|
Report Date : |
11.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
SMRUTHI ORGANICS LIMITED |
|
|
|
|
Registered
Office : |
165-A Balaji Bhavan, 1st Floor, Railway Lines,
Solapur-413001, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
11.07.1989 |
|
|
|
|
Com. Reg. No.: |
11-052562 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 38.154 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24119PN1989PLC052562 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNES10689A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCS5562Q |
|
|
|
|
Legal Form : |
A public limited liability company. The company’s shares are
listed on Stock Exchanges |
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|
|
|
Line of Business
: |
Manufacturing and selling of Bulk Drugs and Intermediates, Fine
chemicals (APls). |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1500000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track record. Sales turnover of the company has declined which resulting into dip in
profit of the company during financial year 2013. Further external borrowing
of the company has increased over previous year. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for normal business dealings with some
cautions. |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization policies.
A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = BB- |
|
Rating Explanation |
Inadequate credit quality and high credit risk. |
|
Date |
May 21, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
May 21, 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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Vijay |
|
Designation : |
Account Manager |
|
Contact No.: |
91-217-2310267 |
|
Date : |
09.08.2014 |
LOCATIONS
|
Registered Office / Corporate Office : |
165-A Balaji Bhavan, 1st Floor, Railway Lines,
Solapur-413001, Maharashtra, India |
|
Tel. No.: |
91-217-2310268 / 2620367 / 2310267 |
|
Fax No.: |
91-217-2601112 / 2620268 / 2310268 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Mumbai Office : |
108, Shivshakti Apartments, B-Wing, G. D. Ambedkar Road,
Mumbai – 400 012, Maharashtra |
|
Tel. No.: |
91-22-2412 9211 / 2412 9442 |
|
Fax No.: |
91-22-2415 5452 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Plot No. 273/274,
M.I.D.C., Akkalkot Road, Solapur – 413 006, Maharashtra, India |
|
Tel. No.: |
91-217-2651264 /
2653016 |
|
|
|
|
Factory 2 : |
Plot No. A-27,
M.I.D.C. Area, Chincholi, Post Kondi, Taluka Mohol, District Solapur,
Maharashtra, INDIA |
|
Tel. No.: |
91-217-2257491
/92 / 93 / 94 |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. E. Purushotham |
|
Designation : |
Chairman and Managing Director |
|
Qualification : |
M.Sc (Org. Chem) |
|
|
|
|
Name : |
Mrs. E. Swapnil |
|
Designation : |
Director (Business Development) |
|
Qualification : |
B.S. Chemical Engineering |
|
|
|
|
Name : |
Mrs. E. Vaishnavi |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Nagender Yerram |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. K. Rama Swamy |
|
Designation : |
Director |
|
Date of Appointment : |
09.05.2012 |
|
|
|
|
Name : |
Mr. J. H. Ranade |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Vijay |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of
Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2129010 |
55.80 |
|
|
82000 |
2.15 |
|
|
232181 |
6.09 |
|
|
232181 |
6.09 |
|
|
2443191 |
64.03 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
2443191 |
64.03 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
158024 |
4.14 |
|
|
|
|
|
|
792774 |
20.78 |
|
|
367813 |
9.64 |
|
|
53628 |
1.41 |
|
|
1852 |
0.05 |
|
|
51776 |
1.36 |
|
|
1372239 |
35.97 |
|
Total Public
shareholding (B) |
1372239 |
35.97 |
|
|
|
|
|
Total (A)+(B) |
3815430 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total
(A)+(B)+(C) |
3815430 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Directors/Promoters & their Relatives
& Friends
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and selling Bulk Drugs and Intermediates, Fine chemicals
(APls). |
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|
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|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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|
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|
Bankers : |
·
State Bank of India - Industrial Finance Branch,
World Trade Centre, Mumbai - 400 005, Maharashtra, India ·
Axis Bank Limited, 214/215, City Mall, Near Pune
University, Pune-411007, Maharashtra, India |
|||||||||||||||||||||||||||||||||
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|
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Facilities : |
NOTES *1st mortgage /
hypothecation charge on pari-passu basis with Axis Bank on Land and building and
Plant and Machinery owned by the Company situated at Plot No.273 and 274
MIDC, Akkalkot Road, Solapur 413006 and Plot No.A-27, MIDC Chincholi,
Solapur- 413 255, First Charge on Company's - Flat No 5, Rahul Neha Apartment
Solapur, Flat No T/1, Balaji Apartment Solapur, Holiday Resaurt at Plot No
31, Nakoda Constr. at village. Pakani Solapur. N.A. Plots GAT No. 230/2/B/2,
233/2/B, 231/2/B, 230/2/A/2 situated at village Chincholi, Taluka Mohol,
District Solpaur. First pari- passu charges on the above assets for Term Loan
of Rs.157.500 Millions form Axis Bank Limited, Pune. The Term Loan of Axis
Bank Rs 157.500 Millions is repayable in 60 months equal installment along
with interest from 30.11.2012. *Personal
guarantee of Mr. E Purushotham, Managing Director and Mrs. E Vaishnavi
Director. **Deferred Sales Tax Loan is interest free and payable in yearly in 5
installment of each Financial years after completion of 10 years and the
final installment will due on 26.04.2022 |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ashok Madgundi and Company Chartered Accountant |
|
Address : |
210/ A/ 1, Sakhar Peth, Near Kanya Prashala, Solapur-413005,
Maharashtra, India |
|
Tel. No.: |
91-217-626540 / 620403 |
|
|
|
|
Related Parties : |
·
Smruthi Chemicals and
Intermediates |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs. 38.154 Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
5000000 |
Non Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
TOTAL |
|
Rs. 100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3815430 |
Equity Shares |
Rs.10/- each |
Rs. 38.154
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
38.154 |
38.154 |
38.154 |
|
(b) Reserves & Surplus |
312.598 |
373.460 |
319.556 |
|
(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) |
350.752 |
411.614 |
357.710 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
132.994 |
148.824 |
117.212 |
|
(b) Deferred tax liabilities (Net) |
11.569 |
43.597 |
28.497 |
|
(c) Other long term liabilities |
18.186 |
17.165 |
12.607 |
|
(d) long-term provisions |
3.462 |
6.752 |
7.178 |
|
Total Non-current Liabilities (3) |
166.211 |
216.338 |
165.494 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
295.327 |
283.854 |
203.588 |
|
(b) Trade payables |
392.700 |
297.054 |
360.303 |
|
(c) Other current
liabilities |
51.553 |
48.897 |
24.625 |
|
(d) Short-term provisions |
0.000 |
31.128 |
67.132 |
|
Total Current Liabilities (4) |
739.580 |
660.933 |
655.648 |
|
|
|
|
|
|
TOTAL |
1256.543 |
1288.885 |
1178.852 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
414.815 |
445.846 |
323.689 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
10.793 |
10.793 |
43.772 |
|
(b) Non-current Investments |
0.493 |
0.497 |
0.997 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
8.009 |
7.200 |
10.204 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
434.110 |
464.336 |
378.662 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
241.941 |
407.286 |
317.321 |
|
(c) Trade receivables |
493.166 |
315.430 |
368.085 |
|
(d) Cash and cash
equivalents |
24.837 |
9.628 |
21.086 |
|
(e) Short-term loans
and advances |
62.489 |
92.205 |
93.698 |
|
(f) Other current
assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
822.433 |
824.549 |
800.190 |
|
|
|
|
|
|
TOTAL |
1256.543 |
1288.885 |
1178.852 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
911.332 |
1800.596 |
2051.581 |
|
|
|
Other Income |
12.024 |
4.064 |
2.191 |
|
|
|
TOTAL (A) |
923.356 |
1804.660 |
2053.772 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
558.286 |
1378.880 |
1537.094 |
|
|
|
Employee benefits expenses |
84.979 |
101.527 |
91.991 |
|
|
|
Other Expenses |
153.852 |
188.891 |
161.442 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and Stock-in-Trade |
105.181 |
(58.544) |
3.502 |
|
|
|
TOTAL (B) |
902.298 |
1610.754 |
1794.029 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
21.058 |
193.906 |
259.743 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
51.868 |
40.173 |
54.008 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(30.810) |
153.733 |
205.735 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
59.858 |
52.907 |
45.296 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(90.668) |
100.826 |
160.439 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(29.149) |
37.300 |
54.040 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(61.519) |
63.526 |
106.399 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
420.770 |
461.820 |
|
|
TOTAL EARNINGS |
NA |
420.770 |
461.820 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
285.962 |
303.050 |
|
|
TOTAL IMPORTS |
NA |
285.962 |
303.050 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
16.65 |
16.65 |
27.89 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(6.66) |
3.52
|
5.18 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(9.95) |
5.60
|
7.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.28) |
7.89
|
14.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.25) |
0.24
|
0.45 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.22 |
1.05
|
0.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11 |
1.25
|
1.22 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
38.154 |
38.154 |
38.154 |
|
Reserves & Surplus |
319.556 |
373.460 |
312.598 |
|
Net
worth |
357.710 |
411.614 |
350.752 |
|
|
|
|
|
|
long-term borrowings |
117.212 |
148.824 |
132.994 |
|
Short term borrowings |
203.588 |
283.854 |
295.327 |
|
Total
borrowings |
320.800 |
432.678 |
428.321 |
|
Debt/Equity
ratio |
0.897 |
1.051 |
1.221 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
2051.581 |
1800.596 |
911.332 |
|
|
|
(12.234) |
(49.387) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
2051.581 |
1800.596 |
911.332 |
|
Profit/(Loss) After Tax |
106.399 |
63.526 |
(61.519) |
|
|
5.19% |
3.53% |
(6.75%) |
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last three
years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
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 |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
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 |
UNSECURED LOAN
|
Particulars |
Rs.
In Millions 31.03.2014 |
Rs.
In Millions 31.03.2013 |
|
Short Term
Borrowings |
|
|
|
Directors |
NA |
13.470 |
|
|
|
|
|
TOTAL |
NA |
13.470 |
VIEW INDEX OF
CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
10398153 |
08/03/2013 * |
157,500,000.00 |
Axis Bank Limited |
Corporate Banking Branch,
214-215, City Mall, Near |
B71352900 |
|
2 |
80013457 |
17/12/2012 * |
535,000,000.00 |
State Bank of India |
Industrial Finance Branch, The
Arcade, 2nd Floor, |
B65875700 |
|
* Date of charge modification |
||||||
CORPORATE
INFORMATION
Subject is a
public company domiciled in India and incorporates under the provisions of the
Companies Act, 1956. It's shares are listed on Stock Exchange of Pune,
Hyderabad, Ahmadabad and Mumbai as permitted by security in India. The company
is engaged in the manufacturing and selling Bulk Drugs and Intermediates, Fine
chemicals (APIs). The company caters to both domestic and international market.
FIXED ASSETS
·
Factory Land
·
Agricultural Land
·
Building
·
Ownership Flats
·
Plant and Machinery
·
Electrical Installation/ Equipments
·
Vehicles
·
Office Equipments
·
Computer
·
Furniture and Fixture
·
Laboratory Equipments
·
Other Factory Equipments
UNAUDITED
FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED 30TH JUNE 2014
(Rs. in millions)
|
Sr. No. |
Particular |
3 Months Ended |
|
|
|
30.06.2014 (Unaudited) |
|
1. |
Income from
Operations |
|
|
|
Net Sales |
259.424 |
|
|
Other Operating Income |
1.436 |
|
|
Net Sales/Income
from Operations |
260.860 |
|
|
|
|
|
2. |
Expenditure |
|
|
|
Cost of Material Consumed
|
182.653 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
3.870 |
|
|
Employee Benefits Expenses |
21.170 |
|
|
Depreciation and Amortization Expenses |
14.281 |
|
|
Other Expenses |
37.265 |
|
|
f) Total |
259.238 |
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
1.622 |
|
|
|
|
|
4. |
Other Income |
0.000 |
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
1.622 |
|
|
|
|
|
6. |
Interest |
12.937 |
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
(11.315) |
|
|
|
|
|
8. |
Exceptional Items |
0.000 |
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
(11.315) |
|
|
|
|
|
10. |
Tax Expense |
0.000 |
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
(11.315) |
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
0.000 |
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
(11.315) |
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
38.154 |
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
0.000 |
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
a) Basic and diluted EPS before extraordinary items |
(2.97) |
|
|
b) Basic and diluted EPS after extraordinary items |
(2.97) |
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
-Number of Shares |
1372239 |
|
|
- Percentage of Shareholding |
35.97 |
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- Number of Shares |
Nil |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
- Number of Shares |
2443191 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100.00 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
64.03 |
|
Particulars
|
3 Months Ended 30.06.2014 |
|
Pending at the beginning of the quarter |
0 |
|
Received during the quarter |
0 |
|
Disposed of during the quarter |
0 |
|
Remaining unresolved at the end of the quarter |
0 |
NOTES
1. The Company operates in one segment only namely – “Bulk Drugs and Drug
Intermediates”.
2. Adjustment for deferred tax will be made in the last quarter of the
financial year based on year end results.
3. The above results have been reviewed by Audit Committee and Statutory
Auditor and have been taken on record at the meeting of the Board of Directors
held on 9th August 2014.
4. The loss is due to overall drop in sales revenue on account of ongoing
regulatory issues with European and US Drug authorities.
5. Previous period’s figures have been regrouped/rearranged wherever
necessary.
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. 61.56 |
|
UK Pound |
1 |
Rs. 103.50 |
|
Euro |
1 |
Rs. 82.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
34 |
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.