MIRA
INFORM REPORT
|
Report Date : |
21.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
DISHMAN PHARMACEUTICALS AND CHEMICALS LIMITED |
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Registered
Office : |
Bhadra-Raj Chambers, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
29.06.1983 |
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Com. Reg. No.: |
04-006329 |
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Capital
Investment / Paid-up Capital : |
Rs.161.394 Millions |
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CIN No.: [Company Identification
No.] |
L24230GJ1983PLC006329 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMD00851E |
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PAN No.: [Permanent Account No.] |
AAACD4161D AAACD4164D |
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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
: |
Manufacturing and marketing of · Contract Research and Contract Manufacturing (CRAMS) ·
Bulk Drugs, Intermediates, Quats, Specialty
Chemicals and traded goods. |
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No. of Employees
: |
1055 (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 |
|
Maximum Credit Limit : |
USD 31900000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear (Gujarat case site not working) |
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Comments : |
Subject is an established company having satisfactory track record. Financial position of the company is sound. 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 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
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 |
CARE |
|
Rating |
Long Term Bank Facilities = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
04.09.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk |
|
Date |
04.09.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
LOCATIONS
|
Registered Office : |
Bhadra-Raj Chambers, Swastik Cross Road, Navrangpura, Ahmedabad – 380009,
Gujarat, India |
|
Tel. No.: |
91-79-26445807 / 26443053 / 26560089/ 26420198 |
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Fax No.: |
91-79-26420198 |
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E-Mail : |
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Website : |
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Corporate Office : |
301-306, Samudra Annexe, Off C. G. Road, Navrangpura, Ahmedabad - 380
009, Gujarat, India |
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Factory 1 : |
Plot No. 1216/20, Phase IV, GIDC Estate, Naroda, Ahmedabad – 382 330,
Gujarat, India |
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Tel. No.: |
91-79-2811633 / 2814234 |
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Factory 2 : |
Survey No. 47, Paiki Sub Lot No. 1, Village Lodariya, Taluka Sanand, District
Ahmedabad, Gujarat, India |
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Factory 3: |
Swastika Cross Road, Navrangpura, Ahmedabad 380 009, Gujarat, India |
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Tel. No.: |
91-79-26420198 |
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Branch Office 1 : |
401, Sangeet Plaza, Marol Marashi Road, Andheri (East), Mumbai - 400 059,
Maharashtra |
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Tel. No.: |
91-22-2859 2120/ 29204537 |
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Fax No.: |
91-22-2859 2226/ 66964055 |
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E-Mail : |
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Branch Office: |
Also Located at
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Overseas Office : |
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Sales Offices: |
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DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Janmejay R. Vyas |
|
Designation : |
Chairman and Managing Director |
|
Address : |
B/1-A, Rajhans Society, Ellisbridge, Ahmedabad – 380 006, Gujarat, India |
|
Date of Birth / Age : |
29.04.1951 |
|
Qualification : |
B. Sc. (Tech.), B. Sc. (Chemistry) |
|
Experience : |
40 Years |
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|
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|
Name : |
Mrs. Deohooti J. Vyas |
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Designation : |
Whole-time Director |
|
Address : |
B/1-A, Rajhans Society, Ellisbridge, Ahmedabad – 380 006, Gujarat, India |
|
Date of Birth / Age : |
61 Years |
|
Experience : |
30 Years |
|
Date of Appointment : |
01.12.1997 |
|
Qualification : |
A Bachelor Degree in Science, B. Sc. (Chemistry) |
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|
|
|
Name : |
Mr. Arpit J Vyas |
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Designation : |
Whole Time Director |
|
Date of Birth / Age : |
27 Years |
|
Qualification : |
Chemical Engineer from University of Aston |
|
Experience : |
7 years |
|
Date of Appointment: |
01/06/2009 |
|
Other Directorship : |
· Schutz Dishman Biotech Limited · Azafran Innovacion Limited · Dishman Care Limited · Leon Hospitality Private Limited · Carbogen Amcis (India) Limited |
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|
|
|
Name : |
Mr. Yagneshkumar B. Desai |
|
Designation : |
Director |
|
Date of Birth / Age : |
72 Years |
|
Date of Appointment : |
26.11.2003 |
|
Qualification : |
· A bachelor’s degree in Economics · A fellow of the Indian Institute of Bankers |
|
Other Directorship : |
· Deutsche Trustee Services (India) Private Limited · Kabra Extrusiontechnik Limited |
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|
|
|
Name : |
Mr. Sanjay S. Majmudar |
|
Designation : |
Director |
|
Date of Birth / Age : |
49 Years |
|
Date of Appointment : |
14.02.2004 |
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Qualification : |
CA, LLB, Company Secretary |
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|
|
|
Name : |
Mr. Ashok C. Gandhi |
|
Designation : |
Director |
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Date of Birth / Age : |
73 Years |
|
Date of Appointment: |
30th July, 2004 |
|
Qualification : |
B. Com, LLB |
|
Other Directorship : |
· Amol Dicalite Limited · Aarvee Denim and Exports Limited · Ahmedabad Steel Crafts Limited · Gujarat Ambuja Exports Limited · Bloom Dekor Limited · Confederation of Indian Clubs |
KEY EXECUTIVES
|
Name : |
Mr. Tushar D. Shah |
|
Designation : |
Company Secretary |
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|
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Corporation Social Responsibility Committee : |
Mr. Janmejay R. Vyas, Chairman Mr. Arpit J. Vyas Mr. Sanjay S. Majmudar |
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|
|
|
Name : |
Mr. Rajiv A. Desai |
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Designation : |
President (Quality) |
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Date of Birth / Age : |
52 Years |
|
Qualification : |
B.Sc., M.Sc. (Org. Chemistry) and Ph.D (Science- Chemistry) |
|
Experience : |
25 years |
|
Date of Appointment: |
18.10.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
48948449 |
60.66 |
|
|
600000 |
0.74 |
|
|
49548449 |
61.40 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
49548449 |
61.40 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
436197 |
0.54 |
|
|
2713354 |
3.36 |
|
|
8750665 |
10.84 |
|
|
11900216 |
14.75 |
|
|
|
|
|
|
5807204 |
7.20 |
|
|
|
|
|
|
10109732 |
12.53 |
|
|
1668194 |
2.07 |
|
|
1663341 |
2.06 |
|
|
688884 |
0.85 |
|
|
937107 |
1.16 |
|
|
37350 |
0.05 |
|
|
19248471 |
23.85 |
|
Total
Public shareholding (B) |
31148687 |
38.60 |
|
Total
(A)+(B) |
80697136 |
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) |
80697136 |
100.00 |
Individual shareholders holding nominal
share capital up to Rs.0.100 million
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and marketing of · Contract Research and Contract Manufacturing (CRAMS) ·
Bulk Drugs, Intermediates, Quats, Specialty
Chemicals and traded goods. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Manufactured** |
|
Bulk Drugs and Intermediates |
MT |
3185.18 |
** Manufactured quantity, as mentioned above does
not include recovered solvent.
GENERAL INFORMATION
|
No. of Employees : |
1055 (Approximately) |
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Bankers : |
· State Bank of India, Navrangpura Branch · Bank of Baroda · Corporation Bank · Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
‘Herigate’, 3rd Floor, Near Gujarat Vidhyapith, Off. Ashram
Road, Ahmedabad-380014, Gujarat, India |
|
Subsidiaries : |
·
Dishman USA Inc. ·
Dishman Europe Limited ·
Dishman International Trading (Shanghai) Company
Limited ·
Dishman FZE# ·
Dishman Switzerland Limited ·
Dishman Pharmaceuticals & Chemicals
(Shanghai) Co. Limited ·
Dishman Pharma Solutia AG ·
Dishman Australasia Pty Limited ·
Carbogen Amcis (India) Limited ·
Dishman Care Limited ·
Dishman Middle East FZE ·
Dishman Japan Limited |
|
|
|
|
Fellow
Subsidiaries : |
·
Carbogen Amcis AG ·
Cohecie Fine Chemicals B.V. formerly known as
Dishman Holland B.V ·
Dishman Netherlands B.V. ·
Innovative Ozone Service Inc ·
Carbogen Amcis Limited (UK) |
|
|
|
|
Joint Venture : |
·
Dishman Arabia Limited ·
CAD Middle East Pharmaceuticals Industries@ ·
Schutz Dishman Bio-tech Limited |
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|
|
|
Associates : |
·
Bhadra-Raj Holdings Private Limited |
|
|
|
|
Company in which
KMP / Relatives of KMP can exercise significant influence : |
·
B.R. Laboratories Limited ·
Azafran Innovacion Limited ·
Leon Hospility Private Limited ·
Dishman Infrastructure Limited |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.2/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
|
80697136 |
Equity Shares |
Rs.2/- each |
Rs.161.394
Millions |
|
|
|
|
|
|
|
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of the
reporting period:
|
Equity Shares |
Number
of Shares |
Rs.
In Millions |
|
Opening Balance |
80697136 |
161.394 |
|
Fresh issue |
- |
- |
|
Closing Balance |
80697136 |
161.394 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of Shareholder
|
Number
of Shares |
% holding |
|
Shri Janmejay R Vyas |
25279855 |
31.33% |
|
Shri Arpit J. Vyas |
12563975 |
15.57% |
|
Smt. Deohooti J Vyas |
10964500 |
13.59% |
The Company has issued only one class of shares referred to as equity shares having a par value of Rs.2. All equity shares carry one vote per share without restrictions and are entitled to dividend, as and when declared. All shares rank equally with regard to the Company’s residual assets.
The amount of per share dividend recognised as distributions
to equity shareholders during the year ended March 31, 2014 is Rs.1.20
(previous year: Rs.1.20), subject to approval by shareholders in the ensuing
annual general meeting.
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 |
161.394 |
161.394 |
161.394 |
|
(b) Reserves & Surplus |
7809.359 |
7092.752 |
6574.920 |
|
(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) |
7970.753 |
7254.146 |
6736.31 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
2397.405 |
2745.271 |
3016.840 |
|
(b) Deferred tax liabilities (Net) |
505.842 |
438.149 |
314.805 |
|
(c) Other long
term liabilities |
237.238 |
468.466 |
493.018 |
|
(d) long-term
provisions |
48.269 |
47.425 |
44.335 |
|
Total Non-current
Liabilities (3) |
3188.754 |
3699.311 |
3868.990 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1767.181 |
1845.095 |
1280.080 |
|
(b) Trade
payables |
922.626 |
952.653 |
849.261 |
|
(c)
Other current liabilities |
1401.132 |
1065.795 |
1548.680 |
|
(d) Short-term
provisions |
205.373 |
173.479 |
133.465 |
|
Total Current
Liabilities (4) |
4296.312 |
4037.022 |
3811.480 |
|
|
|
|
|
|
TOTAL |
15455.819 |
14990.479 |
14416.790 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
6926.651 |
6788.120 |
4647.350 |
|
(ii)
Intangible Assets |
19.469 |
37.347 |
55.887 |
|
(iii)
Capital work-in-progress |
98.581 |
487.901 |
2573.400 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1870.569 |
1870.569 |
1870.570 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2397.232 |
1532.451 |
1911.610 |
|
(e) Other
Non-current assets |
12.150 |
12.150 |
12.150 |
|
Total Non-Current
Assets |
11324.652 |
10728.538 |
11070.960 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1338.586 |
1277.612 |
1191.270 |
|
(c)
Trade receivables |
694.220 |
6.279 |
964.594 |
|
(d) Cash
and cash equivalents |
112.565 |
108.904 |
64.517 |
|
(e)
Short-term loans and advances |
1985.796 |
2247.525 |
1125.450 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
4131.167 |
3640.320 |
3345.830 |
|
|
|
|
|
|
TOTAL |
15455.819 |
14368.858 |
14,416.790 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4732.812 |
4846.361 |
4634.006 |
|
|
|
Other Income |
559.756 |
135.915 |
117.717 |
|
|
|
TOTAL (A) |
5292.568 |
4982.276 |
4751.723 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1789.721 |
1734.985 |
1717.763 |
|
|
|
Purchases of stock-in-trade |
51.609 |
23.830 |
129.831 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(84.867) |
33.121 |
104.834 |
|
|
|
Employee benefits expense |
583.783 |
582.140 |
452.238 |
|
|
|
Other expenses |
630.459 |
796.785 |
779.787 |
|
|
|
TOTAL (B) |
2970.705 |
3170.861 |
3184.453 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2321.863 |
1811.415 |
1567.270 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
692.152 |
510.996 |
575.443 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1629.711 |
1300.419 |
991.827 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
441.347 |
353.419 |
316.641 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1188.364 |
947.000 |
675.186 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
320.497 |
315.249 |
226.829 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
867.867 |
631.751 |
448.357 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
580.758 |
204.053 |
243.245 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Debenture
Redemption Reserve |
0.000 |
62.500 |
125.000 |
|
|
|
Transfer to General Reserve |
150.000 |
80.000 |
250.000 |
|
|
|
Proposed Dividend |
96.837 |
96.837 |
96.837 |
|
|
|
Tax on Proposed Dividend |
16.457 |
15.709 |
15.709 |
|
|
BALANCE CARRIED
TO THE B/S |
1185.332 |
580.758 |
204.056 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3965.664 |
4209.551 |
3973.793 |
|
|
TOTAL EARNINGS |
3965.664 |
4209.551 |
3973.793 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
861.741 |
561.815 |
728.187 |
|
|
|
Capital Goods |
3.795 |
18.270 |
78.172 |
|
|
|
Components and Spare Parts |
3.089 |
18.944 |
0.000 |
|
|
TOTAL IMPORTS |
868.625 |
599.029 |
806.359 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.75 |
7.83 |
5.56 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
16.40 |
12.68 |
9.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
25.11 |
19.54 |
14.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.81 |
7.88 |
6.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.13 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.52 |
0.63 |
0.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96 |
0.90 |
0.88 |
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 |
161.394 |
161.394 |
161.394 |
|
Reserves & Surplus |
6574.919 |
7092.752 |
7809.359 |
|
Net worth |
6736.313 |
7254.146 |
7970.753 |
|
|
|
|
|
|
long-term borrowings |
3016.836 |
2745.271 |
2397.405 |
|
Short term borrowings |
1280.075 |
1845.095 |
1767.181 |
|
Total borrowings |
4296.911 |
4590.366 |
4164.586 |
|
Debt/Equity ratio |
0.638 |
0.633 |
0.522 |
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 |
4634.006 |
4846.361 |
4732.812 |
|
|
|
4.583 |
-2.343 |
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 |
4634.006 |
4846.361 |
4732.812 |
|
Profit |
448.357 |
631.751 |
867.867 |
|
|
9.68% |
13.04% |
18.34% |
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 |
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 |
No |
|
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 LOAN
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
|
(Rs. In Millions) |
|
|
LONG TERM
BORROWINGS: |
|
|
|
From Other Parties |
96.746 |
96.745 |
|
|
|
|
|
SHORT TERM
BORROWINGS: |
|
|
|
Loans Repayable On Demand |
155.952 |
12.778 |
|
Short Term Loans From Banks |
1.040 |
430.786 |
|
Short Term Loans Form Directors |
7.333 |
15.500 |
|
Short Term Loans From Others |
230.000 |
78.500 |
|
Total |
491.071 |
634.309 |
STATEMENT
OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 30.06.2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
896.679 |
|
b) Other operating income |
3.165 |
|
Total
income from Operations(net) |
899.844 |
|
2.Expenditure |
|
|
a) Consumption
of Raw Materials |
429.276 |
|
b) Purchase
of traded goods |
6.627 |
|
c) Changes
in inventories of finished goods, work-in-progress and stock-in-trade |
(152.589) |
|
d) Employee
benefits expense |
135.197 |
|
e) Depreciation
and amortisation expense |
150.157 |
|
f) Other
Expenditure |
183.284 |
|
Total
expenses |
751.952 |
|
3.
Profit from operations before other income and financial costs |
147.892 |
|
4. Other income |
38.951 |
|
5. Profit
from ordinary activities before finance costs |
186.843 |
|
6. Finance costs |
147.086 |
|
7. Net profit/(loss) from
ordinary activities after finance costs but before exceptional items |
39.757 |
|
8. Exceptional item |
-- |
|
9. Profit from ordinary activities
before tax Expense: |
39.757 |
|
10.Tax expenses |
23.984 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
15.773 |
|
12.Extraordinary Items (net of tax expense) |
-- |
|
13.Net Profit / (Loss) for
the period (11 -12) |
15.773 |
|
14.Paid-up equity share capital (Nominal value Rs.2/- each per share) |
161.394 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
-- |
|
16.i) Earnings per share (before extraordinary
items) Rs.2/- each) (not annualised): |
|
|
(a) Basic and diluted |
0.20 |
|
ii) Earnings per share (after extraordinary items) |
|
|
(a) Basic and diluted |
0.20 |
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
31148687 |
|
- Percentage of shareholding |
38.60% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
19389421 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
39.13% |
|
Percentage of shares (as a % of total share capital of the
company) |
24.03% |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
30159028 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
60.87% |
|
Percentage of shares (as a % of total share capital of the
company) |
37.37% |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unreserved at the end of the quarter |
Nil |
UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs.
In Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
|
|
30.06.2014 |
|
Segment Revenue |
|
|
(a) CRAMS |
542.207 |
|
(b) Others |
354.472 |
|
Total |
896.679 |
|
Less: Inter-segment Revenue |
-- |
|
Net Sales /Income from Operation |
896.679 |
|
Segment Results {(Profit)(+)/(Loss)(-) before tax and interest from
each segment} |
|
|
(a) CRAMS* |
153.515 |
|
(b) Others* |
33.328 |
|
Total |
186.843 |
|
Less: i) Interest |
147.086 |
|
ii) Other un-allocable expenditure net off unallocable income |
-- |
|
Total Profit/(Loss) Before Tax |
39.757 |
|
Capital Employed (Segment Assets-Segment liabilities) |
|
|
(a) CRAMS |
6149.109 |
|
(b) Others |
5284.444 |
|
(c) Unallocable others |
2068.094 |
|
Total |
13501.647 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10496900 |
27/03/2014 |
40,000,000.00 |
BANK OF INDIA |
AHMEDABAD MID
CORPORATE BR 1ST FLR, BOI BLDG,, NR |
C05260203 |
|
2 |
10458519 |
14/10/2013 |
30,000,000.00 |
CORPORATION BANK |
RANGOLI COMPLEX, OPP. V. S. HOSPITAL, ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA |
B88898465 |
|
3 |
10457989 |
05/10/2013 |
50,000,000.00 |
BANK OF INDIA |
AHMEDABAD MID CORPORATE BRANCH 1ST FLOOR, BOI BUILDING, C. G. ROAD, NAVRANGPURA,, AHMEDABAD - 380009, GUJARAT, INDIA |
B88688056 |
|
4 |
10435703 |
05/07/2013 |
323,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICE BRANCH, BOB TOWERS,, 1ST FLOOR, OPP. LAW GARDEN, ELLISBRIDGE,, AHMEDABAD - 380006, GUJARAT, INDIA |
B79133781 |
|
5 |
10434598 |
22/08/2013 * |
1,114,700,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, 3RD FLOOR, AMRIT JAYANTI BHAVAN, NAVJIVAN TRUST COMPLEX, OFF. ASHRAM ROAD, AHMEDABAD - 380014, GUJARAT, INDIA |
B87136669 |
|
6 |
10337737 |
24/02/2012 |
500,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
|
B33042599 |
|
7 |
10306297 |
03/09/2011 |
656,700,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, 3RD FLOOR, AMRIT JAYANTI BHAVAN, NAVJIVAN TRUST COMPLEX, OFF. ASHRAM ROAD,, AHMEDABAD - 380014, GUJARAT, INDIA |
B20554614 |
|
8 |
10238901 |
27/08/2010 |
750,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI - 400001, MAHARASHTRA, INDIA |
A93510279 |
|
9 |
10217457 |
07/05/2010 |
750,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI - 400001, MAHARASHTRA, INDIA |
A85001410 |
|
10 |
10217103 |
16/09/2010 * |
300,000,000.00 |
STANDARD CHARTERED BANK |
ABHIJEET II, GROUND FLOOR, NEAR MITHAKALISIX ROADS,, AHMEDABAD - 380006, GUJARAT, INDIA |
A94384336 |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
Laboratory 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 judgment or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration:
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration:
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime:
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws:
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards:
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government:
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package:
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report:
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.67 |
|
|
1 |
Rs.100.81 |
|
Euro |
1 |
Rs.80.72 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JAY |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
|
|
|
|
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.