MIRA INFORM REPORT
|
Report Date : |
26.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
RENOWN PHARMACEUTICALS PRIVATE LIMITED (w.e.f. 13.10.2009) |
|
|
|
|
Formerly Known As
: |
RENOWN CERATEK PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
4, Nikunj Appartment, Behind Jaldhara Complex, Vasna Road, Vadodara –
390015, Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation
: |
05.09.2005 |
|
|
|
|
Com. Reg. No.: |
04-046714 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 40.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24230GJ2005PTC046714 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
BRDR01348E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCR0916L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of soft gelatin capsules for medicine and
non-medicinal uses. |
|
|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 590000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. Company has changed its line of business from operation and
maintenance contract of gas engine to manufacturing soft gelatin capsules for
medicinal and non medicinal uses. Company has started its operation in 2012 and will work in full swing
in coming year. It has incurred loss from its operation 2012. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing 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.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit or CAD in April-June widened to 4.9 % of gross domestic
product. High imports of gold and oil led to a worsening of the trade deficit,
resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9
billion in the corresponding quarter of the previous financial year. The
government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from
4.8 % or $ 88.2 billion in 2012/13.
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BB |
|
Rating Explanation |
Moderate risk of default |
|
Date |
28.03.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
28.03.2012 |
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.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Malay Trivedi |
|
Designation : |
Finance Department |
|
Contact No.: |
91-2662-244131 |
|
Date : |
25.10.2013 |
LOCATIONS
|
Registered Office : |
4, Nikunj Appartment, Behind Jaldhara Complex, Vasna Road, Vadodara –
390015, Gujarat, India |
|
Tel. No.: |
91-265-2250511 |
|
Fax No.: |
91-265-2250611 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate and
Manufacturing Unit : |
Survey No: 143/A and B, Village Ranu, Taluka: Padra, District: Vadodara – 341445, Gujarat, India |
|
Tel. No.: |
91-2662-244131/32/33/34 |
|
Fax No.: |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Satish Duggappa Bangera |
|
Designation : |
Director |
|
Address : |
803, Gambs Tower, Near Good Shephards Church Four Bunglows, Juhu Link
Road, Andheri West Mumbai – 400058, Maharashtra, India |
|
Date of Birth/Age : |
23.10.1959 |
|
Date of Appointment : |
31.12.2009 |
|
DIN No.: |
05177377 |
|
|
|
|
Name : |
Mr. Katapady Raghuveer Katapady Gunduraya Bhat |
|
Designation : |
Director |
|
Address : |
8/8, Shivagi Nagar, Opposite Glaxo Labs, Dr A B Road, Worli Mumbai –
400025, Maharashtra, India |
|
Date of Birth/Age : |
19.07.1940 |
|
Date of Appointment : |
31.12.2009 |
|
DIN No.: |
02902754 |
|
|
|
|
Name : |
Mr. Ramesh Subhkaran Jatia |
|
Designation : |
Director |
|
Address : |
148/1, Near Visa Court Appartment, Saiyed Vasana Road Vadodara –
390015, Gujarat. India |
|
Date of Birth/Age : |
04.10.1960 |
|
Date of Appointment : |
31.12.2009 |
|
DIN No.: |
00008298 |
|
|
|
|
Name : |
Mr. Rajan Damodar Sapre |
|
Designation : |
Whole-Time Director |
|
Address : |
B3/102, Royal Dreams, Chala, Daman Road, Vapi, Pardi, Valsad – 396191,
Gujarat, India |
|
Date of Birth/Age : |
08.05.1959 |
|
Date of Appointment : |
31.12.2009 |
|
DIN No.: |
02894646 |
|
|
|
|
Name : |
Mr. Atishay Ramesh Jatia |
|
Designation : |
Director |
|
Address : |
144, 1 Sayeed Vasna Road, Near Visa Court Apartment, Vadodara – 390015, Gujarat India |
|
Date of Birth/Age : |
18.09.1987 |
|
Date of Appointment : |
28.09.2007 |
|
DIN No.: |
02315891 |
|
|
|
|
Name : |
Mrs. Smita Rameshkmar |
|
Designation : |
Director |
|
Address : |
148/1, Near Visa Court Appartment, Saiyed Vasana Road Vadodara –
390015, Gujarat, India |
|
Date of Birth/Age : |
23.11.1963 |
|
Date of Appointment : |
05.09.2005 |
|
DIN No.: |
00510718 |
KEY EXECUTIVES
|
Name : |
Mr. Malay Trivedi |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Smita Ramesh Jatia |
|
2117000 |
|
Kamal K Sethia |
|
2500 |
|
Satish Dugappa Bangera |
|
55797 |
|
Addison Holding Limited, Dubai |
|
1040739 |
|
Ramesh Subhkaran Jatia |
|
390000 |
|
Atishay Ramesh Jatia |
|
100000 |
|
Ankita Ramesh Jatia |
|
75000 |
|
Ramesh Subhkaran Jatia (HUF) |
|
374293 |
|
Total |
|
4155329 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
25.00 |
|
Directors or relatives of Directors |
75.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of soft gelatin capsules for medicine and
non-medicinal uses. |
|
|
|
|
Exports : |
|
|
Products : |
Finished Good |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash / Credit |
|
|
|
|
Purchasing : |
Cash / Credit / Depend |
GENERAL INFORMATION
|
Customers : |
Others |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
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|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Naresh and Company Chartered Accountants |
|
Address : |
201-203,City Enclave, Opposite Polo Ground, Bagikhana, Vadodara –
390001, Gujarat, India |
|
PAN No.: |
AACFM7595C |
|
|
|
|
Enterprise over which
Key Management Persons have significant influence : |
|
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4155329 |
Equity Shares |
Rs.10/- each |
Rs.41.553 Millions |
|
|
|
|
|
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Millions |
|
|
|
|
|
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 |
|
40.000 |
28.663 |
|
(b) Reserves & Surplus |
|
108.685 |
80.990 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
148.685 |
109.653 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
345.439 |
88.818 |
|
(b) Deferred tax liabilities (Net) |
|
20.476 |
1.813 |
|
(c) Other long term
liabilities |
|
2.106 |
2.106 |
|
(d) long-term
provisions |
|
0.253 |
0.054 |
|
Total Non-current
Liabilities (3) |
|
368.274 |
92.791 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
1.968 |
0.000 |
|
(b) Trade
payables |
|
6.228 |
2.146 |
|
(c) Other
current liabilities |
|
76.492 |
55.122 |
|
(d) Short-term
provisions |
|
0.243 |
0.651 |
|
Total Current
Liabilities (4) |
|
84.931 |
57.919 |
|
|
|
|
|
|
TOTAL |
|
601.890 |
260.363 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
512.804 |
14.772 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
203.438 |
|
(iv)
Intangible assets under development |
|
0.127 |
0.000 |
|
(b) Non-current Investments |
|
0.212 |
0.212 |
|
(c) Deferred tax assets (net) |
|
20.476 |
0.000 |
|
(d) Long-term Loan and Advances |
|
11.545 |
15.934 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
545.164 |
234.356 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.367 |
0.202 |
|
(b)
Inventories |
|
9.592 |
0.000 |
|
(c) Trade
receivables |
|
2.806 |
0.815 |
|
(d) Cash
and cash equivalents |
|
0.887 |
0.601 |
|
(e)
Short-term loans and advances |
|
43.047 |
24.389 |
|
(f) Other
current assets |
|
0.027 |
0.000 |
|
Total
Current Assets |
|
56.726 |
26.007 |
|
|
|
|
|
|
TOTAL |
|
601.890 |
260.363 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
19.195 |
|
|
2] Share Application Money |
|
|
8.445 |
|
|
3] Reserves & Surplus |
|
|
5.889 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
33.529 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
3.847 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
3.847 |
|
|
DEFERRED TAX LIABILITIES |
|
|
1.637 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
39.013 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
14.892 |
|
|
Capital work-in-progress |
|
|
14.231 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
2.107 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.815 |
|
|
Cash & Bank Balances |
|
|
1.514 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
13.175 |
|
Total
Current Assets |
|
|
15.504 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
3.438 |
|
|
Other Current Liabilities |
|
|
3.781 |
|
|
Provisions |
|
|
0.502 |
|
Total
Current Liabilities |
|
|
7.721 |
|
|
Net Current Assets |
|
|
7.783 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
39.013 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
5.824 |
9.048 |
9.038 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL (A) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
NA |
NA |
NA |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(18.757) |
5.307 |
NA |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES (D) |
5.792 |
0.856 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(24.549) |
4.451 |
NA |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION (F) |
3.153 |
1.069 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(9.812) |
3.382 |
3.214 |
|
|
|
|
|
|
|
|
|
|
TAX (H) |
1.812 |
0.827 |
0.722 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(7.999) |
2.556 |
2.492 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
4.142 |
16.679 |
NA |
|
|
TOTAL IMPORTS |
4.142 |
16.679 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(2.62) |
1.25 |
1.29 |
|
Note: It is not
reaching as per our calculation but we are keeping it as it is provided in the
annual report (2012).
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.69)
|
5.96 |
10.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.07)
|
0.03 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.34
|
0.81 |
0.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.67
|
0.45 |
2.01 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Current Maturities
of Lond Term Debts / Finance Lease Obligations {Including Loan
Installments Payable with in 12 Months} |
|
|
|
|
- From State Bank of India - Term Loan (New Project at Ranu) |
21.000 |
0.000 |
NA |
|
- From Shree Vardhman Co-Operative Bank - Term Loan (agst Gas Engine) |
1.256 |
1.147 |
NA |
|
- From HDFC Bank (Car Loan) |
0.125 |
0.114 |
NA |
|
- From ICICI Bank (Car Loan) |
0.000 |
0.071 |
NA |
|
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 |
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 |
Yes |
|
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 |
Yes |
Note:
The registered office of the company has been shifted from
1/148 Vasna Roadoff Old Padra Road, Vadodara - 390015, Gujarat, India to present
address w.e.f. 07.09..2009
GENERAL INFORMATION
OF THE COMPANY:
Subject is a Vadodara, Gujarat, India based Company presently engaged in the business of manufacturing of soft gelatin capsules for medicine and non-medicinal uses.
The Company was incorporated in the year 2005 originally as “Renown Ceratek Private Limited” in order to undertake the business of manufacturing and dealing in Ceramic Tiles. In the initial few years there were no major business activities undertaken and the only revenues were from leasing of a Gas Engine. Subsequently, in the year 2009-10, after making business viability study, the management proposed to pursue the business of pharmaceuticals and neutraceuticals, principally manufacturing of soft gelatin capsules to begin with for medicinal and non-medicinal uses, mostly on contract manufacturing basis.
Consequently in the Extra Ordinary General Meeting of the Members held on 4th August, 2009, the Shareholders approved the change in the Main Objects of the Company from ceramic business to said pharmaceutical business. Further to the change in the main objects of the Company, the Management also decided to change the name of the Company to accurately and correctly reflect the new objects of the Company. Accordingly, in the Annual General Meeting of the Company held on 15th September, 2009, the Shareholders of the Company approved the change in the name of the Company to Renown Pharmaceuticals Private Limited. The change was approved by the Office of the Registrar of Companies, Gujarat by way of grant of certificate dated 13th October, 2009.
Post the Change of Objects and Name as aforesaid, the Company acquired Land and started construction of a new plant. The Construction activity was completed during the year with the Company commencing its trial production from September, 2011. The total project cost exceeded Rs.500.000 Million and has been funded through Term Loans from Banks and Promoters Contributions and Foreign Direct Investment in the Company.
The Company has commenced its commercial production from March, 2012. Company has presently started operating two manufacturing lines with a third line possible to be installed subsequently. The coming year will be the first full fledge year of operations for the pharmaceutical business.
FINANCIAL RESULTS:
As you might be aware Company has ventured into the business of pharmaceuticals and neutraceuticals, beginning with manufacturing soft gelatin capsules for medicinal and nonmedicinal uses. Company had completed the change of name and objects and re-shuffling / broadbasing of the Board of Directors during the earlier year. Thereafter Company had acquired Land and started construction of a state-of-the-art manufacturing facilities. The Project Cost was expected to be around Rs. 500.000 Millions. Tie-up was made with an overseas entity which has acquired strategic stake in their Company at a premium to part fund the project cost. Necessary borrowing arrangements have been made with State Bank of India for additional funding.
The setup work for the manufacturing facility continued in full-swing. However, due to certain delays in obtaining NA permission for land resulted in few delays in the expected time lines. As a result construction work spilled over to the year under report. As per revised targets the setup of the manufacturing facility was completed during the year with trail production commencing from October, 2011 and commercial production starting from March 2012. Company has presently started operating two manufacturing lines with a third line possible to be installed subsequently. The coming year will be the first full fledge year of operations for the pharmaceutical business.
For the year, the company achieved a turnover of Rs. 2.598 Millions from manufacturing of soft-gel capsules in March 2012 being the first full month of operations. Also Company had revenues of Rs. 3.770 Millions from the Operation and Maintenance Contract of their Gas Engine. The five-year contract expired this year and the engine has been sent for maintenance resulting in lower annual revenue on this front. All in all we achieved a turnover of Rs.5.824 Millions. However considering the finance costs and other expenses (even after capitalisation of proportionate portions to the project) and the heavy depreciation charge resulted in a net loss of almost Rs. 8.000 Millions including cash losses.
The Company will start revenue generation from the manufacturing business in the current year since it will be a full year of operations with full scale of operations being achieved. The order pipeline is also good. Company has also taken many important accreditations such as WHO GMP and is also in process of taking country / continent based approvals. Some approvals may cause some delays but all in all with good demand position , the Company should be able to achieve a healthy turnover and should be able to generate cash surpluses though the net result might still be negative on account of the expected heavy initial depreciation charge.
All in all we expect this year to be a take-off year for the Company on a firm path of growth and progress.
|
Unsecured Loan |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
LONG TERM
BORROWINGS :- |
|
|
|
Inter Corporate Deposits |
5.762 |
3.689 |
|
From Directors |
12.963 |
12.523 |
|
From Members & Relatives |
6.588 |
0.460 |
|
Others : |
|
|
|
Inter Corporate Deposits |
20.000 |
31.000 |
|
Total |
45.313 |
47.672 |
|
Unsecured Loans :- The amount taken as unsecured loans viz Inter-Corporate Borrowing and Loans from Directors and Members are usually payable on demand but the company reserves its right to defer the payment of the same for a period exceeding 12 months. Also these loans have been treated as part of Promoters Contribution for the Term Loan from SBI and hence are not repayable in the short run. Interest has been paid on Inter Corporate Deposits @ 12% / 14% No interest has been paid on the unsecured loans taken from Directors and Members as per the requirement of SBI Term Loan whereby no such interest is to be paid till repayment of the Term Loan |
||
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10305281 |
08/10/2013 * |
418,000,000.00 |
STATE BANK OF INDIA |
MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ACRCH, RACE COURSE CIRCLE, VADODARA, GUJARAT - 390007, INDIA |
B87105227 |
|
2 |
10300543 |
28/10/2010 |
7,000,000.00 |
SHREE VARDHAMAN SAHAKARI BANK LIMITED |
NEAR TARKESHWAR MAHADEV, RAOPURA, BARODA, GUJARAT - 390001, INDIA |
B08626947 |
|
3 |
10248102 |
29/02/2012 * |
430,000,000.00 |
STATE BANK OF INDIA |
MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ACRCH, RACE COURSE CIRCLE, VADODARA, GUJARAT - 390007, INDIA |
B34626283 |
* Date of charge modification
FIXED ASSETS
- Gas Engine
- Land
- Building
- Furniture and Fixtures
- Vehicle
- Equipments
- Other Equipments
- Computer
- Plant and Machinery
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.61.63 |
|
|
1 |
Rs.99.94 |
|
Euro |
1 |
Rs.85.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--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.