MIRA INFORM REPORT
|
Report Date : |
21.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
VIVIMED LABS LIMITED |
|
|
|
|
Registered
Office : |
Plot No.78 – A, Kolhar Industrial Area, Bidar – 585 403, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
22.09.1988 |
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Com. Reg. No.: |
08-009465 |
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Capital
Investment / Paid-up Capital : |
Rs.809.340 Millions |
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CIN No.: [Company Identification
No.] |
L02411KA1988PLC009465 |
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|
|
Legal Form : |
A Public Limited Liability company. The company’s shares are listed on
the Stock Exchange. |
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|
Line of Business
: |
Subject is engaged in the business of Manufacturing Products [Active Ingredients,
Formulations, etc.] for Pharmaceutical, Personal Care and colour Chemistry
Industry. |
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|
|
|
No. of Employees
: |
1060 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 13857000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record.
There is a slight dip in profit of the company in the year 2013. However,
general financial position is decent. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct. The company can be considered for business dealing at usual trade
terms and conditions. |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB [Long Term Bank Facilities] |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
07.01.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
A3 [Short Term Bank Facilities] |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
07.01.2014 |
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. Jagdish Kulkarni |
|
Designation : |
Assistant Manager |
|
Contact No.: |
91-9902562830 |
|
Date : |
15.04.2014 |
LOCATIONS
|
Registered Office : |
Plot No.78 – A, Kolhar Industrial Area, Bidar – 585 403, |
|
Tel. No.: |
91-8482-232045 |
|
Fax No.: |
91-8482-232045 |
|
E-Mail : |
chanakya@vivimedlabs.com |
|
Website : |
www.vividmedlabs.com |
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|
|
|
Corporate / Head Office : |
2nd Floor, |
|
Tel. No.: |
91-40-27176005 / 27176006 |
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Fax No.: |
91-40-27172242 / 27150599 |
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E-Mail : |
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Overseas Office : |
Vivimed Labs Limited Address: Guangzhou Representative Office, 1259 Block C,
China Hotel, Tel no.: +86 20 8626 6003 Fax No.: +86 20 8626 6903 Vivimed Labs Europe Limited Address: Tel No.: +44 (0) 1484320500 Fax No.: +44 (0) 1484320300 e-mail: sales@vivimedlabs.com Vivimed Labs USA Inc Address: Tel No.: +1 732-398-0008 Fax No.: +1 732-398-0013 e-mail: sales@vivimedlabs.com |
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Warehouses : |
Located At:
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|
|
|
Plant Location: Specialty
Chemicals Division: Pharma Division: |
·
78/A, Kolhar Industrial Area, Bidar – 585403, ·
Survey No. 202, 207/A, 207/E and 207/AA, ·
D 125 and 128, Phase III, Jeedimetla Industrial
Estate, Hyderebad – 500055, Andhra Pradesh, India ·
Plot No. 25, ·
D – 9, Industrial Area, Haridwar – 249 401, |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Santosh Varalwar |
|
Designation : |
Chief Executive Officer and Managing Director |
|
Date of Birth/Age : |
49 Years |
|
Qualification : |
Management Graduate |
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|
|
|
Name : |
Dr. V. Manohar Roa |
|
Designation : |
Whole Time Director |
|
Date of Birth/Age : |
75 Years |
|
Qualification : |
Post Graduate in Veterinary Sciences |
|
|
|
|
Name : |
Mr. Subhash Varalwar |
|
Designation : |
Whole-time Director |
|
Date of Birth/Age : |
63 Years |
|
Qualification : |
Post Graduate in Chemical Engineering and a Management Graduate |
|
|
|
|
Name : |
Dr. M Bhagavantha Rao |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
67 Year |
|
Qualification : |
PHD in chemical engineering |
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|
|
|
Name : |
Mr. Sandeep Varalwar |
|
Designation : |
Whole-time Director |
|
Date of Birth/Age : |
42 Years |
|
Qualification : |
Graduation in B. Pharmacy |
|
|
|
|
Name : |
Mr. S Raghunandan |
|
Designation : |
Whole-time Director |
|
Date of Birth/Age : |
50 Years |
|
Qualification : |
Science Post Graduate |
|
|
|
|
Name : |
Dr. M. Bhagvanth Rao |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mr. P V Rathnam |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
68 Years |
|
Qualification : |
Chartered Accountants |
|
|
|
|
Name : |
Dr. Peesapati Venkateswarlu |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mr. Srinivas Chidambaram |
|
Designation : |
Nominee Director |
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|
|
Name : |
Mr. Nixon Patel |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Fahim Aslam Khan |
|
Designation : |
Company Secretary and Compliance Officer |
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AUDIT COMMITTEE |
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|
Name : |
Mr. P.V. Rathnam |
|
Designation : |
Chairman |
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|
Name : |
Dr. M. Bhagvanth Rao |
|
Designation : |
Member |
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|
Name : |
Mr. S. Raghunandan |
|
Designation : |
Member |
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|
|
Name : |
Mr. Srinivas Chidambaram |
|
Designation : |
Member |
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|
INVESTORS
GRIEVANCE COMMITTEE |
|
|
Name : |
Mr. P.V. Rathnam |
|
Designation : |
Chairman |
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|
|
|
Name : |
Mr. Santosh Varalwar |
|
Designation : |
Member |
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|
Name : |
Dr. V. Manohar Rao |
|
Designation : |
Member |
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|
REMUNERATION
COMMITTEE |
|
|
Name : |
Dr. M. Bhagvanth Rao |
|
Designation : |
Chairman |
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|
|
|
Name : |
Mr. Subhash Varalwar |
|
Designation : |
Member |
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|
|
|
Name : |
Mr. Sandeep Varalwar |
|
Designation : |
Member |
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|
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|
Name : |
Mr. D. Hanumantha Rao |
|
Designation : |
Member |
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|
Name : |
Dr. Peesapati Venkateswarlu |
|
Designation : |
Member |
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|
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|
COMPENSATION
COMMITTEE |
|
|
Name : |
Mr. P.V. Rathnam |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Santosh Varalwar |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. S. Raghunandan |
|
Designation : |
Member |
|
|
|
|
Name : |
Dr. M. Bhagvanth Rao |
|
Designation : |
Member |
|
|
|
|
MANAGEMENT
COMMITTEE |
|
|
Name : |
Dr. V. Manohar Rao |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Santosh Varalwar M |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Subhash Varalwar |
|
Designation : |
Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
3993738 |
24.65 |
|
|
2135987 |
13.18 |
|
|
6129725 |
37.83 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
6129725 |
37.83 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
370000 |
2.28 |
|
|
19226 |
0.12 |
|
|
250626 |
1.55 |
|
|
4207121 |
25.96 |
|
|
4207121 |
25.96 |
|
|
4846973 |
29.91 |
|
|
|
|
|
|
1478116 |
9.12 |
|
|
|
|
|
|
1649072 |
10.18 |
|
|
1038470 |
6.41 |
|
|
1061427 |
6.55 |
|
|
693249 |
4.28 |
|
|
94210 |
0.58 |
|
|
273968 |
1.69 |
|
|
5227085 |
32.26 |
|
Total Public shareholding (B) |
10074058 |
62.17 |
|
Total (A)+(B) |
16203783 |
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) |
16203783 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Manufacturing Products [Active Ingredients,
Formulations, etc.] for Pharmaceutical, Personal Care and colour Chemistry
Industry. |
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Exports : |
|
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Products : |
Finished Goods |
|
Countries : |
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Imports : |
|
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Products : |
Raw Materials |
|
Countries : |
|
|
|
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|
Terms : |
|
|
Selling : |
LC and Credit |
|
|
|
|
Purchasing : |
LC and Credit |
PRODUCTION STATUS [AS ON 31.03.2012]
|
Particulars |
Unit |
Licensed
Capacity and Installed Capacity |
|
Speciality Chemicals |
MT |
3000 |
|
Capsules |
Million |
300 |
|
Tablets |
Million |
30 |
|
Lotions |
KL |
20 |
|
Ointments |
MT |
30 |
|
Small Volume Parentals |
KL |
300 |
|
Particulars |
Unit |
Production
Capacity |
|
Speciality Chemicals |
MT |
2037.87 |
|
Capsules |
Million |
790.01 |
|
Tablets |
Million |
35.32 |
|
Lotions |
KL |
46.05 |
|
Ointments |
MT |
12.41 |
|
Small Volume Parentals |
KL |
400.40 |
GENERAL INFORMATION
|
No. of Employees : |
1060 (Approximately) |
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Bankers : |
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Facilities : |
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|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P. Murali and Company Chartered Accountants |
|
Address : |
6-3-655/2/3, Somajiguda, |
|
|
|
|
Internal Auditor : |
|
|
Name : |
Price Waterhouse Coopers Private Limited Chartered Accountants |
|
Address : |
# 8-2-293/A/113/A, Road No. 36, Jubilee Hills, Hyderabad – 500034, Andhra Pradesh, India |
|
|
|
|
Cost
Auditor : |
|
|
Name : |
Bharthula and Associates Cost Accountants |
|
Address : |
G2, GSK Towers, Santhi Nagar, Baghameer, Kukatpally, Hyderabad – 500 072, Andhra Pradesh, India |
|
|
|
|
Indian Subsidiaries : |
Octtantis Nobel Labs Private Limited |
|
|
|
|
Wholly Owned Indian Subsidiaries : |
|
|
|
|
|
Wholly Owned Subsidiaries : |
|
|
|
|
|
Wholly Owned Foreign Step Down Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
910000 |
Preferences Shares |
Rs.1000/- each |
Rs.910.000 Millions |
|
|
TOTAL
|
|
Rs.1110.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16060926 |
Equity Shares |
Rs.10/- each
|
Rs.160.610
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 |
160.610 |
139.340 |
101.640 |
|
(b) Preferences |
0.000 |
670.000 |
0.000 |
|
(c) Reserves &
Surplus |
3280.140 |
2620.150 |
1348.860 |
|
(d) Money received
against share warrants |
23.720 |
23.710 |
88.640 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
3464.470 |
3453.200 |
1539.140 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1839.450 |
1290.570 |
747.380 |
|
(b) Deferred tax
liabilities (Net) |
266.670 |
163.430 |
156.890 |
|
(c) Other long term
liabilities |
612.000 |
156.770 |
99.140 |
|
(d) long-term provisions |
19.720 |
18.090 |
16.490 |
|
Total Non-current
Liabilities (3) |
2737.840 |
1628.860 |
1019.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2256.260 |
2025.540 |
1525.230 |
|
(b) Trade payables |
468.340 |
277.240 |
69.300 |
|
(c) Other current
liabilities |
501.290 |
271.560 |
29.300 |
|
(d) Short-term provisions |
119.740 |
118.440 |
102.190 |
|
Total Current Liabilities
(4) |
3345.630 |
2692.780 |
1726.020 |
|
|
|
|
|
|
TOTAL |
9547.940 |
7774.840 |
4285.060 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3903.940 |
2944.950 |
1600.240 |
|
(ii) Intangible Assets |
146.820 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
92.140 |
77.080 |
11.380 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
955.450 |
871.690 |
33.990 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
0.590 |
300.610 |
66.860 |
|
Total Non-Current Assets |
5098.940 |
4194.330 |
1712.470 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1403.580 |
738.820 |
667.050 |
|
(c) Trade receivables |
1600.590 |
987.180 |
959.610 |
|
(d) Cash and cash equivalents |
136.670 |
194.060 |
86.320 |
|
(e) Short-term loans and
advances |
1246.660 |
1658.160 |
859.530 |
|
(f) Other current assets |
61.500 |
2.290 |
0.080 |
|
Total Current Assets |
4449.000 |
3580.510 |
2572.590 |
|
|
|
|
|
|
TOTAL |
9547.940 |
7774.840 |
4285.060 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
SALES |
|
|
|
|
|
Income |
4231.260 |
3829.000 |
3098.100 |
|
|
Other Income |
33.790 |
4.200 |
2.870 |
|
|
TOTAL (A) |
4265.050 |
3833.200 |
3100.970 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2473.700 |
2293.000 |
1988.450 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(75.530) |
(15.680) |
(44.500) |
|
|
Employees benefits
expense |
155.080 |
105.790 |
105.390 |
|
|
Other expenses |
550.750 |
480.470 |
342.000 |
|
|
Administrative expenses |
190.790 |
125.350 |
142.840 |
|
|
TOTAL (B) |
3294.790 |
2988.930 |
2534.180 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
970.260 |
844.270 |
566.790 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
284.380 |
225.350 |
176.310 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
685.880 |
618.920 |
390.480 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
172.070 |
105.510 |
60.790 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
513.810 |
513.410 |
329.690 |
|
|
|
|
|
|
|
Less |
TAX (H) |
146.460 |
109.270 |
52.060 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
367.350 |
404.140 |
277.630 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (K) |
1319.610 |
1019.220 |
809.960 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
36.740 |
40.410 |
NA |
|
|
Equity Share Capital
Proposed Dividend |
41.980 |
41.800 |
NA |
|
|
Preferences Shares Capital
Proposed Dividend |
22.810 |
12.340 |
NA |
|
|
Dividend Tax |
10.510 |
9.200 |
NA |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (J+K+L-M) |
1574.920 |
1319.610 |
NA |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
|||
|
|
- Basic |
22.87 |
29.00 |
27.31 |
|
|
- Diluted |
22.87 |
25.16 |
23.82 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
986.600 |
1023.800 |
1039.800 |
|
Total Expenditure |
783.700 |
761.900 |
798.300 |
|
PBIDT (Excl OI) |
202.800 |
261.900 |
241.500 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
202.800 |
261.900 |
241.500 |
|
Interest |
58.400 |
126.500 |
109.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
144.500 |
135.400 |
132.200 |
|
Depreciation |
40.600 |
49.000 |
45.600 |
|
Profit Before Tax |
103.900 |
86.500 |
86.600 |
|
Tax |
20.800 |
17.300 |
17.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
83.100 |
69.200 |
69.300 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
83.100 |
69.200 |
69.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.61
|
10.54 |
8.95 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.14
|
13.41 |
10.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.04
|
7.52 |
7.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.15 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.18
|
0.96 |
1.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33
|
1.33 |
1.49 |
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 |
101.640 |
139.340 |
160.610 |
|
Reserves & Surplus |
1348.860 |
2620.150 |
3280.140 |
|
Net worth |
1450.500 |
2759.490 |
3440.750 |
|
|
|
|
|
|
long-term borrowings |
747.380 |
1,290.570 |
1839.450 |
|
Short term borrowings |
1525.230 |
2025.540 |
2256.260 |
|
Total borrowings |
2272.610 |
3316.110 |
4095.710 |
|
Debt/Equity ratio |
1.567 |
1.202 |
1.190 |
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 |
3098.100 |
3829.000 |
4231.260 |
|
|
|
23.592 |
10.506 |
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 |
3,098.100 |
3,829.000 |
4,231.260 |
|
Profit |
277.630 |
404.140 |
367.350 |
|
|
8.96% |
10.55% |
8.68% |
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] |
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 |
|
Unsecured Loan |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
FCCB’s From Financial Institutions |
417.330 |
333.500 |
|
Other Loans |
0.000 |
200.000 |
|
TOTAL
|
417.330 |
533.500 |
OVERVIEW:
Under the Pharmaceuticals segment,
subject manufactures and markets active pharmaceutical ingredients (APIs) and
finished dosage formulations (FDF) covering diverse therapeutic segments. The
business is divided into three parts – APIs, contract formulations and branded
formulations. API segment: subject manufactures 45-plus APIs covering diverse
therapeutic segments at its three international US FDA facilities in Spain and
Mexico which cumulatively possess close to about 150 Drug Master Files filed
with the regulator. About 40% of the production comprises the antiulcer
segment; the rest comprises various therapeutic segments namely oncology, HIV,
general therapeutics and certain quaternary APIs. The entire production is
marketed to leading global pharmaceutical customers. The Company is focused on
implementing process improvements in manufacturing facilities in Spain and
Mexico by leveraging its India-based R and D expertise and procurement
efficiencies.
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Electrical Equipment
- Laboratory Equipment
- Office Equipment
- Computers
- Furniture
- Vehicles
- Generator
STANDALONE UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED DECEMBER 31ST 2013
Rs. In Millions
|
Sr. No. |
Particular |
Quarter Ended |
9 Months Ended |
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
1033.997 |
1022.774 |
3041.834 |
|
|
Other Operating
Income |
5.809 |
1.003 |
8.297 |
|
|
Total Income From Operations (Net) |
1039.806 |
1023.777 |
3050.131 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
566.569 |
570.356 |
1677.499 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(6.730) |
3.971 |
37.579 |
|
|
Employee
benefits expenses |
63.621 |
62.066 |
176.782 |
|
|
Depreciation
and amortization expenses |
45.600 |
48.947 |
135.164 |
|
|
Other
expenses |
174.811 |
125.490 |
452.018 |
|
|
Total Expenses |
843.871 |
810.830 |
2479.042 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
195.934 |
212.946 |
571.088 |
|
|
|
|
|
|
|
4. |
Other
Income |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
195.934 |
212.946 |
571.088 |
|
|
|
|
|
|
|
6. |
Interest |
109.364 |
126.457 |
294.174 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
86.570 |
86.489 |
276.914 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
86.570 |
86.489 |
276.914 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
17.314 |
17.298 |
55.383 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
69.256 |
69.191 |
221.531 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit
for the period (11-12) |
69.256 |
69.191 |
221.531 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
162.038 |
162.038 |
162.038 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
4.27 |
4.27 |
13.67 |
|
|
b)
Basic and diluted EPS after extraordinary items |
4.27 |
4.27 |
13.67 |
NOTES:
1. The above Standalone Unaudited Financial Results for
the Quarter ended December 31, 2013 have been reviewed by Audit Committee and
taken on record by Board of Directors at their meeting held on February 13,
2014.
2. As per Accounting Standard 17 on Segment
Reporting (AS-17), results of the two Segments "Specialty Chemicals"
and “Pharma" are reported.
3. Corresponding numbers of previous period /
year have been revised, regrouped, wherever necessary.
SEGMENT-WISE STANDALONE
FINANCIAL RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE-41 OF THE LISTING AGREEMENT
Rs. In Millions
|
Sl. No. |
|
Particulars |
3 Months Ended |
9 Months Ended |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
|
SEGMENT REVENUE |
|
|
|
|
|
|
Net Sales / Income
From Each Segment |
|
|
|
|
|
|
Speciality Chemicals Business |
851.131 |
858.539 |
2467.180 |
|
|
|
Pharma Business |
182.866 |
164.235 |
574.654 |
|
|
|
TOTAL |
1033.997 |
1022.774 |
3041.834 |
|
|
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Net Sales / Income
from Operation |
1033.997 |
1022.774 |
3041.834 |
|
|
|
|
|
|
|
|
2 |
|
SEGMENT RESULTS |
|
|
|
|
|
|
Speciality Chemicals Business |
172.402 |
192.146 |
482.338 |
|
|
|
Pharma Business |
23.532 |
20.801 |
88.750 |
|
|
|
TOTAL |
195.934 |
212.947 |
571.088 |
|
|
|
|
|
|
|
|
|
|
Less :Interest |
109.364 |
126.457 |
294.174 |
|
|
|
Less : Other Unallocable Expenses and Extra Ordinary Items |
0.000 |
0.000 |
0.000 |
|
|
|
Net of Unallocable Income |
0.000 |
0.000 |
0.000 |
|
|
|
Net Profit (+) /
Loss(-) before Tax |
86.571 |
86.490 |
276.914 |
|
|
|
|
|
|
|
|
3 |
|
CAPITAL EMPLOYED |
|
|
|
|
|
|
Speciality Chemicals Business |
8148.610 |
8111.167 |
8148.610 |
|
|
|
Pharma Business |
2144.014 |
2133.346 |
2144.014 |
|
|
|
TOTAL |
10292.624 |
10244.513 |
10292.624 |
SELECT INFORMATION FOR THE
QUARTER ENDED 31.12.2013
|
|
|
Quarter
Ended |
|
|
|
|
31.12.2013 |
30.09.2013 |
|
17. |
Public Shareholding |
|
|
|
|
-Number
of Shares |
10074058 |
10074058 |
|
|
-
Percentage of Shareholding |
62.17 |
62.17 |
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
-
Number of Shares |
2482455 |
3354455 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
40.50 |
54.72 |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
15.32 |
20.70 |
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
-
Number of Shares |
3647270 |
2775270 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter
Group) |
59.50 |
45.28 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
22.51 |
17.13 |
|
Particulars |
Quarter Ended 31.12.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
2 |
|
Disposed of during the quarter |
2 |
|
Remaining unresolved at the end of the
quarter |
Nil |
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.60.38 |
|
|
1 |
Rs.101.63 |
|
Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.