MIRA
INFORM REPORT
|
Report Date : |
13.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
BAL PHARMA LIMITED |
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Registered
Office : |
21 and 22, Bommasandra, Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.05.1987 |
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Com. Reg. No.: |
08-008368 |
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Capital
Investment / Paid-up Capital : |
Rs. 111.114 Millions |
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CIN No.: [Company Identification No.] |
L85110KA1987PLC008368 |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing and
Marketing of Pharmaceutical Formulations and Active Pharmaceutical Ingredients. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. The rating takes into consideration company’s improved financial risk
profile and fair profitability levels of the company. Trade relations are fair. Business is active. Payments are reported to
be usually correct. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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
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 |
ICRA |
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Rating |
Long Term Loans = BBB- |
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Rating Explanation |
Moderate degree of safety and moderate credit risk |
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Date |
April 2014 |
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Rating Agency Name |
ICRA |
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Rating |
Non fund based facilities = A3 |
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Rating Explanation |
Moderate degree of safety and high credit risk |
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Date |
April 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 DENIED
Management Non Co-operative (Tel No. 91-80-41379500)
LOCATIONS
|
Registered Office/ Factory 1 (Formulations) : |
# 21 and 22, Bommasandra, Industrial Area, Hosur Road, Bangalore – 560
099, Karnataka, India |
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Tel. No.: |
91-80-22354057/ 22354058 |
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Fax No.: |
91-80-22354057/ 22354058 |
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E-Mail : |
Anti-Diabetic Division: glyduzpmt@balpharma.com International Marketing: intlmktg@balpharma.com Cardiac Division: servetuspmt@balpharma.com Main Division: pmtvibryant@balpharma.com Ayurvedic Division: bvpmt@balpharma.com International Marketing: intlmktg@balpharma.com |
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Website : |
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Corporate Office : |
5th Floor, Lakshmi Narayan Complex, 10/1, Palace Road, Bangalore – 560
052. Karnataka, India |
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Tel. No.: |
91-80-41379500 |
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Fax No.: |
91-80-22354057 |
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Factory 2 (R & D Centre and Bulk Drugs) : |
# 61/B, Bommasandra Industrial Area, Hosur Road, Bangalore – 560 099,
Karnataka, India |
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Factory 3 (Parenterals) : |
# 732/735, Off. National Highway, No.4, Village Kenjal, District Bhor –
412 217, Maharashtra, India |
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Factory 4 (Formulations plant at Uttarakhand) : |
Plot # 1, 2, 3 and 69, Sector 4, IIE-Pantnagar, Rudrapur – 263 153,
Udham Singh Nagar, Uttarakhand, India |
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Factory 5 (Intermediaries) : |
Alp-Thabdewadi, Taluka - Kavathe Mahankal, District - Sangli, Sangli –
416 405, Maharashtra, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Shailesh Siroya |
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Designation : |
Managing Director |
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Name : |
Dr. S. Prasanna |
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Designation : |
Whole Time Director |
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Name : |
Mr. Shrenik Siroya |
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Designation : |
Non-Executive Director |
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Date of Birth/Age : |
10.09.1964 |
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Qualification : |
B.E (U.K) |
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Experience/ Expertise : |
Mr. Shernik Siroya has got
vast experience in managing various enterprises including companies. |
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Date of Appointment : |
30.09.1997 |
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Other Directorships : |
·
Siroya Exports (Private)
Limited-Director ·
Siroya Developers (Private)
Limited-Director ·
Mokalsor Stone Private Limited -Director ·
Siroya FM Constructions Private
Limited-Director. ·
Siroya Nabar Hosing Private Limited
-Director ·
Mannath Developers (Private)
Limited-Director ·
Siroya FM infra development Private
Limited ·
Mannath Properties (Private)
Limited -Director. |
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Name : |
Dr. G.S.R. Subba Rao |
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Designation : |
Independent Director |
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Date of Birth/Age : |
2I.08.I937 |
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Qualification : |
BSC (Honors), Msc, Dsc,
Phd, FA. Sc, F.N.A |
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Experience/ Expertise : |
Formerly professor and Dean
in Indian Institute of Science (IISC), Bangalore. He is also a consultant to
many Indian and Foreign Pharmaceutical Companies on synthesis
of drugs, intermediates, natural products and
Steroid hormones. |
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Date of Appointment : |
08.07.2000 |
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Name : |
Mr. Pramod Kumar S. |
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Designation : |
Independent Director |
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Name : |
Mr. Ajit Kumar |
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Designation : |
Nominee Director |
KEY EXECUTIVES
|
Name : |
Mr. V. Murali |
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Designation : |
G.M. Finance and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
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(A) Shareholding of Promoter and Promoter Group |
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4319779 |
33.56 |
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1310836 |
10.18 |
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5630615 |
43.74 |
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|
655187 |
5.09 |
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|
655187 |
5.09 |
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Total shareholding of Promoter and Promoter Group (A) |
6285802 |
48.83 |
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(B) Public Shareholding |
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|
200 |
0.00 |
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1800 |
0.01 |
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|
2000 |
0.02 |
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|
637363 |
4.95 |
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|
2593526 |
20.15 |
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|
3353681 |
26.05 |
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|
6584570 |
51.15 |
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Total Public shareholding (B) |
6586570 |
51.17 |
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Total (A)+(B) |
12872372 |
100.00 |
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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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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
12872372 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and
Marketing of Pharmaceutical Formulations and Active Pharmaceutical
Ingredients. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Products |
Unit |
Installed
capacity (as certified by the Management) |
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Tablets |
Million Nos. |
3770 |
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Capsules |
Million Nos. |
100 |
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Liquids |
Kilo Litres |
750 |
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Ointment |
Metric Tonne |
75 |
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IV-Fluids |
Million Nos. |
7 |
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Eye/Ear Drops |
Million Nos. |
19 |
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Bulk Drugs |
Metric Tonne |
38 |
Licensed Capacity-- Not Applicable
Notes: Installed capacities are as certified by Management and have not
been verified by the auditors as this is a technical matter.
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Particulars |
Unit |
Actual
Production |
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Tablets |
000 Nos. |
582968 |
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Capsules |
000 Nos. |
8694 |
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Liquids |
Kilo Ltrs. |
9212 |
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Ointments |
Kgs. |
5393 |
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EED |
Million |
0.307 |
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Bulk Drugs |
Kgs. |
45912 |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged |
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Bankers : |
·
Canara Bank ·
Punjab National Bank ·
EXIM Bank ·
Kotak Mahindra Bank
Limited |
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Facilities : |
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Banking
Relations : |
--- |
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Financial Institution : |
Tata Capital Limited |
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Statutory Auditors : |
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Name : |
TD Jain and Dl Sakria Chartered Accountants |
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Address: |
Bangalore, Karnataka, India |
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Internal Auditors : |
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Name : |
Manjunath S. and Company Chartered Accountants |
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Address: |
Bangalore, Karnataka, India |
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Cost Auditor : |
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Name : |
Mr. M.R. Krishnamurthy Cost Auditor |
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Address: |
Bangalore, Karnataka, India |
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Enterprise owned by
some of the promoter shareholders (As on 31.03.2013) |
Micro Labs Limited |
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Enterprise owned by the Managing director of the Company (As on 31.03.2013) |
Desa Marketing
International |
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Enterprise owned by relatives of Managing director of the
company (As on
31.03.2013) |
·
Siroya
Developers (Private) Limited ·
Siroya
Constructions |
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Enterprise over which the Managing director of the company
exercises joint control with other partners (As on 31.03.2013) |
Siroya Wellness |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs. 111.114
Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- Each |
Rs.150.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10573624 |
Equity Shares |
Rs.10/- Each |
Rs.105.736
Million |
Reconciliation of the
equity shares outstanding at the beginning of the reporting period
|
Particulars |
As at 31st March, 2013 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
At the beginning of the period |
10573624 |
105.736 |
|
Issued during the period - ESOP |
- |
- |
|
Outstanding at the end of the period |
10573624 |
105.736 |
Terms/Rights attached to Equity shares
The company has only one class of equity
shares having par value of Rs.10 per share. Each holder of equity shares is entitled
to one vote per share. The company declares and pays dividends in Indian
rupees. The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in 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 the shareholders.
Aggregate
number of bonus shares issued, shares issued for consideration other than cash
and shares bought back during the period of five years immediately preceding
the reporting period: Nil (31 March 2012: Nil)
In addition, the company has issued total
127400 shares (31 March
2012: 127400) during the period of five years immediately preceding the reporting
date on exercise of options granted under the employee stock option plan (ESOP)
wherein part consideration was received in form of employee services.
Details of shareholders holding more than 5%
shares in the company
|
Particulars |
As at 31st March, 2013 |
|
|
No. of Shares |
% holding in the
class |
|
|
Equity shares of Rs.10 each fully paid |
|
|
|
Micro Labs Limited |
1310836 |
12.40 |
|
Shailesh Siroya |
670759 |
6.34 |
As per of the company, including its register of shareholders/members
and other declaration received from shareholders regarding beneficial interest,
the above shareholding represents both legal and beneficial ownership of
shares.
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 |
111.114 |
105.736 |
105.736 |
|
(b) Reserves & Surplus |
372.018 |
328.379 |
294.822 |
|
(c) Money
received against share warrants |
17.364 |
12.068 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
500.496 |
446.183 |
400.558 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
79.701 |
16.710 |
60.909 |
|
(b) Deferred tax liabilities (Net) |
82.372 |
82.371 |
74.177 |
|
(c) Other long term liabilities |
6.559 |
18.100 |
6.371 |
|
(d) long-term provisions |
10.598 |
8.350 |
6.437 |
|
Total Non-current Liabilities (3) |
179.230 |
125.531 |
147.894 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
427.499 |
443.597 |
445.294 |
|
(b) Trade payables |
335.309 |
320.565 |
269.217 |
|
(c) Other current
liabilities |
86.593 |
149.693 |
139.566 |
|
(d) Short-term provisions |
18.314 |
12.807 |
9.108 |
|
Total Current Liabilities (4) |
867.715 |
926.662 |
863.185 |
|
|
|
|
|
|
TOTAL |
1547.441 |
1498.376 |
1411.637 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
467.410 |
472.541 |
|
(ii) Intangible Assets |
|
50.871 |
56.444 |
|
(iii) Capital
work-in-progress |
|
8.750 |
4.114 |
|
(iv) Intangible
assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
0.150 |
0.150 |
0.150 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
39.643 |
38.346 |
31.826 |
|
(e) Other Non-current assets |
2.236 |
0.710 |
1.722 |
|
Total Non-Current Assets |
596.276 |
566.237 |
566.797 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
317.142 |
336.870 |
336.595 |
|
(c) Trade receivables |
454.882 |
434.961 |
381.858 |
|
(d) Cash and cash
equivalents |
30.241 |
47.284 |
30.267 |
|
(e) Short-term loans
and advances |
147.620 |
110.501 |
93.134 |
|
(f) Other current
assets |
1.280 |
2.523 |
2.986 |
|
Total Current Assets |
951.165 |
932.139 |
844.840 |
|
|
|
|
|
|
TOTAL |
1547.441 |
1498.376 |
1411.637 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operation |
1788.720 |
1479.145 |
1396.866 |
|
|
|
Other Income |
6.463 |
6.593 |
10.781 |
|
|
|
TOTAL (A) |
1795.183 |
1485.738 |
1407.647 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
281.236 |
720.962 |
718.463 |
|
|
|
Purchase of traded goods |
51.541 |
44.016 |
37.524 |
|
|
|
(Increase)/decrease in inventories of finished
goods and work-in-progress |
9.594 |
24.471 |
12.028 |
|
|
|
Employees Benefits Expenses |
281.236 |
235.747 |
211.541 |
|
|
|
Other Expenses |
376.397 |
281.761 |
269.275 |
|
|
|
TOTAL (B) |
1609.952 |
1306.957 |
1248.831 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
185.231 |
178.781 |
158.816 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
71.574 |
79.768 |
73.851 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
113.657 |
99.013 |
84.965 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
47.397 |
48.122 |
41.308 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
66.260 |
50.891 |
43.657 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.539 |
8.056 |
6.087 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
50.721 |
42.835 |
37.570 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
151.635 |
118.000 |
85.679 |
|
|
|
|
|
|
|
|
|
|
Transferred form Merged Entry |
NA |
0.000 |
(5.226) |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
|
7.900 |
0.000 |
|
|
|
Tax on Dividend |
|
1.300 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
151.635 |
117.970 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
822.880 |
714.161 |
|
|
TOTAL EARNINGS |
NA |
822.880 |
714.161 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
301.342 |
281.871 |
|
|
|
Capital Goods (Including Stores and Spares) |
|
3.191 |
0.270 |
|
|
TOTAL IMPORTS |
NA |
304.533 |
282.141 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.10/- Each) |
4.77 |
4.05 |
3.57 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
2.83 |
2.88
|
2.67 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.70 |
3.44
|
3.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.28 |
3.42
|
3.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.11
|
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.01 |
1.03
|
1.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10 |
1.00
|
0.98 |
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 |
105.736 |
105.736 |
111.114 |
|
Reserves & Surplus |
294.822 |
328.379 |
372.018 |
|
Money received against share
warrants |
0.000 |
12.068 |
17.364 |
|
Net
worth |
400.558 |
446.183 |
500.496 |
|
|
|
|
|
|
long-term borrowings |
60.909 |
16.710 |
79.701 |
|
Short term borrowings |
445.294 |
443.597 |
427.499 |
|
Total
borrowings |
506.203 |
460.307 |
507.200 |
|
Debt/Equity
ratio |
1.264 |
1.032 |
1.013 |
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) |
|
Sales |
1396.866 |
1479.145 |
1788.720 |
|
|
|
5.890 |
20.929 |
NET PROFIT MARGIN
|
Net Profit
Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1396.866 |
1479.145 |
1788.720 |
|
Profit |
37.570 |
42.835 |
50.721 |
|
|
2.69% |
2.90% |
2.84% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of
Establishment |
Yes |
|
2] |
Locality of
the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
No |
|
5] |
Type of
Business |
Yes |
|
6] |
Line of
Business |
Yes |
|
7] |
Promoter's
background |
Yes |
|
8] |
No. of
employees |
No |
|
9] |
Name of
person contacted |
No |
|
10] |
Designation
of contact person |
No |
|
11] |
Turnover of
firm for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons for
variation <> 20% |
-- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital in
the business |
Yes |
|
16] |
Details of
sister concerns |
Yes |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export /
Import details (if applicable) |
No |
|
21] |
Market
information |
-- |
|
22] |
Litigations
that the firm / promoter involved in |
Yes |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct of
the banking account |
-- |
|
26] |
Buyer visit
details |
-- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last accounts
filed at ROC |
Yes |
|
30] |
Major Shareholders,
if available |
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:
HIGH COURT OF KARNATAKA - PRINCIPAL BENCH AT
BANGALORE ITA 238/2013
|
Petitioner/Appnt.
|
THE COMMISSIONER OF INCOME TAX |
Respondent/Defnt.
Name |
M/S BAL PHARMA LIMITED |
|
Petnr./Appnt.
Advocate |
K V ARAVIND |
Respnt./Defnt
Advocate |
|
|
Date Filed |
27/05/2013 |
District |
Bangalore City |
|
|
|||
|
Stage |
HEARING |
Last Posted for |
ADMISSION |
|
Last Action
Taken |
ADMIT/RULE |
Last Date of Action |
16/07/2013 |
|
|
|||
|
Latest Order: |
TO EXAMINE SUBSTANTIAL QUESTIONS OF LAWLIST
A/W ITA 239/2013 |
||
|
Before Hon'ble
Judge/s |
D.V.SHYLENDRA KUMAR B.S.INDRAKALA |
||
Lower
Court Details [Appeal from below case.]
|
Case No |
Court name |
Disposal Date |
|
ITA 1263/2011 |
INCOME TAX APPELLATE TRIBUNAL |
04/01/2013 |
Details of the Daily Order
|
Sl.No. |
Honble Judge |
Date of Order |
|
1 |
HONBLE DVSKJ
& BSIJ |
16/07/2013 |
UNSECURED LOANS
|
Particular |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Term Loans |
|
|
|
- From Banks |
|
|
|
Kotak Mahindra Bank |
|
1.805 |
|
- From Financial institutions |
|
|
|
Tata Capital Limited |
|
1.857 |
|
Magma Fincorp Limited |
|
3.086 |
|
SHORT-TERM BORROWINGS |
|
|
|
From
Banks |
|
|
|
- Buyers credit |
|
76.410 |
|
Interest free loan and advances from
directors repayable on demand |
|
2.124 |
|
Total
|
NA |
85.282 |
CORPORATE INFORMATION
The company is a Public Limited Company domiciled in India and incorporated under provisions of the Companies Act, 1956. Its shares are listed on two recognized stock exchanges in India. The company is engaged in the manufacturing and selling of pharmaceutical products. The company caters to both domestic and international markets.
INDEX OF CHARGE:
|
S.No.
|
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address
|
Service
Request Number (SRN) |
|
1 |
10416826
|
18/07/2013
* |
60,000,000.00
|
Export-Import
Bank of India |
Centre
One Building, Floor 21, World Trade Center |
B80384944
|
|
2 |
10370582
|
21/07/2012
|
6,570,000.00
|
Canara
Bank |
OVERSEAS
BRANCH ,M.G. Road, Bangalore, Karnataka - |
B45684024
|
|
3 |
10269289
|
31/01/2011
|
30,000,000.00
|
Canara
Bank |
Overseas
Branch, Ramanashree Arcade, NO.18, M G Road, Bangalore, Karnataka - 560001,
INDIA |
B07366156
|
|
4 |
10002968
|
26/03/2010
* |
216,500,000.00
|
EXPORT
IMPORT BANK OF INDIA |
FLOOR
NO.21, CENTRE ONE BUILDING, WORLD TRADE CEN |
A84530880
|
|
5 |
80022084
|
13/11/2013
* |
511,000,000.00
|
CANARA
BANK (LEADER) |
OVERSEAS
BRANCH, RAMANASHREE ARCADE, NO.18, M G R |
B90908856
|
FIXED ASSETS:
Tangible Assets:
· Land
· Building
· Plant and Machinery
· Utilities
· Furniture and Fixtures
· Office Equipments
· Vehicles
Intangible Assets:
· Software
· R & D Expenses
· Market Development Expenditure
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 records 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.61.18 |
|
|
1 |
Rs.102.55 |
|
Euro |
1 |
Rs.81.77 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
ASH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
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 |
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 |
|
45 |
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.