MIRA INFORM REPORT
|
Report Date : |
14.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
AVON ORGANICS LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 18, Yawapur Village, Sadashivpet Mandal, Medak District – 502291, Andhra Pradesh |
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Country : |
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|
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Financials (as
on) : |
31.03.2012 |
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|
Date of
Incorporation : |
03.08.1993 |
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|
|
|
Com. Reg. No.: |
01-016112 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs.225.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24110AP1993PLC016112 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDA01193D HYDA01216F |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCA7422Q |
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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
: |
Manufacturing of Bulk Drugs and Chemicals. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2750000 |
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|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exists |
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Comments : |
Subject is a subsidiary of “Arch Pharmalabs Limited”. It is an established company having a moderate track record. The
performance of the company is fair during 2012. The rating also take into consideration the delays in servicing of
debt obligations by its parent company rated “D” which owns 63.60% stake in
the subject company. Subject is indulged into relatively small size of operations and
offers limited products in this intense competition scenario which is a
drawback. However, trade relations are reported as fair. Business is active.
Payment terms are slow but correct. In view of experienced promoters, the subject 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very
High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
B [Long Term Loans] |
|
Rating Explanation |
High risk of default |
|
Date |
19.04.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A4 [Short Term Loans] |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
19.04.2013 |
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/ Factory 1 : |
Survey No. 18, Yawapur Village, Sadashivpet Mandal, Medak District – 502291, Andhra Pradesh, India |
|
Tel. No.: |
91-8455-252290 |
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Fax No.: |
91-8455-251536 |
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E-Mail : |
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|
Website : |
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|
Corporate Office 1: |
6-3-865, 4th Floor, Madhupala Towers,
Opposite Greenland Apartments, Ameerpet – 500016, Hyderabad, India |
|
Tel. No.: |
91-40-23414432/ 23405042/ 23411918/ 30906500/ 01 |
|
Fax No.: |
91-40-23404438 |
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E-Mail : |
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Corporate Office 2 : |
H. Wing, 4th Floor, Tex Centre, off Sakivihar Road, Chandivali, Andheri (East), Mumbai – 400072, Maharashtra, India |
|
Tel. No.: |
91-22-40756789 |
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Fax No.: |
91-22-28471234/ 1002 |
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|
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|
Factory 2 : |
Diketene
Division: Survey
No. 18, Yawapur, Sadasivpet (M), Medak District, |
|
Tel. No.: |
91-9498-28083/
28084 |
|
|
|
|
Factory 3 : |
Bio-Tech
Division: Plot
No. E-2, Chincholi Industrial Area Solapur, |
|
Tel. No.: |
91-217-
2357338/ 2357339 |
|
Fax No.: |
91-127-
2357738/ 2357339 |
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|
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|
Branch Office : |
541-A, Arch House, Marol Maroshi Road,
Marol, Andheri (East), Mumbai-400059, Maharashtra, India |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Ajit Annu Kamath |
|
Designation : |
Chairman and Managing Director |
|
Address : |
404, IIa Apartment, sector 4, RDP 7, Charkop, Kandivali (West), Mumbai – 400067, Maharashtra, India |
|
Date of Birth/Age : |
12.12.1969 |
|
Date of Appointment : |
01.08.2009 |
|
DIN No.: |
00032799 |
|
|
|
|
Name : |
Mr. Manoj Tejraj Jain |
|
Designation : |
Director |
|
Address : |
Flat No.4-A, Shefali, Mahim Makrand, Co-operative Housing Society Limited, 114, S.V.S. Marg, Mahim, Mumbai – 400016, Maharashtra, India |
|
Date of Birth/Age : |
20.03.1970 |
|
Date of Appointment : |
29.09.2009 |
|
DIN No.: |
00034727 |
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|
|
|
Name : |
Mr. Sudhir Prabhakar Ghate |
|
Designation : |
Non- Executive Independent Director |
|
Address : |
Needam Behind S d M Law Collage, M G Road, Dakshina, Mangalore – 575003, India |
|
Date of Birth/Age : |
12.11.1957 |
|
Date of Appointment : |
29.09.2009 |
|
DIN No.: |
00035949 |
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|
|
|
Name : |
Mr. Ashit Kishorkumar Shah |
|
Designation : |
Non- Executive Independent Director |
|
Address : |
11, Varsha, 17 Vallabh Baug Cross Lane, Extension, Ghatkopar East, Mumbai – 400077, Maharashtra, India |
|
Date of Birth/Age : |
15.05.1969 |
|
Date of Appointment : |
29.09.2009 |
|
DIN No.: |
00023944 |
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|
|
|
Name : |
Mr. Upkar Singh Kohli |
|
Designation : |
Additional Director |
|
Address : |
J-170 Rajouri Garden, New Delhi – 110027, India |
|
Date of Birth/Age : |
18.08.1947 |
|
Date of Appointment : |
29.07.2011 |
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Email : |
|
|
DIN No.: |
02528045 |
KEY EXECUTIVES
|
Name : |
Ms. Sunipa Ghosh |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of
Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
14309100 |
63.60 |
|
|
14309100 |
63.60 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
14309100 |
63.60 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
157600 |
0.70 |
|
|
157600 |
0.70 |
|
|
|
|
|
|
845355 |
3.76 |
|
|
|
|
|
|
3671923 |
16.32 |
|
|
3353508 |
14.90 |
|
|
162514 |
0.72 |
|
|
115453 |
0.51 |
|
|
47061 |
0.21 |
|
|
8033300 |
35.70 |
|
Total Public shareholding (B) |
8190900 |
36.40 |
|
Total (A)+(B) |
22500000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
22500000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Bulk Drugs and Chemicals. |
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Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Intermediates
and APIs |
TPA |
-- |
2300 |
452.80 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
Bankers : |
· Indian Overseas Bank, Arjun Towers, 1st Floor, 25421662, Gokhale Road, Naupada, Thane – 400602, Maharashtra, India · State Bank of India, Industrial Finance Branch, Raj Bhavan Road, Somajiguda, Hyderabad - 500082, Andhra Pradesh, India · Axis Bank Limited, Fort Branch, Universal Insurance Building, Fort, Mumbai - 400023, Maharashtra, India · Punjab National Bank, Road No. 1, Banjara Hills, Hyderabad - 500034, Andhra Pradesh, India · ING Vysya Bank Limited, 1-7-1, T. S. R. Complex, Sardar Patel Road, Secunderabad – 500003, Andhra Pradesh, India · Canara Bank · Karur Vysya Bank |
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Facilities : |
|
|
|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Mukesh Mehta and Associates Chartered Accountants |
|
Address : |
3/4A,
Hammersmith Industrial Premises,Narayan Pathare Marg, Off Sitladevi Temple
Road, Mahim (West), Mumbai – 400016, Maharashtra, India |
|
Tel. No.: |
91-22-24440564/
24440716 |
|
Email : |
|
|
Website : |
|
|
PAN No: |
AALPM7276R |
|
|
|
|
Holding Company : |
Arch Pharmalabs Limited CIN No.: U24231MH1993PLC150891 |
|
|
|
|
Subsidiary Company : |
Regal Pharma Pte. Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22500000 |
Equity Shares |
Rs.10/- each
|
Rs.225.000
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 |
|
225.000 |
225.000 |
|
(b) Reserves & Surplus |
|
463.692 |
389.187 |
|
(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) |
|
688.692 |
614.187 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
|
516.950 |
692.635 |
|
(b) Deferred tax
liabilities (Net) |
|
19.261 |
14.065 |
|
(c)
Other long term liabilities |
|
317.140 |
194.856 |
|
(d)
long-term provisions |
|
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
|
853.351 |
901.556 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
473.627 |
478.542 |
|
(b)
Trade payables |
|
339.593 |
316.561 |
|
(c)
Other current liabilities |
|
189.340 |
142.428 |
|
(d)
Short-term provisions |
|
30.376 |
46.650 |
|
Total
Current Liabilities (4) |
|
1032.936 |
984.181 |
|
|
|
|
|
|
TOTAL |
|
2574.979 |
2499.924 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
1001.686 |
1100.885 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
134.907 |
0.000 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b)
Non-current Investments |
|
107.643 |
0.003 |
|
(c)
Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.051 |
0.051 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
1244.287 |
1100.939 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
443.465 |
493.259 |
|
(c)
Trade receivables |
|
655.127 |
633.893 |
|
(d)
Cash and cash equivalents |
|
78.718 |
24.936 |
|
(e)
Short-term loans and advances |
|
44.149 |
131.530 |
|
(f)
Other current assets |
|
109.233 |
115.367 |
|
Total
Current Assets |
|
1330.692 |
1398.985 |
|
|
|
|
|
|
TOTAL |
|
2574.979 |
2499.923 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
225.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
434.851 |
|
|
4] (Accumulated Losses) |
|
|
(118.032) |
|
|
NETWORTH |
|
|
541.819 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1062.915 |
|
|
2] Unsecured Loans |
|
|
346.354 |
|
|
TOTAL BORROWING |
|
|
1409.269 |
|
|
DEFERRED TAX LIABILITIES |
|
|
14.064 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1965.152 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
568.998 |
|
|
Capital work-in-progress |
|
|
298.056 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.019 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
616.812 |
|
|
Sundry Debtors |
|
|
609.613 |
|
|
Cash & Bank Balances |
|
|
122.400 |
|
|
Other Current Assets |
|
|
16.410 |
|
|
Loans & Advances |
|
|
205.432 |
|
Total
Current Assets |
|
|
1570.667 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
442.677 |
|
|
Other Current Liabilities |
|
|
3.174 |
|
|
Provisions |
|
|
26.737 |
|
Total
Current Liabilities |
|
|
472.588 |
|
|
Net Current Assets |
|
|
1098.079 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1965.152 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1670.333 |
1621.207 |
1504.549 |
|
|
|
Other Income |
2.331 |
2.484 |
2.935 |
|
|
|
TOTAL (A) |
1672.664 |
1623.691 |
1507.484 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
851.477 |
1063.885 |
|
|
|
|
Power and Fuel |
117.985 |
124.092 |
|
|
|
|
Payments and Benefits to Employees |
130.537 |
103.215 |
1242.951 |
|
|
|
Other Manufacturing Expenses |
46.589 |
63.379 |
|
|
|
|
Administrative and Selling Expenses |
41.503 |
33.887 |
|
|
|
|
Increase/ Decrease in Stocks |
67.004 |
(59.330) |
|
|
|
|
TOTAL (B) |
1255.095 |
1329.128 |
1242.951 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
417.569 |
294.563 |
264.533 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
195.432 |
134.794 |
116.940 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
222.137 |
159.769 |
147.593 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
108.609 |
61.164 |
58.510 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
113.528 |
98.605 |
89.083 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
12.873 |
0.000 |
0.063 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
100.655 |
98.605 |
89.020 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(45.665) |
(118.033) |
(180.729) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
22.500 |
22.500 |
22.500 |
|
|
|
Dividend
Distributed Tax |
3.650 |
3.737 |
3.824 |
|
|
BALANCE CARRIED
TO THE B/S |
28.840 |
(45.665) |
(118.033) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
520.226 |
422.365 |
508.130 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
124.864 |
155.308 |
168.918 |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
4.47 |
4.38 |
3.96 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
30.06.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
5th
Quarter |
|
Net Sales |
425.600 |
445.800 |
423.600 |
406.600 |
232.500 |
|
Total Expenditure |
327.300 |
349.800 |
323.800 |
343.100 |
229.300 |
|
PBIDT (Excl OI) |
98.300 |
96.000 |
99.800 |
63.500 |
3.200 |
|
Other Income |
00.500 |
00.500 |
00.300 |
00.900 |
0.300 |
|
Operating Profit |
98.700 |
96.400 |
100.200 |
64.300 |
3.600 |
|
Interest |
48.300 |
47.500 |
46.000 |
30.300 |
42.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
50.500 |
48.900 |
54.200 |
34.000 |
(38.800) |
|
Depreciation |
25.400 |
23.800 |
24.800 |
25.700 |
24.100 |
|
Profit Before Tax |
25.100 |
25.100 |
29.400 |
08.400 |
(62.900) |
|
Tax |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
25.100 |
25.100 |
29.400 |
08.400 |
(62.900) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
25.100 |
25.100 |
29.400 |
08.400 |
(62.900) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
6.02
|
6.07 |
5.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.80
|
6.08 |
5.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.87
|
3.94 |
4.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.16 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.44
|
1.91 |
2.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29
|
1.42 |
3.32 |
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 |
Yes |
|
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 |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10266950 |
01/07/2011 * |
200,000,000.00 |
INDIAN OVERSEAS BANK |
ARJUN TOWERS, 1ST
FLOOR, 25421662, GOKHALE ROAD, |
B17957309 |
|
2 |
10171343 |
03/02/2010 * |
400,000,000.00 |
THE KARUR VYSYA BANK LIMITED |
KAMANWALA CHAMBERS,
SIR P. M. ROAD, FORT, MUMBAI - 400001,
|
A78038072 |
|
3 |
10092077 |
26/07/2013 * |
695,000,000.00 |
AXIS BANK LIMITED |
AXIS HOUSE, GROUND
FLOOR, C-2, WADIA INTERNATION |
B81759383 |
|
4 |
10004469 |
29/03/2010 * |
90,000,000.00 |
PUNJAB NATIONAL BANK |
ROAD NO. 1, BANJARA HILLS, HYDERABAD - 500034, ANDHRA PRADESH, INDIA |
A82021726 |
|
5 |
90136210 |
03/06/2013 * |
424,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, RAJ BHAVAN ROAD, SOMAJ |
B80810856 |
|
6 |
90136109 |
04/02/2002 |
3,000,000.00 |
THE VYSYA BANK LIMITED |
D NO 127 TO 139 1ST FLOOR NEELGUT BLOCK, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
7 |
90136029 |
03/11/2003 * |
50,000,000.00 |
THE BANK OF NOVA SCOTIA |
6-3-346/1 ROAD NO 1, BANJARA HILLS, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
8 |
90132850 |
06/09/2000 |
40,000,000.00 |
ICICI LIMITED |
ICICIT TOWER BANDRA KURLA COMPLEX, MUMBAI - 400051, MAHARASHTRA, INDIA |
- |
|
9 |
90132453 |
23/07/1997 * |
15,000,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LIMITED |
163 BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
10 |
90132126 |
22/01/1996 * |
25,000,000.00 |
INDUSTRIAL RECONSTRUSTION BANK OF INDIA |
19 NETHAJI SUBHASH ROAD, CALCUTTA, WEST BENGAL - 700001, INDIA |
- |
|
11 |
90133785 |
23/06/1995 |
25,000,000.00 |
INDUSTRIAL RECONSTNICTION BANK OF INDIA |
19 NETHJI SUBHAS
ROAD, CALCUTTA, WEST BENGAL - 700 |
- |
|
12 |
90132118 |
22/01/1996 * |
31,500,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LIMITED |
163 BACK BAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
13 |
90133782 |
22/03/1996 * |
31,500,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LIMITED |
163 BACKBAY RECLAMATION, BOMBAY - 400020, MAHARASHTRA, INDIA |
- |
* Date of charge modification
LITIGATION DETAILS
CASE STATUS
|
ITTA
691/2006
ITTASR 443/2006 CASE
IS: PENDING |
|
PETITIONER
RESPONDENT COMMISSIONER OF INCOME TAX VS AVON
ORGANICS LIMITED PET.ADV: PRASAD (SC FOR INCOME TAX)
RESP.ADV. : MURALI KRISHNA SUBJECT: U/Sec. 143 Assessment
DISTRICT: HYDERABAD |
|
FILING DATE: 20-02-2006
POSTING STAGE : FOR ADMISSION REG. DATE : 11-12-0006 LISTING
DATE : 08-02-2007
STATUS : ADMIT |
|
HON'BLE JUDGE(S): JUSTICE BILAL
NAZKI
NOOTY RAMAMOHANA RAO |
|
Unsecured Loan |
31.03.2012 (Rs.
in Millions) |
As
on 31.03.2011 (Rs.
in Millions) |
|
Long Term
Borrowings |
|
|
|
Deferred sales tax loan from state government |
148.061 |
154.858 |
|
TOTAL
|
148.061 |
154.858 |
YEAR IN RETROSPECT
During the year, the Company has achieved Net Sales and Operational income of Rs.1670.334 Millions as against Rs. 1621.207 Millions in the previous year, registering an increase in sales by 3.03%. During the year the Company has achieved a Net profit of Rs.100.655 Millions as against Rs.98.605 Millions, during the corresponding period in the previous year.
The total sales of the Company includes export sales of Rs.520.226 Millions during the year as against Rs.422.365 Millions, during the previous year and account for approximately 31.15% of the total sales in the current year as against 26.05% in the previous corresponding period.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
GLOBAL PHARMACEUTICAL MARKET
The global pharmaceutical
market is changing rapidly and growing more complex. Annual global spending on
medicines is expected to rise from $956 billion in 2011 to nearly $1.2 trillion
in 2016, representing a compound annual growth rate of 3-6 per cent, as per the
IMS Institute for Healthcare Informatics' report, The Global Use of Medicines:
Outlook through 2016.
This growth in annual global
spending is mainly driven by volume increases in the emerging markets and an
uptick in spending in developed nations.
Following several years of
slowing growth, the global market for medicines is poised to rebound from an
expected low point of 3-4 per cent growth in 2012 to 5-7 per cent in 2016,
according to a new forecast issued by the IMS Institute for Healthcare Informatics.
Health systems in emerging
markets will nearly double their medicine spending in five years. The increase
will be driven by rising incomes, continued low cost for drugs, and
government-sponsored programmes designed to increase access to treatments - by
limiting patients' exposure to costs and encouraging greater use of medicines.
Generics and other products, including over-the-counter medicines, diagnostics
and non-therapeutics, will account for approximately 83% of such increase.
Global generic spending is
expected to increase from $242 billion in 2011 to$400-430 billion by 2016,
fuelled by volume growth in emerging markets and the ongoing transition to
generics in developed nations.
Branded formulations could
experience a dip pursuant to a peak expiry of patents in 2012 and as well as
increased cost-containment actions by payers. The impact of patent expiries
primarily will be felt in the US. In Europe, limited savings from expiring
patents are prompting policy shifts to encourage greater use of generics and
lower reimbursement for these products.
INDIAN PHARMACEUTICAL MARKET
The recent spate of
turbulence experienced in the Indian market has resulted in high inflation levels,
volatile industrial output and escalated interest rates and have collectively
caused a downward revision in the GDP growth rates from 8% to 6.9%.
Even though, the outlook for
the pharmaceuticals sector in the country remains positive, the Indian Pharmaceuticals
market valued at around US $ 12.3 billion (IMS March MAT 2012) is a highly
fragmented market with a large number of players spread across therapy
segments.
Regarded as one of the
fastest-growing pharma market globally, primarily driven by a large population,
evolving patient demographics, increasing health care expenditure, growing
urbanisation, rising life expectancy, and active private-sector participation,
Indian companies are today regarded as collaborators demonstrating capabilities
that match global expectations.
India ranks third in terms
of manufacturing pharma products by volume. India's Pharmaceutical industry is
gaining its position as a global leader clearly topping the charts among the
Indian science based industries with significant expertise in the complex field
of drug manufacture and technology. India's pharmaceutical market has
registered a strong growth of 16% in 2012.
The Indian pharmaceuticals
sector is poised to reach US$ 55 billion by 2020, from US$ 12.6 billion in 2009
{Source: Mckinsey, India Pharma 2020: Propelling access and acceptance
realising true potential, 2010).India tops in exporting generic medicines. The
Indian pharma industry produces around 20% to 24% of the global generic drugs.
Around 40% of the total pharmaceutical produce is exported (55% formulation and
45% APIs). The Indian pharmaceutical market is expected to witness rapid and
significant growth on the back of greater acceptance and penetration of
generics, enhanced export opportunities, increasing global demand, and a large
share of off-patent drugs in the future.
OUTLOOK
India's pharmaceutical
industry is at an advantageous position compared to other emerging countries.
With the advantage of being a highly organized sector, the Indian pharmaceutical
companies are growing at the rate of 8-9% annually.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED ON 30.06.2013
(Rs.
In Millions)
|
Sr.
No. |
Particulars |
Quarter Ended |
Year Ended |
|||
|
|
|
30.06.2013 (Unaudited) |
31.03.2013 (Audited) |
30.06.2012 (Unaudited) |
31.03.2013 (Audited) |
|
|
1 |
Income
from operations: |
|
|
|
|
|
|
|
(a) |
Net
sales/Income from operations |
232.486 |
406.558 |
425.574 |
1701.504 |
|
|
(b) |
Other
operating income |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
Total
income from operations (net) |
232.486 |
406.558 |
425.574 |
1701.504 |
|
|
2 |
Expenses: |
|
|
|
|
|
|
|
|
Cost of Materials consumed |
167.214 |
244.154 |
292.934 |
1133.136 |
|
|
a. |
Purchases
of Stock in trade |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
b. |
Changes
in inventories of finished goods, work-in-progress and stock-in-trade |
20.849 |
27.697 |
(49.982) |
(91.355) |
|
|
c. |
Employee
benefits expense |
21.902 |
37.170 |
29.880 |
122.480 |
|
|
d. |
Depreciation
and amortisation expense |
24.047 |
25.672 |
25.410 |
99.651 |
|
|
e. |
Other
expenses |
19.288 |
34.080 |
54.468 |
179.753 |
|
|
Total
expenses |
253.300 |
368.773 |
352.709 |
1443.646 |
|
|
3 |
Profit/(Loss) from operations before other income, finance cost and Exceptional Items (1-2) |
(20.814) |
37.784 |
72.865 |
257.858 |
|
|
4 |
Other
income |
0.339 |
0.886 |
0.448 |
2.165 |
|
|
5 |
Profit/(Loss)
from ordinary activities before finance cost and Exceptional
Items
(3+4) |
(20.475) |
38.570 |
73.313 |
260.023 |
|
|
6 |
Finance
costs |
42.396 |
30.299 |
48.245 |
172.082 |
|
|
7 |
Profit/(Loss)
from ordinary activities after finance cost but before Exceptional
Items
(5-6) |
(62.871) |
83.371 |
25.068 |
87.941 |
|
|
8 |
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
9 |
Profit/(Loss)
from ordinary activities before tax (7+8) |
(62.871) |
83.371 |
25.068 |
87.941 |
|
|
10 |
Tax
expense |
|
|
|
|
|
|
|
Provision for Tax |
0.000 |
0.000 |
0.000 |
25.196 |
|
|
|
MAT Credit |
0.000 |
0.000 |
0.000 |
(20.000) |
|
|
11 |
Net Profit/(Loss) from ordinary activities after tax (9-10) |
(62.871) |
83.371 |
25.068 |
82.745 |
|
|
12 |
Extra-ordinary
Item (Net of tax expenses) |
0.000 |
0.000 |
0.0000 |
0.000 |
|
|
13 |
Net
Profit/Loss for the period (11-12) |
(62.871) |
83.371 |
25.068 |
82.745 |
|
|
14 |
Share
of Profit/Loss of associates |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
15 |
Minority
Interest |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
16 |
Net Profit/Loss after Taxes, minority
interest and share of profit / loss of associates |
(62.871) |
83.371 |
25.068 |
82.745 |
|
|
17 |
Paid-up
equity share capital (face value of Rs. 10/- each) |
225.000 |
225.000 |
225.000 |
225.000 |
|
|
18 |
Reserve
excl. revaluation reserves |
NA |
NA |
NA |
NA |
|
|
19 |
Earnings
per share (EPS) Before and after Extraordinary Items |
|
|
|
|
|
|
|
Basic |
(2.79) |
0.37 |
1.11 |
3.68 |
|
|
|
Diluted |
(2.79) |
0.37 |
1.11 |
3.68 |
|
|
|
|
|
|
|
|
|
|
PART
II |
|
|
|
|
||
|
A |
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
|
|
1 |
Public
shareholding |
|
|
|
|
|
|
|
a. |
Number
of shares |
8190900 |
8190900 |
8190900 |
8190900 |
|
|
b. |
Percentage
of shareholding |
36.40% |
36.40% |
36.40% |
36.40% |
|
2 |
Promoters
and promoter group shareholding |
|
|
|
|
|
|
|
a. |
Pledged/Encumbered |
|
|
|
|
|
|
Number
of shares |
NIL |
NIL |
NIL |
NIL |
|
|
|
|
Percentage
of shares (as a % of the total shareholding of promoter and promoter group) |
NIL |
NIL |
NIL |
NIL |
|
|
|
Percentage
of shares (as a % of the total share capital of the Company) |
NIL |
NIL |
NIL |
NIL |
|
|
b. |
Non-encumbered |
|
|
|
|
|
|
Number
of shares |
14309100 |
14309100 |
14309100 |
14309100 |
|
|
|
|
Percentage
of shares (as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
100% |
100% |
|
|
|
Percentage
of shares (as a % of the total share capital of the Company) |
63.60% |
63.60% |
63.60% |
63.60% |
|
Particulars |
Quarter ended 30.06.2013 |
|
B INVESTOR COMPLAINTS (Nos.) |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
FIXED ASSETS:
- Land
and Site Development
- Buildings
- Non-Factory
- Factory
- Plant
and Machinery
- Electrical
Installation
- Furniture
- Office
Equipment
- Computers
- Vehicles
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 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.63.79 |
|
|
1 |
Rs.100.70 |
|
Euro |
1 |
Rs.84.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--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 |
|
32 |
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.