MIRA
INFORM REPORT
|
Report Date : |
27.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
KOPRAN LIMITED |
|
|
|
|
Registered
Office : |
Parijat House, 1076, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
26.04.1958 |
|
|
|
|
Com. Reg. No.: |
11-011078 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.476.289 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230MH1958PLC011078 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK01878C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
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|
Line of Business
: |
Manufactures and sells pharmaceutical products. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payments
terms are reported to be usually correct. The company can be considered for 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: BBB- |
|
Rating Explanation |
Moderate degree of safety it carry moderate credit risk. |
|
Date |
24.02.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: A3 |
|
Rating Explanation |
Moderate degree of safety it carry higher credit risk. |
|
Date |
24.02.2014 |
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 DECLINED
MANAGEMENT NON – COOPERATIVE (91-22-43661111)
LOCATIONS
|
Registered Office : |
Parijat House, 1076, Dr. E. Moses Road, Worli, Mumbai - 400018, Maharashtra, India |
|
Tel. No.: |
91-22-24964480-85/ 43661111 |
|
Fax No.: |
91-22-24950363 |
|
E-Mail : |
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|
Website : |
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|
|
|
Factory 1 : |
Formulation Unit Village Savroli, Taluka Khalapur, Khopoli, District Raigad
– 410202, Maharashtra, India |
|
Tel. No : |
91-2192-274500 |
|
Fax No : |
91-2192-274025 |
|
|
|
|
Factory 2 : |
API Unit
K-4, Additional MIDC, Village Birwadi, Mahad – 403201 District Raigad, Maharashtra, India |
|
Tel. No : |
91-2145-251101-04 |
|
Fax No : |
91-2145-251100 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. V. N. Khanna |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Susheel G. Somani |
|
Designation : |
Director |
|
Qualification : |
MSC |
|
|
|
|
Name : |
Mr. Surendra Somani |
|
Designation : |
Executive Vice-Chairman |
|
|
|
|
Name : |
Dr. A. K. Mehta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ajit Jain |
|
Designation : |
Executive Director and Chief Operating Officer |
|
Qualification : |
FCA |
|
|
|
|
Name : |
Mr. Amit Rajan |
|
Designation : |
Director |
|
Qualification : |
M. Tech, (I.I.T. Delhi) |
|
|
|
|
Name : |
Mr. Vijay Kumar Bhandari |
|
Designation : |
Director |
|
Qualification : |
B.Com(Hons), FCA |
KEY EXECUTIVES
|
Name : |
Mr. Sunil Sodhani (Appointed w.e.f.28th May,2014) |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category
of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
5522700 |
14.14 |
|
|
9773313 |
25.03 |
|
|
15296013 |
39.17 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
15296013 |
39.17 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
500 |
0.00 |
|
|
1084652 |
2.78 |
|
|
300 |
0.00 |
|
|
1085452 |
2.78 |
|
|
|
|
|
|
4536005 |
11.62 |
|
|
|
|
|
|
10613038 |
27.18 |
|
|
6253306 |
16.01 |
|
|
1265662 |
3.24 |
|
|
314500 |
0.81 |
|
|
625429 |
1.60 |
|
|
325733 |
0.83 |
|
|
22668011 |
58.05 |
|
Total Public shareholding (B) |
23753463 |
60.83 |
|
Total (A)+(B) |
39049476 |
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) |
39049476 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures and sells pharmaceutical products. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
· State Bank of India · The Federal Bank Limited ·
Punjab National Bank |
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Facilities : |
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Banking
Relations : |
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|
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Auditors : |
|
|
Name : |
Batliboi and Purohit Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Secretarial
auditors: |
GMJ and Associates Practicing Company Secretaries |
|
|
|
|
Internal auditors: |
NGS and Company. LLP, Chartered Accountants |
|
|
|
|
Wholly Owned
Subsidiary : |
· Kopran Research Laboratories Limited Kopran (H.K) Limited Kopran Lifesciences Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
56250000 |
Equity Shares |
Rs.10/- each |
Rs.562.500 Millions |
|
13750000 |
10% Non-convertible Non-cumulative redeemable preference shares |
Rs.10/- each |
Rs.137.500 Millions |
|
|
|
|
|
|
|
Total
|
|
Rs.700.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
39052602 |
Equity Shares |
Rs.10/- each |
Rs.390.526 Millions |
|
8580000 |
10% Non-convertible Non-cumulative redeemable preference shares |
Rs.10/- each |
Rs.85.800 Millions |
|
|
Less: Calls in-Arrears (Other than Director's) |
|
Rs.0.037 Million |
|
|
|
|
|
|
|
Total |
|
Rs.476.289 Millions |
Note:
a) Terms / Rights
attached to equity Shares
The Company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees.
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 the proportion to the number of equity shares held by the shareholders.
b) Terms of
redemption of preference shares
55,80,000 10% Non-convertible non-cumulative redeemable preference shares of Rs. 10 each are redeemable at par on 15th March, 2025 or at any time after one year from 31st March, 2012 at the option of the company.
10,00,000 10% Non-convertible non-cumulative redeemable preference Shares of Rs. 10 each are redeemable at par on 28th June, 2019 or at any time after one year from 31st March, 2012 at the option of the company.
20,00,000 10% Non-convertible non-cumulative redeemable Preference Shares of Rs. 10 each are redeemable at par on 22nd June, 2019 or at any time after one year from 31st March, 2012 at the option of the company.
c) Shares held by
holding/ultimate holding company and/or their subsidiaries/associates
None of the shares of the Company are held by the subsidiaries, associates or joint ventures of the company.
d) Details of
shareholders holding more than 5% shares in the company
|
Particular |
As at 31st March, 2014 |
|
|
Equity Shares of
Rs. 10/- each fully paid |
Number of Shares |
% holding |
|
Ponorama Finvest Private Limited |
3800000 |
9.73% |
|
Sarvamangal Mercantile Company Limited |
2902951 |
7.43% |
|
|
|
|
|
10% Non-convertible
non-cumulative redeemable preference shares of Rs.10 each |
|
|
|
Sarvamangal Mercantile Company Limited |
6380000 |
74.00% |
|
Kopran Laboratories Limited |
1000000 |
12.00% |
|
Susheel G. Somani and Mridula Somani |
1200000 |
14.00% |
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 |
476.289 |
476.289 |
476.289 |
|
(b) Reserves & Surplus |
975.214 |
804.822 |
684.192 |
|
(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) |
1451.503 |
1281.111 |
1160.481 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
632.270 |
694.819 |
645.862 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
35.469 |
35.654 |
31.318 |
|
Total
Non-current Liabilities (3) |
667.739 |
730.473 |
677.180 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
522.660 |
243.734 |
311.253 |
|
(b) Trade payables |
354.880 |
468.333 |
417.092 |
|
(c) Other current liabilities |
291.765 |
205.583 |
226.914 |
|
(d) Short-term provisions |
1.435 |
1.190 |
1.149 |
|
Total
Current Liabilities (4) |
1170.740 |
918.840 |
956.408 |
|
|
|
|
|
|
TOTAL |
3289.982 |
2930.424 |
2794.069 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1026.619 |
1061.800 |
1116.022 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
8.393 |
9.268 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
68.710 |
68.710 |
68.710 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
583.121 |
559.664 |
543.149 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1686.843 |
1699.442 |
1727.881 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
530.226 |
367.405 |
351.470 |
|
(c) Trade receivables |
546.359 |
496.098 |
375.162 |
|
(d) Cash and cash equivalents |
45.415 |
36.327 |
95.155 |
|
(e) Short-term loans and
advances |
481.139 |
331.152 |
244.401 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1603.139 |
1230.982 |
1066.188 |
|
|
|
|
|
|
TOTAL |
3289.982 |
2930.424 |
2794.069 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
3019.566 |
2502.192 |
1989.054 |
|
|
Other Income |
13.395 |
17.198 |
55.624 |
|
|
TOTAL
(A) |
3032.961 |
2519.390 |
2044.678 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of materials consumed |
1874.962 |
1582.263 |
1194.559 |
|
|
Purchase of Traded goods |
57.807 |
0.039 |
4.273 |
|
|
Changes in inventories of finished goods and work in
progress |
(63.628) |
(40.806) |
69.834 |
|
|
Employee benefit expense |
229.588 |
204.824 |
175.196 |
|
|
Other expenses |
494.637 |
412.929 |
328.357 |
|
|
TOTAL
(B) |
2593.366 |
2159.249 |
1772.219 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
439.595 |
360.141 |
272.459 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
144.602 |
118.758 |
96.627 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
294.993 |
241.383 |
175.832 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
124.601 |
120.753 |
114.157 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
170.392 |
120.630 |
61.675 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
170.392 |
120.630 |
61.675 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
2056.047 |
1833.710 |
1235.200 |
|
|
TOTAL
EARNINGS |
2056.047 |
1833.710 |
1235.200 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw / Packing materials |
896.649 |
677.766 |
502.862 |
|
|
Capital Goods |
0.151 |
3.873 |
3.407 |
|
|
TOTAL
IMPORTS |
896.800 |
681.639 |
506.269 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
4.36 |
3.09 |
1.58 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
5.62 |
4.79 |
3.02 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.64 |
4.82 |
3.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.30 |
4.23 |
2.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.09 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.80 |
0.73 |
0.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37 |
1.34 |
1.11 |
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 |
476.289 |
476.289 |
476.289 |
|
Reserves & Surplus |
684.192 |
804.822 |
975.214 |
|
Net
worth |
1160.481 |
1281.111 |
1451.503 |
|
|
|
|
|
|
long-term borrowings |
645.862 |
694.819 |
632.270 |
|
Short term borrowings |
311.253 |
243.734 |
522.660 |
|
Total
borrowings |
957.115 |
938.553 |
1154.930 |
|
Debt/Equity
ratio |
0.825 |
0.733 |
0.796 |
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 |
1989.054 |
2502.192 |
3019.566 |
|
|
|
25.798 |
20.677 |
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 |
1989.054 |
2502.192 |
3019.566 |
|
Profit |
61.675 |
120.630 |
170.392 |
|
|
3.10% |
4.82% |
5.64% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
CASE DETAILS
BENCH:-BOMBAY
|
|
Lodging No.:- |
CEXAL/73/2011 |
Filing Date:- |
08/09/2011 |
Reg. No.:- |
CEXA/62/2012 |
Reg. Date:- |
23/04/2012 |
|
|
|
Petitioner:- |
THE COMMISSIONER OF CNETRAL EXCISE SERVICE TAX CUSTOMS RAIGAD |
Respondent:- |
KOPRAN LIMITED |
|
|
|
Petn.Adv.:- |
Suchitra Kamble |
Resp.Adv.:- |
P K Shetty |
|
|
|
District:- |
MUMBAI |
|
|
|
Bench:- |
DIVISION |
|
|
|
|
|
Status:- |
Admitted(Unready) |
Category:- |
CENTRAL EXCISE APPEAL (CEXA) |
|
|
|
Last Date:- |
26/04/2012 |
Stage:- |
FOR ADMISSION - FRESH |
|
|
|
Last Coram:- |
HON'BLE SHRI JUSTICE J.P. DEVADHAR |
|
|
|
|
HON'BLE SHRI JUSTICE M.S. SANKLECHA |
|
|
|
Act :- |
Central Excise & Salt Act |
Under Section:- |
35G |
|
FINANCIAL PERFORMANCE
Standalone
Net revenue from operations on standalone basis increase to Rs.3033.000 Millions as against Rs.2519.400 Millions in the previous year, a growth of 20% . The profit after tax for the current year is Rs.170.400 Millions as against Rs.120.600 Millions in the previous year, a growth of 41%.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRIAL OVERVIEW
The Indian Pharmaceutical Industry has grown to a size of more than 2 billion dollars, while the Global Pharmaceutical Market is nearly 1.3 trillion dollars. The continuing opportunity in Generics due to products going off patent, offers a huge potential to the Indian Pharmaceutical Industry, especially product development and contract manufacturing.
India continues to be the largest supplier of Generic products to the Regulated markets like US, Europe, Japan and Australia.
FINANCIAL PERFORMANCE
AND REVIEW
During the year, the company achieved a total revenue of Rs.3032.900 Millions.(Previous Year Rs.2519.300 Millions.) and a Profit before Depreciation, Interest and Tax of Rs.439.600 Millions. (Previous Year: Rs. 360.100 Millions.).The Net Profit is Rs.170.400 Millions. (Previous Year: Rs.120.600 Millions.).
There was 41 % increase in profitability of the company during Financial Year 2013-14 in comparison to Previous Year 2012-13. Ratio of domestic and international sales revenue amounted to the ratio of 26:74
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Other |
80.000 |
80.000 |
|
Inter corporate deposits Other |
545.448 |
585.374 |
|
Total |
625.448 |
665.374 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10470926 |
16/11/2013 |
100,000,000.00 |
PUNJAB NATIONAL BANK |
8/167, READY MONEY TARRACE, DR. A. B. ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA |
B93789881 |
|
2 |
10428024 |
29/04/2013 |
110,000,000.00 |
THE FEDERAL BANK LIMITED |
MUMBAI-FORT,32,BOMBAY SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B75858308 |
|
3 |
10421518 |
30/03/2013 |
90,000,000.00 |
THE FEDERAL BANK LIMITED |
MUMBAI-FORT,32,BOMBAY SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B73690273 |
|
4 |
10406606 |
28/01/2014 * |
115,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, N.G.N. VAIDYA MARG, BANK STREET, HORNIMAN CIRCLE, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B96826433 |
|
5 |
10392397 |
20/11/2012 |
30,000,000.00 |
THE FEDERAL BANK LIMITED |
MUMBAI-FORT,32,BOMBAY SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B64300460 |
|
6 |
10302578 |
07/06/2014 * |
500,000,000.00 |
THE FEDERAL BANK LIMITED |
MUMBAI-FORT,32,BOMBAY SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
C09684903 |
|
7 |
10058570 |
04/07/2007 |
80,000,000.00 |
CANARA BANK |
TAMARIND LANE BR.,
CALCOT HOUSE,, TAMARIND LANE,, |
A18114975 |
|
8 |
90243976 |
10/08/2005 |
26,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BR.;G;N; VAIDYA MARG, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
9 |
90223577 |
04/05/2005 |
100,000,000.00 |
UTI BANK LIMITED |
NO.9 MAG ROAD;, BANGALORE, KARNATAKA - 560001, INDIA |
- |
|
10 |
90223225 |
10/08/2005 * |
199,500,000.00 |
THE FEDERAL BANK LTD |
NARIMAN BHAVAN FIRST FLOOR NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULAR |
31.03.2014 (Rs. In
Millions) |
31.03.2013 (Rs. In
Millions) |
|
i)
Guarantees given by the company's bankers on behalf of the Company |
16.959 |
11.950 |
|
ii)
Bills discounted with banks |
432.886 |
451.414 |
|
iii)
Disputed tax matters |
|
|
|
a)
Service tax demand disputed in appeal |
3.405 |
3.295 |
|
b)
Excise duty demand disputed in appeal |
3.869 |
4.388 |
|
c)
Demand under drug price control order - 95 ( DPCO – 95 demand disputed in
appeal) |
59.134 |
59.134 |
FIXED ASSETS
v
Tangible
Assets
Lease
Hold Land
Free
Hold Land
Buildings
Plant
and Machinery
Plant
and Machinery
Tube
Well
Office
Equipment’s
Computers
Vehicles
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.60.50 |
|
|
1 |
Rs.100.33 |
|
Euro |
1 |
Rs.79.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.