MIRA INFORM REPORT
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Report Date : |
29.04.2014 |
IDENTIFICATION DETAILS
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Name : |
SURYA PHARMACEUTICAL LIMITED |
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Registered
Office : |
1596, 1st Floor, Bhagirath Palace, Chandni
Chownk, Delhi – 110006 |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
25.03.1992 |
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Com. Reg. No.: |
55-227186 |
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Capital
Investment / Paid-up Capital : |
Rs.202.752 Millions |
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CIN No.: [Company
Identification No.] |
L24232DL1992PLC227186 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
PTLS14220D |
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PAN No.: [Permanent
Account No.] |
AABCS3001K |
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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
: |
Development, Manufacturing and Marketing of Pharmaceutical Products. |
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No. of Employees
: |
Not Available [We tried to confirm the number of employees but no one
is ready to part any information from the company management]. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (13) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Low and Delayed |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. There are accumulated losses recorded by the company which has eroded
net worth of the company. Rating also takes into consideration delay in meeting its debts
obligation. Business is active. Payment terms are slow and delayed. The company can be considered for business dealing on a safe and
secured 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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.2453.2 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 |
CRISIL |
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Rating |
Long Term = D |
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Rating Explanation |
Lowest credit quality and very low prospects
of recovery |
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Date |
11.09.2013 |
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 DENIED BY
|
Name : |
Mr. Vipin |
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Designation : |
Manager |
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Contact No.: |
91-8054646021 |
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Date : |
26.04.2014 |
LOCATIONS
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Registered Office : |
1596, 1st Floor, Bhagirath Palace, Chandni Chownk,
Delhi – 110006, India |
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Tel. No.: |
91-11-23733021 |
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Fax No.: |
91-11-43561955 |
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E-Mail : |
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Website : |
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Corporate
Office 1/ Head Office : |
SCO 164-165, Sector
9-C, Madhya Marg, Chandigarh – 160009, Punjab, India |
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Tel. No.: |
91-172-500-5000/1/2/3/4/5/ 2779635 |
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Fax No.: |
91-172-507-6000/1/2/3 |
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Email: |
pkjain@suryapharma.com careers@suryapharma.com |
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Location : |
Leased |
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Corporate Office 2: |
5190 Neil Road, Suite 430 Reno, NV 89502 |
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Plant 1 : |
Plot No. 85, HPSIDC Industrial Area, Baddi, Solan – 173205, Himachal Pradesh, India |
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Tel. No.: |
91-172-2779635 (8
Lines) |
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Fax No.: |
91-172-2779639 |
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Area : |
80000 sq. ft. |
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Plant 2 : |
Plot No. 87, HPSIDC Industrial Area, Baddi, District Solan- 173205, Himachal Pradesh, India |
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Tel. No.: |
91-1795-246050 |
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Fax No.: |
91-1795-245350 |
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Location : |
Owned |
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Plant 3 : |
Plot No.50-51, EPIP, Phase – I, Jharmajiri, Baddi, District Solan - 173205, Himachal Pradesh, India |
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Area : |
3870 Sq. Mtrs. |
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Location : |
Leased |
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Plant 4 : |
Plot No.383, Industrial Area, Phase I, Panchkula, Haryana, India |
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Tel. No.: |
91-172-2565222 / 5011319 |
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Fax No.: |
91-172-2573130 |
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Area : |
1400000 sq. ft. |
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Location : |
Owned |
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Plant 5 : |
Village Banur, Tehsil Rajpura, District Patiala, Punjab, India |
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Tel. No.: |
91-1762-507131-32 |
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Fax No.: |
91-1762-507130 |
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Area : |
20,000 sq. ft. |
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Location : |
Owned |
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Plant 6 : |
Industrial Growth Centre II, Samba (District Jammu), Jammu and Kashmir, India |
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Area : |
80 Kanals |
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Location : |
Leased |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Rajiv Goyal |
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Designation : |
Chairman and Managing Director |
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Date of Birth : |
08.07.1963 |
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Date of Appointment : |
25.03.1992 |
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Name : |
Ms. Alka Goyal |
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Designation : |
Executive Director |
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Date of Birth/Age : |
08.01.1965 |
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Date of Appointment : |
24.09.1999 |
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Other Directorship : |
· Surya Healthcare Limited · Surya Softedge Limited · Emsons Organics Limited · Valuesource Mercantile Limited ·
Raja Forgings and Gears Limited |
SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
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(A) Shareholding of Promoter and Promoter Group |
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3353915 |
65.15 |
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39684809 |
100.00 |
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43038724 |
97.28 |
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Total shareholding of Promoter and Promoter Group (A) |
43038724 |
97.28 |
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(B) Public Shareholding |
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1500 |
0.00 |
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1500 |
0.00 |
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44384741 |
0.00 |
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58622806 |
0.00 |
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13097414 |
0.00 |
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5038195 |
0.00 |
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4758280 |
0.00 |
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279915 |
0.00 |
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|
121143156 |
0.00 |
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Total Public shareholding (B) |
121144656 |
0.00 |
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Total (A)+(B) |
164183380 |
25.50 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
38569000 |
0.00 |
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|
38569000 |
0.00 |
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Total (A)+(B)+(C) |
202752380 |
20.65 |
Individual shareholders holding nominal
share capital up to Rs.0.100 million
BUSINESS DETAILS
|
Line of Business : |
Development, Manufacturing and Marketing of Pharmaceutical Products. |
GENERAL INFORMATION
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No. of Employees : |
Not Available [We tried to confirm the number of employees but no one
is ready to part any information from the company management]. |
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Bankers : |
· State Bank of India · Punjab National Bank · IDBI Bank Limited · Bank of Baroda · Punjab and Sind Bank · Export and Import Bank Of India · Allahabad Bank · Corporation Bank · The Federal Bank Limited · Catholic Syrian Bank · State Bank of Bikaner and Jaipur · Central Bank of India · Syndicate Bank · Axis Bank Limited · Small Industries Development Bank of India |
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Facilities : |
Long Term
Borrowings Note: Provision for interest on loan taken from Religare Finvest Limited, IFCI Factors Limited, India Factoring and Finance Solution Private Limited, First Leasing Company of India Limited and Other Unsecured Borrowings has not been made, as the Company intends to initiate discussions for settlement with the lenders. a. Excluding current maturities of term loans of Rs.1238.500 Millions. b. Term loans of the Company are secured by first Pari-Passu charge over the entire current assets including slow moving current assets and entire fixed assets of the Company and are collaterally secured by mortgage of House no.64, Sector 9-A, Chandigarh owned by Mr. Rajiv Goyal and Smt. Alka Goyal, Promoter Directors of the Company. c. Personal guarantee of Mr. Rajiv Goyal and Mrs. Alka Goyal, Promoter Directors of the Company. d.
e. The Directors of the Company, namely, Mr. Rajiv Goyal and Mrs. Alka Goyal, have executed personal guarantees in favour of Company's lenders to guarantee the borrowings , Aggregate amount of loans borrowed by the Company guaranteed by its directors, i) Mr. Rajiv Goyal - Rs.19360.000 Millions and ii) Mrs. Alka Goyal - Rs.19360.000 Millions. f. Deferred payment for acquisition of fixed assets are secured by the respective assets financed by them. g. Other loans and advances are taken on long term basis from the parties not related with the directors h. Deposit from other excludes current maturities of deposits taken from the public of Rs.0.081 Million. i. Deposits from others include suppliers deposits of Rs.8.700 Millions taken from the distributors and C and F agents of the Company. j. Other unsecured borrowing are inter corporate deposits secured by way of postdated cheques. k. Some of the banks have not provided the bank statements, their balances are taken as appearing in books of accounts of the company, these balances are subject to reconciliation l. Others includes Loan taken from Non-Banking Financial Corporation. m. Long Term Debts are having maturity of 3-4 years, however, Bank has recalled the loans vide its letter dated 15.07.2013. Short Term
Borrowings a.
Short term borrowings of the Company are secured
by first Pari-Passu charge over the entire current assets including slow
moving current assets and entire fixed assets of the Company and are
collaterally secured by mortgage of House no.64, Sector 9-A, Chandigarh owned
by Mr. Rajiv Goyal and Smt. Alka Goyal, Promoter Directors of the Company. b.
Personal Guarantee of Mr. Rajiv Goyal and Mrs.
Alka Goyal, Promoter Directors of the Company. c.
Corporate guarantee of the group companies of the
Company (yet to be created) till the time they are sold off as per the
restructuring package. d. The Directors of the Company, namely, Mr. Rajiv Goyal and Mrs. Alka Goyal, have executed personal guarantees in favour of Company's lenders to guarantee the borrowings , Aggregate amount of loans borrowed by the Company guaranteed by its directors, i) Mr. Rajiv Goyal - Rs.19360.000 Millions and ii) Mrs. Alka Goyal - Rs.19360.000 Millions. e. Some of the banks have not provided the bank statements, their balances are taken as appearing in books of accounts of the Company and these balances are subject to reconciliation. |
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-- |
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Banking
Relations : |
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Financial Institutions : |
· Religare Finvest India · IFCI Factors Limited ·
India Factoring and Finance Solutions Private
Limited |
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Auditors : |
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Name : |
AAD and Associates Chartered Accountants |
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Address : |
# 1595, Sector 33D, Chandigarh – 160020, Punjab, India |
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Subsidiary
Companies : |
· Surya Healthcare Limited · Surya Pharmaceutical INC. U.S.A. · Surya pharmaceutical (Singapore) INC ·
Surya Bio Pharma. U.S.A INC |
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Step - down
Subsidiary Companies : |
· Medi Mart India Private Limited · Family First Pharmaceutical Limited · Amershire Investment Corporation Limited ·
Herkules Capital Management Limited |
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Entities over which
management of the Company is having control : |
· Surya Healthcare Limited · Emsons Organics Limited · Surya Pharmaceutical INC. U.S.A · Emm Bee Fincap Private Limited · Surya Pharmaceutical (Singapore) INC · Futuristics Garments Private Limited · Surya Bio Pharma. U.S.A INC · Valuesource Mercantile Limited · Ess Ess Exim Private Limited · Nova Machino Fabrik · Mediwell Healthcare Private Limited · Surya Softedge Limited * Excludes not for profit organisation wherein key management
personnel are office holders and the beneficiary is public at large. |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Share |
Rs.1/- each |
Rs.1000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
202752380 |
Equity Share |
Rs.1/- each |
Rs.202.752 Millions |
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
Equity Shares at the beginning of the year |
202752380 |
202.752 |
|
Add; shares issued on conversion of share warrants |
- |
- |
|
Equity shares at the end if the period |
202752380 |
202.752 |
Terms/rights attached to equity shares
The Company has
one class of equity share having a par value of Rs.1/- per share. Each
shareholder of equity shares is entitled to one vote per share. The Company
declares and pays dividend proposed by the Board of Directors, which
distribution is subject to approval of shareholders at the ensuing Annual
General Meeting. In the event of liquidation of the Company, the holders of
equity shares will be entitled to receive remaining assets of the Company after
distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by each shareholder
Details of equity shares held by shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Alka Goyal |
75991 |
0.04% |
|
Futuristics Garments Private Limited |
24787180 |
12.23% |
|
Dynamic Finvest Services Private Limited |
18860809 |
9.30% |
|
Creative Capital Services Limited |
16362433 |
8.07% |
Mrs. Alka Goyal had
pledged entire shares held by her in the Company in favour of IFCI Limited to
part secure the loan disbursed by IFCI Limited to Ess Ess Exim Private Limited
(EEPL), a company part of group of promotors of the Company. On default in
repayment of loan by EEPL, IFCI invoked the pledge and sold 20728579 shares of
the Company held by Mrs. Alka Goyal, resulting in reduction of her
shareholding. The amount realized on such sale of pledged shares has been
adjusted by IFCI against loan outstanding for payment by EEPL to IFCI, which
adjustment is disputed by the Company and Mrs. Alka Goyal. For reasons that the
enforcement of pledge and sale of shares of Mrs. Alka Goyal by IFCI Limited Was
wrongful and illegal, which sale, on an appeal filed by her, was stayed by the
Hon'ble Debt Recovery Appellate Tribunal, Mrs. Alka Goyal has since filed an
application before the said Hon'ble Tribunal to seek its leave to file a claim
for compensation of losses suffered by her due to wrongful and illegal actions
of IFCI Limited
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 |
202.752 |
202.752 |
192.752 |
|
(b) Reserves & Surplus |
(746.051) |
2,272.045 |
4941.097 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
65.625 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
(543.299) |
2,474.797 |
5,199.474 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2,628.109 |
2,194.251 |
2650.819 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
193.604 |
|
(c) Other long term liabilities |
176.999 |
211.839 |
446.477 |
|
(d) long-term provisions |
4.706 |
24.481 |
21.879 |
|
Total Non-current Liabilities (3) |
2,809.814 |
2,430.571 |
3,312.779 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
16,224.099 |
14,362.446 |
11074.18 |
|
(b) Trade payables |
282.430 |
463.394 |
686.788 |
|
(c) Other current
liabilities |
1,397.557 |
1,535.939 |
1346.477 |
|
(d) Short-term provisions |
4.211 |
9.411 |
38.581 |
|
Total Current Liabilities (4) |
17,908.297 |
16,371.190 |
13,146.026 |
|
|
|
|
|
|
TOTAL |
20,174.812 |
21,276.558 |
21,658.279 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6,621.512 |
7,162.472 |
4029.573 |
|
(ii) Intangible Assets |
89.002 |
116.393 |
14.291 |
|
(iii) Capital
work-in-progress |
76.648 |
74.000 |
2320.612 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0 |
|
(b) Non-current Investments |
159.031 |
338.326 |
205.996 |
|
(c) Deferred tax assets (net) |
2,455.545 |
1,013.641 |
0 |
|
(d) Long-term Loan and Advances |
1,084.044 |
858.730 |
9.061 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0 |
|
Total Non-Current Assets |
10,485.782 |
9,563.562 |
6,579.533 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
2.046 |
52.146 |
|
(b) Inventories |
6,284.126 |
8,122.548 |
10406.325 |
|
(c) Trade receivables |
2,250.037 |
2,362.109 |
2908.488 |
|
(d) Cash and cash
equivalents |
72.312 |
98.831 |
154.802 |
|
(e) Short-term loans and
advances |
647.327 |
761.615 |
707.364 |
|
(f) Other current assets |
435.228 |
365.847 |
849.621 |
|
Total Current Assets |
9,689.030 |
11,712.996 |
15,078.746 |
|
|
|
|
|
|
TOTAL |
20,174.812 |
21,276.558 |
21,658.279 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
603.304 |
16,229.490 |
16004.175 |
|
|
|
Other Income |
(176.391) |
(379.813) |
26.728 |
|
|
|
TOTAL (A) |
426.913 |
15,849.677 |
16,030.903 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
919.261 |
15,971.537 |
15042.511 |
|
|
|
Changes in Inventories of FG, WIP and
stock-in-trade |
909.302 |
573.545 |
(2732.609) |
|
|
|
Other Manufacturing Expenses |
49.731 |
387.191 |
408.978 |
|
|
|
Employee Benefits Expenses |
88.451 |
409.110 |
403.599 |
|
|
|
Other Expenses |
206.409 |
435.882 |
347.986 |
|
|
|
Exceptional Items |
179.294 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
2,352.448 |
17,777.265 |
13,470.465 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(1,925.535) |
(1,927.588) |
2,560.438 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2,036.894 |
1,658.484 |
977.807 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(3,962.429) |
(3,586.072) |
1,582.631 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
624.651 |
346.174 |
265.470 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(4,587.080) |
(3,932.246) |
1,317.161 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(1,568.984) |
(1,200.695) |
315.582 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(3,018.096) |
(2,731.551) |
1,001.579 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
208.541 |
3177.201 |
4227.806 |
|
|
TOTAL EARNINGS |
208.541 |
3177.201 |
4227.806 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4.941 |
2699.494 |
3295.863 |
|
|
|
Capital Goods |
0.000 |
2.152 |
284.645 |
|
|
TOTAL IMPORTS |
4.941 |
2701.646 |
3580.508 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(14.89) |
(13.47) |
5.13 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
57.400 |
45.800 |
6.000 |
|
Total Expenditure |
88.200 |
77.400 |
6176.600 |
|
PBIDT (Excl OI) |
(30.800) |
(31.600 |
(6170.600) |
|
Other Income |
0.000 |
0..000 |
0.000 |
|
Operating Profit |
(30.800) |
(31.600 |
(6170.600) |
|
Interest |
618.000 |
692.800 |
159.300 |
|
Exceptional Items |
0.000 |
0.000 |
(2191.700) |
|
PBDT |
(648.900) |
(724.400 |
(8521.600 |
|
Depreciation |
156.700 |
156.700 |
156.700 |
|
Profit Before Tax |
(805.500) |
(881.100) |
(8678.300) |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(805.500) |
(881.100) |
(8678.3 00) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(805.500) |
(881.100) |
(8678.300) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(706.96) |
(17.23) |
6.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(760.33) |
(24.23) |
8.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(26.24) |
(19.81) |
6.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
8.44 |
(1.59) |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(34.70) |
6.69 |
2.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.54 |
0.72 |
1.15 |
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 |
192.752 |
202.752 |
202.752 |
|
Reserves & Surplus |
4941.097 |
2272.045 |
(746.051) |
|
Money received against share
warrants |
65.625 |
0.000 |
0.000 |
|
Net
worth |
5199.474 |
2474.797 |
(543.299) |
|
|
|
|
|
|
long-term borrowings |
2650.819 |
2194.251 |
2628.109 |
|
Short term borrowings |
11074.180 |
14362.446 |
16224.099 |
|
Total
borrowings |
13724.999 |
16556.697 |
18852.208 |
|
Debt/Equity
ratio |
2.673 |
6.690 |
(34.700) |
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 |
16,004.175 |
16,229.490 |
603.304 |
|
|
|
1.408 |
(96.283) |
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
|
16,004.175 |
16,229.490 |
603.304 |
|
Profit |
1,001.579 |
(2,731.551) |
(3,018.096) |
|
|
6.26% |
(16.83%) |
(500.26%) |
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 |
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 |
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 |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION
DETAILS:
|
IN THE HIGH COURT OF DELHI AT NEW DELHI
ESSEL PROPACK LIMITED..... Petitioner
The learned counsel for the petitioner has
drawn the attention of this Court to email dated 23.04.2012 (at
page 130) wherein the respondent had agreed to release the
payments on priority basis. He further submits that the legal
notice issued to the respondent has also not elicited any
response.
|
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Deferred payment for acquisition of fixed assets |
60.691 |
60.754 |
|
Deposits from others |
79.609 |
92.777 |
|
Other unsecured borrowings |
145.200 |
154.500 |
|
Total |
285.500 |
308.031 |
INDUSTRY OVERVIEW
Global
Pharmaceutical Industry
The world
pharmaceutical market has grown two times in value since 2000 primarily due to increased
use of medicines around the world, global economic growth and faster regulatory
approvals. The transformation of the global pharmaceutical market continues
unabated, with focus steadily shifting from developed to developing countries
and from patented drugs to generics. The overall pharmaceutical market is
anticipated to reach US$ 1.1 Trillion by 2014. (Source: IMS Data).
In most of the
European countries, a considerable share of health care expenditure is public
expenditure and there have been significant regulatory changes over the past
years on account of austerity measures and attempts to reduce health care
expenditure. The EU markets are also focusing on „genericization‟ in order to
bring down the health care costs. Owing to thepressure of reducing the cost of
heath care, this market has also opened up and is poised to give new
opportunities for the generic companies to cater the needs. In recent years,
many small molecules have been converted into generics and loss of exclusivity
of blockbuster drugs has increased the importance of the Generic Drugs in the
industry.
The world population
is expected to grow to around 8 Bn by 2050. In addition, there has been
increase in the number of people having access to healthcare. Global spending
on medicines is expected to reach USD 1.2 trillion by 2016 reflecting growth of
3-6% over the four year period compared to 6.2% annual growth over the past
five years.
Major Markets
The top five pharmaceutical markets in the world remained in US, Japan, Germany,
France and China with US representing 39% of the global prescription
pharmaceuticals sales. It is also the largest generic market with a sizeable
generic substitution (75% in terms of volume).
FINANCIAL REVIEW
During the F.Y. 2012-13, the Company has posted decrease in the revenue
by 96.28%. EBIDTA/PAT as on March 31, 2013 is at Rs. (1746.200) Millions / Rs.
(3145.500) Millions as against Rs. (1927.500) Millions / Rs. (2725.000)
Millions respectively as on March 31, 2012.
Total operational costs decreased from Rs.1232.100 Millions in 2011-12
to Rs.344.600 Millions in 2012-13. The Shareholders funds have decreased by
121.95 % from Rs.2474.800 Millions as on March 31, 2012 to Rs. (543.300)
Millions as on March 31, 2013.
CORPORATE RESULTS
During the year 2012-13, the net revenue of the Company was Rs.603.300 Millions as compared to Rs.16229.500 Millions during the previous year.
Loss before interest, depreciation and taxes was Rs.
(1746.200) Millions
as compared to loss of Rs. (1927.500) Millions during the previous year. Further,
the Company reported a Net Loss of Rs. (3145.200) Millions after tax as compared to Net
Loss after tax of Rs. (2725.000) Millions in the previous year.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10421669 |
27/02/2013 |
5,464,400,000.00 |
STATE BANK OF INDIA |
Specialised Commercial Branch, Sector 17 B, Chandigarh, Chandigarh - 160017, India |
B73731713 |
|
2 |
10406810 |
31/12/2012 |
1,359,900,000.00 |
PUNJAB NATIONAL BANK |
Sector 16, Chandigarh, Chandigarh - 160016, India |
B69102036 |
|
3 |
10335392 |
14/02/2012 |
600,000,000.00 |
IDBI Bank Limited |
IDBI Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
B32048316 |
|
4 |
10330932 |
05/01/2012 |
50,000,000.00 |
PUNJAB NATIONAL BANK |
Sector 16 D, Chandigarh, Chandigarh - 160017, India |
B30286678 |
|
5 |
10319478 |
02/11/2011 |
50,000,000.00 |
PUNJAB NATIONAL BANK |
Sector 16 D, Chandigarh, Chandigarh - 160017, India |
B25965278 |
|
6 |
10313083 |
27/09/2011 |
100,000,000.00 |
ALLAHABAD BANK |
Industrial Finance Branch, 1st Floor, 17 Parliament Street, New Delhi, Delhi - 110001, India |
B23512668 |
|
7 |
10310124 |
27/09/2011 |
500,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
Specialised Commercial BR., 27 Barakhamba Road, New Delhi, Delhi - 110001, INDIA |
B22515936 |
|
8 |
10310726 |
23/12/2011 * |
850,000,000.00 |
CORPORATION BANK |
P.B. No. 88, Mangaladevi Temple Road, Pandeshwar, Mangalore, Karnataka - 575001, India |
B29438637 |
|
9 |
10308940 |
12/09/2011 |
200,000,000.00 |
BANK OF BARODA |
Sco 62-62, Bank
Square, Sector 17 B, Chandigarh, |
B22009724 |
|
10 |
10307656 |
29/08/2011 |
460,000,000.00 |
State Bank of India |
Specialised Commercial Branch, Sco 103 - 106, Sector 17 B, Chandigarh, Chandigarh - 160017, India |
B21174123 |
|
11 |
10301164 |
12/07/2011 |
80,000,000.00 |
RELIGARE FINVEST LIMITED |
D3, P3b,, District Centre, Saket, New Delhi, Delhi - 110017, India |
B18415521 |
|
12 |
10286003 |
30/04/2011 |
500,000,000.00 |
Syndicate Bank |
Corporate Finance Branch, First Floor, Sarojini House, 6, Bhagwan Dass Road,, New Delhi, Delhi - 110001, India |
B12656997 |
|
13 |
10281083 |
04/09/2012 * |
12,446,000,000.00 |
State Bank of India |
Specialised Commercial Branch, Sco 103-106, Sector 17 B,, Chandigarh, Chandigarh - 160017, India |
B60242575 |
|
14 |
10278859 |
21/03/2011 |
1,050,000,000.00 |
BANK OF BARODA |
Sco 62-62, Bank Square,
Sector 17 B, Chandigarh, |
B10175693 |
|
15 |
10260867 |
31/12/2013 * |
300,000,000.00 |
Edelweiss Asset Reconstruction Company Limited |
Edelweiss House, Off. C.S.T Road, Kalina, Mumbai, Maharashtra - 400098, India |
B96087382 |
|
16 |
10258749 |
16/11/2011 * |
900,000,000.00 |
CENTRLAL BANK OF INDIA |
Corporate Finance Branch, Parliament Street, Jeevan Tara Building, New Delhi, Delhi - 110001, India |
B25574393 |
|
17 |
10258417 |
11/12/2010 |
1,050,000,000.00 |
ALLAHABAD BANK |
Industrial Finance Branch, 1st Floor, 17 Parliament Street, New Delhi, Delhi - 110001, India |
B02814879 |
|
18 |
10251488 |
03/11/2010 |
4,506,000,000.00 |
STATE BANK OF INDIA |
Sco 103-106, Sector 17-B, Chandigarh, Chandigarh- 160017, India |
A99577470 |
|
19 |
10228213 |
31/12/2013 * |
300,000,000.00 |
Edelweiss Asset Reconstruction Company Limited |
Edelweiss House, Off. C.S.T Road, Kalina,,Mumbai, Maharashtra - 400098, India |
B96086210 |
|
20 |
10204698 |
10/08/2010 * |
600,000,000.00 |
The Catholic Syrian Bank Limited |
Sco 114 - 115, Sector 34 A, Chandigarh, Chandigarh - 160022, India |
A93203586 |
|
21 |
10201549 |
31/12/2013 * |
1,000,000,000.00 |
Edelweiss Asset Reconstruction Company Limited |
Edelweiss House, Off. C.S.T Road, Kalina,,Mumbai, Maharashtra - 400098, India |
B95536728 |
|
22 |
10201279 |
29/03/2011 * |
460,000,000.00 |
State Bank of India |
Specialised Commercial Branch, Sco 103-106, Sector 17 B,, Chandigarh, Chandigarh - 160017, India |
B10994341 |
|
23 |
10161113 |
14/02/2012 * |
200,000,000.00 |
IDBI Bank Limited |
Idbi Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
B32052367 |
|
24 |
10142220 |
21/01/2009 |
50,000,000.00 |
STATE BANK OF INDIA |
Sco 103-106, Sector
17 B, Chandigarh, Chandigarh - |
A56540131 |
|
25 |
10137314 |
26/02/2009 * |
200,000,000.00 |
PUNJAB & SIND BANK |
Scf 251, Sector 16, Panchkula, Haryana - 134113, India |
A58708843 |
|
26 |
10138327 |
31/12/2013 * |
500,000,000.00 |
Edelweiss Asset Reconstruction Company Limited |
Edelweiss House, Off. C.S.T Road,, Kalina,, Mumbai, Maharashtra - 400098, India |
B95536694 |
|
27 |
10133771 |
03/08/2009 * |
150,000,000.00 |
IDBI BANK LIMITED |
Sco 55-56-57, Madhya Marg, Sector 8 C, Chandigarh, Chandigarh - 160018, India |
A68472604 |
|
28 |
10132676 |
12/11/2008 |
25,000,000.00 |
The Federal Bank Limited |
Sco 139-140, Sector
8 C, Chandigarh, Chandigarh - |
A52102134 |
|
29 |
10126359 |
26/02/2009 * |
600,000,000.00 |
State Bank of India |
Specialised Commercial Branch, Sco 103-106, Sector 17 B, Chandigarh, Chandigarh - 160017, India |
A58709551 |
|
30 |
10133799 |
26/02/2009 * |
500,000,000.00 |
State Bank of India |
SCO 103-106, Sector 17-B, Chandigarh, Chandigarh - 160017, INDIA |
A58709379 |
|
31 |
10086237 |
31/12/2013 * |
1,200,000,000.00 |
Edelweiss Asset Reconstruction Company Limited |
Edelweiss House, Off. C.S.T Road, Kalina,, Mumbai, Maharashtra - 400098, India |
B95536959 |
|
32 |
10068728 |
20/09/2007 |
30,000,000.00 |
The Federal Bank Limited |
Sco 139-140, Sector 8-C, Chandigarh, Chandigarh - 160018, India |
A23882533 |
|
33 |
10068454 |
05/01/2013 * |
11,000,000,000.00 |
State Bank Of India |
Specialised Commercial Branch, Sco 103-106, Sector 17 B, Chandigarh, Chandigarh - 160017, India |
B67486126 |
|
34 |
90312128 |
29/11/2010 * |
1,000,000,000.00 |
The Federal Bank Limited |
Sco 139-140, Sector
8c, Madhya Marg,, Chandigarh, |
B02367910 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
R and D Assets
·
Miscellaneous Assets
·
Electrical and Fittings
·
Computers
·
Pollution Control
Equipment
·
Furniture and Fixtures
·
Motor Vehicle
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.60.50 |
|
UK Pound |
1 |
Rs.101.69 |
|
Euro |
1 |
Rs.83.62 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
13 |
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.