20%. The Export turnover has also been lower at Rs.1182.940 millions as
compared to Rs.1478.170 millions in the previous year showing thereby a decrease
of 19.97%. The Sales have reduced largely on account of rapid selling price
volatility and unavailability of sales of few products due to high cost of
import on account of rupee depreciation.
Profitability:
Subject incurred loss
before depreciation, interest and tax (EBDIT) of Rs. (1084.490) millions as
compared to a profit of Rs.1406.320 millions in the previous year. Subject
incurred loss before tax (PBT) of Rs. (1950.160) millions as compared to a
profit of Rs664.410 millions in the previous year. After tax adjustment of
Rs.552.540 millions (previous year Rs.152.290 millions), the net loss worked
out to Rs.(1397.620) millions as compared to a net profit of Rs.512.120
millions in the previous year owing to the high interest rates, revaluation of
semi finished stock because of the quality and eroded market prices.
Fixed Assets:
The net fixed assets (including work-in-progress) as at 31st March, 2013
were Rs.4058.290 millions as compared to Rs.3751.810 millions in the previous
year.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT:
Global
pharmaceutical industry:
Snapshot- Transforming wave towards the Generics
The transformation
of the global pharmaceutical market continues unabated, with focus steadily
shifting from developed to developing countries and from patented drugs to
generics. The overall pharmaceutical market is anticipated to reach US$ 1.1
trillion by 2014 (Source: IMS Data).The US is the major pharmaceutical market
in the world growing at a CAGR of around 3%. It is also the largest generic
market with a sizeable generic substitution (75% in terms of volume). During
the year 2011-12, the contribution of the US to the global pharmaceutical has
been about 20%. However, this share is likely to come down as the transition is
on its way. The European Union , primarily the EU5(German, France, Italy, Spain
and UK) markets have registered growth of 1-3% in 2011-12 and are poised to
grow at an average CAGR of 2.5% till 2016 and achieve sales up to US$ 220
billion. In most of the European countries a considerable share of health care
expenditure is public expenditure and there have been significant regulatory
changes over the past years on account of austerity measures and attempts to
reduce health care expenditure. Thus, the EU markets are also focussing on
‘genericization’ in order to bring down the health care costs. Japan, the
second largest single country pharmaceutical market is registering a growth of
5.7%. The overall Japanese Pharmaceutical Industry is projected to grow at a
CAGR of 2.6% from 2012- 2016. Owing to the pressure of reducing the cost of
health care, this market has also opened up and is poised to give new
opportunities for the generic companies to cater the needs.
During the next
five years, the markets will be impacted by numerous payer actions, including
the imposition of price cuts on existing drugs, the raising of standards
required to achieve reimbursement of innovative therapies and the use of
economic incentives for prescribers and pharmacists to drive a shift to generic
equivalents.
The following
transitions are likely to drive the pharmaceutical markets for the coming
years:
Emergence of the
‘Pharmerging ‘markets:
The 17
‘Pharmerging’ countries (India, China, Brazil, Venezuela, Poland, Argentina,
Turkey, Mexico, Vietnam, South Africa, Thailand, Indonesia, Romania, Egypt,
Pakistan, Ukraine and Russia.) are expected to contribute 28% to global
pharmaceutical spending by 2015. These countries registered a growth of 15-17%
in the previous year to reach a market value of ~US$ 170-200 billion. Drugs
with sales of more than $30 billion USD faced generic competition in 2012 with
Lipitor accounting for $11 billion USD. Government will continue to try to
reduce drug costs.
The dynamic and
high-potential pharmerging markets offer tremendous opportunities for drug
manufacturers. Big Pharma’s drive into a group of high-potential “pharmerging”
markets has continued to gather momentum. The market research organization IMS
Health categorizes the market in Tier 1, Tier 2 and Tier 3 pharmerging markets.
Collectively, these markets have been steadily gaining share at the expense of
the US and top five European countries (France, Germany, Italy, UK and
Spain).In India a number of recent developments, such as establishment of intellectual
property rights (IPR), a rapidly growing middle-class population, emerging
rural markets and improvements in medical infrastructure have benefitted
outside manufacturers.
Patent cliff to
continue playing the key role:
Patent cliff
describes what happens to the sales of an original drug when its protection
(patent, regulatory, etc.) ceases. There is a dramatic drop in sales both due
to the declining unit numbers and also due to the price erosion of up to 70
percent within months. Patent cliff will fundamentally impact individual pharma
companies in the mid-term future; however it gives an opportunity to excel
through innovation in the alternative generic products.
Growing regulatory
pressures:
The FDA Amendments
Act of 2007 has forced the FDA to increase standards for approvals of new
drugs, introducing mandatory risk evaluation and mitigation strategies (REMS).
This is one example of a long-term, global trend of ever higher hurdles for new
drugs to be approved with the corresponding high failure rates and costs
associated. Although the greater cooperation between the regulators in
different markets will ultimately be advantageous for the pharma industry as a
whole due to the streamlining of the development and approval requirements and
the reduction in the costs, in the near term it could cause spread of approval
restrictions around markets.
REORGANIZATION OF
BUSINESS AND FUTURE OUTLOOK:
The Company has
already taken steps to move up the value chain and exit low profitable sections
of business. It has built relationships and intellectual wealth over the past
few years and it is expected that it would be able to leverage them
successfully to move out of the present situation. It still believes that the
pharmaceutical industry is attractive and there is a potential for future
growth and sustainability.
The revamping of the business will be driven by:
Consolidation of
Antibiotic business:
The Company is
making an exit from the less profitable and low margin business in a phased
manner and will primarily focus on exports. The following are some of the steps
already taken by the Company for attaining its objectives:
1.
Long term supply agreements with the leading
innovator and Japanese companies as to augment the exports
2.
Audit check from the European authorities for the
sterile range of products. With such developments taking place, the Company expects to build exports further.
3.
Anticipated inspection from the USFDA for some of
the cephalosporin products
Scale up of Non
antibiotics & Formulations:
1.
In the lifestyle drugs, the validation and
development activities have already been initiated with various companies
around the world; these are likely to add revenues to the export markets.
2.
Since the launch of the CRAMS vertical, the Company
has been providing integrated solutions to leading innovator and generic
companies ranging from route selection, process development, and optimization
to manufacturing. Its expertise also involves providing engineering solutions
for manufacturing at multi-ton scale. The developments in the CRAMS space will
scale up at the Lalru facility
3.
Further, Nucleus, the domestic formulations arm of
Parabolic that was launched in FY 2012 is gaining momentum in terms of adding
revenue and margins to the Company. The division as on date has pan-India
presence with over 550 stockiest, 26 distributors and a basket of over 300
products. Going forward, the division looks to build on the successful launch
of products, market penetration, and reception. In the International
Formulations, the Company has filed over 50 brands across different countries,
submitted over 100 dossiers and finalized distribution agreements with
different companies in APAC.
Keeping in view
the current challenges and with the purpose of translating the Company’s
strengths into opportunities, the Company’s future strategy is broadly the
consolidation of its existing businesses and making leverage of the capital
expansions already set in place.
COMPANY’S
PHILOSOPHY ON CODE OF CORPORATE GOVERNANCE:
This report on
Corporate Governance forms part of the Annual Report. Corporate Governance
refers to a combination of laws, regulations, procedures, implicit rules and
good corporate practices that ensure that a Company meets its obligations to
optimize shareholders’ value and fulfill its responsibilities towards the
community, customers, employees, Government and other segments of the society.
Parabolic Drugs Limited (Parabolic) is committed on adopting the best practices
of Corporate Governance as manifested in the Company’s functioning to achieve
the business excellence by enhancing long-term shareholders’ value. Parabolic
is committed to achieve the best standards of Corporate Governance through
complete transparency in its dealings with the management, associate companies
and other third parties. The Management of Parabolic understands its
accountability and responsibility towards its shareholders/investors,
regulatory authorities and also for other sections of the society.
STATEMENT OF UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED, 30TH JUNE 2013
Registered
Office: SCO. 99 - 100, Top Floor, Sector - 17B, Chandigarh
Unaudited
Financial Results for the Quarter Ended 30th June, 2013
(Rs. In Millions)
|
Particulars |
Three
months ended
30/06/2013 |
|
|
Unaudited |
|
|
Stand-alone |
|
Income from Operations |
|
|
Gross
Sales |
978.200 |
|
Less
: Excise Duty |
(14.700) |
|
(a) Net Sales/Income from Operations (Net
of excise duty) |
963.500 |
|
(b) Other Operating Income |
31.300 |
|
Total
Income from Operations (net) |
994.800 |
|
Expenses |
|
|
(a)
Cost of Materials Consumed |
926.200 |
|
(b) Changes in inventories of finished
goods, work-in-progress and stock-in-trade |
(79.600) |
|
(c
) Employee Benefits Expense |
39.100 |
|
(d)
Depreciation and Amortisation Expense |
170.400 |
|
(e) Other Expenses
(Any item exceeding 10% of the total expenses relating to continuing
operations to be shown separately) |
85.200 |
|
Total
Expenses |
1141.300 |
|
Profit/(Loss)
from Operations before Other Income, Finance Costs & Exceptional Items (1
- 2) |
(146.500) |
|
Other
Income |
|
|
Profit/(Loss) from
ordinary activities before finance costs and exceptional items (3 + 4) |
(146.500) |
|
Finance
Costs |
200.000 |
|
Profit/(Loss)
from ordinary activities after finance costs but before exceptional items
(5-6) |
(346.500) |
|
Exceptional
Items |
- |
|
Profit /(Loss) from Ordinary Activities
before tax (7 + 8) |
(346.500) |
|
Tax
expense |
(107.000) |
|
Net Profit/(Loss) from Ordinary Activities
after tax (9 - 10) |
(239.500) |
|
Extra
Ordinary Items (net of tax expense) |
- |
|
Net
Profit / (Loss) for the period (11-12) |
(239.500) |
|
Share
of Profit/(Loss) of Associates |
- |
|
Minority
Interest |
- |
|
Net Profit/(Loss) after taxes, minority
interest and share of profit/(loss) of Associates (13 +14 + 15) |
(239.500) |
|
Paid-up equity share capital (Face Value of
the Share shall be indicated) (Rs. 10/- each) |
618.900 |
|
Reserve excluding Revaluation Reserves as
per balance sheet of previous accounting year |
- |
|
Earnings
Per Share (EPS) (before extraordinary items) -Shares of Rs. 10/- each (not
annualised) |
|
|
(a)
Basic |
- |
|
(b)
Diluted |
- |
|
Earnings Per Share (EPS) (after
extraordinary items) -Shares of Rs. 10/- each (not annualised) |
|
|
(a)
Basic |
- |
|
(b)
Diluted |
- |
|
PARTICULARS
OF SHAREHOLDING |
|
|
Public
Shareholding : |
|
|
-
Number of Shares |
38424587 |
|
-
Percentage of Shareholding |
62.08 |
|
Promoters
and Promoter Group Shareholding : |
|
|
(a)
Pledged/Encumbered |
|
|
- Number of shares |
22162807 |
|
-
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
94.4 |
|
-
Percentage of shares (as a % of the total share capital of the company) |
35.81 |
|
(b)
Non-Encumbered |
|
|
- Number of shares |
1304620 |
|
-
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
5.56 |
|
-
Percentage of shares (as a % of the total share capital of the company) |
2.11 |
NOTES:
1.
The above quarterly results have been reviewed by
the Audit Committee and taken on record by the Board of Directors in their
meeting held on 10th August, 2013 and the same have been limited
reviewed by the statutory Auditors, as required under Clause 41 of the Listing
Agreement.
2.
During
the period, subject has incurred loss. Owing to the tightened market conditions
and economic stress, subject has witnessed erosion in the margins of key
products.
3.
The
promoter’s shareholding has been pledged pursuant to the terms of CDR package.
4.
There
is not more than one reportable segment; hence, information as per AS-17 is not
required to be disclosed.
5. Figures of the previous year / period have been rearranged/ regrouped wherever necessary.
FIXED ASSETS:
Tangible Assets:
·
Land and Site Development
·
Factory Building
·
Non Factory Building
·
Plant and Machinery
·
Furniture and Fixture
·
Tube well
·
Vehicles
·
Computers and Peripherals
·
Research and Development
Fixed Assets
Intangible Assets:
·
Computer Software
·
Patents
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.61.41 |
|
|
1 |
Rs.99.29 |
|
Euro |
1 |
Rs.83.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
31 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.