MIRA
INFORM REPORT
|
Report Date : |
04.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
MOREPEN LABORATORIES LIMITED |
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Registered
Office : |
Morepen Village, Nalagarh Road, Near Baddi, District Solan - 173205,
Himachal Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
01.12.1984 |
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Com. Reg. No.: |
06-006028 |
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Capital
Investment / Paid-up Capital : |
Rs. 2096.100
Millions |
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CIN No.: [Company Identification
No.] |
L24231HP1984PLC006028 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PTLM11889D |
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PAN No.: [Permanent Account No.] |
AABCM1083B |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacture of API, Formulations and OTC Products. |
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No. of Employees
: |
1333 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 13200000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. There
appears continuous losses recorded by the company. The liquidity position is
weak. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow. The company can be considered for business dealings with great
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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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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 Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years respectively.
By 2020, emerging Asia will become the world’s largest consuming block,
overtaking North America.
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 India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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 : |
Morepen Village, Nalagarh Road, Near Baddi, District Solan - 173205,
Himachal Pradesh, India |
|
Tel. No.: |
91-1795-276201-03 |
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Fax No.: |
91-1795-276204 |
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E-Mail : |
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Website : |
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Corporate Office : |
409, 4th Floor, Antriksh Bhawan, 22 Kasturba Gandhi Marg,
New Delhi - 110001, India |
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Tel. No.: |
91-11-23324443/ 23712025 |
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Fax No.: |
91-11-23722422 |
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E-Mail : |
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Factory 1 : |
Located at Masulkhanna, Himachal Pradesh, India Village Masulkhana, District
Solan, Himachal Pradesh |
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Tel. No.: |
91-1792-233284 |
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Fax No.: |
91-1792-232606 |
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Factory 2 : |
Located at Baddi, Himachal Pradesh, India |
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Tel. No.: |
91-1795-246408/03 |
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Fax No.: |
91-1795-244591 |
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Factory 3 : |
Sector-2, Parwanoo, District Solan, Himachal Pradesh, India |
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USA Office : |
666, Plainsboro Road, Suite 222, Plainsboro, New Jersey-08536 |
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Tel. No.: |
609 716 6300 |
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Fax No.: |
609 716 6301 |
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E-Mail : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Sushil Suri |
|
Designation : |
Chairman and Managing Director |
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Name : |
Dr. Arun Kumar Sinha |
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Designation : |
Director |
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Name : |
Mr. Manoj Joshi |
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Designation : |
Director |
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Name : |
Mr. Bhupender Raj Wadhwa |
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Designation : |
Director |
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Name : |
Mr. Sukhcharan Singh |
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Designation : |
Director |
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Date of Birth/Age : |
07.09.1942 |
|
Qualification : |
B.A., Retired Inspector General of Police |
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Date of Appointment : |
15.06.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2013
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
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|
(A) Shareholding of Promoter and Promoter Group |
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|
|
|
|
|
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|
41241750 |
9.17 |
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|
114129838 |
25.37 |
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|
155371588 |
34.54 |
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|
|
|
Total shareholding of Promoter and Promoter Group (A) |
155371588 |
34.54 |
|
(B) Public Shareholding |
|
|
|
|
|
|
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|
6367940 |
1.42 |
|
|
22484570 |
5.00 |
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|
58530000 |
13.01 |
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|
87382510 |
19.43 |
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|
|
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|
25001399 |
5.56 |
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|
|
|
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|
153148609 |
34.05 |
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|
22030583 |
4.90 |
|
|
6891514 |
1.53 |
|
|
3973155 |
0.88 |
|
|
2647229 |
0.59 |
|
|
271130 |
0.06 |
|
|
207072105 |
46.03 |
|
Total Public shareholding (B) |
294454615 |
65.46 |
|
Total (A)+(B) |
449826203 |
100.00 |
|
(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) |
449826203 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of API, Formulations and OTC Products. |
GENERAL INFORMATION
|
No. of Employees : |
1333 (Approximately) |
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Bankers : |
· The Karur Vysya Bank Limited, Central Processing Cell Represent Fort Mumbai Branch, Kamanwala Chambers, Sir P.M.Road, Fort, Mumbai - 400001, Maharashtra, India Export-Import Bank Of India, Floor 21, Centre One
Building, World Trade Centre, Cuffe
Parade, Mumbai - 400005, Maharashtra, India UCO Bank, Flagship Corporate Centre, 5, Parliament Street,
New Delhi - 110001, India The Karur Vysya Bank Limited, B - 3, Lawrence Road, New
Delhi - 110035, India |
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Facilities : |
Note: After the balance sheet date, the Company has entered into a One Time Settlement (OTS) with one of its lenders in respect of its principal loan dues of Rs. 93.100 millions. Under the settlement terms, interest is not payable for the current year and hence, not provided. Current portion of long term borrowings is appearing under the head Other current liabilities. |
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Banking
Relations : |
-- |
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Financial Institution : |
The Oriental Insurance Company Limited, Oriental House, Post Bag No. 7037, A- 25/27, Asaf Ali Road, New Delhi - 110002, India |
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Auditors : |
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Name : |
M. Kamal Mahajan and Company Chartered Accountants |
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Address : |
SCO 61, Madhya Marg, Sector 26, Chandigarh, India |
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Subsidiary
Companies : |
Overseas Company · MorepenMax Inc. Morepen Inc. Domestic Company · Dr. Morepen Limited Total Care Limited |
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Associates : |
Domestic Company · Morepen Biotech Limited |
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Entities over which key management
personnel/ or Relatives of key management personnel are able to exercise
significant influence with which the company has any transactions during the
year : |
Blue Coast Infrastructure Development Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450000000 |
Equity Shares |
Rs.2/- each |
Rs.900.000 Millions |
|
12000000 |
Preferences Shares |
Rs.100/- each |
Rs.1200.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.2100.000
Millions |
Issued & Subscribed Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
449826203 |
Equity Shares |
Rs.2/- each |
Rs.899.700
Millions |
|
9735201 |
0.01% Optionally Convertible Preference Share |
Rs.100/- each |
Rs.973.500
Millions |
|
1730000 |
0.01% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.173.000
Millions |
|
500000 |
9.75% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.50.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.2096.200 Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
449793203 |
Equity Shares |
Rs.2/- each |
Rs.899.600
Millions |
|
9735201 |
0.01% Optionally Convertible Preference Share |
Rs.100/- each |
Rs.973.500
Millions |
|
1730000 |
0.01% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.173.000
Millions |
|
500000 |
9.75% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.50.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.2096.100 Millions |
Note:
Reconciliation of the
numbers and amount of Equity shares –
|
Particulars |
31.03.2013 |
|
|
Nos. |
Amount in Millions |
|
|
Outstanding at beginning of the year |
449826203 |
899.700 |
|
Add : Shares issued during the year |
-- |
-- |
|
Less : Shares bought back during the year |
-- |
-- |
|
Outstanding at the end of year |
449826203 |
899.700 |
Reconciliation of the
numbers and amount of Preference shares –
|
Particulars |
31.03.2013 |
|
|
Nos. |
Amount in Millions |
|
|
Outstanding at beginning of the year |
11965201 |
1196.500 |
|
Add : Shares issued during the year |
-- |
-- |
|
Less : Shares bought back during the year |
-- |
-- |
|
Outstanding at the end of year |
11965201 |
1196.500 |
Rights, preferences and restrictions attached to each class of Shares and terms of redemption –
a) i) The company has two classes of shares referred as equity shares and preference shares. The equity shares are having a par value of Rs. 2/- each whereas par value for each preference shares is Rs. 100/-. Every holder of equity shares is entitled to one vote per share in respect of all matters submitted to vote in the shareholders' meeting. Preference share holders are entitled to one vote per share, in respect of every resolutions placed before the company which directly affect the rights attached to their shares. However, a cumulative preference shareholder acquires voting rights at par with an equity shareholder if the dividend on preference shares has remained unpaid for a period of not less than two years.
ii) In the event of liquidation of the company, the holders of equity shares will be entitled to receive the remaining
assets of the company after distribution of preferential amounts. The distribution will be in the proportion of the number of equity shares held by the shareholders.
iii) Preference share capital is Non - Cumulative, except in the case of 17,30,000, 0.01% Cumulative Redeemable
Preference Shares of Rs. 100/- each and 5,00,000, 9.75% Cummulative Redeembale Preference Shares of Rs.
100/- each. Dividend arrears on above cumulative preference shares as at 31.03.2013 are Rs. 53.700 millions (Previous year Rs. 48.800 millions).
b) i) Out of 97,35,201, 0.01% Optionally Convertible Preference Shares, Shares amounting to Rs. 704.000 millions are due for redemption/conversion on May 4, 2014, shares amounting to Rs. 176.200 millions are due for redemption on May 31, 2014 whereas balance shares amounting to Rs. 93.300 millions are due for redemption/conversion on February 9, 2015. The conversion, if opted for, of preference shares into equity shares will be at price determined as per SEBI guidelines. Dividend arrears on above preference shares as at 31.03.2013 are Rs. 0.600 millions (Previous year Rs. 0.500 millions).
ii) Out of 17,30,000, 0.01% Cummulative Reedemable Preference Shares, 15,30,000 Shares amounting Rs.153.000 millions are redeemable in two equal installments, on May 4, 2016 and May 4, 2017. Balance 2,00,000, Shares amounting Rs. 20.000 millions, had already become due for redemption in the financial year ending 31.03.2012, could not be redeemed because of unavailability of surplus.
iii) 5,00,000, 9.75% Cumulative redeemable Preference shares amounting to Rs. 50.000 millions had been due for redemption since March 2004, however, could not be redeemed because of unavailability of surplus.
iv) Capital Redemption Reserve for redemption of Preference Shares could not be created during the year because of unavailability of surplus.
The company itself being ultimate holding
company, therefore, disclosure requirements about its parent company are not
applicable in the present case.
Shareholders holding
more than 5% shares –
i) Equity Shares
|
Name of Shareholder |
31.03.2013 |
|
|
No. of Shares |
% of Holding |
|
|
GL India Mauritius (III) Limited |
38530000 |
8.57 |
ii) Preference Shares
a) 97,35,201, 0.01%
Optionally Convertible Redeemable Shares -
|
Name of Shareholder |
31.03.2013 |
|
|
No. of Shares |
% of Holding |
|
|
Bank of Nova Scotia |
1179000 |
12.11 |
|
Stressed Assets Stabilisation Fund (SASF) |
961044 |
9.87 |
|
EXIM Bank |
916333 |
9.41 |
|
SICOM |
829463 |
8.52 |
|
Punjab National Bank |
671522 |
6.90 |
|
Oriental Bank of Commerce |
623828 |
6.41 |
|
Dena Bank |
593936 |
6.10 |
|
UCO Bank |
515900 |
5.30 |
b) 17,30,000, 0.01%
Cumulative Redeemable Shares –
|
Name of Shareholder |
31.03.2013 |
|
|
No. of Shares |
% of Holding |
|
|
Oriental Bank of Commerce |
1000000 |
57.80 |
|
Axis Bank Limited |
500000 |
28.90 |
|
Blue Sky Securities Private Limited |
200000 |
11.56 |
c) 5,00,000, 9.75%
Cumulative Redeemable Shares –
|
Name of Shareholder |
31.03.2013 |
|
|
No. of Shares |
% of Holding |
|
|
Jammu and Kashmir Bank Limited |
500000 |
100 |
During last 5 years immediately preceding the balance sheet date, no Equity Share or Preference share has been
issued pursuant to any contract without payment being received in cash. Further the company has neither allotted
any share by way of bonus shares, nor it had bought back any Equity or Preference Share during aforesaid period of 5 years.
Disclosure about unpaid calls –
(Rs. In millions)
|
Unpaid Calls |
31.03.2013 |
|
By Directors and Officers |
-- |
|
By Others |
0.100 |
No shares have been forfeited by the company during the year.
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 |
2096.100 |
2096.100 |
2096.100 |
|
(b) Reserves & Surplus |
1208.100 |
1434.900 |
1676.500 |
|
(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) |
3304.200 |
3531.000 |
3772.600 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
944.900 |
1138.900 |
1286.900 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
20.900 |
24.300 |
24.200 |
|
(d) long-term provisions |
67.800 |
56.000 |
37.500 |
|
Total Non-current Liabilities (3) |
1033.600 |
1219.200 |
1348.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
549.000 |
635.900 |
573.200 |
|
(c) Other current
liabilities |
521.400 |
432.000 |
446.800 |
|
(d) Short-term provisions |
6.800 |
9.000 |
17.400 |
|
Total Current Liabilities (4) |
1077.200 |
1076.900 |
1037.400 |
|
|
|
|
|
|
TOTAL |
5415.000 |
5827.100 |
6158.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3305.900 |
3735.700 |
4165.800 |
|
(ii) Intangible Assets |
3.200 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1218.100 |
1218.100 |
1219.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
15.800 |
15.500 |
13.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
4543.000 |
4969.300 |
5397.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
367.500 |
380.100 |
336.100 |
|
(c) Trade receivables |
365.900 |
331.300 |
277.300 |
|
(d) Cash and cash
equivalents |
47.200 |
39.600 |
23.400 |
|
(e) Short-term loans and advances |
60.100 |
84.200 |
96.100 |
|
(f) Other current assets |
31.300 |
22.600 |
27.800 |
|
Total Current Assets |
872.000 |
857.800 |
760.700 |
|
|
|
|
|
|
TOTAL |
5415.000 |
5827.100 |
6158.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3033.500 |
2695.000 |
2163.100 |
|
|
|
Other Income |
26.200 |
10.200 |
10.400 |
|
|
|
TOTAL (A) |
3059.700 |
2705.200 |
2173.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1314.700 |
1324.200 |
1045.800 |
|
|
|
Purchases of Stock-in-Trade |
583.900 |
504.100 |
449.400 |
|
|
|
Employee benefits expense |
349.700 |
326.500 |
272.800 |
|
|
|
Other expenses |
479.700 |
414.600 |
356.700 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
15.700 |
(50.700) |
(34.000) |
|
|
|
Extraordinary Items - Income |
(30.800) |
(120.400) |
0.000 |
|
|
|
TOTAL (B) |
2712.900 |
2398.300 |
2090.700 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
346.800 |
306.900 |
82.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
116.100 |
79.600 |
62.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
230.700 |
227.300 |
20.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
457.400 |
468.900 |
457.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(226.700) |
(241.600) |
(437.300) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
(7.500) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(226.700) |
(241.600) |
(429.800) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of Goods on F.O.B. basis |
986.000 |
815.000 |
502.800 |
|
|
TOTAL EARNINGS |
986.000 |
815.000 |
502.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
518.100 |
326.600 |
259.800 |
|
|
|
Stock -in -trade |
50.500 |
63.700 |
86.100 |
|
|
|
Capital Goods |
6.300 |
2.400 |
1.600 |
|
|
TOTAL IMPORTS |
574.900 |
392.700 |
347.500 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.49) |
(0.55) |
(0.96) |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
|
30.06.2013 |
|
Type |
|
|
|
1st
Quarter |
|
Net Sales |
|
|
|
797.400 |
|
Total Expenditure |
|
|
|
681.200 |
|
PBIDT (Excl OI) |
|
|
|
116.200 |
|
Other Income |
|
|
|
2.700 |
|
Operating Profit |
|
|
|
118.900 |
|
Interest |
|
|
|
27.900 |
|
Exceptional Items |
|
|
|
0.000 |
|
PBDT |
|
|
|
91.000 |
|
Depreciation |
|
|
|
114.300 |
|
Profit Before Tax |
|
|
|
(23.400) |
|
Tax |
|
|
|
0.000 |
|
Provisions and contingencies |
|
|
|
0.000 |
|
Profit After Tax |
|
|
|
(23.400) |
|
Extraordinary Items |
|
|
|
29.000 |
|
Prior Period Expenses |
|
|
|
0.000 |
|
Other Adjustments |
|
|
|
0.000 |
|
Net Profit |
|
|
|
5.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(7.41)
|
(8.93) |
(19.77) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(7.47)
|
(8.96) |
(20.22) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.41)
|
(5.24) |
(8.85) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.07)
|
(0.07) |
(0.12) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.29
|
0.32 |
0.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.81
|
0.80 |
0.73 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10344030 |
10/02/2012 |
10,783,948.00 |
THE ORIENTAL INSURANCE COMPANY LIMITED |
ORIENTAL HOUSE, POST BAG NO. 7037, A- 25/27, ASAF ALI ROAD, NEW DELHI - 110002, INDIA |
B35754480 |
|
2 |
10345702 |
10/02/2012 |
113,134,000.00 |
THE KARUR VYSYA BANK LIMITED |
CENTRAL PROCESSING
CELL REPRESENT FORT MUMBAI BR, |
B36353001 |
|
3 |
10342382 |
10/02/2012 |
300,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
FLOOR 21, CENTRE
ONE BUILDING, WORLD TRADE CENTRE, |
B35095363 |
|
4 |
10342331 |
10/02/2012 |
464,310,000.00 |
UCO BANK |
FLAGSHIP CORPORATE CENTRE, 5, PARLIAMENT STREET, NEW DELHI - 110001, INDIA |
B35071026 |
|
5 |
10241273 |
16/09/2010 |
953,000.00 |
THE KARUR VYSYA BANK LTD |
B - 3, LAWRENCE ROAD, NEW DELHI - 110035, INDIA |
A95548335 |
|
6 |
10235865 |
16/08/2010 |
1,080,000.00 |
THE KARUR VYSYA BANK LTD |
B - 3, LAWRENCE ROAD, NEW DELHI - 110035, INDIA |
A93360683 |
|
7 |
80025870 |
10/01/2003 |
5,000,000.00 |
THE SARASWAT CO-OP. BANK LIMITED |
WORLI BRANCH, MUMBAI - 400018, MAHARASHTRA, INDIA |
- |
|
8 |
80025869 |
08/01/2003 |
150,000,000.00 |
SICOM LIMITED |
NIRMAL, FIRST FLOOR, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
- |
|
9 |
90169748 |
13/01/2003 * |
150,000,000.00 |
SICOM LIMITED |
NIRMAL, FIRST FLOOR, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
- |
|
10 |
80025868 |
23/08/2002 |
150,000,000.00 |
THE KARUR VYSYA BANK LIMITED |
KAMANWALA CHAMBERS,
GROUND FLOOR, SIR P.M. ROAD, |
- |
|
11 |
80025875 |
24/07/2002 |
100,000,000.00 |
INDUSTRIAL INVESTMENT BANK OF INDIA LIMITED |
19, N.S. ROAD, KOLKATA - 700001, WEST BENGAL, INDIA |
- |
|
12 |
80025860 |
22/06/2002 |
100,000,000.00 |
SBI COMMERCIAL AND INTERNATIONAL BANK LIMITED |
MAKER CHAMBERS III, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
- |
|
13 |
90169678 |
22/06/2002 |
100,000,000.00 |
SBI COMMERCIAL AND INTERNATIONAL BANK LIMITED |
MAKER CHAMBERS III, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
- |
|
14 |
80025873 |
18/01/2002 |
500,000,000.00 |
UCO BANK |
5 PARLIAMENT STREET, NEW DELHI - 110001, INDIA |
- |
|
15 |
80025874 |
18/12/2001 |
180,000,000.00 |
UTI BANK LIMITED |
SAKAR-1, OPP.
GANDHIGRAM RAILWAY STATION, OFF. AS |
- |
|
16 |
80025895 |
06/12/2001 |
150,000,000.00 |
GE CAPITAL SERVICES INDIA |
BLOCK 4A, DLF
CORPORATE PARK, QUTAB ENCLAVE, PHAS |
- |
|
17 |
80025881 |
12/10/2001 |
200,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE FLOOR 21, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI - 400001, MAHARASHTRA, INDIA |
- |
|
18 |
80025897 |
24/09/2001 |
100,000,000.00 |
ABU DHABI COMMERCIAL BANK LIMITED |
75, VEER NARIMAN ROAD, POST BOX 11248, MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
19 |
80025898 |
19/09/2001 |
250,000,000.00 |
INDUSIND BANK LIMITED |
NEW DELHI MAIN BRANCH,
DR. GOPAL DASS BHAWAN, 28 |
- |
|
20 |
80025901 |
27/07/2001 |
170,000,000.00 |
BNP PARIBAS |
2ND FLOOR, 15
BARAKHAMBA ROAD, NEW DELHI - |
- |
|
21 |
80025902 |
28/05/2001 |
50,000,000.00 |
SBI COMMERCIAL AND INTERNATIONAL BANK LIMITED |
MAKER CHAMBERS III,
NARIMAN POINT, MUMBAI, MAHARA |
- |
|
22 |
80025889 |
20/04/2001 |
400,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
23 |
80025890 |
14/03/2001 |
50,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE FLOOR 21, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI - 400001, MAHARASHTRA, INDIA |
- |
|
24 |
80025891 |
14/03/2001 |
100,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE FLOOR 21, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI - 400001, MAHARASHTRA, INDIA |
- |
|
25 |
80025892 |
01/02/2001 |
50,000,000.00 |
SICOM LIMITED |
NIRMAL, IST FLOOR, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
- |
|
26 |
80025893 |
09/01/2001 |
250,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
27 |
80025894 |
27/12/2000 |
100,000,000.00 |
STATE BANK OF PATIALA |
13, ARCADE, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
28 |
80025905 |
16/12/1999 |
200,000,000.00 |
INDUSTRIAL INVESTMENT BANK OF INDIA LIMITED |
19 N.S. ROAD, KOLKATA - 700001, WEST BENGAL, INDIA |
- |
|
29 |
80025883 |
30/04/1999 |
50,000,000.00 |
THE ICICI LIMITED |
163 BACKBAY
RECLAMATION, MUMBAI, MAHARASHTRA - 400 |
- |
|
30 |
80025884 |
16/01/1999 |
13,750,000,000.00 |
THE ICICI LIMITED |
163 BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
31 |
80025910 |
17/09/1998 |
50,000,000.00 |
SICOM LIMITED |
NIRMAL, IST FLOOR, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
- |
|
32 |
80025885 |
17/07/1998 |
60,000,000.00 |
THE ICICI BANK LIMITED |
163 BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
33 |
80025886 |
09/03/1998 |
40,000,000.00 |
THE ICICI LIMITED |
163 BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
34 |
80025911 |
09/12/1997 |
115,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE, MMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
35 |
80025906 |
31/03/1997 |
50,000,000.00 |
THE ICICI LIMITED |
163 BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
36 |
80025912 |
12/03/1997 |
50,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE, MMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
37 |
80031409 |
15/12/1997 * |
3,900,000.00 |
STATE BANK OF INDORE |
CANNAUGHT CIRCUS, NEW DELHI - 110001, INDIA |
- |
|
38 |
80031408 |
15/12/1997 * |
9,000,000.00 |
STATE BANK OF INDORE |
CANNAUGHT CIRCUS, NEW DELHI - 110001, INDIA |
- |
|
39 |
80031412 |
15/12/1997 * |
9,000,000.00 |
STATE BANK OF INDORE |
CONNAUGHT CIRCUS, NEW DELHI - 110006, INDIA |
- |
|
40 |
80031410 |
15/12/1997 * |
9,500,000.00 |
STATE BANK OF INDORE |
CONNAUGHT CIRCUS, NEW DELHI - 110006, INDIA |
- |
|
41 |
80031411 |
15/12/1997 * |
32,000,000.00 |
STATE BANK OF INDORE |
CANNAUGHT CIRCUS, NEW DELHI - 110001, INDIA |
- |
|
42 |
80025913 |
23/01/1996 |
20,000,000.00 |
THE CICI BANKING CORPORATION LIMITED |
LAND MARK, RACE COURSE CIRCLE, ALKAPURI, VADODARA - 390015, GUJARAT, INDIA |
- |
CHARGES
|
ENTITY |
PERSON |
COMPETENT AUTHORITY |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
|
MOREPEN LABORATORIES LIMITED |
|
SFIO |
SERIOUS BREACH OF COMPANIES ACT, 1956 |
CASES FILED BY SFIO
AFTER OBTAINING SANCTION FOR PROSECUTION ON THE BASIS OF INVESTIGATION
REPORTS SUBMITTED BY SFIO |
|
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans from related parties |
0.000 |
150.400 |
|
Total |
0.000 |
150.400 |
|
Note: During the current year, the company has repaid loan to the extent of Rs. 43.000 Millions (Previous Year Nil). Balance outstanding amount of Rs. 107.400 Millions is due for payment in the year 2013-14 and is appearing under the head Other current liabilities. Interest is payable @ 21% p.a. Interest of Rs. 27.900 Millions (Previous Year Nil) is overdue for a period less than a year. |
||
MANAGEMENT OVERVIEW
Current year's total revenues at Rs. 3059.700 Millions have recorded a growth of 13.1% over previous year revenues of Rs. 2705.100 Millions. There has been consistent growth in operating revenues year after year, for the current year, the revenues are at Rs. 3033.500 Millions against Rs. 2695.000 Millions during the last year, a growth of 12.6%. With the sustained and dedicated team efforts, there has been steady improvement in the operations of the company.
Better sales realisation and effective control over the incidental costs have paved the way for substantial improvement in current year operating surplus.
Growth in Active Pharmaceutical Ingredients (API) business and the weakness in Indian Rupee led to significant
improvement in the current year operating surplus which during the year has risen to Rs. 316.000 Millions compared to Rs. 186.500 Millions, recorded during the previous year. Current year finance cost has increased by Rs. 36.500 Millions on account of higher interest outgo.
Cash generated during the year at Rs.199.900 Millions has recorded a growth of 87%, against Rs.106.900 Millions generated in the last financial year.
The management is committed towards growth in all business segments and better financial performance so as to make it possible to service all its obligations in time.
OPERATIONS
Current year's net sales revenues at Rs. 2957.800 Millions are up by 13% over last year's revenues of Rs. 2611.700 Millions. The growth in sales revenues is primarily driven by the 'Active Pharmaceutical Ingredients' (API) and Finished Formulations business segments, which have recorded growth of 13% and 23% respectively in the current year.
Improved margins and efficient utilization of resources have enabled the company to increase its operating surplus from Rs.186.500 Millions to Rs. 316.000 Millions in the current year i.e. a growth of 69%. After servicing the finance cost of Rs. 116.100 Millions, net cash surplus of Rs. 199.900 Millions has been generated during the year, against Rs. 106.900 Millions in the previous year.
API business has recorded a growth of 13% in the current year on the strength of 38% increase in its domestic business. Export segment of API business grew by over 6% in the current year. However Loratadine API and intermediates business has de-grown by 4.5% in the current year.
Current year sales revenues from sales of Montelukast and its intermediates have registered a growth of 60%, whereas growth in Atorvastatin revenues was recorded at 71%.
During the Current year 'Home Diagnostics' business has recorded revenue of Rs. 356.200 Millions, against Rs. 345.100 Millions of previous financial year. The growth in revenues has been marginal at 3% over the last financial year.
Finished Formulation business at Rs. 714.700 Millions has registered a revenue growth of 23% against previous year revenues of Rs. 578.900 Millions.
FINANCES
The company continues to service its debt obligations as per the terms approved by its lender banks and financial
institutions.
REPORT ON BUSINESS PERFORMANCE
A. ACTIVE PHARMACEUTICAL INGREDIENTS (API)
API business has been steadily moving on the path of progress. During the year growth of 13% has been recorded in its annual revenues. Current year Revenues are at Rs. 1906.100 Millions against last year revenues of Rs. 1688.000 Millions. Loratadine API and its intermediates have secured a business of Rs. 1066.000 Millions during the current financial year, which is marginally lower than the business recorded in the last financial year.
The growth in 'Loratadine' exports to the regulated markets was restricted on account of its lower quantity off take.
The company is able to secure good business in Japanese and Chinese markets for the supply of 'Loratadine'
intermediates.
On account of USFDA approval for Desloratadine 'API' received in the last year, export revenues are steadily rising. During the current year revenue worth Rs. 32.200 Millions were recorded, against Rs. 27.600 Millions in the last year. The company is expecting higher revenues in the coming years.
Final response for Certificate of Suitability (COS) for Montelukast, anti-asthma drug, was filed during the current year. It would help in capturing the highly profitable regulated European markets. 'Current year sales revenues of Montelukast API and its intermediates have registered a growth of 60% over the previous year. Morepen was granted Montelukast process patent in US during the year.
Final response for COS and USDMF for Crystalline Atorvastatin Trihydrate was also filed during the current year. Atorvastatin, a cholesterol lowering drug, with current year annual revenue of Rs. 181.100 Millions, has registered a growth of 71% over previous financial year. Fexofenadine' sales revenues have posted a growth of 25% during the current year.
During the current year, new products Sitagliptin, Saxagliptin and Olmesartan were taken for development in the
RandD laboratory. New products like Rosuvastatin and Aliskiren have contributed more than Rs. 15.400 millions to the top line during the year. In order to enhance and strengthen the Intellectual Property of the company five new patent applications were filed during the year. Further, Morepen was awarded Pharmexcil Patent Award second time in a row.
B. HOME DIAGNOSTICS
Current year sales revenues at Rs. 356.200 Millions are marginally up by 3% as compared to previous year revenues of Rs. 345.100 Millions. There has been a growth of 21% in sales revenue of 'Home Diagnostics' products, with revenue of Rs. 327.400 Millions during the current year. With an objective to stay focussed on main business of sales of 'Home Diagnostics', clinical diagnostics' business, was not promoted during the current year. Weak rupee continues to affect the profitability of the business. Keeping in view the market dynamics and affordability of consumers the company absorbed the input price increase.
C. FINISHED FORMULATIONS
Annual revenue for the current year is at Rs. 714.700 Millions, against Rs. 578.900 Millions recorded in the previous financial year, a growth of more than 23%. They trust that the business performance shall continue to improve in the coming financial years. New customers and new products have been added, which contributed a larger growth in contract manufacturing business during the year.
SUBSIDIARIES
Performance of subsidiaries-
The working of all its subsidiaries for the year and the performance of each of its subsidiaries is given herein- below:
Dr. Morepen Limited
The performance of the company dealing in sales and distribution of Over The Counter (OTC) products is steadily
improving. Sales revenue for the current year at Rs. 260.100 Millions has recorded a growth of 12% over last year revenues of Rs. 232.100 Millions.
Net profits have improved significantly during the year. Net Profit of Rs. 23.200 Millions was recorded during the year as against Rs. 3.300 Millions recorded during last year.
Improved revenue realisation has led to generation of a Cash Surplus of Rs. 23.800 Millions, against Rs. 14.700 Millions in the previous year, a growth of 62%.
The company would continue its focus on marketing and media activities to expand the markets for its entire product range. They expect steady improvement in the business and financial performance in the coming years.
Total Care Limited
Due to change in business dynamics there was not much business activity during the year. Sales revenue was Rs. 1.400 Millions, against Rs. 10.600 Millions in the previous financial year.
Morepen Inc.
This company is their marketing and distribution interface in USA for various OTC and other products. The Current year revenue was at Rs. 6.500 millions ($120,022) as against Rs. 8.600 millions ($168,744) in the previous year. Loss during the year is pegged at Rs. 0.005 millions, against profit after tax of Rs. 2.800 Millions in the last year.
Morepen Max Inc.
This company is in a dormant state, without any further investment and activity during past few years. Board of Directors considers it expedient to divest the investment in the company at an appropriate time.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
GLOBAL PHARMACEUTICAL SCENARIO
The global pharmaceutical market is estimated to reach USD 1 trillion in 2013, up from USD 956 billion in 2011. Global sales may touch USD 1.1-1.2 trillion by end of 2016, implying an average growth rate of 3-6% per annum for the period 2012-16. The primary emerging markets of China, Brazil, Russia, India, South Africa, Egypt, Mexico, Turkey, Venezuela and others, contributing more than 60% of increase in the Pharmaceutical market, are expected to grow at annual growth rate of 12-15%. By 2016, backed by above projections, sale in these markets may match US pharma market.
Developed markets are likely to grow at a much lower rate of 1-4%. Sales revenues of two largest pharmaceutical markets of USA and Japan, with growth rate in the range of 1-4% are expected to be in the range of USD 455-515 billion by 2016. Pharmaceutical sales in top 5 European markets are expected in the range of US$ 135-165 billion by 2016, recording a CAGR of -1% to 2%.
The global pharma industry for patented products continues to remain fragmented and fiercely competitive, facing
increased genericisation. However generics industry has the opportunity to capitalise on the products going off-patent in the coming years. To address these challenges, the industry is witnessing increased consolidation more particularly in the
generics space. The developed markets' share in world pharmaceuticals market is expected to come down to 57% by 2016 from its present share of more than 65%. The pharma emerging markets of China, Brazil, Russia, India, South Africa, Egypt, Mexico, Turkey, Venezuela and others are expected to grow at a significantly higher rate than the rest of the worldand would account for 30% of the global spending in 2016.
MOREPEN'S STRATEGY
The consistent growth in global pharmaceutical markets and more products going off-patent provide an exciting
opportunity to the Indian API and intermediates manufacturers, for the supply of quality products at affordable rates. Morepen has been an established player for the supply of quality API's and intermediates at affordable prices. It is servicing wide spectrum of customers across the globe. It is expanding its reach by reaching out to more and more customers across different geographical zones. Continuous RandD efforts have enabled 'Morepen' to file new process patents spreading newer products and newer countries.
For the formulations and diagnostic business segments, the company has been working hard for the expansion of its products offerings. The company expects that suitable product mix will enable it to enhance its customer base, across all regions. It aims to enhance the visibility of its products by way of product promotion and making it available to the targeted customers. For the formulations business, rework of its distribution strategy is being made and improvements are expected in the coming years.
Both production and financial performance are steadily improving, specifically in its largest business segment i.e. API. The company is striving hard to bring about positive improvements in rest of its businesses. Though the company has earned itself a good name as a quality supplier, it remains committed to offer value to its customers and maintain a healthy relationship with all its constituents. For the purpose of enhancement of API business and towards strengthening of its Intellectual properties five new patent applications were filed during the year.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
|
Claim against the Company not acknowledged as debts |
152.500 |
45.900 |
|
Guarantees |
1.400 |
0.400 |
|
Other money for which company is contingently liable |
127.400 |
12.000 |
|
Arrears of Fixed Cummulative Dividends on Preference Shares |
54.300 |
49.300 |
|
Bills discounted with banks |
13.400 |
22.900 |
STATEMENT OF
UNAUDITED FINANCIAL RESULTS
(Rs. In millions)
|
Sr.
No. |
Particulars |
Quarter ended 30.06.2013 (Unaudited) |
|
|
1 |
Income
from operations: |
|
|
|
|
(a) |
Net
sales/Income from operations (Net of Excise Duty) |
784.788 |
|
|
(b) |
Other
operating income |
12.613 |
|
|
Total
income from operations (net) |
797.401 |
|
|
|
|
|
|
|
2 |
Expenses: |
|
|
|
|
a. |
Cost
of Material Consumed |
350.270 |
|
|
b. |
Purchase
stock-in-trade |
141.933 |
|
|
c. |
Changes
in inventories of Finished goods, Work-in-Progress and Stock-in-trade |
(22.787) |
|
|
d. |
Employee
Benefits Expenses |
97.202 |
|
|
e. |
Depreciation
and Amortisation |
114.297 |
|
|
f. |
Power and Fuel |
22.202 |
|
|
g. |
Travelling Expenses |
14.307 |
|
|
h. |
Selling and Distribution Expenses |
33.170 |
|
|
i. |
Other Expenses |
44.920 |
|
|
Total
Expenditure |
795.514 |
|
|
3 |
Profit / (Loss) from operations before other income, finance cost and Exceptional Items (1-2) |
1.887 |
|
|
4 |
Other income /(Loss) |
2.688 |
|
|
5 |
Profit / (Loss) from Ordinary activities before Finance Cost and Exceptional Items (3+4) |
4.575 |
|
|
6 |
Finance costs |
27.923 |
|
|
7 |
Profit / (Loss) from Ordinary activities after Finance Cost but before Exceptional Items (5-6) |
(23.348) |
|
|
8 |
Exceptional Items – Income/(Expense) |
-- |
|
|
9 |
Profit / (Loss) from Ordinary Activities before Tax (7-8) |
(23.348) |
|
|
10 |
Tax Expense |
-- |
|
|
11 |
Profit / (Loss) from Ordinary Activities after Tax (9-10) |
(23.348) |
|
|
12 |
Extraordinary
Items Income/(Expense) |
29.027 |
|
|
13 |
Net Profit / (Loss) for the period
(11+12) |
5.679 |
|
|
14 |
Paid
up Equity Share Capital of Face Value of Rs. 2/- each |
899.600 |
|
|
15 |
Reserve
excluding Revaluation reserves |
|
|
|
|
a)
Earning Per Share before Extraordinary Items (In Rs.)* Basic
and Diluted |
(0.05) |
|
|
|
b)
Earning Per Share after Extraordinary Items (In Rs.)* Basic
and Diluted |
0.01 |
|
|
PART
II |
|
||
|
A |
PARTICULARS
OF SHAREHOLDING |
|
|
|
1 |
Public
shareholding |
|
|
|
|
a. |
Number
of shares |
294454615 |
|
|
b. |
Percentage
of shareholding |
65.46% |
|
2 |
Promoters
and promoter group shareholding |
|
|
|
|
a. |
Pledged/Encumbered |
|
|
|
Number
of shares |
610000 |
|
|
|
|
Percentage
of shares (as a % of the total shareholding of promoter and promoter group) |
0.39% |
|
|
|
Percentage
of shares (as a % of the total share capital of the Company) |
0.14% |
|
|
b. |
Non-encumbered |
|
|
|
Number
of shares |
154761588 |
|
|
|
|
Percentage
of shares (as a % of the total shareholding of promoter and promoter group) |
99.61% |
|
|
|
Percentage
of shares (as a % of the total share capital of the Company) |
34.40% |
|
Particulars |
Quarter ended 30.06.2013 |
|
B INVESTOR COMPLAINTS (Nos.) |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unresolved at the end of the quarter |
Nil |
Note
The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 5th August, 2013. A limited review of the same had been carried out by the statutory auditors
The company is exclusively engaged in the Pharmaceutical Business Segment.
Consolidated Income from Operations, Net Profit/ (Loss), EPS before extraordinary item and EPS after extraordinary item for the quarter ended 30th June, 2013 stands at Rs. 864.570 Millions, Rs. 7.164 Millions, Rs. (0.05) and Rs. 0.01 respectively
The figures of the previous quarter/year, have been re-grouped/re-classified to confirm to the current quarter classification.
Extraordinary items of Rs. 29.027 millions represent net of surplus accruing on account of settlement with a term lender and loss in value of Investment.
FIXED ASSETS
v
Tangible
Assets
Free
Hold Land
Leasehold
Land
Buildings
Plant
and Machinery
Furnitures
and Fixtures
Vehicles
Office
Equipments
v
Intangible Assets
Computer
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.66.89 |
|
|
1 |
Rs.103.95 |
|
Euro |
1 |
Rs.88.10 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
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 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
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 |
|
27 |
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.