MIRA INFORM REPORT
|
Report Date : |
03.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
FERMENTA BIOTECH LIMITED (w.e.f. 10.05.2000) |
|
|
|
|
Formerly Known
As : |
FERMENTAPHARMA BIODIL LIMITED |
|
|
|
|
Registered
Office : |
C/O Duphar-Interfran Limited
Complex, Opposite Vidyapeeth, S.V. Road, Ghodbunder Road, Majiwada, Thane
(West) - 400610, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
11.07.1986 |
|
|
|
|
Com. Reg. No.: |
11-134021 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 181.928 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1986PLC134021 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF2503N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Marketing of Chemicals, Bulk
Drugs and Enzymes. |
|
|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “DIL LIMITED”, INDIA. It is an established
company having satisfactory track record. There appears drastic dip in profit of the company during financial
year 2013. However, the rating rakes in to consideration managerial and financial
support that company receives from its parent company and decent general
financial position. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. The company can be considered for business dealings at usual trade
terms and condition. |
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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in
exports and moderation in gold imports. Manufacturing activity and new orders
in India showed their strongest growth in a year in February. The news comes as
a relief after data showed Asia’s third largest economy grew by a
slower-than-expected 4.7 % annually in the three months through December. The
HSBC Manufacturing Purchasing Managers’ Index which gauges the business
activity of India’s factories but not its’ utilities, rose to 52.5 in February,
its highest in a year from 51.4 in January. Overall new orders for factory
goods which rose to a one-year high of 54.9 contributed to the surge. China has
emerged as India’s biggest trading partner in the current financial year
replacing the United Arab Emirates and pushing it to the third spot.
India-China trade has reached $49.5 billion with a 8.7 % share in India’s total
trade. The US comes second at $46 billion with 8.1 % share during the first
nine months of the current financial year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
05.02.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A3+ |
|
Rating Explanation |
Moderate degree of safety and high credit risk |
|
Date |
05.02.2013 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Suresh Nair |
|
Designation : |
Account Executive |
|
Contact No.: |
91-22-66230827 |
|
Date : |
01.04.2014 |
LOCATIONS
|
Registered
Office/ Administrative : |
C/O Duphar-Interfran Limited Complex, Opposite Vidyapeeth, S.V. Road,
Ghodbunder Road, Majiwada, Thane (West) - 400610, Maharashtra, India |
|
Tel. No.: |
91-22-67980888/
800 / 66230827 |
|
Mobile No.: |
91-9930128326
(Mr. Dilip) |
|
Fax No.: |
91-22-67980999/
67980899 |
|
E-Mail : |
|
|
Website : |
|
|
Location: |
Owned |
|
|
|
|
Factory 1 : |
Village Takoli, P. O. Nagwain, District Mandi – 175121, Himachal
Pradesh, India |
|
Tel. No.: |
91-1905-287246/ 48/ 49 |
|
Fax No.: |
91-1905-287250 |
|
E-mail: |
|
|
|
|
|
Factory 2 : |
Plot No. Z109, B and C, Dahej SEZ, Village Dahej, Taluka - Vagara,
Bharuch – 392130, Gujarat, India |
DIRECTORS
As on 24.09.2013
|
Name : |
Mr. Satish Varma Azad Nadimpally |
|
Designation : |
Managing director |
|
Address : |
Flat No. 1104, Quiscent Heights, Mindspace Link Road, Malad (West), Mumbai - 400064, Maharashtra, India |
|
Date of Birth/Age : |
21.03.1970 |
|
Qualification: |
Computer Science |
|
Date of Appointment : |
04.10.2004 |
|
PAN No.: |
AAPPV6580K |
|
DIN No.: |
00003255 |
|
|
|
|
Name : |
Mr. Krishna Vasantkumar Datla |
|
Designation : |
Director |
|
Address : |
42 – B, Dhananjay Presidency CHS JVPD Scheme, Juhu, Vile Parle, Mumbai-400049, Maharashtra, India |
|
Date of Birth/Age : |
17.12.1980 |
|
Qualification: |
B com |
|
Date of Appointment : |
01.02.2002 |
|
PAN No.: |
AEIPD5499Q |
|
DIN No.: |
00003247 |
|
|
|
|
Name : |
Mr. Rajendra Balkrishna Gaitonde |
|
Designation : |
Whole-time director |
|
Address : |
505 Santoor Society, Lokpuram, Thane (West) - 400610, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1962 |
|
Qualification: |
BSc in Chemical Technology from UDCT Mumbai |
|
Date of Appointment : |
04.10.2004 |
|
PAN No.: |
AEHPG9235N |
|
DIN No.: |
00003269 |
|
|
|
|
Name : |
Mrs. Anupama Vasantkumar Datla |
|
Designation : |
Whole-time director |
|
Address : |
A/802, Aditya Samarth, Ramdas Marg, Juhu Scheme, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
12.06.1978 |
|
Qualification : |
Post Graduate in Biotechnology Science Graduate from The Boston College |
|
Date of Appointment : |
29.03.2007 |
|
PAN No.: |
AEFPD0595N |
|
DIN No.: |
00217027 |
|
|
|
|
Name : |
Mr. Sanjay Ramakant Buch |
|
Designation : |
Director |
|
Address : |
7/31, Bandra Sona CHS. Complex, Krishna Chandra Marg, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
26.09.1968 |
|
Qualification: |
B A Hons Economics |
|
Date of Appointment : |
22.01.2010 |
|
PAN No.: |
AAPPB5842A |
|
DIN No.: |
00391436 |
|
|
|
|
Name : |
Mr. Peter John Bains |
|
Designation : |
Director |
|
Address : |
Hutchins Barn, Forty Green Road, Knotty Green, HP9IXL, Beaconsfield, United Kingdom - 76152 |
|
Date of Birth/Age : |
26.07.1957 |
|
Qualification: |
BSc Combined Hons . Physiology/Zoology Sheffield University |
|
Date of Appointment : |
19.03.2010 |
|
DIN No.: |
00430937 |
|
|
|
|
Name : |
Mr. Viswanath Venkata Subrahmanya Anjaneya Chibrolu |
|
Designation : |
Director |
|
Address : |
Flat No. 302, Chaitanya Estates, Moti Nagar, X Road, Hyderabad – 500018, Andhra Pradesh, India |
|
Date of Birth/Age : |
12.08.1969 |
|
Qualification: |
MBA from IIM Lucknow |
|
Date of Appointment : |
17.01.2011 |
|
DIN No.: |
01556254 |
|
|
|
|
Name : |
Mr. Tirunelveli Padmanabhan Devarajan |
|
Designation : |
Alternate director |
|
Address : |
10.03.152 (New No 38 ST No 2) East, Marredpally, Secunderabad – 500026, Andhra Pradesh, India |
|
Date of Birth/Age : |
28.03.1964 |
|
Qualification: |
Chemical Engineer and Post Graduate Degree in Management from IIM Ahmedabad |
|
Date of Appointment : |
14.03.2011 |
|
DIN No.: |
03473633 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Prakash Basantani |
|
Designation : |
Secretary |
|
Address : |
601, Prairie Tower No. 5, Vasant Lawans, Near Majiwada Naka, Thane
(West), Mumbai – 400601, Maharashtra, India |
|
Date of Birth/Age : |
29.07.1979 |
|
Date of Appointment : |
03.09.2012 |
|
PAN No.: |
AKHPB9796R |
|
|
|
|
Name : |
Mr. Suresh Nair |
|
Designation : |
Account Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
V. K. Datla |
|
12 |
|
D. G. Rajan |
|
12 |
|
O. Swaminatha Reddy |
|
12 |
|
DIL Limited, India |
|
12762464 |
|
V. R. Investment and Finance Private Limited, India |
|
15000 |
|
D. Rajeshwari |
|
85338 |
|
Govind Desai and Mr. Gunanath Govind Desai |
|
2500 |
|
Govind Desai and Mr. Damodar Govind Desai |
|
1000 |
|
Shaila G. Desai and Mr. Damodar Govind Desai |
|
1500 |
|
S. Krishnan |
|
10 |
|
S C Uniyal |
|
10 |
|
Preeti Thakkar |
|
3012 |
|
Dupen Laboratories Private Limited, India |
|
100000 |
|
Kumar Subrmanian |
|
10 |
|
S Raman |
|
10 |
|
Prashant Kutty |
|
20 |
|
DVK Investments Private Limited, India |
|
87024 |
|
K H Kashid |
|
10 |
|
Krishna Datla Jointly Mr. Rajeshwari Datla |
|
27000 |
|
Satish Varma |
|
10 |
|
Allegro Corporate Financial Advisors Private Limited, India |
|
789474 |
|
Fermenta Biotech Limited ESOP Trust, India |
|
488334 |
|
Srikant Sharma |
|
10 |
|
Evolvence India Life Science Fund LLC, Mauritius |
|
3830072 |
|
Total |
|
18192844 |
As on 24.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
21.05 |
|
Bodies corporate |
75.60 |
|
Directors or relatives of Directors |
0.64 |
|
Other top fifty shareholders |
2.71 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Marketing of Chemicals, Bulk
Drugs and Enzymes. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Europe |
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Terms : |
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Selling : |
L/C / Credit |
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|
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Purchasing : |
L/C / Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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|
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|
No. of Employees : |
500 (Approximately) |
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|
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|
Bankers : |
Union Bank of India, Ghodbunder Road Branch, Solitaire Tower, Manpada,
Ghodbunder Road, Thane – 400607, Maharashtra, India Tel. No.:91-22-25890025 |
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|
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|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Associates Chartered Accountants |
|
Address : |
14th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West),
Mumbai – 400028, Maharashtra, India |
|
PAN No.: |
AABFS3421N |
|
|
|
|
Holding Company : |
DIL Limited |
|
|
|
|
Enterprises which are
owned, or have significant influence of or are partners with Key Management
personnel and their relatives |
|
|
|
|
|
Subsidiary Company
: |
|
CAPITAL STRUCTURE
As on 24.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18192844 |
Equity Shares |
Rs.10/- each |
Rs.181.928
Millions |
|
|
|
|
|
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 |
181.928 |
181.928 |
181.928 |
|
(b) Reserves & Surplus |
527.483 |
516.373 |
410.035 |
|
(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) |
709.411 |
698.301 |
591.963 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
148.927 |
190.600 |
102.170 |
|
(b) Deferred tax liabilities (Net) |
16.315 |
0.633 |
0.882 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
15.555 |
15.271 |
14.955 |
|
Total Non-current
Liabilities (3) |
180.797 |
206.504 |
118.007 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
248.657 |
141.677 |
71.344 |
|
(b) Trade
payables |
146.055 |
124.183 |
79.359 |
|
(c) Other
current liabilities |
112.166 |
58.041 |
29.911 |
|
(d) Short-term
provisions |
2.034 |
6.482 |
9.434 |
|
Total Current
Liabilities (4) |
508.912 |
330.383 |
190.048 |
|
|
|
|
|
|
TOTAL |
1399.120 |
1235.188 |
900.018 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
784.479 |
544.069 |
266.075 |
|
(ii)
Intangible Assets |
24.816 |
34.714 |
22.169 |
|
(iii)
Capital work-in-progress |
3.693 |
54.511 |
137.794 |
|
(iv)
Intangible assets under development |
13.049 |
8.707 |
0.000 |
|
(b) Non-current Investments |
18.662 |
18.662 |
18.662 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
14.709 |
43.561 |
57.571 |
|
(e) Other
Non-current assets |
0.250 |
0.843 |
0.214 |
|
Total Non-Current
Assets |
859.658 |
705.067 |
502.485 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
245.005 |
208.901 |
104.537 |
|
(c) Trade
receivables |
250.046 |
230.963 |
155.922 |
|
(d) Cash
and cash equivalents |
9.699 |
60.438 |
103.605 |
|
(e)
Short-term loans and advances |
28.733 |
29.819 |
33.469 |
|
(f) Other
current assets |
5.979 |
0.000 |
0.000 |
|
Total
Current Assets |
539.462 |
530.121 |
397.533 |
|
|
|
|
|
|
TOTAL |
1399.120 |
1235.188 |
900.018 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1000.244 |
1014.108 |
644.415 |
|
|
|
Other Income |
17.492 |
38.850 |
11.327 |
|
|
|
TOTAL (A) |
1017.736 |
1052.958 |
655.742 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
422.384 |
389.287 |
207.798 |
|
|
|
Purchases of Stock-in-Trade |
12.150 |
10.403 |
0.553 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(27.621) |
(16.138) |
(25.506) |
|
|
|
Employees benefits expense |
157.412 |
136.989 |
101.749 |
|
|
|
Other expenses |
295.523 |
299.739 |
198.963 |
|
|
|
TOTAL (B) |
859.848 |
820.280 |
483.557 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
157.888 |
232.678 |
172.185 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
52.351 |
39.840 |
19.148 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
105.537 |
192.838 |
153.037 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
71.131 |
60.149 |
29.473 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
34.406 |
132.689 |
123.564 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
23.296 |
26.351 |
29.108 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
11.110 |
106.338 |
94.456 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
326.156 |
219.818 |
132.362 |
|
|
|
|
|
|
|
|
|
Less |
TRANSFERRED TO
CAPITAL REDEMPTION RESERVE |
0.000 |
0.000 |
7.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
337.266 |
326.156 |
219.818 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
NA |
782.053 |
443.449 |
|
|
|
Freight and insurance on exports |
NA |
21.813 |
18.402 |
|
|
TOTAL EARNINGS |
NA |
803.866 |
461.851 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
76.117 |
|
|
|
Stores & Spares |
NA |
NA |
0.173 |
|
|
|
Capital Goods |
NA |
NA |
4.661 |
|
|
TOTAL IMPORTS |
NA |
NA |
80.951 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
0.61 |
5.85 |
6.64 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.09 |
10.10 |
14.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.44 |
13.08 |
19.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.52 |
11.51 |
16.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.19 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.56 |
0.48 |
0.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06 |
1.60 |
2.09 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
181.928 |
181.928 |
181.928 |
|
Reserves & Surplus |
410.035 |
516.373 |
527.483 |
|
Net
worth |
591.963 |
698.301 |
709.411 |
|
|
|
|
|
|
long-term borrowings |
102.170 |
190.600 |
148.927 |
|
Short term borrowings |
71.344 |
141.677 |
248.657 |
|
Total
borrowings |
173.514 |
332.277 |
397.584 |
|
Debt/Equity
ratio |
0.293 |
0.476 |
0.560 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
644.415 |
1014.108 |
1000.244 |
|
|
|
57.369 |
(1.367) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
644.415 |
1014.108 |
1000.244 |
|
Profit |
94.456 |
106.338 |
11.110 |
|
|
14.66% |
10.49% |
1.11% |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
BACKGROUND
Subject is a public company domiciled in India and incorporated under the Companies Act, 1956. The Company is engaged in the business of manufacturing and marketing of chemicals, bulk drugs enzymes, pharmaceutical formulations and Environmental solution products. The Company caters to both domestic and international markets.
RESULTS FROM
OPERATIONS
In the year, the Company reported a total revenue from operations of Rs.1017.736 Millions (previous year Rs.1052.958 Millions)
Profit before tax for the year is Rs. 34.406 Millions (previous year Rs. 132.689 Millions) and the profit after tax was Rs.11.110 Millions (previous year Rs.106.338 Millions).
MANAGEMENT DISCUSSION
AND ANALYSIS
GLOBAL ECONOMY
Global economic growth hovered around 3.2 percent in 2012, lower than 3.9% in 2011. The United States, the largest economy, posted better numbers (2.3% in 2012 against 1.8% in 2011). The eurozone reported a negative growth of 0.4% and China’s growth slowed from 9.3% to 7.8%. The global economic growth is expected to recover to 3.3 percent in 2013 and 4 percent in 2014; developing economies are expected to drive global growth (around 5.25 percent in 2013 and 5.75 percent in 2014, according to IMF, April 2013).
INDIAN ECONOMY
In 2012-13, the Indian economy reported 5% growth, its lowest in a decade on account of a poor performance of its manufacturing, agriculture and service sectors. An erratic monsoon and drought-like situation in many parts affected the performance of its agriculture sector; manufacturing growth declined from 2.7 percent to 1.9 percent on account of a weakness in industry (mining and quarrying, manufacturing, electricity, gas and water supply, and construction) at 3.1%. The growth in the services sector was a low 6.6% in 2012-13 as against 8.2% in 2011-12. This weakness extended into government finances: the fiscal deficit for 2012-13 was estimated at 5.2% of GDP and trade deficit touched an unprecedented $190.9 bn in 2012-13 ($183.3 bn in 2011-12).
EXPORTS
Exports have been the cornerstone of growth of the Indian pharma industry. The positive trend in the realm of formulation exports is expected to continue, with 14-16 per cent CAGR envisaged between 2012-13 and 2017-18. Over the next five years, drugs with sales of more than $100 billion are expected to lose patent exclusivity. Healthcare expenditure is rising the world over, the steepest being in the developed markets of the US and Europe. With India’s competitiveness and advanced procedural chemistry skills, Indian players are well-placed to tap into this opportunity and increase their generics presence.
Healthcare reforms initiated by the US government, aimed primarily at reducing healthcare spending and extending public healthcare to a larger proportion of the population, are expected to continue driving generics growth. However, the worsening debt crisis in the eurozone is forcing many European governments to cut spending. Although incentives for substituting costly patented drugs with low-cost alternatives will boost the demand for generic drugs, price cuts are becoming increasingly prevalent in the region, impacting innovator and generic drugs.
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Short-term
borrowings |
|
|
|
Loans and advances from others |
33.250 |
15.750 |
|
Total |
33.250 |
15.750 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10369623 |
18/07/2012 |
20,000,000.00 |
UNION BANK OF INDIA |
GHODBUNDER ROAD BRANCH, SOLITAIRE TOWER, MANPADA, GHODBUNDER ROAD,, THANE, MAHARASHTRA - 400607, INDIA |
B45355302 |
|
2 |
10373704 |
16/07/2012 |
35,000,000.00 |
SIEMENS FINANCIAL SERVICES PRIVATE LIMITED |
130, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA |
B56909914 |
|
3 |
10311976 |
28/09/2012 * |
100,000,000.00 |
UNION BANK OF INDIA |
GHODBUNDER ROAD BRANCH, SOLITAIRE TOWER, MANPADA, GHODBUNDER ROAD,, THANE, MAHARASHTRA - 400607, INDIA |
B60376118 |
|
4 |
10311912 |
28/09/2012 * |
60,000,000.00 |
UNION BANK OF INDIA |
GHODBUNDER ROAD BRANCH, SOLITAIRE TOWER, MANPADA, GHODBUNDER ROAD,, THANE, MAHARASHTRA - 400607, INDIA |
B60376787 |
|
5 |
10311913 |
22/09/2011 |
10,000,000.00 |
UNION BANK OF INDIA |
GHODBUNDER ROAD BRANCH, SOLITAIRE TOWER, MANPADA, GHODBUNDER ROAD,, THANE, MAHARASHTRA - 400607, INDIA |
B23194665 |
|
6 |
10330267 |
09/10/2012 * |
459,700,000.00 |
UNION BANK OF INDIA |
GHODBUNDER ROAD BRANCH, SOLITAIRE TOWER, MANPADA, GHODBUNDER ROAD,, THANE, MAHARASHTRA - 400607, INDIA |
B60379674 |
|
7 |
10254874 |
15/11/2010 |
200,000,000.00 |
UNION BANK OF INDIA |
GHODBUNDER ROAD BRANCH, SOLITAIRE TOWER, MANPADA, GHODBUNDER ROAD,, THANE, MAHARASHTRA - 400607, INDIA |
B00116210 |
|
8 |
10200372 |
21/01/2010 |
30,000,000.00 |
UNION BANK OF INDIA |
GHODBUNDER ROAD BRANCH, SOLITAIRE TOWER, MANPADA, GHODBUNDER ROAD,, THANE, MAHARASHTRA - 400607, INDIA |
A78743846 |
|
9 |
10136274 |
28/09/2012 * |
60,000,000.00 |
UNION BANK OF INDIA |
GHODBUNDER ROAD BRANCH, SOLITAIRE TOWER, MANPADA, GHODBUNDER ROAD,, THANE, MAHARASHTRA - 400607, INDIA |
B60377413 |
|
10 |
10061101 |
28/09/2012 * |
460,300,000.00 |
UNION BANK OF INDIA |
GHODBUNDER ROAD BRANCH, SOLITAIRE TOWER, MANPADA, GHODBUNDER ROAD,, THANE, MAHARASHTRA - 400607, INDIA |
B60378197 |
* Date of charge modification
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- 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 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.59.65 |
|
|
1 |
Rs.99.21 |
|
Euro |
1 |
Rs.82.39 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.