MIRA
INFORM REPORT
|
Report Date : |
18.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
GRANULES INDIA LIMITED |
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Registered
Office : |
Second Floor, Block III, My Home Hub, Madhapur, Cyberabad,
Hyderabad – 500 081, Telangana |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
18.03.1991 |
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Com. Reg. No.: |
01-012471 |
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Capital
Investment / Paid-up Capital : |
Rs. 202.812
Millions |
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CIN No.: [Company Identification
No.] |
L24110TG1991PLC012471 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDG00432F |
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PAN No.: [Permanent Account No.] |
AAACG7369K |
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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
: |
Subject is engaged in the manufacturing and selling of Active Pharmaceutical
Ingredients (APIs), Pharmaceutical Formulation Intermediates (PFIs) and
Finished Dosages (FDs). |
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|
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No. of Employees
: |
1500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 14000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Financial position of the company is good. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered normal for business dealing at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
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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
NEWS
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 |
|
Rating |
Long Term Loan : BBB |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
December, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Working Capital Facilities : A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
December, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. B. Chandrashekhar |
|
Designation : |
General Manager – Finance |
|
Contact No.: |
91-9963027747 |
|
Date : |
13.08.2014 |
LOCATIONS
|
Registered Office/ Corporate Office : |
Second Floor, Block III, My Home Hub, Madhapur, Cyberabad,
Hyderabad – 500 081, Telangana, India |
|
Tel. No.: |
91-40-66760000 |
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Mobile No.: |
91-9963027747 (Mr. B. Chandrashekhar) |
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Fax No.: |
91-40-23115145 |
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E-Mail : |
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Website: |
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Area : |
10000 sq. ft. |
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Location : |
Rented |
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Factory 1 : |
Plot No.15/A/1,
Phase-III, I.D.A. Jeedimetla, Hyderabad – 500055, Telangana, India |
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Factory 2 : |
Temple Road, Bonthapally, Medak District – 502313, Telangana, India |
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Factory 3 : |
Plot No.160/A and 161/E, Gagillapur Village, Qutubullapur Mandal, R.R. District – 500043, Andhra Pradesh, India |
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R&D Centre 1 : |
Formulations Gagillapur, Qutubullapur Mandal, Ranga Reddy District – 500043, Andhra Pradesh, India |
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R&D Centre 2 : |
API Plot No.15/A/1, Phase-III, I.D.A. Jeedimetla, Hyderabad – 500055, Andhra Pradesh, India |
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R&D Centre 3 : |
API Gat No.258,
Shreeram Building, Lawale Phata, Pirangut, Taluka Mulshi, District Pune – 412
108, Maharashtra, India |
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API &
Formulations : |
Plot no. 56, Road no. 5, ALEAP, Hyderabad, Telangana, India |
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Overseas Offices : |
Located at: · Europe · U.S. · Canada ·
· Asia · Middle East · Africa |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. C. Krishna Prasad |
|
Designation : |
Managing Director – Non-Independent |
|
Date of Birth/Age : |
02.10.1954 |
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Qualification : |
B. Sc. |
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Date of Appointment : |
31.08.1994 |
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Name : |
Mr. L.S. Sarma |
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Designation : |
Director – Non-Executive, Independent |
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Name : |
Mr. A.P. Kurian |
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Designation : |
Director – Non-Executive, Independent |
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Name : |
Mr. C. Parthasarathy |
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Designation : |
Director – Non-Executive, Independent |
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Date of Birth/Age : |
07.07.1955 |
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Qualification : |
B. Sc., LLB, FCA, FCS |
|
Date of Appointment : |
27.05.2009 |
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|
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|
Name : |
Dr. Krishna Murthy Ella |
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Designation : |
Director – Non-Executive, Independent |
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Name : |
Mr. Arun Rao Akinepally |
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Designation : |
Director – Non-Executive, Independent |
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Name : |
Mr. Harsha Chigurupati |
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Designation : |
Executive Director – Non-Independent |
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Name : |
Mrs. Uma Chigurupati |
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Designation : |
Executive Director – Non-Independent |
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Name : |
Mr. K.B. Sankara Rao |
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Designation : |
Additional Director |
KEY EXECUTIVES
|
Name : |
Mr. B. Madhusudan Rao |
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Designation : |
Chief Operating Officer |
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Name : |
Mr. VVS Murthy |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Stefan Lohle |
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Designation : |
Chief Marketing Officer |
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Name : |
Ms. Chaitanya Tummala |
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Designation : |
Company Secretary and Compliance Officer |
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|
Name : |
Mr. B. Chandrashekhar |
|
Designation : |
General Manager – Finance |
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 |
|
|
|
|
|
|
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|
8989928 |
44.21 |
|
|
749127 |
3.68 |
|
|
9739055 |
47.89 |
|
|
|
|
|
|
182411 |
0.90 |
|
|
182411 |
0.90 |
|
Total
shareholding of Promoter and Promoter Group (A) |
9921466 |
48.79 |
|
|
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|
(B) Public
Shareholding |
|
|
|
|
|
|
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|
90116 |
0.44 |
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|
823825 |
4.05 |
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|
913941 |
4.49 |
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|
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|
1033552 |
5.08 |
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|
|
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|
3048229 |
14.99 |
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|
1493036 |
7.34 |
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|
3925930 |
19.31 |
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|
3355335 |
16.50 |
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|
502523 |
2.47 |
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|
68072 |
0.33 |
|
|
9500747 |
46.72 |
|
Total Public
shareholding (B) |
10414688 |
51.21 |
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|
|
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Total (A)+(B) |
20336154 |
100.00 |
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(C) Shares held
by Custodians and against which Depository Receipts have been issued |
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|
|
|
0 |
0.00 |
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|
20000 |
0.00 |
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|
20000 |
0.00 |
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|
|
Total (A)+(B)+(C) |
20356154 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs. 0.100 Million
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacturing and selling of Active
Pharmaceutical Ingredients (APIs), Pharmaceutical Formulation Intermediates (PFIs)
and Finished Dosages (FDs). |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
1500 (Approximately) |
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Bankers : |
·
Andhra Bank ·
State Bank of India ·
Bank of Baroda ·
ING Vysya Bank |
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Facilities : |
NOTES: LONG TERM
BORROWINGS All secured term
loans are secured by a paripassu first charge on fixed assets and a paripassu
second charge of the current assets of the Company. Of the foreign currency
loans from Financial Institutions on account of Rs.606.900 Millions as on
31st March, 2014 (Rs.548.700 Millions as on 31st March, 2013) is further
guaranteed by the personal guarantee of the Managing Director. SHORT TERM BORROWINGS The Secured Loans
repayable on demand from Banks are secured by paripassu first charge on the
current assets and a paripassu second charge on the fixed assets of the
Company. |
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Banking
Relations : |
-- |
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Financial Institution : |
International Finance Corporation |
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Statutory Auditors : |
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|
Name : |
Kumar and Giri Chartered Accountants |
|
Address : |
D.No.1-11-126/D, Opposite Aeroview Towers, Begumpet,
Hyderabad – 500 016, Telangana, India |
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|
|
|
Internal Auditors : |
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|
Name : |
Dhanunjaya and Haranath Chartered Accountants |
|
Address : |
302, Wings,
8-3-960/6/2, Srinagar Colony, Hyderabad – 500073, Telangana,
India |
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|
Wholly Owned Subsidiary Companies : |
·
Granules USA Inc. ·
GIL Life Sciences Private Limited ·
Granules Singapore Pte Limited ·
Auctus Pharma Limited |
|
|
|
|
Joint Venture : |
·
Granules-Biocause Pharmaceutical Co. Limited ·
Granules Omnichem Private Limited |
|
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|
Directors
Interest : |
Karvy Computershare Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20281154 |
Equity Shares |
Rs.10/- each
|
Rs.202.812
Millions |
|
|
|
|
|
Reconciliation of
the number of shares outstanding and the amount of share capital as at March
31, 2013
|
Particulars |
As at 31st March, 2014 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Number of shares
at the beginning of the year |
20126154 |
201.262 |
|
Add: Shares
issued on exercise of employee stock options |
155000 |
1.550 |
|
Number of shares
at the end of the year |
20281154 |
202.812 |
Terms/Rights
attached to equity shares:
The Company has
only one class of equity shares having a par value of Rs.10/- . 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.
During the year
end 31-Mar-2014, the amount of per share dividend recognized as distribution to
equity shareholders was Rs.3.50/-
(31-Mar-2013: Rs.2.00/-)
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.
Details of
shareholders holding more than 5% shares in the Company
|
Particulars |
As at 31st March, 2014 |
|
|
No. of Shares |
% |
|
|
C. Krishna Prasad |
7473538 |
36.85 |
|
Investco Management LLC |
2211200 |
10.90 |
|
Ridgeback Capital Asia Limited |
1144135 |
5.64 |
|
International Finance Corporation |
---- |
---- |
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 |
202.812 |
201.262 |
200.617 |
|
(b) Reserves & Surplus |
3240.315 |
2503.668 |
2246.752 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
2.548 |
3.150 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
3445.675 |
2708.080 |
2447.369 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
2220.918 |
1407.237 |
880.534 |
|
(b) Deferred tax liabilities (Net) |
358.081 |
250.986 |
230.918 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
36.990 |
21.238 |
15.303 |
|
Total Non-current
Liabilities (3) |
2615.989 |
1679.461 |
1126.755 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
774.862 |
767.148 |
614.127 |
|
(b)
Trade payables |
1262.480 |
838.475 |
642.269 |
|
(c)
Other current liabilities |
376.049 |
129.266 |
193.628 |
|
(d) Short-term
provisions |
83.048 |
47.093 |
46.632 |
|
Total Current
Liabilities (4) |
2496.439 |
1781.982 |
1496.656 |
|
|
|
|
|
|
TOTAL |
8558.103 |
6169.523 |
5070.780 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3264.286 |
2324.008 |
2215.306 |
|
(ii)
Intangible Assets |
92.443 |
124.338 |
156.233 |
|
(iii)
Capital work-in-progress |
391.421 |
916.024 |
290.752 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1454.460 |
412.960 |
327.960 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
31.466 |
125.276 |
203.488 |
|
(e) Other
Non-current assets |
25.558 |
35.764 |
4.024 |
|
Total Non-Current
Assets |
5259.634 |
3938.370 |
3197.763 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
94.592 |
0.000 |
|
(b)
Inventories |
1202.873 |
1084.907 |
885.736 |
|
(c)
Trade receivables |
1218.197 |
680.966 |
530.280 |
|
(d) Cash
and cash equivalents |
219.258 |
61.597 |
236.520 |
|
(e)
Short-term loans and advances |
31.434 |
56.479 |
26.394 |
|
(f)
Other current assets |
626.707 |
252.612 |
194.087 |
|
Total
Current Assets |
3298.469 |
2231.153 |
1873.017 |
|
|
|
|
|
|
TOTAL |
8558.103 |
6169.523 |
5070.780 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
10016.799 |
6797.970 |
5626.777 |
|
|
|
Other Income |
36.475 |
17.181 |
12.082 |
|
|
|
TOTAL (A) |
10053.274 |
6815.151 |
5638.859 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of
Materials consumed |
5873.565 |
4252.584 |
3613.993 |
|
|
|
Changes in
inventories of finished goods and work-in- progress |
(23.762) |
(74.062) |
(59.224) |
|
|
|
Employee
benefits expense |
692.738 |
504.205 |
379.572 |
|
|
|
Other expenses |
1844.176 |
1324.668 |
966.445 |
|
|
|
TOTAL (B) |
8386.717 |
6007.395 |
4900.786 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1666.557 |
807.756 |
738.073 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
189.270 |
164.949 |
154.941 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1477.287 |
642.807 |
583.132 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
263.979 |
202.089 |
179.760 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1213.308 |
440.718 |
403.372 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
403.194 |
138.965 |
130.309 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
810.114 |
301.753 |
273.063 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1225.825 |
993.796 |
787.845 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Provision for Dividend |
70.984 |
40.252 |
40.123 |
|
|
|
Provision for Dividend tax |
12.064 |
6.841 |
6.509 |
|
|
|
Transfer to General Reserve |
1000.00 |
22.631 |
20.480 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
952.892 |
1225.825 |
993.796 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods
calculated on F.O.B. basis |
8239.590 |
5457.763 |
4821.839 |
|
|
TOTAL EARNINGS |
8239.590 |
5457.763 |
4821.839 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3569.567 |
2759.834 |
2168.052 |
|
|
|
Components and
Spare Parts |
20.906 |
12.277 |
9.495 |
|
|
|
Capital Goods |
95.356 |
150.829 |
92.709 |
|
|
TOTAL IMPORTS |
3685.829 |
2922.940 |
2270.256 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
40.06 |
15.02 |
13.61 |
|
|
|
- Diluted |
39.30 |
14.62 |
13.56 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
8.06 |
4.43 |
4.84 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.11 |
6.48 |
7.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
18.08 |
9.10 |
9.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35 |
0.16 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.87 |
0.80 |
0.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32 |
1.25 |
1.25 |
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 |
200.617 |
201.262 |
202.812 |
|
Reserves & Surplus |
2,246.752 |
2,503.668 |
3,240.315 |
|
Share Application money
pending allotment |
0.000 |
3.150 |
2.548 |
|
Net
worth |
2,447.369 |
2,708.080 |
3,445.675 |
|
|
|
|
|
|
long-term borrowings |
880.534 |
1,407.237 |
2,220.918 |
|
Short term borrowings |
614.127 |
767.148 |
774.862 |
|
Total
borrowings |
1,494.661 |
2,174.385 |
2,995.780 |
|
Debt/Equity
ratio |
0.611 |
0.803 |
0.869 |
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 |
5626.777 |
6797.970 |
10016.799 |
|
|
|
20.815 |
47.350 |
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 |
5626.777 |
6797.970 |
10016.799 |
|
Profit/(Loss) After Tax |
273.063 |
301.753 |
810.114 |
|
|
4.85% |
4.44% |
8.09% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
----- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
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 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10476418 |
08/02/2014 |
1,645,000,000.00 |
ANDHRA BANK |
SOMAJIGUDA BRANCH,
6-3-352/2, ASTRAL HEIGHTS,, ROAD NO. 1, BANJARA HILLS, HYDERABAD, ANDHRA
PRADESH |
B95849865 |
|
2 |
10389714 |
30/11/2012 |
527,500,000.00 |
DEG - DEUTSCHE
INVESTITIONS- UND ENTWICKLUNGSGESEL |
KAMMERGASSE 22, COLOGNE,
- 50676, GERMANY |
B63236012 |
|
3 |
10389717 |
30/11/2012 |
527,500,000.00 |
INTERNATIONAL
FINANCE CORPORATION |
2121
PENNSYLVANIA AVENUE, N.W., WASHINGTON DC, WA |
B63236624 |
|
4 |
10319592 |
22/11/2011 |
49,150,000.00 |
INTERNATIONAL
FINANCE CORPORATION |
2121
PENNSYLVANIA AVENUE, N.W., WASHINGTON DC, 20 |
B26012047 |
|
5 |
10082831 |
22/12/2007 |
360,000,000.00 |
INTERNATIONAL FINANCE
COPORATION |
IFC'S SOUTH ASIA
DEPARTMENT, GATE NO.3, NITI MAG, |
A30260624 |
|
6 |
90139379 |
24/03/2014 * |
4,710,100,000.00 |
ANDHRA BANK |
SOMAJIGUDA BRANCH,
6-3-352/2, ASTRAL HEIGHTS, ROAD NO. 1, BANJARA HILLS, HYDERABAD, ANDHRA
PRADESH |
C03962818 |
* Date of charge modification
UNSECURED LOAN
|
Particulars |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred sales
tax loan (Deferred sales
tax loan is interest free and payable in 14 yearly installments commencing
from June 2013 onwards.) |
6.389 |
6.473 |
|
|
|
|
|
Creditors for capital goods |
61.331 |
0.000 |
|
Total
|
67.720 |
6.473 |
CORPORATE INFORMATION:
The Company is a
public domiciled in India and incorporated under the Companies Act, 1956. Its
shares are listed on two stock exchanges in India. The Company is engaged in the
manufacturing and selling of Active Pharmaceutical Ingredients (APIs),
Pharmaceutical Formulation Intermediates (PFIs) and Finished Dosages (FDs). The
Company caters to both domestic and international markets.
REVIEW OF
OPERATIONS
The Company posted
very good results during the financial year FY 14. The Company reported record
sales of Rs.10016.799 Millions in the FY 14
compared to net sales of Rs.6797.970 Millions
in FY 13, registering growth of 47.35% in the current financial year. The
Company’s growth was driven by strong performance across all manufacturing
facilities. The primary growth driver in FY 14 was led by the Company’s
commercialization of its PFI and Finished Dosage expansion at its Gagillapur
facility. The Company improved utilization in the newly expanded facility
throughout the year and expects to continue improving utilization in the
future. In addition, the API facilities continued to increase production which
contributed to strong sales. On a standalone basis, the Finished Dosage business
contributed the largest share of revenue at 35% while PFI and API contributed
33% and 32%, respectively. This is compared to 31%, 32% and 37% for Finished
Dosages, PFI and API, respectively in FY 13.
The EBITDA stood
at Rs.1666.557 Millions in FY 14 compared to
Rs.807.756 Millions in FY 13, registering a
growth of 106.32%. The profit after tax for FY 14 stood at Rs.810.114 Millions compared to Rs.301.753 Millions in FY 13, registering a growth of 168.47%
in the current financial year. The profitability outpaced revenue growth due to
several reasons. First, the Company improved its economy of scale by increasing
production utilization in its newly expanded PFI and Finished Dosage capacity
at the Gagillapur facility. Due to the increased utilization, the product mix
shifted more towards Finished Dosages which bolstered profitability. Also, due
to the Company’s focus on operational excellence, the API units also increased
capacity through de-bottlenecking which drove profitability. The Company
believes the profitability margins from the standalone operations are
sustainable.
The Company was
able to increase sales due to relentless focus on delivering high-quality
material at a cost-effective price. The Company believes that its product
portfolio offers compelling opportunities and will continue to strengthen its
leadership position. In addition to growing its core business, it has been
looking at opportunities to diversify its sales by leveraging its core
competency of efficient manufacturing. In FY 14, Company made its first
acquisition by purchasing Auctus Pharma Limited (‘Auctus’). The acquisition of
Auctus fits into Company’s strategy of being a fully integrated manufacturer
while diversifying its product portfolio by adding high-value products with significant
market demand. In the shortto- mid term, Company will focus on selling APIs
from the Auctus portfolio to customers in the regulated markets. Over the
long-term, it will add value by offering Finished Dosages from select APIs in
the same portfolio. The Company will continue to strengthen its model and build
systems that are sustainable as it continue to scale-up.
EXPANSIONS
During FY 14, the Company commercialized its expansion at the
Gagillapur facility. The expansion involved a capacity expansion in the PFI and
Finished Dosage facilities. The expansion mainly focused on efficient design
and output in terms of material transfer and automation. During the year, the
Company received customer approvals for both expansions and capacity
utilization increased accordingly. The Company also continued construction of a
new central warehouse at its Gagillapur plant in FY 14.
SUBSIDIARY
COMPANIES
GRANULES USA INC
Granules
USA Inc, a wholly–owned subsidiary company Company achieved a turnover of
Rs.1107.999 Millions against the turnover of Rs.751.000 Millions of FY 13 and
the profit after tax is Rs.8.640 Millions against Rs.27.096 Millions of FY 13.
The Company achieved a turnover of Rs.1107.999 Millions against the turnover of
Rs.751.000 Millions of FY 13 and the profit after tax is Rs.8.640 Millions
against Rs.27.096 Millions of FY 13.
GIL LIFESCIENCES PRIVATE LIMITED
The
Company has not commenced any activity so far. As on 31st March 2014 the
Authorized Share Capital of the Company is Rs.35.000 Millions divided into
3.500 Millions equity shares of Rs.10/– each and the Paid Up Share Capital of
the Company is Rs.29.462 Millions divided into 2.946 Million equity shares of
Rs.10 each.
GRANULES SINGAPORE PTE LIMITED
During
the year ended 31st March 2014 Granules Singapore Pte. Limited (Singapore) was
liquidated due to no operations.
AUCTUS PHARMA LIMITED
Auctus
Pharma Limited is a public limited and unlisted company incorporated on 25th
April 2000 located at Hyderabad (Telangana). Auctus Pharma Limited is the
manufacturer and seller of bulk drugs and drug intermediates. The Company
acquired Auctus Pharma Limited by purchasing its total 3,900,000 (thirty nine
lakhs) equity shares on 14th February 2014 on payment of Rs.1020.000 Millions
as purchase consideration to the shareholders of the Auctus Pharma Limited. The
Share Capital of the Company as on 31st March 2014 is Rs.39.000 Millions. The
net sales of the Company in FY 14 stood at Rs.108.800 Millions compared to the
net sales of Rs.114.212 Millions in FY 13, registering a reduction of 4.74% in
the current financial year. The EBITDA stood at Rs.3.490 Millions in FY 14
compared to Rs.21.260 Millions in FY 13, registering a reduction of 116.42%.
The loss after tax for FY 14 stood at Rs.64.489 Millions compared to Rs.40.518
Millions in FY 13, registering a increase of 59.16% in the current financial
year. The Company is working on increasing the productivity.
JOINT VENTURE COMPANIES
GRANULES–BIOCAUSE PHARMACEUTICAL CO. LIMITED
The
Share Capital of the Company as on 31st March 2014 is Rs.181.903 Millions.
During FY 14, the Company achieved a turnover of Rs.2639.889 Millions of which
Granules India Limited reports 50% in its consolidated revenue.
Granules–Biocause successfully completed a U.S. FDA inspection in FY 14 with
zero 483 observations.
GRANULES OMNICHEM PRIVATE LIMITED
The
Share Capital of the Company as on 31st March 2014 is Rs.414.000 Millions. The
Company has not yet commenced its commercial activity during the period hence
there was no income during FY 14. However the Company incurred a loss of
Rs.13.817 Millions. Granules OmniChem Private Limited is a 50:50 joint venture
that will manufacture pharmaceutical intermediates and APIs in a greenfield
facility in Visakhapatnam (AP) and mainly focus on high–value, low–volume APIs
for the regulated markets.
The
joint venture Company is setting up 100% export oriented unit at Jawaharlal
Nehru Pharma city, Parwada Mandal, Visakhapatnam (AP) under the APIIC special
economic zone to manufacture active pharmaceutical ingredients. The Company
plans to obtain all necessary regulatory approvals from the U.S. Food and Drug
Administration ("FDA") and other regulatory authorities by 31st March
2016.
AMALGAMATION OF AUCTUS PHARMA LIMITED
The
Board of Directors of the Company at its meeting dated 20th February 2014 have
approved the Scheme of Arrangement for amalgamation of Auctus Pharma Limited
with the Company with effect from the "Appointed Date" i.e 1st April
2013 or such other date as may be fixed by the Hon'ble High Court of Judicature
at Hyderabad for the State of Telangana and the State of Andhra Pradesh. Since
both Companies are dealing in the similar line of business, the amalgamation
will reap the following benefits for the Company:
·
Focused strategic leadership and integrated business synergies.
·
Channelized synergies; optimum utilization of the available
resources and broadened customer base.
·
Higher long–term financial returns and inculcation of greater
financial strength and flexibility.
·
Diversified product portfolio which would enable to manage risks
in a better way.
·
Manufacturing of value added products for fetching higher
returns.
·
Greater rationalization and reduction of duplication of systems
and processes.
·
Efficient and more cost effective management system in view of
consolidation of operations.
·
Pooling of financial, managerial and technical resources,
personnel capabilities, skills, expertise and technologies of the merging
companies leading to increased competitive strength.
The
financial position of Granules India Limited will continue to remain strong and
in light of the benefits flowing from the amalgamation and shall be
strengthened by the vesting of the assets of the Auctus Pharma Limited under
the Scheme of Arrangement. Hence, the rights and interests of the shareholders
and creditors of Granules India Limited will not be prejudicially affected by
the Scheme. The Scheme of Arrangement has been drawn up in consonance with the
provisions of securities laws or the stock exchange requirements including the
SEBI Act, 1992, the Securities Contracts (Regulation) Act, 1956, requirements
under SEBI Circular No. CIR/CFD/DIL/5/2013 dated February 4, 2013 read with
Circular No. CIR/CFD/ DIL/8/2013 dated 21st May 2013, the Depositories Act,
1996 and the provisions of the Companies Act, 1956, which are administered by
SEBI and the rules, regulations, guidelines etc made under these Acts and the
Listing Agreement. The National Stock Exchange of India Limited (NSE) and the
Bombay Stock Exchange Limited (BSE) have respectively conveyed their 'No
Objection' as required under clause 24(f) of the Listing Agreement vide their
Observation Letter NSE/LIST/239123–K dated 19th May 2014 and Observation Letter
DCS/AMAL/ LP/24(f)/047/2014–15 dated 16 May 2014 for filing the Scheme of
Arrangement with the Hon'ble High Court.
The
Company Auctus Pharma Limited, being the applicant has filed the petition for
amalgamation with High Court of Judicature of Andhra Pradesh and Telangana at
Hyderabad under Sections 391 and 394 of the Companies Act, 1956 and other
applicable provisions of the Act, rules and regulations and sanction of the
High Court is still awaited.
MANAGEMENT DISCUSSION AND ANALYSIS
PRODUCT OVERVIEW
Granules’ focus is
primarily on pharmaceutical products with high API and/or finished dosage
volume requirements. In many high-volume pharmaceutical products, there are
dozens of suppliers leading to oversupply. While there are large surpluses,
high quality material for the regulated markets is in short supply and can only
be serviced by a handful of suppliers.
Customers in the
regulated markets and an increasingly growing number of customers in the
semi-regulated markets require high-quality supplies. Due to increased
accountability and consumer pressure, countries in the semi-regulated markets
are implementing tighter controls and demanding increased stringent quality
parameters.
Quality conscious
customers value supply security and quality over pricing. Customers generally
work closely with their suppliers’ regulatory and quality control departments.
Once they select a supplier, the customer usually stays with the supplier for
years and only periodically reviews alternatives.
In addition,
branded formulation and branded generics manufacturers typically grow faster
than the overall market since they are gaining market share at the expense of
lesser known suppliers. As new consumers gain access to pharmaceutical
products, they become likely to purchase the brand of a well-known manufacturer
whether it is an innovator or a generics manufacturer.
PRODUCT BASKET
ACTIVE PHARMACEUTICAL INGREDIENT (API)
The
Company’s API portfolio went through a tremendous shift in FY14 due to the
acquisition of Auctus Pharma. The acquisition will introduce more than a dozen
API s across several therapeutic sectors including anti-histamine,
antihypertensive, anti-fungal as well as others. The portfolio includes drugs
such as Cetrizine, Clopidogrel Bisulphate, Fluconazole, Losartan Potassium,
Rifaximin and Valsartan. The APIs will be made in a separate API facility in
Vizag. These are higher in value than Granules’ existing portfolio and offer
tremendous opportunity for the Company.
The
Company’s core API portfolio continued to report double-digit growth despite
the markets for most of these products reporting single-digit growth.
Granules entered this segment in 1984 through the manufacture of Paracetamol
APIs and expanded into other products such as Ibuprofen and Metformin.
Over the decades,
the Company emerged among premier global API manufacturers due to a combination
of scale, quality, compliance and reliability. Going forward, more of the APIs
from the core portfolio will be used for captive consumption whether it is for
PFIs or Finished Dosages. The API vertical will continue to be critical to the
Company’s success since it will continue to represent the starting point of the
Company’s PFI and FD verticals.
PHARMACEUTICAL FORMULATION
INTERMEDIATES (PFI)
Granules
pioneered the concept of commercializing PFIs, saving customers the need to
manufacture their own PFIs and leaving them free to focus on finished dosage
manufacturing and marketing.
Granules
entered this business segment in the early- 90s following an insight that most
Finished Dosage manufacturers were not efficiently producing PFIs.
Manufacturers were granulating but not able to derive operational efficiencies
because they focused on dozens of products or only created the product in
limited runs. This pulled down the overall return from their investments,
especially because PFI manufacture accounts for 80% of the total cost of a
finished dosage.
The Company,
through its PFI facilities at Gagillapur and Jeedimetla, is a leader in
manufacturing PFIs and has the world’s largest capacity. The manufacturing
facility uses high-shear and fluid-bed granulation processes with a 6 ton batch
size, the largest in the industry. The capacity at the Gagillapur facility was
expanded in FY14 and continues to be de-bottlenecked.
FINISHED DOSAGE (FD)
At
Granules, the manufacture of finished dosages represents the apex of the value
chain. The Company entered this business in FY09 with an installed capacity of
six billion tablets and expanded it to eighteen billion tablets in FY14. The
business accounts for 35% of the Company’s standalone revenue.
Granules’
finished dosage facility in Gagillapur comprises automated processes, robust
infrastructure and superior quality systems that efficiently produce finished
dosages. Granules offers multiple finished dosage forms comprising tablets,
caplets and press fit capsules in bulk, blister packs and bottles.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs. in Millions) |
31.03.2013 (Rs. in Millions) |
|
a) Claims against the company not acknowledgment as debt |
|
|
|
Income Tax |
118.243 |
123.038 |
|
Excise |
20.555 |
20.555 |
|
Service Tax |
8.937 |
8.937 |
|
Customs |
4.347 |
4.347 |
|
b) Bank Guarantee and LC |
140.852 |
201.483 |
|
d) Bills discounted with banks |
1782.042 |
1271.087 |
|
Total |
2074.976 |
1629.447 |
STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE
QUARTER ENDED 30 JUNE, 2014
(Rs.
in millions)
|
Sr. No. |
Particulars |
|
|
Quarter Ended |
|
|
|
30.06.2014 |
||
|
|
|
|
|
(Unaudited) |
|
1 |
Income from
Operations |
|
|
|
|
|
(a) Net sales / Income from Operation (Net of
Excise duty) |
|
|
2534.490 |
|
|
(b) Other operating income |
|
|
-- |
|
|
Total Income from
Operations |
|
|
2534.490 |
|
2 |
Expenses |
|
|
|
|
a |
Cost of material Consumed |
|
|
1449.067 |
|
b |
Changes in Inventories of Finished goods, Work in progress and Stock in
trade |
|
|
(8.514) |
|
c |
Employee benefits Expense |
|
|
183.012 |
|
d |
Depreciation |
|
|
96.574 |
|
e |
Manufacturing Expenses |
|
|
138.210 |
|
f |
Freight outward & clearing charges |
|
|
120.763 |
|
g |
R & D Expenses |
|
|
4.692 |
|
h |
Other expenditure |
|
|
156.811 |
|
|
Total |
|
|
2140.615 |
|
3 |
Profit from
Operations before Other Income, Interest & Exceptional Items (1- 2) |
|
|
393.876 |
|
4 |
Other Income |
|
|
3.138 |
|
5 |
Profit from
Ordinary activities before Finance Cost and exceptional items (3 - 4) |
|
|
397.014 |
|
6 |
Finance Costs |
|
|
65.510 |
|
7 |
Profit from
Ordinary activities after Finance Cost but before exceptional items (5 - 6) |
|
|
331.503 |
|
8 |
Exceptional Items |
|
|
-- |
|
9 |
Profit from
Ordinary activities before Tax (7 - 8) |
|
|
331.503 |
|
10 |
Tax expense |
|
|
108.009 |
|
11 |
Profit
from Ordinary activities after Tax (9 - 10) |
|
|
223.494 |
|
12 |
Extraordinary Items (net of tax
expense) |
|
|
-- |
|
13
|
Net
Profit for the period (11 - 12) |
|
|
223.494 |
|
14 |
Paid-up share
capital (Face Value of
Rs.10/- each) |
|
|
203.562 |
|
15 |
Reserves
excluding Revaluation Reserve |
|
|
3468.310 |
|
16 |
Earnings per
Share |
|
|
|
|
|
(a) Basic Earning per share (Rs.)* |
|
|
11.01 |
|
|
(b) Diluted Earning per share (Rs)* |
|
|
10.77 |
|
|
|
|
|
|
|
|
Part II A. Particulars of
Shareholding |
|
|
|
|
1 |
Public
Shareholding |
|
|
|
|
|
- No. of
Shares |
|
|
10434688 |
|
|
-% of
Shareholding |
|
|
51.26% |
|
2 |
Promoters and
Promoter group Shareholding |
|
|
|
|
a |
Pledged /
Encumbered |
|
|
|
|
|
-Number
of Shares |
|
|
1504330 |
|
|
- Percentage of Shares (as a % of the
total shareholding of promoter and promoter group) |
|
|
15.16% |
|
|
- Percentage of Shares (as a % of the
total Share capital of the Company) |
|
|
7.39% |
|
b |
Non-encumbered |
|
|
|
|
|
- Number of Shares |
|
|
8417136 |
|
|
- Percentage of Shares (as a % of the
total shareholding of promoter and promoter group) |
|
|
84.84% |
|
|
- Percentage of Shares (as a % of the
total Share capital of the Company) |
|
|
41.35% |
|
B |
INVESTOR COMPLAINTS |
Quarter Ended 30.06.2014 |
|
|
Pending
at the beginning of the quarter |
Nil |
|
|
Received
during the quarter |
19 |
|
|
Disposed
of during the quarter |
19 |
|
|
Remaining
unresolved at the end of the quarter |
Nil |
NOTES :
1) The financial results for the quarter ended 30th June.
2014 have been reviewed by the Audit Committee on 23rd July, 2014 and approved
by the Board of Director at its meeting
held on 24th July, 2014.
2) The auditors of
the company carried out limited review of the above financial results.
3) Pursuant to the
notification No.G.S.R.B13(E), dt.29.12.2011 Issued by the Ministry of Company
Affairs, the company has opted to capitalize foreign currency gains and losses
on loans utilised for purchase of fixed assets.
-During the
quarter Gain of Rs.10.801 Millions ( Loss of Rs.147.851 Millions for the
Quarter ended 30 June 2013) was transferred to fixed assets.
4) Auctus Pharma
Limited, a wholly owned subsidiary company has failed a petition with the
Hon'ble High Court of Judicature at Hyderabad for the State Andhra Pradesh and
Telangana amalgamation with Granules India Limited with effect from 1st April
2013, the Appointed Date.
Subsequent to
approval of Hon'ble High Court of Judicature at Hyderabad for the States of
Andhra Pradesh and Telangana, the accounts of Granules India Limited will be
revised accordingly.
5) As per
clause 41 of the listing agreement, the
Company has opted to publish
only consolidated financial results.
8) The Company
operates only in the segment of Pharmaceuticals.
7) Figures are
regrouped wherever necessary.
8) The Company,
during the quarter has Allotted 75.000 equity shares of Rs. 10/- each.
Fully paid up, on
exercise of options by employee, in accordance with the Company's Employee
Stock Option Scheme (*).
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Machinery
·
Computers
·
Office Equipment
·
R&D Equipment
·
Furniture and Fixtures
·
Vehicles
Intangible Assets
·
Technical Knowhow
WEBSITE DETAILS:
NEWS/ PRESS RELEASES:
June 16, 2014
Granules India's paracetamol facility passes USFDA check The
company's four API facilities have passed the USFDA inspections in the past 12
months, Granules India said. Hyderabad-based Granules India has facilities for
APIs, pharmaceutical formulation intermediates (PFIs) and finished dosages,
serving customers in over 60 countries.
Drug firm Granules India’s paracetamol manufacturing facility at Bonthapally in
Andhra Pradesh has passed an inspection by the US health regulator.
The company's paracetamol facility has successfully passed a United States Food
and Drug Administration (USFDA) inspection without any '483 observations',
Granules India said in a filing to the BSE.
"The facility has the world's largest single active pharmaceutical ingredient (API) production line by volume," it added.
An FDA Form 483 is issued to the firm's management at the conclusion of an inspection when an investigator(s) has observed any conditions that in their judgement may constitute violations of the Food Drug and Cosmetic (FD&C) Act and other related acts.
The company's four API facilities have passed the USFDA inspections in the past
12 months, Granules India said. Hyderabad-based Granules India has facilities
for APIs, pharmaceutical formulation intermediates (PFIs) and finished dosages,
serving customers in over 60 countries.
Shares of Granules India were trading at Rs 401.75 per scrip in the afternoon trade today, up 1.40 per cent from its previous close, on the BSE .
Granules India stock
price
On August 18, 2014, at 13:02 hrs Granules India was quoting at Rs 641.30, up Rs 2.05, or 0.32 percent. The 52-week high of the share was Rs 705.00 and the 52-week low was Rs 120.00.
The company's trailing 12-month (TTM) EPS was at Rs 43.48 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 14.75. The latest book value of the company is Rs 168.98 per share. At current value, the price-to-book value of the company is 3.80.
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 |
|
UK Pound |
1 |
Rs.101.84 |
|
Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.