MIRA
INFORM REPORT
|
Report Date : |
16.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
ALEMBIC PHARMACEUTICALS LIMITED (w.e.f. 12.03.2011) |
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|
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Formerly Known
As : |
ALEMBIC PHARMA LIMITED |
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Registered
Office : |
Alembic Road, Vadodara – 390002, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
16.06.2010 |
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Com. Reg. No.: |
04-061123 |
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Capital Investment
/ Paid-up Capital : |
Rs.377.032
Millions |
|
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|
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CIN No.: [Company Identification
No.] |
L24230GJ2010PLC061123 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDA03515B |
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PAN No.: [Permanent Account No.] |
AAICA5591M |
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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
: |
Manufacturer of Pharmaceutical Products. |
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No. of Employees
: |
6300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 25000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Not Available |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
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 |
CRISIL |
|
Rating |
Long term rating: AA |
|
Rating Explanation |
Have degree of safety and carry very low
credit risk. |
|
Date |
05.06.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
05.06.2014 |
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 (91-265-2280880)
LOCATIONS
|
Registered Office / Factory 1 : |
Alembic Road, Vadodara-390002, Gujarat, India |
|
Tel. No.: |
91-265-2280550/2280880 |
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Fax No.: |
91-265-2281508/22847283053333/300 |
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E-Mail : |
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Website : |
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Marketing Office: |
2nd Floor ,
Prime Corporate Park, Behind ITC Grand Maratha Sheraton, Sahar Road, Andheri
(E), Mumbai - 400099, Maharashtra, India |
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Tel. No.: |
91-22-30611698 |
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Fax No.: |
91-22-30611682 |
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Factory 2 : |
Plot No.21/22, EPIP-Phase-I, Jhamajri, Baddi, Tehsil – Nalagarh, Solan
– 173205, Himachal Pradesh, India |
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Factory 3 : |
Village Karakhadi, Taluka Padra, District Vadodara, Gujarat, India |
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Factory 4 : |
Panelav, Tal. Halol, District Panchmahal-389350, Gujarat, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Chirayu Ramanbhai Amin |
|
Designation : |
Chairman and Managing Director |
|
Address : |
F 10/195, Race Course Circle, Gorti Road, Vadodara – 390007, Gujarat,
India |
|
Date of Birth/Age : |
04.12.1946 |
|
|
|
|
Name : |
Mr. Krishnapuram Ramanathan |
|
Designation : |
Director |
|
Address : |
Srinidhi Bunglow, No. 1, Octroi Naka, Gorti Road, Vadodara – 390007,
Gujarat, India |
|
Date of Birth/Age : |
15.05.1939 |
|
|
|
|
Name : |
Mr. Rajkumar Shreeram Baheti |
|
Designation : |
Director and President-Finance |
|
Address : |
Flat No.402, Samprat Residency, 52, Alkapuri Society, Alkapuri,
Vadodara – 390007, Gujarat, India |
|
Date of Birth/Age : |
24.10.1959 |
|
|
|
|
Name : |
Mr. Pranav Natverlal Parikh |
|
Designation : |
Director |
|
Address : |
18 A, Manek, LD Ruparel Marg, Malbar hill, Mumbai – 400006,
Maharashtra, India |
|
Date of Birth/Age : |
18.02.1943 |
|
|
|
|
Name : |
Mr. Paresh Saraiya |
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Designation : |
Director |
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|
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|
Name : |
Mr. Pranav Amin |
|
Designation : |
Director and President-International Business |
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|
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|
Name : |
Mr. Milin Mehta |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Shaunak Amin |
|
Designation : |
Director & President-Branded Formulations Business (w.e.f. 2nd
May, 2013) |
KEY EXECUTIVES
|
Name : |
Mr. Rajkumar Shreeram Baheti |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
AS ON 31.03.2014
|
Category of Shareholder |
Total
No. of Shares |
%
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
13402430 |
7.11 |
|
|
126336190 |
67.02 |
|
|
139738620 |
74.13 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
139738620 |
74.13 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2240232 |
1.19 |
|
|
1207039 |
0.64 |
|
|
16633560 |
8.82 |
|
|
3600 |
0.00 |
|
|
750 |
0.00 |
|
|
2850 |
0.00 |
|
|
20084431 |
10.65 |
|
|
|
|
|
|
1712256 |
0.91 |
|
|
|
|
|
|
21218663 |
11.26 |
|
|
4949984 |
2.63 |
|
|
811960 |
0.43 |
|
|
267376 |
0.14 |
|
|
16380 |
0.01 |
|
|
528204 |
0.28 |
|
|
28692863 |
15.22 |
|
Total Public shareholding (B) |
48777294 |
25.87 |
|
Total (A)+(B) |
188515914 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
188515914 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pharmaceutical Products. |
GENERAL INFORMATION
|
No. of Employees : |
6300 (Approximately) |
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Bankers : |
·
Axis Bank Limited ·
Bank of Baroda ·
HDFC Bank Limited ·
IDBI Bank Limited ·
Standard Chartered Bank ·
The Royal Bank of Scotland N.V |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
K.S. Aiyar and Company Chartered Accountants |
|
Address : |
Laxmi Estate No. F-07/08, Shakti Mills Lane, Off Dr. E. Moses Road, Mahalaxmi,
Mumbai-400011, Maharashtra, India |
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Tel No.: |
91-22-24932502/66551770 |
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Fax No.: |
91-22-66551774 |
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Email: |
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Website: |
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Subsidiary and
Fellow Subsidiary : |
·
Alembic Global Holding SA (Subsidiary of Alembic
Pharmaceuticals Limited) ·
Alembic Pharmaceuticals Australia Pty Ltd
(Subsidiary of Alembic Global Holding SA) ·
Alembic Pharmaceuticals Europe Limited (Subsidiary
of Alembic Global Holding SA) ·
Alnova Pharmaceuticals SA (Subsidiary of Alembic
Global Holding SA) ·
Alembic Pharmaceuticals Inc. (Subsidiary of
Alembic Global Holding SA) ·
Alembic Pharmaceuticals Canada Ltd (Subsidiary of
Alembic Global Holding SA) |
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|
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|
Associate
Companies : |
·
Alembic Limited ·
Whitefield Chemtech Private Limited ·
Nirayu Private Limited ·
Quick Flight Limited ·
Shreno Limited ·
Paushak Limited ·
Sierra Investments Limited ·
Viramya Packlight Limited ·
Incozen Therapeutics Private Limited ·
Rhizen Pharmaceuticals SA |
CAPITAL STRUCTURE
AS ON 31.03.2014
A)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.2/- each |
Rs.400.000 Millions |
|
|
|
|
|
B)
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
188515914 |
Equity Shares |
Rs.2/- each |
Rs.377.032
Millions |
|
|
|
|
|
Out of above 13,35,15,914
equity shares of Rs.2/- each were issued to the shareholders of Alembic Limited
as per the Scheme of Arrangement and without payment being received in cash
C)
Reconciliation of the
number of shares outstanding at the beginning and at the end of the reporting
period:
|
Particulars |
As on 31.03.2014 |
|
|
No. of Shares |
Rs. in Millions |
|
|
At the beginning of the period |
18,85,15,914 |
377.032 |
|
Issued during the period |
-- |
-- |
|
Outstanding at the end of the period |
118,85,15,914 |
377.032 |
D)
The rights, preferences and restrictions including
restrictions on the distribution of dividends and the repayment of capital The company
is having only one class of shares i.e. Equity carrying a nominal value of H
2/- per share.
Every holder of the equity share of the Company is entitled to one vote
per share held.
In the event of liquidation of the Company, the equity shareholders will
be entitled to receive remaining assets of the Company after the distribution /
repayment of all creditors. The distribution to the equity shareholders will be
in proportion of the number of shares held by each shareholder.
The Company declares and pays dividend on the equity shares in Indian
Rupees. Dividend proposed by the Board of Directors is subject to approval of
the shareholders at the ensuing Annual General Meeting.
During the year ended 31st March, 2014 an amount of H 3.00 of dividend
per equity share was proposed for the equity shareholders (P.Y H 2.50 per
equity share).
E)
Shares in the
company held by each shareholder holding more than 5 percent shares specifying
the number of shares held:
|
Particulars |
As on 31.03.2014 |
|
|
No. of Shares |
% of Held |
|
|
Alembic Limited |
55000000 |
29.18% |
|
Shreno Limited |
18368780 |
9.74% |
|
Sierra Investments Limited |
17167670 |
9.11% |
|
Whitefield Chemtech Limited |
18285230 |
9.70% |
|
Nirayu Private Limited |
16213755 |
8.60% |
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 |
377.032 |
377.032 |
377.032 |
|
(b) Reserves & Surplus |
5919.928 |
4220.606 |
2385.064 |
|
(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) |
6296.960 |
4597.638 |
2762.096 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
522.200 |
705.347 |
1284.837 |
|
(b) Deferred tax liabilities (Net) |
227.170 |
138.969 |
53.746 |
|
(c) Other long term liabilities |
127.038 |
127.607 |
118.417 |
|
(d) long-term provisions |
66.806 |
60.606 |
51.016 |
|
Total Non-current Liabilities (3) |
943.214 |
1032.529 |
1508.016 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
254.237 |
701.145 |
1462.768 |
|
(b) Trade payables |
2818.996 |
2342.456 |
1317.541 |
|
(c) Other current
liabilities |
606.211 |
692.529 |
849.005 |
|
(d) Short-term provisions |
704.845 |
620.550 |
259.085 |
|
Total Current Liabilities (4) |
4384.289 |
4356.680 |
3888.399 |
|
|
|
|
|
|
TOTAL |
11624.463 |
9986.847 |
8158.511 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3969.606 |
3422.215 |
2719.854 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
206.692 |
322.618 |
265.030 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
333.284 |
33.542 |
33.542 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
416.417 |
358.788 |
65.447 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
4925.999 |
4137.163 |
3083.873 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3107.782 |
2668.333 |
2192.319 |
|
(c) Trade receivables |
2605.587 |
2323.830 |
2019.739 |
|
(d) Cash and cash
equivalents |
53.385 |
42.497 |
12.880 |
|
(e) Short-term loans and
advances |
931.710 |
795.024 |
849.700 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
6698.464 |
5829.684 |
5074.638 |
|
|
|
|
|
|
TOTAL |
11624.463 |
9966.847 |
8158.511 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
18437.871 |
14926.383 |
13743.043 |
|
|
|
Other Income |
31.927 |
39.320 |
14.207 |
|
|
|
TOTAL (A) |
18469.798 |
14965.703 |
13757.250 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5559.293 |
4702.977 |
5282.376 |
|
|
|
Purchase of Finished Goods |
1980.675 |
1655.905 |
1677.929 |
|
|
|
Changes in Inventories of Finished Goods and Work in Process |
(406.484) |
213.401 |
(644.398) |
|
|
|
Employee Benefit Expenses |
2444.594 |
1937.897 |
1684.582 |
|
|
|
Research & Development Expenses |
1050.963 |
736.328 |
585.821 |
|
|
|
Other Expenses |
4218.612 |
3242.227 |
3070.835 |
|
|
|
TOTAL (B) |
14847.653 |
12488.735 |
11657.145 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3622.145 |
2476.968 |
2100.105 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
98.089 |
145.743 |
262.134 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3524.056 |
2331.225 |
1837.971 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
404.871 |
349.646 |
336.458 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3119.185 |
1981.579 |
1501.513 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
736.321 |
407.143 |
296.162 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2382.864 |
1574.436 |
1205.351 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
759.307 |
536.257 |
216.803 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Debenture Redemption Reserve |
0.000 |
0.000 |
79.160 |
|
|
|
Provision for Dividend - Equity Shares |
565.548 |
471.290 |
263.922 |
|
|
|
Provision for Corporate Dividend tax |
96.114 |
80.096 |
42.815 |
|
|
|
Transfer to General Reserve |
1000.000 |
800.000 |
500.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1480.509 |
759.307 |
536.257 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
7501.748 |
4650.158 |
4679.560 |
|
|
|
Royalty |
217.909 |
152.168 |
116.044 |
|
|
TOTAL EARNINGS |
7719.657 |
4802.326 |
4795.604 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1764.920 |
1554.182 |
1863.148 |
|
|
|
Packing Material , Components and Spare parts |
168.272 |
90.897 |
21.803 |
|
|
TOTAL IMPORTS |
1933.192 |
1645.079 |
1884.951 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.64 |
8.35 |
6.39 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
12.90 |
10.52 |
8.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.92 |
13.28 |
10.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.14 |
20.62 |
19.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.50 |
0.43 |
0.54 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.12 |
0.31 |
0.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.53 |
1.34 |
1.31 |
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 |
377.032 |
377.032 |
377.032 |
|
Reserves & Surplus |
2385.064 |
4220.606 |
5919.928 |
|
Net
worth |
2762.096 |
4597.638 |
6296.960 |
|
|
|
|
|
|
long-term borrowings |
1284.837 |
705.347 |
522.200 |
|
Short term borrowings |
1462.768 |
701.145 |
254.237 |
|
Total
borrowings |
2747.605 |
1406.492 |
776.437 |
|
Debt/Equity
ratio |
0.995 |
0.306 |
0.123 |
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 |
13,743.043 |
14,926.383 |
18,437.871 |
|
|
|
8.610 |
23.525 |
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
|
13,743.043 |
14,926.383 |
18,437.871 |
|
Profit |
1,205.351 |
1,574.436 |
2,382.864 |
|
|
8.77% |
10.55% |
12.92% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
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 |
---------- |
|
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 |
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Millions |
31.03.2013 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Deposits |
|
|
|
Deposits from Shareholders |
9.980 |
41.930 |
|
Deposits from Public (Interest rate
varying from 9% to 11% and maturity period is 12 / 24 / 36 months) |
92.750 |
66.337 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Others (Varying Coupon repayable within 180 days with an option of roll over) |
199.857 |
597.080 |
|
|
|
|
|
Total |
302.587 |
705.347 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10323112 |
02/12/2011 |
780,000,000.00 |
DBS
BANK LIMITED |
UPPER
GROUND FLOR, BIRLA TOWER,, 25 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
B27859248 |
|
2 |
10296745 |
30/06/2011 |
2,420,000,000.00 |
BANK
OF BARODA & OTHER BANKS |
FIRST
FLOOR, BANK OF BARODA BUILDING, R. C. DUTT ROAD, VADODARA, GUJARAT - 390007,
INDIA |
B16625071 |
OPERATIONS:
Subject Standalone revenues from operations were
Rs.18437.900 Millions for the year ended 31st March, 2014 as compared to
Rs.14926.200 Millions for the previous year.
The Standalone profit before Interest, Depreciation, Non-
recurring Income and expenses and Taxes
was Rs.3590.200 Millions for the year as compared to Rs.2437.600 Millions for
the previous year.
During the year, the interest and financing cost was Rs.98.100 Millions as compared to Rs.145.700
Millions in previous year.
Subject has made Net Profit of Rs.2382.800 Millions on
standalone basis for the year as compared to Rs.1574.500 Millions for the
previous year.
UNAUDITED
FINANCIAL RESULTS FOR THE PERIOD ENDED 30TH JUNE, 2014
|
Particulars |
30th
June 2014 (Unaudited) |
|
PART- I |
|
|
(a) Net Sales / Income from Operations |
|
|
Domestic |
2784.000 |
|
Exports |
2052.500 |
|
Total |
4836.500 |
|
Less : Excise Duty |
24.800 |
|
Net Sales / Income from
Operations |
4811.700 |
|
(b) Other Operating Income |
6.300 |
|
Total Income from Operations |
4818.000 |
|
Expenses |
|
|
(a) Decrease/(increase) in stock in trade and
work in progress |
(267.700) |
|
(b) Consumption of Raw Materials & Packing
Materials |
1472.800 |
|
(c) Purchase of traded goods |
564.600 |
|
(d) Employees' Cost |
732.200 |
|
(e) Marketing Expense |
495.400 |
|
(e) Research and Development Expense |
275.400 |
|
(f) Excise Duty |
15.200 |
|
(g) Other Expenditure |
597.200 |
|
Total Expenses |
3885.100 |
|
Profit from Operations
before Other Income, Interest, Depreciation & Exceptional Items |
932.900 |
|
Other Income |
1.800 |
|
Profit/(Loss) from
Ordinary Activities before Interest, |
934.700 |
|
Depreciation, &
Exceptional Items |
107.100 |
|
Interest (Net) |
5.600 |
|
CSR Expense |
6.500 |
|
Net Profit / (Loss) from
Ordinary Activities before Tax |
815.500 |
|
Tax Expense |
|
|
Less : Provision for
Current Tax |
171.400 |
|
Less /Add : Provision for
Deferred Tax Liability/(Assets) |
29.300 |
|
Net Profit / (Loss) from
Ordinary Activities after Tax |
614.800 |
|
Paid up Equity Share
Capital |
|
|
( Face value of share Rs.
2/- ) |
377.000 |
|
Reserves excluding
Revaluation Reserve |
-- |
|
Basic & Diluted EPS
(Not Annualised) |
|
|
Debt Equity Ratio |
3.26 |
|
|
|
|
PART- II |
|
|
Particulars of Shareholding |
|
|
Public Shareholding |
|
|
- Number of Shares |
48777294 |
|
- Percentage of
Shareholding |
25.87 |
|
Promoters and Promoter Group
Shareholding |
|
|
- Fully Non - Encumbered |
|
|
- Number of Shares |
139738620 |
|
- 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) |
74.13 |
|
|
|
|
INVESTOR COMPLAINTS |
30.06.2014 |
|
Pending at the beginning
of the quarter |
Nil |
|
Received during the
quarter |
5 |
|
Disposed of during the
quarter |
5 |
|
Remaining unresolved at the
end of the quarter |
Nil |
FIXED ASSETS:
·
Free Hold Land
·
Lease Hold Land
·
Buildings
·
Employees Quarters
·
Plant and Equipments
·
R and D Equipments
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.06 |
|
|
1 |
Rs.101.84 |
|
Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
-- |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
64 |
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.