MIRA INFORM REPORT
|
Report Date : |
15.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
MANGALAM DRUGS AND ORGANICS LIMITED |
|
|
|
|
Registered
Office : |
3rd Floor, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
18.04.1972 |
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Com. Reg. No.: |
11-116413 |
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Capital
Investment / Paid-up Capital : |
Rs. 131.782
Millions |
|
|
|
|
CIN No.: [Company Identification No.] |
L24230MH1972PLC116413 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM19790B |
|
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|
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PAN No.: [Permanent Account No.] |
AAACM7880P |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Bulk Drugs. |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 660000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The rating is constrained on account of continuous losses incurred by
the company. However, trade relations are reported as fair. Business is active.
Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = B- |
|
Rating Explanation |
High risk of default |
|
Date |
February 03, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A4 |
|
Rating Explanation |
Minimal degree of safety. it carry very high
credit risk. |
|
Date |
February 03, 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 CO-OPERATIVE
(CONTACT NO.: 91-22-22616200)
LOCATIONS
|
Registered/ Corporate Office : |
3rd Floor, |
|
Tel. No.: |
91-22 22616200/ 6300/ 8787 |
|
Fax No.: |
91-22-22619090 |
|
E-Mail : |
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|
Website : |
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Factory 1 : |
Plot No.187, GIDC Vapi, District – Bulsar – 396195, |
|
Tel. No.: |
91-260-2430598/ 2143 |
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Fax No.: |
91-260-2431919 |
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|
|
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Factory 2 : |
Plot No.1203, GIDC Vapi, District – Bulsar – 396195, |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Goverdhan Dhoot |
|
Designation : |
Chairman |
|
Address : |
214, Ozeana, 5th Floor, |
|
Date of Birth/Age : |
21.10.1953 |
|
Qualification : |
Commerce
Background |
|
Experience : |
He is
a Whole-time Director of the Company effective 1st November 2004. He has over three decades of experience
in the Chemical Industry, handling marketing in both domestic and export
market. He has traveled to many countries and visited important Industrial
and Commercial Capitals all over the world. |
|
Date of Appointment : |
16.04.1996 |
|
DIN No.: |
01240086 |
|
|
|
|
Name : |
Mr. Subhash C. Khattar |
|
Designation : |
Independent Director |
|
Address : |
C-7, Swati Apartment, Kalyan Complex, Off Yeri Road, Versova, Andheri,
Mumbai - 400061, Maharashtra, India |
|
Date of Birth/Age : |
03.07.1939 |
|
Qualification : |
Chartered
Accountant |
|
Experience : |
He
is a Chartered Accountant having about 45 years of experience. He specializes
in taxation and auditing. He is
on the statutory panel of Bank Audits and other public sector under takings (PSUs)
and private company. |
|
Date of Appointment : |
04.06.2004 |
|
DIN No.: |
01122941 |
|
|
|
|
Name : |
Mr. Rajendraprasad Mimani |
|
Designation : |
Independent Director |
|
Address : |
35, |
|
Date of Birth/Age : |
02.04.1952 |
|
Qualification : |
Commerce
Background |
|
Experience : |
Experience
in marketing of various types of products. He has an experience over 36
years. |
|
Date of Appointment : |
01.11.2004 |
|
DIN No.: |
00017399 |
KEY EXECUTIVES
|
Name : |
Ms. Madhu |
|
Designation : |
Admin |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of Shareholder |
Total
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3074573 |
23.33 |
|
|
2475560 |
18.79 |
|
|
5550133 |
42.12 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
5550133 |
42.12 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
2954705 |
22.42 |
|
|
|
|
|
|
3190329 |
24.21 |
|
|
1346101 |
10.21 |
|
|
136980 |
1.04 |
|
|
88540 |
0.67 |
|
|
48440 |
0.37 |
|
|
7628115 |
57.88 |
|
Total Public
shareholding (B) |
7628115 |
57.88 |
|
Total (A)+(B) |
13178248 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
13178248 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Bulk Drugs. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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|
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Imports : |
Not Divulged |
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|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS (AS ON 31.03.2014)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Bulk
Drugs and Intermediates |
Tons. |
N.A. |
600 |
447.31 |
|
|
|
|
|
|
NOTE:
Installed Capacity varies depends on the product-mix manufactured by the
company. From year to year and accordingly figures of Installed Capacity have been regrouped wherever
necessary.
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
v State
Bank of India v
IDBI Bank Limited v
Punjab and Maharashtra Co-operative Bank
Limited |
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Facilities : |
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Auditors : |
|
|
Name : |
Milwani Associates Chartered Accountants |
|
Address : |
18, Bagaria House, 1st Floor, Kolbhat Lane,
Mumbai - 400002, Maharashtra, India |
|
|
|
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Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
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|
Associate Companies and others : |
v Raga Organics Private Limited v
Mangalam Laboratories
Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13178248 |
Equity Shares |
Rs. 10/- each |
Rs. 131.782
Millions |
|
|
|
|
|
Terms / Right attached to equity shares
The Company has one
class of issued shares referred to as equity shares having a par value Rs
10/-each holder of equity shares is entitled to one vote per share. The
dividend proposed by the board of directors. If any, is subjected to the
approval of shareholders in Annual General Meeting. In the event of liquidation
of the Company the holder of the equity shares will be entitled to receive
remaining assets of the Company after settlement of all preferential amount.
The distribution will
be in proportion to the number of equity shares held by the equity
shareholders.
Reconciliation of the number of Shares outstanding and the amount of
Share Capital as at March 31, 2014
|
Equity Shares (issued Capital) |
As at 31-03-2014 |
|
|
|
Numbers |
Rs. in Millions |
|
Shares
outstanding at the beginning of the year |
13,178,248 |
131.782 |
|
Shares
issued during the year |
-- |
-- |
|
Shares
outstanding at the end of the year |
13,178,248 |
131.782 |
Shareholders holding more than 5% shares in the Company is set out
below:
|
Name of Shareholders |
As at 31 March 2014 |
|
|
|
No of Shares held |
% of Holding |
|
Shree
Kishoriju Trading and Investment Private Limited |
1144522 |
8.68 |
|
Shree
Rashbihari Trading and Investment Private Limited |
1139518 |
8.65 |
|
IPCA
Laboratories Limited |
1633417 |
12.39 |
LISTING DETAILS:
|
|
BSE : 532637 NSE : “MANGALAM” |
|
Stock Exchange Place : |
Not Divulged |
|
Listed Date : |
Not Divulged |
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 |
131.782 |
131.782 |
131.782 |
|
(b) Reserves & Surplus |
100.447 |
130.839 |
248.833 |
|
(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) |
232.229 |
262.621 |
380.615 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
402.021 |
439.432 |
219.564 |
|
(b) Deferred tax liabilities (Net) |
5.856 |
14.527 |
64.525 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
407.877 |
453.959 |
284.089 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
313.667 |
286.627 |
340.451 |
|
(b)
Trade payables |
208.673 |
106.976 |
126.844 |
|
(c)
Other current liabilities |
91.997 |
37.592 |
87.454 |
|
(d)
Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities (4) |
614.337 |
431.195 |
554.749 |
|
|
|
|
|
|
TOTAL |
1254.443 |
1147.775 |
1219.453 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
533.843 |
551.337 |
568.360 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
1.518 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
23.977 |
22.104 |
21.079 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
557.820 |
573.441 |
590.957 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
1.792 |
1.844 |
1.444 |
|
(b)
Inventories |
364.776 |
310.596 |
489.846 |
|
(c)
Trade receivables |
296.873 |
238.706 |
89.099 |
|
(d)
Cash and cash equivalents |
1.023 |
0.879 |
10.268 |
|
(e)
Short-term loans and advances |
32.159 |
22.309 |
37.839 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
696.623 |
574.334 |
628.496 |
|
|
|
|
|
|
TOTAL |
1254.443 |
1147.775 |
1219.453 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
1223.197 |
1252.587 |
1531.819 |
|
|
|
Other Income |
4.401 |
15.727 |
9.540 |
|
|
|
TOTAL (A) |
1227.598 |
1268.314 |
1541.359 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
837.488 |
810.406 |
1243.509 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(54.463) |
200.528 |
(157.615) |
|
|
|
Employees benefits expense |
102.455 |
86.719 |
83.482 |
|
|
|
Other expenses |
243.655 |
199.032 |
221.598 |
|
|
|
TOTAL (B) |
1129.135 |
1296.685 |
1390.974 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
98.463 |
(28.371) |
150.385 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
97.421 |
100.224 |
101.643 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.042 |
(128.595) |
48.742 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
40.105 |
39.397 |
37.364 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ [LOSS]
BEFORE TAX (E-F) (G) |
(39.063) |
(167.992) |
11.378 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(8.671) |
(49.998) |
5.042 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ [LOSS] AFTER
TAX (G-H) (I) |
(30.392) |
(117.994) |
6.336 |
|
|
|
|
|
|
|
|
|
|
Earnings/ [Loss]
Per Share (Rs.) |
(2.31) |
(8.95) |
0.48 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2014 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
386.400 |
|
Total Expenditure |
|
|
350.800 |
|
PBIDT (Excl OI) |
|
|
35.600 |
|
Other Income |
|
|
0.200 |
|
Operating Profit |
|
|
35.800 |
|
Interest |
|
|
27.100 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
8.700 |
|
Depreciation |
|
|
10.700 |
|
Profit Before Tax |
|
|
(2.000) |
|
Tax |
|
|
0.000 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
(2.000) |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
(2.000) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(2.48) |
(9.30) |
0.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(3.19) |
(13.41) |
0.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.11) |
(14.64) |
0.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.17) |
(0.64) |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.08 |
2.76 |
1.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.13 |
1.33 |
1.13 |
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 |
131.782 |
131.782 |
131.782 |
|
Reserves & Surplus |
248.833 |
130.839 |
100.447 |
|
Net
worth |
380.615 |
262.621 |
232.229 |
|
|
|
|
|
|
Long-term borrowings |
219.564 |
439.432 |
402.021 |
|
Short term borrowings |
340.451 |
286.627 |
313.667 |
|
Total
borrowings |
560.015 |
726.059 |
715.688 |
|
Debt/Equity
ratio |
1.471 |
2.765 |
3.082 |
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 |
1531.819 |
1252.587 |
1223.197 |
|
|
|
(18.229) |
(2.346) |
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 |
1531.819 |
1252.587 |
1223.197 |
|
Profit/ (Loss) |
6.336 |
(117.994) |
(30.392) |
|
|
0.41% |
(9.42%) |
(2.48%) |
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 |
-- |
|
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 |
10488961 |
16/04/2014 |
100,000,000.00 |
PUNJAB &
MAHATASHTRA CO-OPERATIVE BANK LIMITED |
L.B.S. MARG,
BHANDUP (W), MUMBAI, MAHARASHTRA - 400078, INDIA |
C03000726 |
|
2 |
10402834 |
19/01/2013 |
161,700,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, N.G.N. VAIDYA MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B68021526 |
|
3 |
10364817 |
16/06/2012 |
9,000,000.00 |
PUNJAB AND
MAHARASHTRA CO-OPERATIVE BANK LIMITED |
CENTRAL OFFICE,
4 & 5, 3RD FLOOR, DREAMS MALL, L.B.S. MARG, BHANDUP (W), MUMBAI,
MAHARASHTRA - 400078, INDIA |
B43340165 |
|
4 |
10323757 |
29/12/2011 * |
24,000,000.00 |
PUNJAB &
MAHARASHTRA CO-OPERATIVE BANK LIMITED |
NO. 4 & 5,
3RD FLOOR, DREAMS MALL, L.B.S. MARG, BHANDUP (W), MUMBAI, MAHARASHTRA -
400078, INDIA |
B31051758 |
|
5 |
10298368 |
26/06/2014 * |
135,000,000.00 |
SBI GLOBAL
FACTORS LIMITED |
6TH FLOOR,
METROPOLITAN BUILDING, BANDRA-KURLA, C |
C12284584 |
|
6 |
10294777 |
21/05/2011 |
40,000,000.00 |
STATE BANK OF
INDIA |
N.G.N. VAIDYA
MARG, HORNIMAN CIRCLE, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B16034241 |
|
7 |
10246209 |
15/10/2010 |
21,000,000.00 |
IDBI BANK
LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A96695127 |
|
8 |
10195785 |
31/12/2009 |
56,000,000.00 |
STATE BANK OF
INDIA |
N.G.N VAIDYA
MARG, FORT, MUMBAI, MAHARASHTRA - |
A76801794 |
|
9 |
10080878 |
20/12/2007 |
11,250,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA LIMITED |
VENKATESH
CHAMBERS, GHANSHYAM TALWATKAR MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A29242880 |
|
10 |
80046564 |
01/01/2010 * |
70,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, N.G.N VAIDYA MARG,, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
A77437838 |
|
11 |
80007349 |
19/01/2013 * |
491,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL BRANCH,
N.G.N. VAIDYA MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B68022078 |
|
12 |
80007360 |
19/01/2013 * |
884,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, N.G.N. VAIDYA MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B68021815 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
From
Others |
154.944 |
136.000 |
|
Deferred Payment Liabilities |
0.000 |
3.972 |
|
SHORT TERM BORROWINGS |
|
|
|
From Others Parties |
2.500 |
7.500 |
|
|
|
|
|
Total |
157.444 |
147.472 |
REVIEW OF PERFORMANCE:
During the year, the Company earned a total income of Rs. 1227.598
Millions as compared to Rs. 1268.314 Millions made in the previous year, a
decrease of 3.21% than the previous year. The Company’s losses have
considerably reduced to Rs 30.392 Millions as against Rs 117.994 Millions in
the previous year basically on account of new and innovative improvements in
process development of new dosage forms and drugs delivery system, cost
reduction etc. have resulted in improvement in yield which in turn reduced
losses considerably.
FUTURE OUTLOOK:
In keeping with the glorious track record of yester years, the company
has been successful in augmenting its international market presence in spite of
global recessionary pressures. It remains committed to continuously innovate
and populate it’s development pipeline with two molecules per quarter. It
further remains determined to file and obtain approvals for 5 additional DMFs
during next two years. It is the robust regulatory strategy, the prudent
partnering and continuous resource restructuring which are going to carve a
brighter future for them.
MANAGEMENT DISCUSSION AND ANALYSIS
REPORT
INDUSTRIAL STRUCTURE
AND DEVELOPMENT:
The Indian Pharma Industries today is one of the fastest growing industries in the world. Indian Companies with strict adherence to GMP and those with regulatory approvals are the favoured outsourcing partners for generic companies in regulated market. Domestic Companies see increasing potential in collaborating with foreign companies and seek to capitalize on India’s renowned skills and relatively low cost. In keeping with glorious track record of yester years, the company has been successful in augmenting its international market presence in spite of its global recessionary pressure.
UN-AUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2014
(Rs.
In Millions)
|
SR. NO. |
PARTICULARS |
QUARTER ENDED 3 MONTHS ENDED |
|
|
30.09.2014 (UNAUDITED) |
30.06.2014 (UNAUDITED) |
||
|
|
|
|
|
|
1 |
Sales/Income
from operation(Net of Excise duty) |
408.93 |
385.581 |
|
2 |
Other Operating
Income |
26.497 |
0.774 |
|
3 |
Total
Net Income from Operation |
434.990 |
386.355 |
|
4 |
Expenditure |
|
|
|
|
(a) Increase /
decrease in stock in trade & work in progress |
(21.457) |
(15.216) |
|
|
(b) Consumption
of raw materials |
296.408 |
276.571 |
|
|
(c) Employees
Cost |
27.509 |
25.318 |
|
|
(d) Depreciation |
9.363 |
10.690 |
|
|
(e) Other
expenditure |
74.516 |
64.106 |
|
|
(f)
Total |
386.339 |
361.469 |
|
5 |
Profit(+)/Loss(-)
from operations before Other income, Finance cost and Exceptional Items(3-4) |
48.651 |
24.886 |
|
6 |
Other income |
0.269 |
0.219 |
|
7 |
Profit (+) /
Loss (-) from ordinary activities before Finance Cost
& Exceptional Items(5+6) |
48.920 |
25.105 |
|
8 |
Finance Cost |
27.364 |
27.135 |
|
9 |
Profit(+)/Loss(-)
from ordinary activities after Finance cost & Exceptional Items(7-8) |
21.556 |
(2.030) |
|
10 |
Exceptional
Items |
0.000 |
0.000 |
|
11 |
Profit(+)/Loss(-)
before Tax (9-10) |
21.556 |
(2.030) |
|
12 |
Tax
Expenses(incl Deferred Tax) |
1.500 |
0.000 |
|
13 |
Net
Profit(+)/Loss(-) after Tax (11-12) |
20.056 |
(2.030) |
|
14 |
Extraordinary
Items |
0.000 |
0.000 |
|
15 |
Net
Profit(+)/Loss(-) for the period(13-14) |
20.056 |
(2.030) |
|
16 |
Paid up Equity Share
Capital (face value Rs.10/-each) |
131.782 |
131.782 |
|
12 |
Reserves
excluding Revaluation Reserves as per balance sheet of previous accounting
year. |
0.00 |
0.00 |
|
13 |
Earnings per
share (EPS) |
|
|
|
|
(a) Basic and diluted
EPS before extraordinary items for the period, for the year to date and for
the previous year (not to be annualized) |
0.152 |
(0.15) |
|
|
(b) Basic and
diluted EPS after extraordinary items for the period, for the year to date and
for the previous year (not to be annualized) |
0.152 |
(0.15) |
|
|
|
|
|
|
14 |
Non Promoters
Shareholding |
|
|
|
|
- Number of
shares |
7628115 |
7628115 |
|
|
- Percentage of
shareholding |
57.88 |
57.88 |
|
15 |
Promoters and Promoter
group Shareholding |
|
|
|
|
a) Pledged/
Encumbered |
|
|
|
|
Number of Shares |
5491228 |
5491228 |
|
|
Percentage of
Shares (as a % of the total
shareholding of promoter and promoter group |
98.84 |
98.94 |
|
|
Percentage of Shares
(as a % of the total share capital of the company) |
|
|
|
|
|
41.67 |
41.67 |
|
|
b)
Non-encumbered |
|
|
|
|
Number of Shares |
58905 |
58905 |
|
|
Percentage of
Shares (as a % of the total
shareholding of promoter & promoter group) |
1.06 |
1.06 |
|
|
Percentage of
Shares (as a % of the total share capital of the company) |
0.45 |
0.45 |
|
16 |
Investor Complaints : |
3 Months ended 30.09.2014 |
|
|
Pending at the Beginning of
the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the
quarter |
Nil |
|
|
Remaining unresolved at the
end of the quarter |
Nil |
NOTES
1) The above results have been reviewed by the Audit Committee and thereafter, were taken on record by the Board of Directors of the Company at their meeting held on 12th August, 2014.
2) The financial results for the quarter ended 31st March 2014 are balancing figures between audited results for the full financial year and published year to date figure upto the third quarter of the relevant financial year.
3) During the Quarter ended 30th June 2014, 0 Investor complaint were received, all of which have been attended by the company. No complaints were pending at the beginning or at the end of the quarter.
4) As the Company's business activity falls within a single primary business segment viz "Manufacturing of Bulk Drugs "the disclosure requirement of Accounting Standard (AS-17) "Segment Reporting" is not applicable.
5)
Previous year figures are regrouped wherever
necessary.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
A]
Performance Guarantees/ Bonds |
|
|
|
(i) Guarantee executed in favor
of Assistant Collector of Customs |
0.000 |
1.985 |
|
(ii) Guarantee executed in favor
of Export Parties. |
0.068 |
0.068 |
|
(iii) Guarantee executed in favor
of Central Excise |
1.487 |
1.521 |
|
|
|
|
|
B]
Others |
|
|
|
(iv) Guarantee given to GSPC Gas
Company Limited |
7.513 |
6.729 |
|
(vi) Guarantee given to GPCB |
0.700 |
0.800 |
|
|
|
|
|
Total |
9.768 |
11.103 |
FIXED ASSETS:
v Land
v Building
v Plant and Machinery
v Furniture and Fixtures
v Motor Care and Vehicles
v Office and Electrical Equipments
v Laboratory Equipments
v Air Conditioner
v Computer
v R/D Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.44 |
|
|
1 |
Rs. 98.15 |
|
Euro |
1 |
Rs. 77.38 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
-- PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.